COMPANY PROFILE / PEROVSKITE SOLAR CELLS
Oxford PV
The pioneer that shipped the first tandem modules is now earning from its patents
Oxford PV is a perovskite-only British company spun out of the University of Oxford in 2010. Working on tandem cells, in which a perovskite layer sits on top of a silicon solar cell, it has broken research-cell efficiency records several times, and in September 2024 it announced that it had shipped commercial tandem modules to a U.S. customer for the first time. Yet the accounts for the year to December 2024 that it filed with the UK companies registry show revenue of about £211,000 and a net loss of about £18.73 million, and the auditor draws attention to a "material uncertainty" over the company's ability to continue as a going concern. What stands out from 2025 onwards is patent licensing, to Trinasolar (China) and First Solar (U.S.). This profile sets out what the company makes, how it intends to earn money and where its weak points lie, using only registry filings and official announcements.
- Oxford PV in 30 seconds, and where it stands in perovskite solar cells
- The logo and how the name is written
- Where the company sits in the perovskite solar landscape
- Scale (revenue is still small, so we read the accounts)
- Resources committed to perovskites
- Track record so far
- Plans ahead
- What the company is aiming for in perovskite solar cells
- Partnership map
- Technology, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Oxford PV in 30 seconds, and where it stands in perovskite solar cells
LimitedUK company number 07127476. Incorporated 16 January 2010
/ Brandenburg, GermanyR&D in the UK; cells made by a German subsidiary
(tandem on silicon)Perovskites are its only business
First Solar (U.S.)Announced in April 2025 and February 2026
Companies working on perovskite solar cells fall into three broad groups: established PV makers, perovskite start-ups, and newcomers from materials, chemicals and electronics. Oxford PV is a perovskite start-up, and its product is a tandem on silicon Sourced. At its German factory it deposits perovskite as a thin film directly on top of silicon heterojunction (HJT) cells to make tandem cells. Selling products is not its only source of income, however. The accounts for the year to December 2024 say the group has begun generating revenue "primarily through licensing activities", and the company granted Trinasolar an exclusive licence for China in April 2025 and First Solar a non-exclusive licence for the U.S. in February 2026. In other words, Oxford PV is becoming a company that earns by letting large manufacturers use its patents, as well as a company that makes and sells its own products.
2. The logo and how the name is written
The Oxford PV logo is a trademark of the company. We have not recreated it with generated imagery;
the image was taken from the official website and is placed here as img/oxford_pv_logo.svg.
A note on names: the registered legal name is Oxford Photovoltaics Limited, and Oxford PV is the trading name. Manufacturing in Germany is carried out by the wholly owned subsidiary Oxford PV Germany GmbH (Brandenburg an der Havel), and there is also Oxford PV Americas Inc (Boston) in the U.S. Because there is a separate UK subsidiary called "Oxford PV Limited", keep it apart from the parent (Oxford Photovoltaics) when reading registry filings. This article uses the trading name, Oxford PV, throughout.
Official site: https://www.oxfordpv.com/3. Where the company sits in the perovskite solar landscape
Even among perovskite start-ups, Oxford PV has two features the others lack. The first is its record in research-cell world records: the efficiency data table maintained by the U.S. National Laboratory of the Rockies (NLR, formerly NREL) lists four records for two-terminal perovskite/silicon tandems under Oxford PV's name between 2018 and 2020 Sourced. The second is the depth of its patent estate: the company says it holds "400+ granted patents" and "45+ core patents" (company-reported counts). These two assets are what make possible the choice, examined in the chapters that follow, to earn from licensing.
