Investors shine on Oxford PV series C

Oxford Photovoltaics (Oxford PV), a spinout of the eponymous university working on solar cells, has raised £8.7m ($10.7m) in a series C round featuring unnamed new and existing investors on Tuesday.
Oxford PV expects to secure additional capital for the round by the end of the year, though it has not revealed a target size.
Founded in 2010, Oxford PV is developing perovskite-based technology that boosts the efficiency of solar cells by approximately 30%. The product is applied as a thin film layer.
Part of the money will go towards production of a demonstration line that can showcase the technology’s potential to manufacturers and advance the company towards commercialisation.
The company previously secured $29.6m in funding, including a $12.6m series B round in October 2015. Its shareholders include Oxford University, MTI Partners, Longwall Venture Partners, Parkwalk Advisors and assorted angel investors.
Frank Averdung, chief executive of Oxford PV, said: “Energy consumption is set to double within the next 20 to 30 years. Perovskite has the potential to radically improve the efficiency of solar PV and meet the world’s energy demand into the future.
“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. I would like to thank our board and shareholders for their support and for sharing our vision.”