Clean Energy | July 9, 2019

Oxford PV closes £65 million round to commercialize ultra-efficient solar tech

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, July 9 – The cost of solar technology has dropped substantially in recent years, driving uptake as a clean-energy alternative to fossil fuels. Oxford PV has closes £65 million ($81 million) Series D funding round to help get the cost of solar down further with its solar panel efficiency boosting film.

The Oxford, U.K.-based company’s film is made of a compound called perovskite, which works with standard silicon-based solar cells to boost their ability to convert sunlight to electricity. The company says its technology can improve cells’ conversion capacity from 20-22% to 28%. It believes it can eventually push conversion as high as 33%, according to Oxford PV’s website.

Oxford PV has raised £34 million in the second part of its Series D round, led by photovoltaic equipment supplier Meyer Burger. The company raised the first portion of its Series D in March.

The funding will support the commercialization of Oxford PV’s technology.