4. Scale (revenue is still small, so we read the accounts)
Oxford PV is privately held, but under UK company law it files audited consolidated financial statements with the companies registry (Companies House). The latest are for the year to December 2024, registered on 27 October 2025 Sourced.
| Item (£) | Year to Dec 2023 | Year to Dec 2024 |
|---|---|---|
| Revenue | 0 | 210,998 |
| Cost of sales | 0 | 1,645,385 |
| Administrative expenses | 21,375,754 | 23,711,351 |
| Gain on derivative revaluation (unrealised) | 6,701,113 | 8,958,330 |
| Operating loss | 12,977,767 | 14,495,760 |
| Net loss | 10,768,976 | 18,731,740 |
| R&D expenditure (of which capitalised) | 7,070,316 (3,680,965) | 8,221,124 (4,511,306) |
| Cash and cash equivalents (year end) | 23,698,004 | 4,397,508 |
| Average employees (of which technical) | 140 (105) | 163 (120) |
| Revenue by region, year to Dec 2024 | £ | Share |
|---|---|---|
| United States | 160,865 | About 76% Our calculation |
| Asia | 34,779 | About 16% Our calculation |
| Europe | 15,354 | About 7% Our calculation |
The operating loss looks contained at "about £14.5 million" only because an unrealised gain of about £8.96 million on the derivative embedded in the convertible loan notes is booked above the operating line Sourced. It is a paper gain with no cash behind it. Cash at the year end also fell from about £23.7 million a year earlier to about £4.4 million, and the auditor (Ernst & Young LLP), noting that there is no guarantee further financing can be raised, states that "a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern" Sourced. And while the accounts say revenue began "primarily through licensing activities", they do not disclose how much came from product sales and how much from licensing Not yet confirmed.
5. Resources committed to perovskites
Perovskites are Oxford PV's only business, so everything the company spends is, in effect, spent on perovskites. That is the decisive difference when comparing it with large companies that run several businesses.
| Resource | Details | Category |
|---|---|---|
| People (dedicated teams and staff) | Average of 163 employees (year to December 2024): 120 technical, 3 management and 40 administration and support. The UK parent alone averaged 66, so the other 97 work in subsidiaries such as the German manufacturing company (the difference is our calculation). The whole company works on perovskites | Sourced |
| Money (R&D) | R&D expenditure of £8,221,124 (year to December 2024), of which £4,511,306 was capitalised as development assets. £7,070,316 the year before | Sourced |
| Money (plant and equipment) | Property, plant and equipment of £35,156,652 (31 December 2024). The Brandenburg factory was acquired in 2016 (company timeline) | Sourced |
| Where the money comes from | Issued £50 million (nominal) of convertible loan notes in July 2022 (interest-free; the accounts expect maturity in June 2026). In December 2025 shareholders authorised the issue of up to £30 million of unsecured convertible loan notes under a term sheet with Oxford Investment Consultants LLP | Sourced |
| Major shareholders | The confirmation statement (CS01) made up to 16 January 2026 lists Trina Solar Energy Development Pte. Ltd (79,365 A ordinary shares), Meyer Burger Technology AG (69,132), Goldwind Science & Technology (HK) (48,393), Legal and General Capital Investments, Equinor Energy Ventures Fund, the University of Oxford and others | Sourced |
| Investments in, acquisitions of and joint ventures with other companies | Neither the accounts nor the official releases mention any investment, acquisition or joint venture by Oxford PV in other companies | Could not be confirmed |
| Universities and research institutes | The company grew out of Professor Henry Snaith's laboratory at the University of Oxford, and he sits on the board. The accounts say the group "maintains its links to key universities and third parties". It has worked with Fraunhofer ISE on efficiency measurement (2024) and joint module development (2026) | Sourced |
| Public funding | Government grant income of £1,591,055 (year to December 2024; £1,471,595 the year before). Participates in HoTSun, a research project funded by Germany's Federal Ministry for Economic Affairs and Energy (BMWE), and SUITE, a vehicle-integrated solar project backed by the UK's Advanced Propulsion Centre (APC) | Sourced |
According to the return of allotment of shares (SH01) filed with the registry, 79,365 A ordinary shares were allotted on 29 December 2025 for £630 paid per share Sourced. Multiplied out, that is about £50 million (£49,999,950) Our calculation. The confirmation statement made up to 16 January 2026 then lists Trina Solar Energy Development Pte. Ltd with exactly 79,365 shares, a holder absent from the statement made up to January 2025 Sourced. Against the 283,247 A ordinary shares in issue, that is about 28% Our calculation.
