Oxford PV granted €15m EIB financing

Oxford PV granted €15m EIB financing
Perovskite solar technology leader granted European Investment Bank (EIB) funding to support the commercialisation of its disruptive perovskite on silicon tandem solar cell technology

Brussels, 20 December 2017 – Oxford Photovoltaics Germany GmbH, a subsidiary of Oxford PV - The Perovskite Company, the leader in the field of perovskite solar cells, today received an EU bank financing of €15m, to support the transfer of its disruptive perovskite on silicon tandem solar cell technology from lab scale to commercialisation.

The European Investment Bank (EIB) funding, awarded to Oxford PV Germany GmbH, is the first financing in Germany under the InnovFin - EU Finance for Innovators’ Energy Demonstrator Projects’, with the financial backing of the European Union under Horizon 2010 Financial Instruments - aimed at supporting European innovators such as Oxford PV, tackling tomorrow’s challenges and supporting climate action.

Ambroise Fayolle, Vice-President of the EIB responsible for Germany and InnovFin, commented, “I am delighted to sign the contract with Oxford PV today. The company has demonstrated the necessary parameters in efficiency and stability on its perovskite photovoltaic technology, to engage commercially with major industry players and play a key role in enhancing solar energy supply in the future.”

Frank P. Averdung, Chief Executive Officer at Oxford PV, said, “The EIB financing recognises our considerable progress to date and the opportunity our disruptive perovskite solar technology has to dramatically transform silicon solar cell economics. The funding will allow Oxford PV to continue to invest in its demonstration line infrastructure, in Brandenburg, Germany, enabling the company to continue the rapid transfer of its perovskite on silicon tandem solar cell technology from the lab to an industrial scale process in collaboration with our joint development partner – a large scale manufacturer of solar cells and modules.”

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