Semiconductor technology producer Meyer Burger has invested an undisclosed amount in UK-based thin-film solar technology developer Oxford PV in return for an 18% stake.
Founded in 2010, Oxford PV manufactures thin, electrically conductive film made from a mineral known as perovskite. It is affixed to solar cells to bolster their performance and energy output, with the intention of making solar-generated electricity more cost-effective.
Meyer Burger’s investment came days after the $41m first close of Oxford PV’s series D round. The tranche was led by wind turbine maker Goldwind and included energy producer Equinor and Legal & General Capital, a subsidiary of insurance provider Legal & General.
The investment is part of a wider business development agreement that will involve Oxford PV buying semiconductor equipment from Meyer Burger for its solar cell manufacturing line. Meyer Burger has also secured the option to double its investment by the end of 2020.
Oxford PV had raised more than $118m in equity and debt financing prior to the latest announcement.
Legal & General Capital and Statoil Energy Ventures, the strategic investment vehicle for energy producer Statoil, took part in a $20.9m series C round for Oxford PV that closed in 2016 alongside unnamed additional investors, before investing a further $11.2m in April 2018.
Oxford PV’s other backers include European Investment Bank, which supplied $15.6m of debt financing in December 2017, as well as University of Oxford, Parkwalk Advisors, MTI Partners, Longwall Venture Partners and assorted angel investors.