Because the share counts match, the natural reading is that a Trina affiliate subscribed for this allotment. But the SH01 does not name the subscriber, and neither Oxford PV nor Trina has formally announced an investment. We therefore treat this as an inference. How any investment relates to the licence agreement cannot be determined from the primary sources either Not yet confirmed.
6. Track record so far
| When | What happened | What it means |
|---|---|---|
| January 2010 | Oxford Photovoltaics Limited incorporated, spun out of Professor Snaith's laboratory at the University of Oxford | Starts life as a university spin-out focused solely on perovskites |
| 2014 | First perovskite/silicon tandem cell developed (company timeline) | The tandem strategy begins |
| 2016 | Manufacturing site in Brandenburg, Germany acquired (company timeline) | Gains a production site of its own |
| 2017 | First commercial-size tandem cell produced (company timeline) | From small research cells to a practical size |
| June and December 2018 | Two-terminal tandem cells at 27.3% (1.09 cm², measured by Fraunhofer ISE) and 28.0% (1.03 cm², measured by NREL). Listed in NLR's efficiency data table | Research-cell records confirmed by third-party test centres |
| December 2020 | Two-terminal tandem cell at 29.5% (aperture area 1.121 cm², measured by NREL). Listed in NLR's efficiency data table | The last research-cell record in the table under the company's name |
| 2022 | Commercial-size cell at 26.8% (company timeline; no testing body named). Issued £50 million (nominal) of convertible loan notes in July | Funding for scale-up secured through loan notes |
| 2023 | Commercial-size cell at 28.6% (company timeline; no testing body named) | A company-reported figure |
| January 2024 | Industrial-format module at 25% (421 W, 1.68 m²), built on Fraunhofer ISE's module pilot equipment (Module-TEC) and measured by its CalLab | High efficiency shown at module level, not just in cells |
| June 2024 | 60-cell residential-size module (designated area of about 1.6 m², under 25 kg) at 26.9%. The company says Fraunhofer CalLab independently measured and certified it | The company's module record |
| September 2024 | First shipment of 72-cell tandem modules to a U.S. customer (for a utility-scale installation). Module efficiency of the commercial product: 24.5% | The company calls it a "world-first commercial sale" of perovskite tandem panels |
| 2024 | First-generation module certified to IEC 61730 (safety), according to the accounts | A requirement for its first U.S. customer |
| April 2025 | Patent licence agreement with Trinasolar: exclusive for making and/or selling perovskite-based PV products in China, with a right to sublicense | Its first licence agreement (the April 2025 release calls it "landmark"; the January 2026 release [Ref. 12] says Oxford PV was the first in the industry to enter a licensing agreement) |
| December 2025 | Shareholders authorise up to £30 million of convertible loan notes. On 29 December, 79,365 A ordinary shares allotted at £630 each | The capital structure is reshaped |
| February 2026 | Patent licence agreement with First Solar: a non-exclusive U.S. licence that excludes crystalline silicon products | Its patents now also licensed to a leading thin-film maker |
| April 2026 | Joins SUITE, a vehicle-integrated solar project backed by the UK's APC (with Nissan Technical Centre UK and others) | Expansion into automotive uses |
| June 2026 | With Fraunhofer ISE, unveils tandem modules using the institute's "matrix shingled" interconnection: a 491 W rooftop module (1.92 m²) and a 546 W bifacial module (2.13 m²), both at 25.6% over the full module area | A module with a different interconnection method. Efficiency as stated in the joint announcement |
The table above mixes figures of different kinds. (1) Small research cells (around 1 cm²): the records listed in NLR's efficiency data table together with the testing body (27.3%, 28.0% and 29.5%). (2) Commercial-size cells (26.8% and 28.6%): figures from the company's timeline, with no testing body named. (3) Modules (25%, 26.9% and 25.6%): figures from company releases; for 26.9%, the company says the result was independently measured and certified by Fraunhofer CalLab. NLR's champion module efficiency chart also shows an Oxford PV point in the perovskite/silicon series, but the later points belong to Trina and LONGi, and the current highest value is LONGi's Sourced. Before taking the words "world record" at face value, check which category it belongs to and as of when. See also our explainer on conversion efficiency and evaluation metrics.
