U.K.-based Oxford PV last week secured a new round of funding totaling US$11 million from existing investors for its perovskite-on-silicon tandem solar cell technology.
The company said the funding will support its ongoing work to transfer the perovskite technology from the lab to industrial-scale processes at a demonstration line in Germany.
“Over the last few years, Oxford PV has built significant momentum and has now scaled up the necessary infrastructure such as R&D competencies, industrial capabilities, and a joint development partnership with a large photovoltaic player, enabling the company to maintain its leadership position in this area and bring a commercial perovskite PV solution to the silicon solar market in the near future,” Oxford PV CEO Frank Averdung said in a statement.
According to the company, the investor group included Statoil and Legal & General Capital.
“We are pleased with the progress Oxford PV has made since our initial investment and 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,” Ingunn Svegarden, investment director at Statoil Energy Ventures, said in a statement.