€15 million in funding has been awarded to Oxford PV Germany GmbH, a subsidiary of the U.K.-based perovskite solar cell developer. Funding is provided by EU nonprofit lender, EIB to support bringing perovskite on silicon tandem cell technology into commercial production.

This will be the first financing in Germany issued under the ‘Innovfin – EU Finance for innovators Energy Demonstrator Projects, which aims at supporting both European innovation and action on climate change.

“I am delighted to sign the contract with Oxford PV today,” said Ambroise Fayolle, Vice President of the EIB responsible for Germany and InnovFin.

“The company has demonstrated the necessary parameters in efficiency and stability on its perovskite photvoltaic technology, to engage commercially with major industry players and play a key role in enhancing solar energy supply in the future.”

Oxford PV has picked up financing in several rounds of investment over the past two years. In late 2016, the company announced it had acquired a former thin-film production facility owned by Bosch Solar in Brandenburg, approximately 100 km from the German capital, which it will continue to invest this latest round of financing in.

“The EIB financing recognizes our considerable progress to date and the opportunity our technology has to dramatically transform silicon solar cell economics,” said Oxford PV CEO Frank Averdung.

“The funding will allow Oxford PV to continue to invest in its demonstration line infrastructure, enabling 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.”