The company said this week that it has raised about $40.79 million. Investors in the first part of the round included two of its current shareholders, as well as Chinese turbine manufacturer Goldwind, according to an online statement.
“It is our belief that photovoltaics and wind power will become an increasingly important part of the global energy mix,” said Xiao Zhiping, vice president of Goldwind, noting that the company has been “impressed” with Oxford PV’s technology.
The developer of thin-film perovskite solar cells, which has offices in the U.K. and Germany, will use the funds to help commercialize its core offerings. It said that within the past year, its perovskite-on-silicon solar cells had reached critical reliability benchmarks in line with the IEC 61215 standard. It also claimed that its pilot production line has already started cranking out commercial-sized tandem solar cells for an undisclosed development partner, which produces PV modules.
Oxford PV has raised roughly $100.1 million over the past five years. In late 2017, it secured €15 million of financing from the European Investment Bank. London-based Alexa Capital served as the company’s sole financial advisor on its most recent Series D funding round. In December, Oxford PV revealed that it had achieved a 28% conversion efficiency for its perovskite-silicon tandem solar cells, as confirmed by the National Renewable Energy Laboratory.