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- Oxford PV
Oxford PV Funding, Investors & Competitors
Oxford PV has raised $136M across 8 funding rounds, most recently a $41M Series D in July 2019.
Last Oxford PV funding round
$41M
Series D · Jul 2019
Cumulative funding Oxford PV raised
$136M
across 8 funding rounds
Key investors in Oxford PV
Parkwalk Advisors
Equinor
Legal & General
Longwall Venture
Winton Ventures
Legal & General Capital
Goldwind
MTI Ventures
About Oxford PV
Oxford PV is an Oxford-based solar energy company developing perovskite-on-silicon tandem photovoltaic cells achieving efficiencies over 29 percent. Its modules integrate thin-film perovskites with commercial silicon cells, boosting power output for utility-scale and rooftop installations. The firm operates pilot lines in Germany and the United Kingdom, partnering with Oxford University for R&D. Founded in 2010, Oxford PV targets mass production through industrial collaborations.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Sectors
Oxford PV Funding History
Oxford PV has raised a total of $136M across 8 funding rounds.
Oxford PV's first fundraising round was a $3M Series B in February 2013. The most recent completed round was a $41M Series D in July 2019.
Oxford PV funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2019 | Series D | Meyer Burger Technology (lead) | $41M | Oxford PV, a UK-based spinout from Oxford University founded in 2010, develops high-efficiency perovskite-on-silicon tandem solar cells targeting over 27% conversion efficiency, with records up to 28%. The company is advancing commercialization through a manufacturing facility in Brandenburg an der Havel, Germany, aiming for volume production by end of 2020. In its Series D funding round closed around July 2019, Oxford PV raised a total of £65 million (approximately $81.8-82 million or €74 million), including an initial £31 million in March 2019 from investors like Goldwind, Equinor, and Legal & General Capital, plus an additional £34 million. Meyer Burger Technology provided major new investment as part of the deal announced in March 2019, acquiring an 18.8% stake in Oxford PV. The investment supports installation of a 200 MW heterojunction (HJT) silicon solar cell production line by Meyer Burger at Oxford PV's German site, enhanced with perovskite top cell equipment for tandem cell pilot production ramping to 250 MW nameplate capacity by end-2020. Subsequent payments from Oxford PV to Meyer Burger included CHF 20 million in August 2019 and CHF 18 million (US$18.2 million) in October 2019 for equipment. The funding validates the technology's commercial readiness, positioning Oxford PV ahead of peers in perovskite commercialization. |
| Mar 2019 | Series D | Goldwind (lead); Equinor; Legal & General | $41M | Oxford PV is a developer of perovskite-on-silicon tandem solar cells aimed at improving the efficiency of silicon-based photovoltaics for cost-effective renewable energy. In March 2019, the company announced the first close of its Series D funding round, raising £31 million (approximately $41 million or €36 million), led by Goldwind with participation from existing investors Equinor and Legal & General Capital. This funding supports the transition of its perovskite solar technology into the commercial phase, including scaling production from a pilot line at a former Bosch site in Germany. The technology had recently achieved a certified world record efficiency for perovskite-on-silicon solar cells and passed key reliability tests under the IEC 61215 protocol. Oxford PV's pilot line was producing commercial-sized tandem cells for validation by a major silicon solar cell and module manufacturer development partner. CEO Frank Averdung highlighted the investors' confidence in the technology's commercial readiness and its potential to transform photovoltaics in the global clean energy transition. Goldwind's Vice President Xiao Zhiping emphasized the investment's alignment with innovation in clean, efficient renewables, anticipating growth in photovoltaics alongside wind power. Prior to this round, Oxford PV had raised a total of around £76 million over five years, including €15 million from the European Investment Bank in December 2017, bringing cumulative funding to approximately $100 million. Alexa Capital advised on the transaction. |
| Apr 2018 | Series D | Equinor (lead); Legal & General Capital (lead) | $11M | Oxford PV is a UK-based developer of thin-film perovskite solar technology, spun out from the University of Oxford in 2010 to commercialize perovskite films that enhance silicon photovoltaic panels for higher energy output. In April 2018, Legal & General Capital and Equinor (formerly Statoil) invested $11.2 million, equivalent to GBP 8.02 million, bringing total funding to over GBP 35 million including prior rounds and a EUR 15 million grant from the European Investment Bank. This followed their participation in the $20.9 million Series C round in 2016. The company focused on advancing perovskite/silicon tandem cells toward commercialization through collaborations with silicon manufacturers. |
| Jan 2017 | Series C | Equinor; Legal & General | $10M | - |
| Oct 2016 | Series C | Parkwalk Advisors; Winton Ventures | $11M | Oxford PV, a UK-based company founded in 2010 as a spin-off from the University of Oxford, develops perovskite technology to enhance solar PV performance. The technology applies a thin-film perovskite layer in tandem with silicon cells to boost output by about 30%. On 18 October 2016, Oxford PV announced the first close of its Series C funding round, raising £8.7m from a combination of new and existing shareholders including Parkwalk Advisors and Winton Ventures. This brought total equity raised over the prior 18 months to £21.3m ($27m), with further investment expected by year-end. The funds support extension of perovskite technology commercialization, including development of a demonstration line for manufacturers. A second close in December 2016 added £8.1m from investors like Statoil ASA, Legal & General Capital, and a family fund. |
