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Begbroke Science Park > News and Press > Oxford PV attracts a further £ 8.1m funding
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Oxford PV attracts a further £ 8.1m funding

07.12.2016

Oxford PV announced on 6th December a further equity investment. The sum of £ 8.1 million is adding to the £ 8.7 million first closing investment announced on 18th October 2016. The company calls itself a pioneer, introducing Perovskite to the solar industry.

The bulk of the investment from the second closing has come from the three new strategic investors Statoil ASA,  Legal & General Capital  and a technology-focused, innovative family fund investor. All three of them see the potential of Oxford PV’s technology to revolutionise the global solar market and help create a new, low-carbon future. “We are fully engaged with the global transition to a low carbon energy system and we want to partner with the leading brainpower-backed British enterprises that will deliver the transformative change needed to provide reliable, low cost clean energy on a global scale,” said John Bromley, Head of Clean Energy Strategy, Legal & General Capital.

Oxford PV has announced the acquisition of a former production site of Bosch in Brandenburg an der Havel (Germany) this November. In December they made public a Joint Development Agreement with a major solar panel manufacturer to scale the technology towards mass production. “In conjunction with our industry Joint Development partner, our perovskite technology now has a clear path and timetable to commercialisation” said Frank Averdung, CEO of Oxford PV. The additional funding is meant to help accelerate these development activities as well as supporting the next generation product research in the UK.

Joanna Grant