Oxford Photovoltaics (OPV), a spinout of the eponymous institution, has raised an extra £4.4m to top up its series B to £12.6m ($19m).
The firm, which is developing solar powered stained glass technology, first raised £8.2m in March, receiving support from MTI Partners, Oxford University, Longwall Venture Partners, Parkwalk Advisors, and a number of angels. It also raised money from a number of internationally-based investors, which the firm declined to reveal.
OPV also opted to not disclose the new investors providing the latest £4.4m, only disclosing that the investors were also sourced from outside of the UK. In total, the firm has now secured $29.6m in external funding since founding in 2010.
The company’s solar stained glass product is based on a photovoltaic technology which is a cost effective coating which can be applied to glass in order to generate electricity.
David Smyth, chief financial officer of Oxford PV, said: “I am delighted to have raised this additional investment on top of the impressive round earlier in the year. The company is now well capitalised to take our technology through the next stage of development towards commercial deployment. The solar power market continues to grow more rapidly than expected. Our proprietary technology has the potential to revolutionise this exciting but competitive market and allow Solar to become the future mainstream fuel source for electricity.”