Oxford PV raises over US$12 million to commercialize perovskites

The hype surrounding PV applications of perovskites continues to build, with leading perovskite technology developer Oxford PV closing a new investment round in order to continue to roll out its technology. The latest round raised by Oxford will be used to “accelerate development” of its technology and IP portfolio and development towards full-scale production.

Since the discovery of perovskite’s potential as a PV technology, efficiency increases with have been achieved at breakneck speed. Oxford PV’s CTO Christopher Case recently noted that while in 2009 only a handful of academic papers on the material’s PV applications existed, today literally thousands have been published.

Oxford PV reports that this latest round of funding was “raised at a substantial increase to the valuation achieved in the previous round.” New investors from the UK, U.S., Asia and Europe were included in this first tranche B round. Existing investors including the University of Oxford, MTI Partners, Longwall Venture Partners and Parkwalk Advisors also participated in the round.

“In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base,” Kevin Arthur, CEO and co-founder of Oxford PV said. “These funds will help accelerate our development and secure our leading global position in this exciting new technology.”

Oxford PV plans to initially commercialize its technology through tandem applications with established solar technologies such as crystalline silicon. By doing so, Oxford PV believes efficiencies can be boosted by the tandem effect.

One of the key challenges to Oxford realizing the commercial application of its perovskite technology will be stability. While great efficiency gains have been made by researchers and companies such as Oxford PV and Australia’s Dyesol, there are concerns that the material may not be as robust as required for full commercialization.