Oxford PV has secured GBP 8.02 million in funding from existing investors, including Statoil and Legal & General Capital. This brings the total funding received by the company to more GBP 35 million ($49 million), including €15 million from the European Investment Bank.
The company has been working on the commercialization of perovskite technology for several years now, and says that it is closely collaborating with a major silicon cell and module manufacturer to bring perovskite/silicon tandem cells to the market.
“Oxford PV’s unique technology is a game changer for solar power, with the global potential to deliver higher volumes of low cost clean energy,” says Legal & General Capital Head of Clean Energy Strategy, John Bromley. “At L&G we invest with a long-term view, so are delighted to have made further investment in Oxford PV.”
Both Statoil and Legal & General Capital initially made similar sized investments in Oxford PV back in December 2016, in what was the first foray into renewables for Norwegian oil & gas giant Statoil.
“We are pleased the progress Oxford PV has made since our initial investment,” says Ingunn Svegården, Investment Director at Statoil Energy Ventures. “With this financing round we are continuing our support for the company to take the next important steps to bring high efficiency perovskite products to market.”