Oxford PV secures additional GBP 8.1 million in second series C financing round

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Oxford PV, the U.K.-based developer of perovskite solar technology, has today confirmed the second closing of series C financing round that yielded an additional £8.1 million ($10.34 million) in funding from three strategic new investors.

Notably, Statoil ASA – a subsidiary of Norwegian multinational oil and gas company Statoil – was among them in what was its first foray into solar investment, and was joined by Legal & General Capital and an unnamed third investor described by Oxford PV as an "innovative, technology-focused family fund investor".

The three investors will have a role to play in supporting the commercialization of Oxford PV perovskite technology, which has entered the fast lane in the past couple of months following an initial first round series C investment of £8.7 million secured in October.

This prefaced the announcement in November of the acquisition of a new pilot production line in Germany, followed by the signing earlier this month of a Joint Development Program (JDA) with a world-leading solar module company.

These moves should all usher Perovskite closer to mass production and adoption within the solar industry. Oxford PV stated that this latest injection of funds would help to accelerate the company’s R&D efforts.

"Oxford PV has made tremendous progress this last year, which ultimately was the reason why such high-caliber financial investors were attracted to us," said Oxford PV CEO Frank Averdung. "We are looking forward to working with our new investors. Together we will work to bring our perovskite technology to the market as quickly as possible. And thanks to our development partner, there is now a precise schedule for the commercialization of our technology."

John Bromley the head of clean energy strategy Legal & General Capital, a London-headquartered multinational finance company, said that the firm was deeply committed to the global transition to low-carbon energy systems, adding that the partnership with Oxford PV will "trigger the profound change that will enable safe, cost-effective and clean energy on a global scale".

Statoil affirmed that it is expanding beyond a simple gas and oil portfolio into greater adoption of renewables, including solar. "The participation in Oxford PV is our first investment in solar technology and we see it as a great opportunity to be part of a technological development that has the potential to influence the next generation of solar cells," said Statoil energy ventures CEO Gareth Burns.