Earlier this year Oxford PV set a record for the world’s most efficient solar panel with its perovskite-based technology, developed in collaboration with the Fraunhofer Institute for Solar Energy Systems.
Solar power accounts for some three-quarters of additional renewable capacity worldwide. Increasing the efficiency of solar panels therefore has huge potential in the drive towards a net zero future.
This disruptive technology has won the backing of external investors to the tune of £100 million while UK Research and Innovation (UKRI) support has been ongoing since 2010.
About the project
The first customer orders for Oxford PV’s world-beating, next-generation solar cells were due to be delivered from the company’s new production facility in Germany before the end of 2024.
Perovskite, an oxide mineral, has been hailed as a ‘miracle material’ for its potential to vastly enhance performance of batteries through to telecommunications and renewable energy.
The significance of perovskite-on-silicon tandem solar cells is that they have a theoretical maximum efficiency of more than 43%, compared to silicon-only cells which are reaching their physical limits at less than 30%.
Disruptive potential
The disruptive potential of the University of Oxford spin-out’s solar cell innovation was recognised as long ago as 2010 with the award of £100,000 in feasibility study funding by Innovate UK. It was then known as Oxford Photovoltaics.
That first grant was important in opening the door for private investors’ seed funding, according to Chief Technology Officer Chris Case:
Our first money came from an Innovate UK grant in 2010 and helped fund our spin-out. Without question, our origin is traceable to Innovate UK.
A further £2.23 million project funding from the Engineering and Physical Sciences Research Council (EPSRC), ending in July 2024, focused on bringing ‘all perovskite’ thin film technology closer to commercial readiness.
External investors
Those ambitions have been backed by external investors to the tune of £100 million as the company has benefited from continuing advances in the technology driven by fundamental research at the university.
That close association with the University of Oxford has involved Oxford PV sponsoring PhD students through the Prosperity Partnership, an initiative funded by EPSRC and UKRI.
The company also advises the EPSRC Centre for Doctoral Training for New and Sustainable Photovoltaics and encourages its engineers to support researchers early in their careers.
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