Oxford PV Secures Another £4.4m To Fund The Next Stage Of Its Perovskite Solar Technology Scale-up
- Published: Wednesday, 14 October 2015 08:36
Oxford Photovoltaics Ltd (Oxford PV), the pioneering solar technology company, has announced that it has raised a top-up B round of £4.4m million from a variety of new and existing investors.
Together with the first tranche B round of £8.2m raised in March, this brings the total raised during 2015 to over £12.6m ($19m), reflecting and securing the company’s position as the leading global commercial player in the rapidly growing field of using perovskite materials for the generation of clean electricity.
The £4.4 million top-up round announced today will help fund the continued development of Oxford PV’s world-beating technology as we move towards scale-up and commercial engagement with potential licensees.
Reflecting the significant progress made by the company, including spectacular results where the company boosted the efficiency of a silicon solar cell by more than 25% through applying its perovskite technology in a tandem structure, the ‘top-up’ funds were raised at an impressive valuation increase to the valuation achieved in the first tranche B round in March 2015.
Oxford PV is pleased to welcome new investors from around the world in this round, adding to the quality and breadth of its shareholder base. Most of Oxford PV’s existing shareholders also participated in this round.
David Smyth, CFO of Oxford PV said, “I am delighted to have raised this additional investment on top of the impressive round earlier in the year. The company is now well capitalised to take our technology through the next stage of development towards commercial deployment. The solar power market continues to grow more rapidly than expected. Our proprietary technology has the potential to revolutionise this exciting but competitive market and allow Solar to become the future mainstream fuel source for electricity.”