Chinese wind turbine manufacturer Goldwind has invested in UK company Oxford PV to help the latter bring its perovskite-on-silicon solar cell to commercialisation.
Goldwind was one of several investors in a £31m funding round that also included existing shareholders, such as Equinor and Legal & General Capital.
Oxford PV said it is well-positioned to bring the technology to market with the cells having passed key reliability tests in line with the IEC 61215 protocol.
The company’s pilot line is routinely producing commercial sized tandem solar cells for validation by its development partner – a major silicon solar cell and module manufacturer, it added.
Goldwind vice president Xiao Zhiping said: “Goldwind’s investment in Oxford PV supports our commitment to innovation that delivers clean, cost efficient renewable energy.
“It is our belief that photovoltaics and wind power will become an increasingly important part of the global energy mix, over the next 20 years.
“We have been impressed with Oxford PV, their perovskite photovoltaic technology and the pace of their progress, and we look forward to supporting the company going forward.”
Oxford PV chief executive Frank Averdung said: “Goldwind’s investment in Oxford PV and the continued support of our existing shareholders, demonstrates the confidence in our technology and its commercial readiness.
“We are delighted to have investors that recognise the capability of our perovskite solar cell technology to transform the performance of silicon-based photovoltaics and the role it will play in the global transition to a clean energy future.”
Alexa Capital acted as the sole financial advisor to Oxford PV in connection with the £31m raised