Oxford Photovoltaics is to receive financing from the European Investment Bank (EIB) for its planned pilot site in Germany. The bank is considering providing EUR 15 million ($17.6 million USD) for the project, which will turn an existing PV thin-film module factory in Germany into a "first-of-its-kind" plant for the production of tandem silicon-perovskite PV cells.

According to EIB, the site will allow the company to demonstrate its perovskite technology at full wafer scale in pilot volumes and deploy perovskite on silicon tandem cells. The total cost of the project is EUR 30 million.

Oxford PV has been backed by investors including Statoil ASA and Legal & General Capital in its drive to commercialize its perovskite-based solar technology that is set to boost the performance of ordinary solar cells. At the end of 2016 the company announced a joint development agreement with an unnamed global manufacturer of solar cells and modules.