Oxford Photovoltaics Germany, a subsidiary of Oxford PV, has received funding of €15 million form the European Investment Bank (EIB), to support the commercialization of its perovskite-on-silicon tandem solar cell technology.

The funding is the first in Germany under InnovFin - EU Finance for Innovators’ Energy Demonstrator Projects. It relies on 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.

Frank P. Averdung, Chief Executive Officer at Oxford PV, said, “The EIB financing recognizes 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.”