Oxford Photovoltaics (PV) has raised a further £8.1m in equity, with investments from Statoil, Legal & General Capital and an unnamed family fund investor.
The latest finance, which adds to the £8.7m first close investment announced on 18 October, will help to accelerate the company’s plans to scale-up its perovskite solar technology as well as support product research.
The company has recently acquired a pilot line site in Germany and signed a joint development agreement with a solar panel manufacturer.
Oxford PV chief executive Frank Averdung said: “Our perovskite technology now has a clear path and timetable to commercialisation and the formidable support of global market leaders to enable that to happen.”
Legal & General Capital head of clean energy strategy John Bromley said: “We have taken the time to get to know Oxford PV, and are impressed by the technology, the scientists and engineers, and an experienced, disciplined management team who we look forward to supporting at this exciting stage of their venture.”
Statoil Energy Ventures managing director Gareth Burns said: “The investment in Oxford PV is our first investment within solar technology, and we see it as a great opportunity to be part of a technology development that has the potential to impact the next generation of solar cells.”
Image: sxc
Oxford PV raises £8.1m
Statoil and Legal & General Capital invest in perovskite solar technology
By EBS