Oxford PV

UK-based Oxford PV is a University of Oxford spin-off, specializing in perovskite photovoltaics (PV) for generating solar-based electricity. Perovskite solar cells work by absorbing photons from the sun and converting them into electricity and are capable of absorbing high-energy photons at the blue end of the solar spectrum (compared with conventional silicon solar cells, which are most effective at absorbing the photons in the red, lower energy end of the solar spectrum).

Oxford PV’s perovskite PV technology is built on top of conventional silicon solar cells referred to as “tandems”. The partially transparent perovskite top cell absorbs high-energy photons and passes the lower-energy photons to the silicon bottom cell. Hence, the perovskite-silicon tandem solar cell is claimed to be able to achieve an efficiency not possible with silicon alone. In May 2023, Oxford PV reported that it set a new world record for the efficiency of a commercial-sized solar cell. It was independently certified by Fraunhofer ISE that Oxford PV’s solar cell converted 28.6% of the sun’s energy into electricity.

As of 2023, the company had an integrated production line in Brandenburg an der Havel, Germany. The factory, which has the world’s first volume manufacturing line for perovskite-on-silicon tandem solar cells, has begun the initial production of these cells for solar module manufacturing partners and is increasing production levels.

Key customers and partnerships

In January 2024, Oxford PV and Fraunhofer ISE reported that they are jointly working towards certification of the PV module and carrying out tests on long-term stability.

Funding and financials

Oxford PV’s most recent funding was in July 2019, when it raised GBP 34 million (USD 47 million) as the third tranche of its Series D round from Meyer Burger Technology. The first and the second tranches of the Series D round in April 2018 and March 2019, raised GBP 8 million (USD 11 million) and GBP 31 million (USD 41 million), respectively. Leading investors were Equinor, Legal & General Capital, and Goldwind. The funds were used for the manufacturing line in Germany.