UK company Oxford PV has raised £8.7m in an equity round in order to take its perovskite solar technology closer to commercialisation.
The investment, the first part of a Series C funding round, was provided by a combination of new and existing shareholders, the company said.
It brings the total equity raised to £21.3m over the past 18 months, with further investments expected before the end of the year, it added.
Part of the funding has been earmarked to develop a demonstration line to showcase the technology to manufacturers.
Applied as a thin film layer in tandem with an active silicon cell, perovskite can boost solar cell output by around 30%, according to the Oxford University spin-off.
“Our technology has already demonstrated the efficiency and stability necessary to engage commercially with major industry players and become a key part of enhancing solar energy supply in years to come,” Oxford PV chief executive Frank Averdung said.
“This investment will support Oxford PV as we take large steps towards commercialisation.”
Image: sxc