| Oct 2015 | Series B | - | $7M | Oxford PV, a UK-based spinout from the University of Oxford founded in 2010, develops perovskite-silicon tandem solar cells to enhance performance of conventional silicon PV technology. The company raised a first-tranche Series B round of over £8m in March 2015 from new investors in the UK, USA, Asia, Europe, and existing backers including University of Oxford, MTI Partners, Longwall Venture Partners, Parkwalk Advisors, and angel investors. Funds supported acceleration of technology and IP development toward full-scale production and commercial deployment. In October 2015, Oxford PV secured an additional £4.4m top-up to the Series B round, bringing the 2015 total to ~£12.6m-$19m and advancing commercialization efforts with potential licensees. |
| Mar 2015 | Series B | Parkwalk Advisors (lead) | $12M | Oxford PV, a UK-based spinout from the University of Oxford, develops perovskite-based tandem solar cells that combine a wide-bandgap perovskite absorber with conventional silicon solar cells to boost efficiency. The company secured over £8m in its first-tranche Series B funding round on 9 March 2015 from existing investors including Parkwalk Advisors, University of Oxford, MTI Partners, Longwall Venture Partners, and angel investors, plus new investors from the UK, USA, Asia, and Europe. This exceeded the targeted amount in a challenging solar investment market and more than doubled the company's total equity raised to date, reflecting a substantial increase in valuation from the prior round. The funds supported acceleration of technology and IP development toward full-scale production and commercial deployment, including perovskite tandems with crystalline silicon for faster commercialization. Oxford PV emphasized its broadened shareholder base as a demonstration of global support for the technology. The company planned to license its perovskite layer to silicon solar cell producers and secure early commercial agreements to lead in the perovskite solar market. |
| Feb 2013 | Series B | MTI Ventures (lead); Parkwalk Advisors; Longwall Venture | $3M | Oxford PV is a UK-based thin-film solar startup specializing in perovskite materials, spun out from the University of Oxford with exclusive IP license from Dr. Henry Snaith's team. In late 2013, the company secured at least £8 million in tranche B financing, led by MTI Ventures from its UMIP Premier Fund, alongside the University of Oxford, Longwall Venture Partners, Parkwalk Advisors, and angel investors. This followed an initial £650,000 seed in July 2011 from MTI, Parkwalk, World Gold Council, and angels, with MTI contributing £2 million ($3.1 million) in the 2013 round to support technical and commercial progress. The funds aimed to accelerate development and commercialization of perovskite tandem layers for integration with conventional crystalline silicon solar cells, positioning Oxford PV as a leader in the technology amid a challenging solar investment market. CEO Kevin Arthur noted exceeding funding targets and broadening the shareholder base to secure global leadership. |
Who has invested in Oxford PV?
9 investors have backed Oxford PV across its funding rounds, including Parkwalk Advisors, Equinor, Legal & General, Longwall Venture, Winton Ventures and Legal & General Capital.
Lead investors include Meyer Burger Technology, Goldwind, Equinor, Legal & General Capital, Parkwalk Advisors and 1 other investor.
Oxford PV Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Feb 2013 | ||
| 3 | Lead | Jan 2017 | ||
| 2 | Participant | Jan 2017 | ||
| 1 | Lead | Jul 2019 | ||
| 1 | Participant | Feb 2013 | ||
| 1 | Participant | Oct 2016 | ||
| 1 | Lead | Feb 2013 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialOxford PV Competitors
Oxford PV competitors include listed companies like GE Vernova, Iberdrola, China Yangtze Power and Constellation Energy, and private ones like Adani New Industries and Helion Energy.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $38B | $3.2B | $246B | 5.4x | ||
| Publicly listed | $51B | $17B | $158B | 4.3x | ||
| Publicly listed | $13B | $11B | $104B | 11.3x | ||
| Publicly listed | $26B | $5B | $93B | 3.8x | ||
| Private | - | - | $50B | - | ||
| Private | - | - | $16B | - |
Oxford PV Public Comps
Oxford PV is still privately-owned, but its public comps include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Vistra, ACWA Power, Vestas, Ørsted, Gulf Development and Huaneng Lancang River.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $18B | $5B | 4.0x | 3.3x | 13.9x | 10.2x | |||
| $2B | $1.1B | 22.3x | 19.9x | 41.9x | 36.4x | |||
| $22B | $2.6B | 1.4x | 1.3x | 11.9x | 10.1x | |||
| $9.8B | $2.9B | 3.6x | 2.8x | 11.9x | 8.1x | |||
This data is available for Pro users. Sign up to see all Oxford PV competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Oxford PV
| When was Oxford PV founded? | Oxford PV was founded in 2010. |
| Where is Oxford PV headquartered? | Oxford PV is headquartered in Oxford, United Kingdom. |
| Is Oxford PV publicly listed? | No, Oxford PV is a private, VC-backed company. |
| How much funding has Oxford PV raised? | Oxford PV has raised $136M across 8 funding rounds. |
| What was Oxford PV's last funding round? | Oxford PV's last funding round was a $41M Series D in July 2019, led by Meyer Burger Technology. |
| Who are Oxford PV's investors? | Oxford PV's investors include Parkwalk Advisors, Equinor, Legal & General, Meyer Burger Technology, Longwall Venture, Winton Ventures, MTI Ventures, Legal & General Capital and Goldwind. |
| Which companies are comparable to Oxford PV? | Companies comparable to Oxford PV include GE Vernova, Iberdrola, China Yangtze Power, Constellation Energy, Adani New Industries and Helion Energy. |
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