Oxford Photovoltaics Germany GmbH will use the funds to expand its protype production line in Brandenburg, Germany to take its perovskite on silicon tandem solar cell technology from lab scale to commercialisation.
The funding from the European Investment Bank (EIB) is the first financing in Germany under the InnovFin programme for EU Finance for Innovators’ Energy Demonstrator Projects’. This is part of the wider Horizon 2020 programme.
"Oxford PV 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.” said Ambroise Fayolle, Vice-President of the EIB responsible for Germany and InnovFin
“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," said Frank Averdung, Chief Executive Officer at UK-based Oxford PV. "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.”
The acquistion of the German plant in 2016 was a key part of the deal with the as-yet unnamed development partner.