Oxford Photovoltaics Ltd (Oxford PV), a developer of Perovskite solar technology, announced a further equity investment of £8.1m. The investment adds to the £8.7m first close investment reported on the 18th of October 2016. Three new strategic investors, Legal & General Capital, Statoil ASA, and a technology-focused, innovative family fund investor, contributed the bulk of the latest investment.
In mid-November, the company announced the acquisition of a pilot line site in Germany, and on December 1, Oxford PV announced a Joint Development Agreement with a major solar panel manufacturer to scale the technology towards commercialization. Oxford PV says that the additional funding will help accelerate these development activities and support its research for next generation products in the UK.
Frank Averdung, CEO of Oxford PV said, “The company has made tremendous progress over the last year, and this has been recognized by being able to attract investors of such high caliber and scale. We are delighted to be working with each of them and together we will bring our perovskite technology to market as quickly as possible. In conjunction with our industry Joint Development partner, our perovskite technology now has a clear path and timetable to commercialization and the formidable support of global market leaders to enable that to happen.”