7. Plans ahead
30% by 2030Roadmap on the official website. 35% by 2035
residential pilotsWhere Brandenburg output will go (September 2024 announcement)
In its September 2024 announcement, the company said that over the next few years it would allocate production from the Brandenburg factory to additional utility customers, specialty products and pilot residential applications, while scaling production to gigawatt scale at a future high-volume manufacturing site Sourced. The February 2026 announcement with First Solar likewise describes Oxford PV as "pursuing expansion into high-volume manufacturing as part of its long-term growth strategy".
None of the following appears in the primary sources Not yet confirmed.
The location, investment and start date of a high-volume manufacturing site / the exact capacity of the Brandenburg factory (the specialty-products page says only "20MW of dedicated capacity") / the name of the first U.S. customer and the volume shipped / the value, royalty rate and term of the licence agreements / what happened to the convertible loan notes issued in 2022 (expected to mature in June 2026) / the amount actually issued under the convertible loan notes authorised in December 2025 / the accounts for the year to December 2025 (due by the end of December 2026 and not yet filed at the time of writing). Figures of the "Oxford PV to build an X GW factory" kind mostly come from press reports, and this article does not use them.
8. What the company is aiming for in perovskite solar cells
This section includes things the company does not say directly. We set them out as inferences within what the primary sources support, with the evidence for each.
| What the evidence suggests | Primary information it rests on | Category |
|---|---|---|
| It is broadening its income from product sales to patent licensing | The accounts say revenue began "primarily through licensing activities". Agreements with Trina in April 2025 and First Solar in February 2026. The website invites manufacturers to "join our existing major manufacturer licensees" | Inference |
| Licences are designed to be sold to several companies, split by region and technology | Trina is exclusive in China; First Solar is non-exclusive in the U.S. and excludes crystalline silicon. The two scopes do not overlap | Inference |
| It will keep its own manufacturing small and differentiate in specialty markets | No concrete plan for a high-volume site has been given, while it offers product lines for satellites, high-altitude unmanned aircraft (HAPS) and electric vehicles, and has joined SUITE | Inference |
| Trina has probably become both a licensee and a major shareholder | The number of shares allotted on 29 December 2025 and the holding of the Trina affiliate in the January 2026 confirmation statement are both exactly 79,365 | Inference |
| On efficiency, it is no longer the sole front-runner | In NLR's efficiency charts, the latest perovskite/silicon cell and module records are held by LONGi and Trina | Sourced |
In its accounts for the year to December 2024, Oxford PV says it has begun generating revenue "primarily through licensing activities" Sourced. The same accounts list among the principal risks that tandem cells are "more expensive to manufacture than monolithic crystalline silicon cells" and that the long-term cost advantage "has yet to be proven", and that module manufacturers assembling its cells under contract will likely need additional investment, and that "those commitments are pending" Sourced. Volume manufacturing of its own would take a lot of capital, and cash had fallen to about £4.4 million at the year end. In that position, widening the route to cash from an asset it already owns, its patents, makes sense. If the exclusive licence to Trina and the large share allotment that followed shortly after are tied to the same counterparty (chapter 5), then we read "license the patents, take the investment" as the way this company is pairing up with large manufacturers in order to survive Not yet confirmed.
9. Partnership map
10. Technology, products and services
| Item | What the website and releases say |
|---|---|
| Cell structure | A two-terminal tandem in which a perovskite top cell is formed directly on the silicon bottom cell using a series of thin-film deposition methods. The German factory uses HJT (heterojunction) bottom cells. A metal grid is applied last |
| Modules | Assembled with existing module assembly technology, both in house and under contract. The 2026 designs are glass-glass modules with edge sealing to protect the moisture-sensitive cells |
| Mainstream products | Centaur 2 series (B with a black back sheet, W with a white back sheet, and bifacial T), in two sizes: 60-cell (M) and 72-cell (L) |
| Specialty products | Pegasus series (Space for satellites, Air for high-altitude unmanned aircraft, Move for vehicles) and the bare cell HyPERcell. The site cites more than 1.2 W/g for lightweight uses and 28% cell efficiency (company-reported) |
| Warranty | The technology page states "10+ years lifetime warranty for our module products today" |
| Licensing | Licences to a patent family covering materials, processes, device structures and products (400+ granted, 45+ core; company-reported) |
In the module unveiled with Fraunhofer ISE in June 2026, the cells are cut into long, narrow strips (shingles), which are overlapped like roof tiles and joined with lead-free conductive adhesive. Oxford PV's CTO, Dr Ed Crossland, explains that "the adhesive interconnection of the Matrix shingle technology is a low-temperature process and requires no copper connectors" Sourced.
