Oxford PV attracts a further £8.1m funding and three key strategic investors
Solar innovator completes second close of Series C funding round
Oxford, UK, 6 December 2016 – Oxford Photovoltaics Ltd (Oxford PV), the pioneering solar technology company, has today announced a further equity investment of £8.1m, adding to the £8.7m first close investment announced on 18 th October 2016.
Importantly, the bulk of this investment has come from three new strategic investors who see the potential of the Company’s technology to revolutionise the global solar market and help create a new, low-carbon future.
The three large, strategic investors are Statoil ASA, Legal & General Capital and a technology-focused, innovative family fund investor. Each of these investors will add strength and opportunity to the technology and its’ route to market.
The company recently (10 th November 2016) announced the acquisition of a pilot line site in Germany and, on 1 st December 2016, announced a Joint Development Agreement with a major solar panel manufacturer to scale the technology towards commercialisation. This additional funding will help accelerate these development activities as well as supporting the next generation product research in the UK.
Frank Averdung, CEO of Oxford PV said, “the company has made tremendous progress over the last year and this has been recognised by being able to attract investors of such high calibre and scale. We are delighted to be working with each of them and together we will bring our perovskite technology to market as quickly as possible. In conjunction with our industry Joint Development partner, our perovskite technology now has a clear path and timetable to commercialisation and the formidable support of global market leaders to enable that to happen.”
John Bromley, Head of Clean Energy Strategy, Legal & General Capital said, “Legal & General Capital is delighted to confirm its investment in OPV. We are fully engaged with the global transition to a low carbon energy system and we want to partner with the leading brainpower-backed British enterprises that will deliver the transformative change needed to provide reliable, low cost clean energy on a global scale. We have taken the time to get to know Oxford PV, and are impressed by the technology, the scientists and engineers, and anexperienced, disciplined management team who we look forward to supporting at this exciting stage of their venture”.
Gareth Burns, managing director of Statoil Energy Ventures said, “Statoil has been an innovator in the energy sector for many decades, from deep sea oil recovery to offshore wind project development. Statoil is supplementing its’ oil and gas portfolio with profitable renewable energy, and in addition to our significant portfolio within offshore wind, we are exploring opportunities within new growth areas, such as solar. The investment in Oxford PV is our first investment within solar technology, and we see it as a great opportunity to be part of a technology development that has the potential to impact the next generation of solar cells.”
Notes to editors
Oxford Photovoltaics Ltd (Oxford PV) is a pioneering solar technology company that was founded in 2010 as a spin-off from the University of Oxford by Professor Henry Snaith. Today, the company’s team of 37 people, including chemists and advanced materials scientists are on a fast-track to commercialising a new perovskite-based technology. Last year, Professor Snaith was honoured by Thomson Reuters as the second most influential scientific mind in the world. The company believes that this technology will enable cell manufacturers in the $100bn solar power industry to boost the performance of their solar cells by around 30 per cent and facilitate new multi-billion dollar markets for the generation of solar power.
Perovskite is the fastest improving solar cell technology ever seen and Oxford PV is leading the global development and commercialisation of this exciting new material.
About Statoil Energy Ventures
Statoil Energy Ventures was established as part of Statoil’s new business area New Energy Solutions, reflecting the company’s aspirations to gradually complement its oil and gas portfolio with profitable renewable energy and low-carbon solutions. The fund will invest up to USD 200 million over a period of four to seven years.