Oxford Photovoltaics (PV), a UK-based solar cell technology spinout from University of Oxford, has received £8m ($11.2m) from its existing investors, including subsidiaries of energy producer Statoil and financial services firm Legal and General.
Legal and General participated through its corporate venturing arm, Legal and General Capital, while Statoil invested through its Statoil Energy Ventures unit. The spinout did not explicitly name any other returning backers.
Founded in 2010, Oxford PV is manufacturing conducive films that can be printed onto conventional silicon solar panels to help them generate electricity.
The films are made from a mineral called perovskite, which absorbs more solar energy than materials commonly used today.
Oxford PV will use the capital to prepare the technology for industrial-scale manufacturing, at a production facility in Germany. It has partnered an unnamed solar cell manufacturer to ensure the perovskite can be easily used with silicon solar panels.
The company has now raised a total of $77.3m in debt and equity financing, including $20.9m in a 2016 series C round backed by Legal and General Capital, Statoil Energy Ventures and unspecified additional investors across two tranches.
The European Union-owned European Investment Bank is also a backer, having supplied a $15.6m loan in December 2017. Other shareholders include University of Oxford, Parkwalk Advisors, MTI Partners, Longwall Venture Partners and assorted angel investors.
Frank Averdung, chief executive of Oxford PV, said: “We are proud to continue to partner with a diverse range of leaders in the venture capital and strategic investor communities, recognising the strength of the opportunity our perovskite tandem technology has to revolutionise the global silicon solar market.
“Over the last few years Oxford PV has built significant momentum and has now scaled up the necessary infrastructure such as R&D competencies, industrial capabilities, and a joint development partnership with a large photovoltaic player, enabling the company to maintain its leadership position in this area and bring a commercial perovskite PV solution to the silicon solar market in the near future.”
 – A version of this article first appeared on our sister site, Global Corporate Venturing.