Oxford PV, a UK-based thin-film solar technology developer spun out from University of Oxford, closed a first tranche of its series D round led by wind turbine manufacturer Goldwind at £31m ($41m) on Friday.
Energy producer Equinor and Legal & General Capital, the corporate venturing arm of insurance provider Legal & General, also contributed to the round. The company did not reveal a final target size.
Oxford PV was founded in 2010 to commercialise thin, electrically conductive film made from a mineral called perovskite that is attached to solar cells to boost the performance of silicon photovoltaic panels, enabling them to produce higher amounts of energy.
The company expects to license its first commercial product to select manufacturing partners and will use the series D funding to move its technology into the commercial phase. It has now raised more than $118m in equity and debt financing altogether.
Legal and General Capital and Statoil Energy Ventures, the strategic investment vehicle for energy producer Statoil, injected $11.2m in the company in April 2018, after the two had taken part in its $20.9m series C round in 2016 alongside unnamed additional investors.
European Investment Bank, the non-profit, long-term lending arm of the European Union, awarded a $15.6m grant to Oxford PV in 2017. Its other shareholders include University of Oxford, Parkwalk Advisors, MTI Partners, Longwall Venture Partners and a range of individual investors.
Goldwind vice-president Xiao Zhiping said: “Goldwind’s investment in Oxford PV supports our commitment to innovation that delivers clean, cost efficient renewable energy. It is our belief that photovoltaics and wind power will become an increasingly important part of the global energy mix, over the next 20 years.
“We have been impressed with Oxford PV, their perovskite photovoltaic technology and the pace of their progress, and we look forward to supporting the company going forward.”
– This article was adapted from a larger Big Deal feature on our sister site, Global University Venturing.
