Oxford PV secures £8.1m funding and three key strategic investors

Oxford Photovoltaics has announced a further equity investment of £8.1million, which adds to the company’s £8.7m first close investment announced on 18 th October 2016.

The bulk of this investment comes from three new strategic investors Statoil ASA, Legal & General Capital and a technology-focused, innovative family fund investor who sees the potential of the Company’s technology to revolutionise the global solar market and help create a new, low-carbon future.

The company in a statement said each of these investors will add strength and opportunity to the technology and its’ route to market.

Early this month Oxford PV signed a Joint Development Agreement (JDA) with a global manufacturer of solar cells and modules. This additional funding will help accelerate these development activities as well as supporting the next generation product research in the UK.

Frank Averdung, CEO of Oxford PV said, “the company has made tremendous progress over the last year and this has been recognised by being able to attract investors of such high calibre and scale. We are delighted to be working with each of them and together we will bring our perovskite technology to market as quickly as possible. In conjunction with our industry Joint Development partner, our perovskite technology now has a clear path and timetable to commercialisation and the formidable support of global market leaders to enable that to happen.”

John Bromley, Head of Clean Energy Strategy, Legal & General Capital said, “Legal & General Capital is delighted to confirm its investment in OPV. 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. We have taken the time to get to know Oxford PV, and are impressed by the technology, the scientists and engineers, and an experienced, disciplined management team who we look forward to supporting at this exciting stage of their venture”.