UK-based start-up Oxford Photovoltaics has secured an investment of £8.7 million in its first Series C funding round.
The company raised the funds from new and existing shareholders to be used to further develop it perovskite thin-film technology.
Frank Averdung, chief executive of Oxford PV, said: “Our technology has already demonstrated the efficiency and stability necessary to engage commercially with major industry players and become a key part of enhancing solar energy supply in years to come. This investment will support Oxford PV as we take large steps towards commercialisation.”
A portion of the new funding has already been allocated to building a perovskite solar cell demonstration line to support the commercialisation of its technology.
It will then seek to use IP partnerships to target PV manufacturers looking to add a perovskite thin-film layer to solar cells to boost conversion efficiencies at potentially low-cost.
The start-up also noted that it expected to secure further Series C funding before the end of 2016. The company said it raised around £21.3 million in the past 18 months.