Cleantech company Oxford Photovoltaics (OPV) has raised £650,000 in a funding round led by industry specialist MTI Partners.
The financing round was managed by MTI over a nine-month period through the UMIP Premier Fund, (UPF), and also included investment from Parkwalk EIS Technology Fund 1, the World Gold Council and a number of private angels.
According to OPV, which was set up as a spin-out from Oxford University to develop solar cells for commercialisation in the building market, the investment will enable it to build its commercial team and develop its product manufacturing.
Kevin Arthur, chief executive of OPV, said: “We are delighted to have closed this investment round and appreciate our investors’ confidence in the founding team and our technology. In particular MTI has been a strong lead in the process and its involvement during the due diligence activities has helped further shape the strategy for the business.”
David Ward, managing partner at MTI, said: "At MTI we are always looking to make investments in strong university spin-out companies, such as OPV, and are delighted to have sourced and concluded our second recent deal through Isis Innovation Ltd.”
The overall solar photovoltaic industry is growing at a cumulative rate of over 40% per year, and is predicted to become a $24bn market within two years.