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BEGBROKE TENANT WINS £650K IN FUNDING ROUND
MTI and Begbroke Science Park tenant Oxford Photovoltaics Ltd (OPV) announce the completion of an investment round of £650k in OPV, the Oxford University spin-out company commercializing new solar cell technology.
Harnessing the Sun’s energy, the transparent solar cells, printed directly onto glass, are available in a range of colours and will be ideal for the Building Integrated PV market where solar cells are incorporated into glazing panels and facades. These new solar cells are manufactured from inexpensive, abundant, non-toxic and non-corrosive materials and can be scaled to any volume.
The round allows OPV to build on its highly experienced commercial team and scale up its ‘demonstrator’ product manufacturing. Kevin Arthur, CEO of OPV said “It’s very exciting to have the opportunity to demonstrate the unique aesthetic benefits of our transparent glass based screen printable photovoltaic technology, and its inherent simplicity of production and low manufacturing cost. We believe that this technology has the potential to deliver a paradigm-shift in the way that solar energy solutions are deployed in the future. We are delighted to have closed this investment round and appreciate our investors’ confidence in the founding team and our technology. In particular MTI has been a strong lead in the process and its involvement during the due diligence activities has helped further shape the strategy for the business. David Ward’s extensive experience in early stage company operations will complement the Board’s skill set going forward and I am also delighted to be working again with Paul Vickery, who has been appointed Chairman of the Board.”
David Ward, Managing Partner and Head of Cleantech investing at MTI added: “We’ ve been analysing the Photovoltaics sector for some considerable time but had yet to get comfortable with either big plays in generation that are at the whim of Governmental subsidy, or organic PV companies that continue to have headwinds in terms of a path to commercially viable flexible electronics manufacturing. OPV is unusual in that it pairs world class science with a founder team that is very focused on execution and growing the business in a pragmatic way that gives the best chance of commercial success.” David concludes: “At MTI we are always looking to make investments in strong University spin-out companies, such as OPV, and are delighted to have sourced and concluded our second recent deal through ISIS Innovation Ltd.” The technology behind OPV’s product has been developed by Dr. Henry Snaith and his team at Oxford University’s Physics department. OPV, a 2011 winner of a prestigious Shell Springboard prize award, moved into premises at Begbroke Science Park in February this year.
To find out more information about OPV, please visit www.oxfordpv.com
Or contact Oxford PV CEO, Kevin Arthur directly: email@example.com/ Ph: +44 1865 309618