The race to commercialize perovskite PV technology is well and truly on, with Oxford PV now bringing the total it has raised towards its efforts to GBP12.6 million (US$19 million). The company claims this puts it confirms that it is the leading global commercial player in perovskite PV application.
The GBP4.4 million round announced today will be used in continuing to develop the technology and in engaging potential licensees. Oxford PV intends to license its perovskite PV technology in tandem applications with crystalline silicon cells, where an efficiency boost of between 2%- 4% can be delivered, before moving onto standalone applications.
Oxford PV says, in its latest release regarding the second tranche of its B round, that the fundraising was assisted by the performance of tandem application, where a 25% power boost was achieved.
The B round figure is a positive sign for the technology startup, however it does fall below expectations. In 2014 Oxford PV told pv magazine that it intended to raise around GBP15 million in its B round, in two GBP7.5 million tranches. Oxford University is an investor in the venture along with MTI and Longwall ventures. Company co-founded, Oxford University Professor Henry Snaith, retains a sizeable stack in the company.
The company is now well capitalized to take our technology through the next stage of development towards commercial deployment, said Oxford PV CFO David Smyth. Our proprietary technology has the potential to revolutionize this exciting but competitive market and allow Solar to become the future mainstream fuel source for electricity.
The race to commercialize perovkites for solar applications is heating up with Australia’s Dyesol and Poland’s Saule Technologies both raising funds of late. Dyesol just picked up a AU$449,000 grant from the Australian Renewable Energy Agency. The list of leading universities and research institutes also investigating PV pervoskites is already extensive and growing.