Converting sunlight into electricity: British startup Oxford PV secures total €74M funding to build highly-efficient solar cells

Converting sunlight into electricity: British startup Oxford PV secures total €74M funding to build highly-efficient solar cells

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With increased awareness of global warming, many companies want to realise a zero-carbon world by 2050. This is possible with solar panel installations among other means. Britain-based perovskite solar technology leader Oxford PV also aims to contribute towards the same.

Secured €74M Series D funding

In a recent development, Oxford PV secured €74 million series D funding. Initially, it had raised €36 million and now it has secured additional funding of €38 million taking the overall funding amount to €74 million.

The first round was led by Goldwind, a leading provider of integrated renewable energy solutions in China. Also, existing shareholders including Equinor and Legal & General Capital also took part in the funding round. The new major investment is from Meyer Burger, a photovoltaic equipment supplier and the existing and new investors.

“The success of our funding round and the quality of the new investors we have attracted validates the commercial readiness of our technology,” said Frank P. Averdung, CEO of Oxford PV. “We now have the funds to move into manufacturing and accelerate market introduction. The production line we are installing in Germany, to manufacture perovskite-on-silicon tandem solar cells, will be the first of its kind anywhere in the world. This is a significant moment for Oxford PV and our perovskite photovoltaic technology.”

Products thin-film perovskite solar cells

Perovskite solar cells is known for attributes including semi-transparency, lightweight, flexibility and low processing costs. The technology used by Oxford PV has the potential to enable efficiency gains transforming the economics of silicon solar technology. It also helps accelerate the growth of solar energy generation.

To move into volume production

Besides raising Series D funding, Oxford PV announced its plans to move into volume production. It was announced when the company signed a collaboration agreement with Meyer Burger. Going by the same, Meyer Burger will install a 200 MW silicon solar cell line, which is enhanced with production equipment for perovskite top cell at the site in Brandenburg an der Havel, Germany. By the end of 2020, the fully integrated line will start with the production of perovskite-on-silicon tandem solar cell.

Why choose Oxford PV?

The solar panels produced with the help of Oxford PV’s perovskite solar cell technology will generate more power, deliver affordable clean energy, address climate changes and accelerate the solar adoption rate.

Record-breaking conversion efficiency!

Founded in 2010 by Henry Snaith and Kevin Arthur, Oxford PV’s perovskite-silicon tandem solar cell has achieved a record-breaking 28% conversion efficiency. It has been certified by the National Renewable Energy Laboratory. The company has continuously evolved and surpassed its own record of 27.3% conversion efficiency.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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French deep tech AI scaleup METRON raises €10M funding, aims to expand globally now

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