From the materials side, there is a reason for this. In an HJT bottom cell, the amorphous silicon layers on the surface do not tolerate high temperatures, and the perovskite on top also decomposes readily when heated. Conventional ribbon soldering applies intense local heat, so a tandem has only a small thermal budget to begin with Not yet confirmed. And because a tandem runs at higher voltage and lower current, it has the advantage the company points out: the strips can be cut wider without increasing resistive losses much. On the other hand, the long-term reliability of adhesive joints, and how well edge sealing keeps out moisture, are areas with little outdoor track record so far. Our explainers on encapsulation and barrier layers and on silicon–perovskite tandems make the intent of this design easier to follow.
11. The risks this company carries
| Risk | Details | Category |
|---|---|---|
| Funding | Cash fell to about £4.4 million at 31 December 2024. The auditor points to a material uncertainty over the going concern basis, and the company itself says additional external funding will be required | Sourced |
| Long-term reliability unproven | The accounts themselves say that good results in accelerated stress tests "cannot directly predict long-term performance under actual conditions" | Sourced |
| Manufacturing cost | The accounts say tandems cost more to make than crystalline silicon cells alone, and that the long-term cost advantage "has yet to be proven" | Sourced |
| Obligation to buy raw materials on unfavourable terms | In connection with the 2022 convertible loan notes, the group is obliged to buy raw materials from the note holders at an unfavourable price once it enters the production phase, and has booked a provision of £15,528,867 | Sourced |
| Reliance on contract manufacturers | Module assembly is contracted to outside manufacturers, and the accounts say their commitments to the additional investment needed are still pending | Sourced |
| A licensee becoming a competitor | Trina, which holds the exclusive licence for China, is also a major manufacturer that set higher records than Oxford PV later on NLR's efficiency chart | Inference |
| Cost of enforcing patents | The accounts list as a risk that intellectual property must be protected across "multiple legal jurisdictions with differing levels of enforcement" | Sourced |
| Geopolitics | The accounts say ongoing conflicts and tensions, including those involving Ukraine, the Middle East and the U.S. and China, could affect sourcing, logistics and market access. That several major shareholders are affiliates of Chinese companies could also become an issue in the U.S. market | Inference |
12. Glossary
- Perovskite solar cell
- A solar cell whose light-absorbing layer is a material with the crystal structure known as perovskite. It can be made from thin films by coating or vapour deposition.
- Tandem (two-terminal)
- A solar cell with two light-absorbing layers stacked and connected electrically in series. The perovskite takes the blue light and the silicon the red.
- HJT (heterojunction)
- A silicon cell whose crystalline silicon surface is covered with thin films of amorphous silicon. Highly efficient but sensitive to high-temperature processing.
- Designated area / aperture area
- Ways of defining the area over which efficiency is measured. The figure changes depending on the area used, so always check it when comparing records.
- CalLab
- The calibration and measurement laboratory of Fraunhofer ISE (Germany), which measures and certifies solar cell efficiency as an independent third party.
- IEC 61730
- The international standard for the safety of photovoltaic modules; one of the certifications needed before a module can be sold.
- Convertible loan note
- A loan note that can be converted into shares under set conditions. Oxford PV's 2022 notes are interest-free, and the conversion feature is valued separately as a derivative.
- Companies House
- The UK companies registry. Private companies also file their accounts, shareholder information and share allotments there, and anyone can inspect them.
