The money wil be used to enhance its perovskite solar cell technology that combines a thin film layer of material with an active silicon cell to boost cell output by around 30 per cent.
“Energy consumption is set to double within the next 20 to 30 years and perovskite has the potential to radically improve the efficiency of solar PV and meet the world’s energy demand into the future,” said Frank Averdung, CEO of Oxford PV, who expects to see more funding before the end of the year. “Our technology has already demonstrated the efficiency and stability necessary to engage commercially with major industry players and become a key part of enhancing solar energy supply in years to come. This investment will support Oxford PV as we take large steps towards commercialisation.”
Part of the funding has already been earmarked to develop a demonstration line to showcase the technology to manufacturers.
The company was founded in 2010 as a spin-off from the University of Oxford by Professor Henry Snaith and now has a team of 37 people, including chemists and advanced materials scientists. The aim is to enable cell manufacturers in the $100bn solar power industry to boost the performance of their solar cells by around 30 per cent.