Oxford Photovoltaics Ltd Secures £8m Funding for Perovskite Solar Technology
- Published: Monday, 09 March 2015 15:05
Oxford Photovoltaics Ltd (Oxford PV), the pioneering solar technology company, announces that it has raised a first-tranche B round of over £8 million from a variety of new and existing investors.
These funds more than double the equity raised by Oxford PV to date and will be used to accelerate development of its world leading technology and extensive IP portfolio, securing the company’s position as the foremost global commercial player in the new, but rapidly growing field of using perovskite solar cells for the generation of clean electricity.
The £8 million announced today will help fund the continued development of Oxford PV’s world-beating technology towards full-scale production and commercial deployment. Reflecting the significant progress made by the company, and its market-leading position, the funds were raised at a substantial increase to the valuation achieved in the previous round.
Oxford PV is pleased to welcome a wide range of new investors from the UK, US, Asia and Europe in this round. The quality and breadth of its shareholder base is an important demonstration of global support for its technology and will be a key strength of the company as it builds towards commercialisation around the world.
Oxford PV’s existing shareholders (University of Oxford, MTI Partners Ltd, Longwall Venture Partners LLP, Parkwalk Advisors Ltd and a range of angel investors) remain very supportive and participated in this round.
Kevin Arthur, CEO and Co-Founder of Oxford PV said “I am delighted to have raised more in this round than we targeted. In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base. These funds will help accelerate our development and secure our leading global position in this exciting new technology.”
David Smyth, CFO of Oxford PV said, “With this additional funding, we will be able to follow through with the many opportunities we have built and accelerate towards commercial deployment. The solar power market continues to grow rapidly and with this technology we hope to enable solar to become the future mainstream fuel source for clean electricity.”