13. References
- Oxford Photovoltaics Limited Annual Report and Consolidated Financial Statements, Year Ended 31 December 2024 (Companies House, UK; registered 27 October 2025). Revenue, profit and loss, R&D expenditure, cash, headcount, revenue by region, convertible loan notes, provision for the raw material purchase obligation, government grants, subsidiaries, principal risks, going concern, IEC 61730 certification, and the absence of a parent company. https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0
- Companies House (UK) OXFORD PHOTOVOLTAICS LIMITED company overview (company number, date of incorporation, registered office, nature of business, accounts due date). https://find-and-update.company-information.service.gov.uk/company/07127476
- Oxford Photovoltaics Limited Written Resolutions (passed 19 December 2025, registered 6 January 2026). Authority to issue up to £30 million of unsecured convertible loan notes; term sheet with Oxford Investment Consultants LLP. https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/QUVJMVoxTllhZGlxemtjeA/document?format=pdf&download=0
- Oxford Photovoltaics Limited Return of Allotment of Shares (SH01, replacement filing, registered 8 February 2026). Allotment of 79,365 A ordinary shares on 29 December 2025 and £630 paid per share. https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzUwMTk1NDgwOWFkaXF6a2N4/document?format=pdf&download=0
- Oxford Photovoltaics Limited Confirmation Statement (CS01, made up to 16 January 2026). Total shares by class and list of shareholders (Trina Solar Energy Development Pte. Ltd, Meyer Burger Technology AG, Goldwind Science & Technology (HK), Legal and General Capital Investments, Equinor Energy Ventures Fund, the University of Oxford and others). https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzUwMjI5NjI2MGFkaXF6a2N4/document?format=pdf&download=0
- Oxford Photovoltaics Limited Confirmation Statement (CS01, made up to 16 January 2025). Shareholder list a year earlier (used to confirm that no Trina affiliate was listed). https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ1MzAyNTY4NWFkaXF6a2N4/document?format=pdf&download=0
- Oxford PV Press release, "Oxford PV sets new solar panel efficiency world record" (31 January 2024). 25%, 421 W, 1.68 m², measured using Fraunhofer ISE's Module-TEC and CalLab. https://www.oxfordpv.com/press-releases/oxford-pv-solar-energy-innovation
- Oxford PV Press release, "Oxford PV debuts residential solar module with record-setting 26.9% efficiency" (19 June 2024). 60 cells, designated area of about 1.6 m², under 25 kg, independent measurement and certification by Fraunhofer CalLab, module assembly both in house and under contract. https://www.oxfordpv.com/press-releases/oxford-pv-solar-sustainability-initiative
- Oxford PV Press release, "20% more powerful tandem solar panels enter commercial use for the first time in the US" (5 September 2024). First shipment to a U.S. customer, 72 cells, 24.5% for the commercial product, megawatt-scale pilot line, where future output will go, and the plan to scale to gigawatts. https://www.oxfordpv.com/press-releases/oxford-pv-solar-technology-patent
- Oxford PV Press release, "Oxford PV and Trinasolar announce a landmark Perovskite PV patent licensing agreement" (9 April 2025). Exclusive licence for China with a right to sublicense; invitation to parties interested in a licence outside China. https://www.oxfordpv.com/press-releases/oxford-pv-and-trinasolar-announce-a-landmark-perovskite-pv-patent-licensing-agreement
- First Solar / Oxford PV Press release, "First Solar, Oxford PV Enter into Patent Licensing Agreement for US Markets" (24 February 2026). Non-exclusive U.S. licence, exclusion of crystalline silicon, and the statement that Oxford PV is pursuing high-volume manufacturing as part of its long-term growth strategy. https://www.oxfordpv.com/press-releases/first-solar-oxford-pv-enter-into-patent-licensing-agreement-for-us-markets
- Oxford PV Press release, "Oxford PV Recognised in 2026 Global Cleantech 100" (14 January 2026). More than 400 granted patents, first commercial shipment and first licensing agreement, and a product roadmap targeting 30% by 2030. https://www.oxfordpv.com/press-releases/oxford-pv-recognised-in-2026-global-cleantech-100-for-breakthrough-solar-innovation
