Oxford Photovolatics Ltd, a spin out from the University of Oxford, has raised £8m to help take its solar glass technology towards commercialisation.
The investment more than doubles the equity raised by the company and will enable it to accelerate development of its perovskite solar cells, which the company claims have the potential to boost the performance of existing cells by up to 20%.
Oxford PV has also developed a version of the cells which can be coated onto architectural glass, creating an onsite power generation which, it says, can deliver a significant proportion of a skyscraper’s electricity and effectively turn such buildings into “vertical solar farms”.
The funding round included contributions from existing stakeholders, including University of Oxford, MTI Partners Ltd, Longwall Venture Partners LLP, Parkwalk Advisors Ltd, and a range of angel investors.
Kevin Arthur, chief executive 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 Smith, CFO, added: “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.”
Source: Intelligent Building Today