Meyer Burger manufactures Oxford PV stake

Oxford PV, a UK-based thin-film solar technology developer spun out of University of Oxford, on Thursday obtained an undisclosed amount of capital from semiconductor technology producer Meyer Burger in return for an 18% stake.
Meyer Burger has secured an option to double its investment by the end of 2020.
Founded in 2010, Oxford PV manufactures thin, electrically conductive films called perovskite that are affixed to solar cells to bolster their performance and energy output, with the intention of making solar-generated electricity more cost-effective.
Meyer Burger’s investment is part of a wider business development pact, allowing it to sell Oxford PV semiconductor equipment for the spinout’s solar cell manufacturing line.
Oxford PV had taken in more than $118m in equity and debt financing prior to the latest announcement.
News of Meyer Burger’s involvement comes days after Oxford PV’s $41m first series D close, led by wind turbine maker Goldwind with participation from energy producer Equinor and Legal & General Capital, the investment arm of insurance provider Legal & General.
The spinout had already received $11.2m in an April 2018 round backed by existing investors including Legal & General Capital and Statoil Energy Ventures, the strategic investment vehicle for energy producer Statoil, following a two-tranche $20.9m series C deal two years previously with the same corporates and unnamed additional investors.
Other backers include the EU-owned European Investment Bank, which supplied $15.6m of debt in December 2017, in addition to shareholders University of Oxford, Parkwalk Advisors, MTI Partners, Longwall Venture Partners and assorted angel investors. Parkwalk Advisors is a division of commercialisation firm IP Group.