Oxford Photovoltaics raises funds, replaces CEO

July 09, 2015 // By Peter Clarke
Oxford Photovoltaics Ltd (Oxford, England) a 2010 spin out from the University of Oxford, has raised £8 million (about $12 million) from new and existing investors and recruited Frank Averdung, former CEO of Suss Microtech, to take over from founding CEO Kevin Arthur.

The funds will be used to accelerate the development of the company's perovskite solar cell technology, the company said. The funds were raised at a substantial increase to the valuation achieved in the previous round.

Oxford PV’s existing shareholders: the University of Oxford, MTI Partners Ltd., Longwall Venture Partners LLP, Parkwalk Advisors Ltd and a range of angel investors participated in this round. The identity of new shareholders was not disclosed.

Arthur is leaving Oxford PV to pursue other opportunities.

"After a handover period from Kevin, Frank will concentrate on preparing the technology for scale up and securing the early commercial agreements which will assure Oxford PV’s position as the leading company in the global perovskite solar market," said David Fyfe, chief financial officer, in a statement.

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