Oxford PV, a perovskite solar technology company, announced that it achieved a 27.3 percent conversion efficiency for its 1 cm² perovskite-silicon tandem solar cell. The Fraunhofer Institute for Solar Energy Systems (ISE) certified this finding. Prior to this, the best efficiency recorded for a single-junction silicon solar cell in the world was 26.7 percent.

“This result further validates the ability of perovskite to enhance the performance of silicon-based photovoltaics. Continuing to improve the performance of photovoltaics is fundamental for sustaining the growth of solar generated electricity,” said Frank P. Averdung, CEO of Oxford PV.

If the above recent progress is any indication, perovskite technology has raised the hope for its commercial manufacturing in the near future. Oxford PV is already in the process of bringing its technology from the lab to high volume manufacturing. It is producing commercial sized 156 mm x 156 mm perovskite-silicon solar cells for validation at its industrial pilot line in Germany.

Chris Case, the chief technology officer at Oxford PV said “We are continuing to push our perovskite-silicon solar cell technology with a roadmap that extends beyond 30 percent efficiency, driving the world towards an all-electric future. Oxford PV counts on the support of development partners, suppliers and customers to deliver its perovskite solar technology.”

According to Mercom’s Solar Funding and M&A Reports, the company a spinoff of Oxford University has raised over $70 million in VC Funding so far since 2011.

Earlier, Mercom reported that in Q1 of 2018, global VC funding for the solar sector came to $161 million in 22 deals. Total corporate funding (including venture capital funding, public market, and debt financing) in the solar sector in Q1 2018 fell 65 percent to $2 billion from the $5.7 billion raised in Q4 2017.

Image credit: Oxford PV