EU bank grants EUR 15m to Oxford Photovoltaics Germany
First EIB financing in Germany under InnovFin Energy Demonstration Projects – the new offering for innovators in Europe
Loan will bring Oxford Photovoltaic technology from lab scale to commercialisation level
The European Investment Bank (EIB) will provide financing of up to EUR 15m to Oxford Photovoltaics Germany GmbH. a subsidiary of UK-based Oxford Photovoltaics Ltd. Oxford PV Germany has developed a disruptive technology at lab-scale based on a material set with a special crystal structure called perovskite. The new technology is expected to increase the energy conversion efficiency of photovoltaic solar cells to levels well beyond those currently achieved by incumbent technologies and processes in volume manufacturing.
The loan to Oxford PV Germany aims at bringing the technology from lab scale to a demonstration line which can be suited to a commercial-scale wafer manufacturing plant. EIB’s financing to Oxford PV Germany is the first supported in Germany by ‘InnovFin – EU Finance for Innovators’ Energy Demonstration Projects', with the financial backing of the European Union under Horizon 2020 Financial Instruments.
Ambroise Fayolle, Vice-President of the EIB responsible for Germany and InnovFin, commented: “Our new InnovFin products allow us to offer to European energy demonstration projects resources and advice where it is needed, bringing tangible results and helping innovators to contribute to climate action. I am delighted to sign today with Oxford PV Germany, a cleantech company that is bringing a pioneering technology to the solar energy market. In order to help bridging the financing gap of such technologies to reach demonstration and commercial stages, the EU Bank is rolling out new financing tools to underpin its climate action policy goal that is one of our top priorities as the largest multilateral provider of climate finance worldwide.”
Commissioner Moedas said: “Every investment in renewable energy takes us a step closer to fighting global climate change while creating new sustainable jobs and economic growth in Europe. I am happy to see a renewable energy pioneer getting EU support today, and I hope the list of beneficiaries will continue to grow next year to bring about the much needed energy transition."
Frank P. Averdung, Chief Executive Officer, at Oxford PV said, “The EIB financing recognises Oxford PV’s significant achievements to date, and the opportunity our disruptive perovskite solar technology has to dramatically transform silicon solar cell economics and help accelerate the proliferation of solar energy generation globally. Oxford PV has made considerable progress over the last few years, and is already in the process of rapidly transferring its advanced perovskite on silicon tandem solar cell technology from the lab to an industrial scale process at our site in Brandenburg, Germany, in collaboration with our joint development partner – a large manufacturer of solar cells and modules. The EIB loan will enable Oxford PV to continue to invest in its demonstration line infrastructure, to further support the commercialisation of our perovskite solar technology.”
About Oxford PV Germany
Oxford Photovoltaics Germany GmbH, is a subsidiary of UK based Oxford Photovoltaics Ltd (Oxford PVTM). Oxford PVTM – The Perovskite CompanyTM is the technology leader in the field of perovskite solar cells. Established in 2010, as a spin-out from the University of Oxford, the company today has the largest team globally, exclusively focused on developing and commercialising perovskite based solar technology. Oxford PV has a research & development site in Oxford, UK and an industrial site in Brandenburg, Germany enabling the accelerated transfer of their technology to industrial scale solar cell production. Oxford PV’s disruptive perovskite solar technology has the potential to enable efficiency gains that will transform the economics of silicon solar technology and help accelerate the proliferation of solar energy generation globally. In 2017, Oxford PV was named as one of the top 50 most innovative companies in the world, by the German edition of MIT Technology Review. For more information about Oxford PV visit:www.oxfordpv.com.
InnovFin financial and advisory products
Under Horizon 2020, the EU Research and Innovation programme for 2014-20, the European Commission and the European Investment Bank Group (EIB and EIF) have launched a new generation of financial instruments and advisory services in 2014 to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" offers a range of tailored products which will make available financing in support of research and innovation (R&I) by small, medium-sized and large companies and the promoters of research infrastructures.
Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin – EU Finance for Innovators supports R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. All are demand-driven instruments, with no prior allocations between sectors, countries or regions. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries will be eligible to become final beneficiaries.
InnovFin Energy Demonstration Projects provides loans, loan guarantees or equity-type financing typically between EUR 7.5m and EUR 75m to innovative demonstration projects in the fields of energy system transformation, including but not limited to renewable energy technologies, smart energy systems, energy storage, carbon capture and storage or carbon capture and use, helping them to bridge the gap from demonstration to commercialisation. The product is rolled out directly by the EIB.