- Oxford PV Press release, "Oxford PV Joins APC Backed SUITE Project to Advance Solar Powered Electric Vehicles" (15 April 2026). Support from the APC, the Department for Business and Trade's DRIVE35 programme and Innovate UK; consortium including Nissan Technical Centre UK. https://www.oxfordpv.com/press-releases/oxford-pv-joins-apc-backed-suite-project-to-advance-solar-powered-electric-vehicles
- Oxford PV / Fraunhofer ISE Press release, "Perovskite-silicon solar cells meet matrix shingled interconnection" (18 June 2026). 25.6% at 491 W / 1.92 m² and 546 W / 2.13 m², conductive adhesive, edge sealing, direct deposition on HJT, and the HoTSun project (funded by the BMWE). https://www.oxfordpv.com/press-releases/perovskite-silicon-solar-cells-meet-matrix-shingled-interconnection-collaboration-between-oxford-pv-and-fraunhofer-ise
- Oxford PV Official website, "About us" (history: founded 2010, first tandem cell 2014, Brandenburg acquired 2016, 26.8% in 2022, 28.6% in 2023 and more). Source of the logo image. https://www.oxfordpv.com/about-us
- Oxford PV Official website, "Technology" (direct deposition on HJT bottom cells, 10+ years lifetime warranty, roadmap of 27% by 2027, 30% by 2030 and 35% by 2035). https://www.oxfordpv.com/technology
- Oxford PV Official website, "Mainstream", "Specialty" and "Licensing" pages (line-up of Centaur 2, Pegasus and HyPERcell, more than 1.2 W/g, 20 MW of dedicated capacity, 400+ granted and 45+ core patents). https://www.oxfordpv.com/specialty
- National Laboratory of the Rockies (NLR, formerly NREL) Best Research-Cell Efficiency data table (records for two-terminal perovskite/silicon tandems under Oxford PV's name: 27.3% in June 2018, 28.0% in December 2018 and 29.5% in December 2020, with area and testing body). https://www.nlr.gov/docs/libraries/pv/cell-efficiency-data-table.xlsx
- National Laboratory of the Rockies (NLR, formerly NREL) Champion Photovoltaic Module Efficiency Chart (positions of Oxford PV, Trina and LONGi in the perovskite/silicon series). https://www.nlr.gov/docs/libraries/pv/champion-module-chart.pdf
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, company number, date of incorporation, registered office, and private status | Sourced | Reference 2 https://find-and-update.company-information.service.gov.uk/company/07127476 |
| No parent company or controlling party; subsidiaries (Oxford PV Germany GmbH, Oxford PV Americas Inc and others) | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| Revenue, cost of sales, administrative expenses, derivative revaluation gain, operating loss and net loss (years to December 2023 and 2024) | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| R&D expenditure and amount capitalised, year-end cash, property, plant and equipment, average headcount and breakdown, government grant income | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| Regional shares of revenue (U.S. about 76% and so on) | Our calculation | Calculated in this article from the regional revenue in reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| Revenue beginning primarily through licensing activities; the material uncertainty over going concern; principal risks (long-term reliability, manufacturing cost, contract manufacturers, intellectual property, geopolitics) | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| The £50 million (nominal) convertible loan notes of July 2022 (interest-free, expected to mature June 2026) and the £15,528,867 provision for the obligation to buy raw materials on unfavourable terms | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| IEC 61730 certification of the first-generation module; the factory entering commercial operation and starting shipments to launch customers in 2024 | Sourced | Reference 1 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| Authority to issue up to £30 million of unsecured convertible loan notes (passed 19 December 2025) | Sourced | Reference 3 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/QUVJMVoxTllhZGlxemtjeA/document?format=pdf&download=0 |
| Allotment of 79,365 A ordinary shares on 29 December 2025 at £630 paid per share | Sourced | Reference 4 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzUwMTk1NDgwOWFkaXF6a2N4/document?format=pdf&download=0 |
| Total allotment of about £50 million; the Trina affiliate's share of A ordinary shares of about 28% | Our calculation | This article's multiplication and division of the figures in references 4 and 5 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzUwMjI5NjI2MGFkaXF6a2N4/document?format=pdf&download=0 |
