Oxford PV received an EU bank financing of €15m, to support the transfer of its disruptive perovskite on silicon tandem solar cell technology from lab scale to commercialisation.
The European Investment Bank (EIB) funding, awarded to Oxford PV Germany GmbH, is the first financing in Germany under the InnovFin - EU Finance for Innovators’ Energy Demonstrator Projects’, with the financial backing of the European Union under Horizon 2010 Financial Instruments - aimed at supporting European innovators such as Oxford PV, tackling tomorrow’s challenges and supporting climate action.
Demonstrated efficiency and stability
Ambroise Fayolle, Vice-President of the EIB responsible for Germany and InnovFin, commented, “I am delighted to sign the contract with Oxford PV today. The company has demonstrated the necessary parameters in efficiency and stability on its perovskite photovoltaic technology, to engage commercially with major industry players and play a key role in enhancing solar energy supply in the future.”
Tandem solar cells from Brandenburg
Frank P. Averdung, Chief Executive Officer at Oxford PV, said, “The EIB financing recognises our considerable progress to date and the opportunity our disruptive perovskite solar technology has to dramatically transform silicon solar cell economics. The funding will allow Oxford PV to continue to invest in its demonstration line infrastructure, in Brandenburg, Germany, enabling the company to continue the rapid transfer of its perovskite on silicon tandem solar cell technology from the lab to an industrial scale process in collaboration with our joint development partner – a large scale manufacturer of solar cells and modules.”
For this purpose, the company has already set up a pilot line in Brandenburg on the Havel in 2016. At that time, Oxford PV had taken over all the land and buildings as well as part of the equipment from Bosch CIS Tech, which had left the solar industry completely. (HCN)