Pioneering solar technology company, Oxford Photovoltaics, has secured an investment of £8.7 million to help bring its breakthrough perovskite technology to market.

Applied as a thin layer to a silicon photovoltaic cell, perovskite technology is said to be the fastest improving solar cell technology ever seen. It can enhance the performance and economic returns achievable from existing solar PV technologies by around 30 per cent.

“Perovskite has the potential to radically improve the efficiency of solar PV and meet the world’s energy demand into the future,” says Frank Averdung, CEO of Oxford PV.

The new equity investment is the first portion of a Series C funding round, with further investment expected before the end of the year. A portion of the funding has already been earmarked to develop a demonstration line to showcase the technology to manufacturers, bringing the company one step closer to commercialisation.

Founded in 2010 as a spin-off company from the University of Oxford by Professor Henry Snaith, the company’s chemists and advanced materials scientists are on a fast-track to commercialising the new perovskite-based technology.

Averdung added: “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.”