An Oxford solar firm has raised an equity investment of £8.7 million in the first stage of a funding round.
Oxford PV, founded in 2010, says it has raised a total of £21.3 million in 18 months and expects further investment before the end of the year.
It will use the money to develop perovskite technology, which is said to significantly enhance the performance and economic returns achievable from existing solar PV technologies.
The company believes the technology will enable cell manufacturers boost the performance of their solar cells by around 30% and facilitate new multi-billion dollar markets for the generation of solar power.
Frank Averdung, CEO 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.”