An Oxford University spin-out has locked up its second institutional funding round through a deal with MTI Partners.
Oxford Photovoltaics (OPV) has been backed by MTI Ventures through a £2 million transaction by way of its UMIP Premier Fund.
The university spin-out is commercialising a solid-state dye sensitised solar cells for the Building Photovoltaic (BIPV) sector. They can then be printed onto glass in different colours, for use in glazing panels and facades.
MTI’s investment will be used to build the company’s technical and commercial teams and construct its own product development and test facilities.
Kevin Arthur, CEO of OPV, says that the business is making ‘huge strides’ in the scale-up and commercialisation of its technology.
‘Our new product development facility at Begbroke will incorporate state of the art printing techniques to enable us to manufacture larger modules and begin the technology transfer of our new, high efficiency MSSC technology,’ Arthur adds.
‘In addition, our new test and qualification facility will fast track our programme to developer modules that meet internationally accepted standards and specifications for photovoltaic products.’
More on deals by MTI Ventures:
- Landmark deal for North West Fund for Biomedical
- Exosect wins funding for European roll-out
- £4 million for Eleksen
For OPV, the funding fundraising round takes its total commitments to £2.65 million. In July 2011 MTI Ventures, in partnership with Parkwalk EIS Technology Fund 1, the World Gold Council and a number of other angel investors, injected £650,000.
David Ward, managing partner and head of cleantech investing at MTI Ventures comments, ‘We are delighted with the technical and commercial progress of the business since MTI supported OPV’s spin out in 2011. The company is addressing a huge potential market opportunity and the building of the product development facility is an important step on the road to full commercialisation.’
‘MTI’s core philosophy is to back innovative, IP rich companies that aim to create value from satisfying major market needs. OPV is an excellent example of the type of business that MTI backs.’