ImpactAlpha, April 1 – Oxford PV’s solar cells set a world record for solar power efficiency in December. Now the firm has raised €36 million ($40 million) from Chinese renewable energy giant Goldwind, as well es existing investors Equinor and Legal & General Capital.
Solar panel efficiency is a measure of a solar panel’s ability to convert sunlight into electricity. For context, the solar panel manufacturers with the highest efficiency panels on the market are SunPower (22.2%), LG (21.1%) and Panasonic (20.3%).
Late last year Oxford PV’s perovskite solar cell achieved a certified record 28% conversion efficiency, beating out its previous record of 27.3%. Oxford PV’s Chris Case said at the time the firm can achieve “beyond 30% efficiency.”
Found in 2010, the Oxford-based firm will use the new funding to brings its technology to market.
“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,” said Goldwind’s Xiao Zhiping.