Goldwind backs Oxford PV as part of £31m funding round

Solar technology specialist Oxford PV has today announced the completion of its latest funding round, after it secured £31m in funding including new backing from Chinese renewable energy giant Goldwind.

The Series D funding round will allow the UK-based company to move forward with the commercial development of its perovskite based solar cell technology, which has been hailed as a major breakthrough for solar panel efficiency.

The funding round also included contributions from existing shareholder, such as Legal & General Capital and energy giant Equinor.

The deal is the latest in a string of investments in the hotly-tipped firm, which has now raised £76m of funding over the past five years.

The move follows an eventful year for the firm as it stepped up preparations for the full commercial launch of its technology. "In the last 12 months, Oxford PV's perovskite-on-silicon solar cell set a certified world record efficiency," the company said. "Its technology passed key reliability tests in line with the IEC 61215 protocol and the company's pilot line is routinely producing commercial sized tandem solar cells for validation by its development partner - a major silicon solar cell and module manufacturer."

The company's perovskite-based system uses an active silicon cell that the company claims can be harnessed to boost solar output from solar farms by around 30 per cent.

Frank P. Averdung, chief executive at Oxford PV, said the investment from one of China's largest renewable energy developers provided a significant endorsement of the firm's technology.

"Goldwind's investment in Oxford PV and the continued support of our existing shareholders, demonstrates the confidence in our technology and its commercial readiness," he said in a statement. "We are delighted to have investors that recognise the capability of our perovskite solar cell technology to transform the performance of silicon-based photovoltaics and the role it will play in the global transition to a clean energy future."

Xiao Zhiping, Vice President at Goldwind, said the move was part of the company's wider strategy to support "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," he said. "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."

His comments were echoed by Ingunn Svegården, investment director at Equinor and John Bromley, head of clean energy at Legal & General Capital, who in a joint statement said they "continue to believe in the potential for the technology to deliver low cost solar solutions".

"We've been impressed by the achievements so far and look forward to supporting the company in the next phase towards commercial product," they added.

This article was amended on 15/3/19 to remove incorrect references to solar glass, and to assert the raised funding figure is £76m, rather than £74m as previously stated.