| Main shareholders and holdings as of 16 January 2026; no Trina affiliate listed as of January 2025 | Sourced | References 5 and 6 https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ1MzAyNTY4NWFkaXF6a2N4/document?format=pdf&download=0 |
| The reading that the subscriber for the December 2025 allotment was a Trina affiliate | Inference | This article's interpretation of the matching share counts in references 4 and 5. No formal announcement by the company or by Trina |
| Research-cell records of 27.3%, 28.0% and 29.5%, with area and testing body | Sourced | Reference 18 https://www.nlr.gov/docs/libraries/pv/cell-efficiency-data-table.xlsx |
| In NLR's module efficiency chart, the later records in the perovskite/silicon series are held by Trina and LONGi | Sourced | Reference 19 https://www.nlr.gov/docs/libraries/pv/champion-module-chart.pdf |
| Module efficiency of 25% (January 2024; 421 W, 1.68 m²; measured by Fraunhofer ISE CalLab) | Sourced | Reference 7 https://www.oxfordpv.com/press-releases/oxford-pv-solar-energy-innovation |
| Module efficiency of 26.9% (June 2024; 60 cells; the company says it was certified by Fraunhofer CalLab) | Sourced | Reference 8 https://www.oxfordpv.com/press-releases/oxford-pv-solar-sustainability-initiative |
| First shipment to a U.S. customer (September 2024), 72 cells, 24.5% for the commercial product, where output will go and the plan to scale to gigawatts | Sourced | Reference 9 https://www.oxfordpv.com/press-releases/oxford-pv-solar-technology-patent |
| Patent licence with Trinasolar (exclusive in China, with a right to sublicense; April 2025) | Sourced | Reference 10 https://www.oxfordpv.com/press-releases/oxford-pv-and-trinasolar-announce-a-landmark-perovskite-pv-patent-licensing-agreement |
| Patent licence with First Solar (non-exclusive in the U.S., crystalline silicon excluded; February 2026) | Sourced | Reference 11 https://www.oxfordpv.com/press-releases/first-solar-oxford-pv-enter-into-patent-licensing-agreement-for-us-markets |
| More than 400 granted patents; the company's description of itself as first to ship commercially and first to sign a licence | Sourced | Reference 12 https://www.oxfordpv.com/press-releases/oxford-pv-recognised-in-2026-global-cleantech-100-for-breakthrough-solar-innovation |
| Participation in the SUITE project (April 2026; backed by the APC; with Nissan Technical Centre UK and others) | Sourced | Reference 13 https://www.oxfordpv.com/press-releases/oxford-pv-joins-apc-backed-suite-project-to-advance-solar-powered-electric-vehicles |
| Matrix shingled modules at 25.6%; conductive adhesive, edge sealing and direct deposition on HJT; HoTSun (funded by the BMWE) | Sourced | Reference 14 https://www.oxfordpv.com/press-releases/perovskite-silicon-solar-cells-meet-matrix-shingled-interconnection-collaboration-between-oxford-pv-and-fraunhofer-ise |
| History (first tandem cell in 2014, Brandenburg acquired in 2016, first commercial-size cell in 2017, commercial-size cells at 26.8% and 28.6%) | Sourced | Reference 15 https://www.oxfordpv.com/about-us |
| HJT bottom cells, 10+ years lifetime warranty, and the roadmap of 27% by 2027, 30% by 2030 and 35% by 2035 | Sourced | Reference 16 https://www.oxfordpv.com/technology |
| Product line-up (Centaur 2, Pegasus, HyPERcell), more than 1.2 W/g, 20 MW of dedicated capacity, 45+ core patents | Sourced | Reference 17 https://www.oxfordpv.com/specialty |
| The three types of perovskite solar company (established PV makers / perovskite start-ups / materials and electronics firms) | Our calculation | This article's own classification. Examples drawn from the companies covered in this series |
| Split of revenue between product sales and licensing; value, royalty rate and term of the licence agreements | Not yet confirmed | Not stated in references 1, 10 and 11. This article does not estimate them |
| Location, investment and timing of a high-volume manufacturing site; the factory's exact capacity; the name of the first U.S. customer | Not yet confirmed | Not stated in references 1 and 9. Figures from press reports are not used https://www.oxfordpv.com/press-releases/oxford-pv-solar-technology-patent |
| What happened to the 2022 convertible loan notes after maturity; the amount actually issued under the notes authorised in December 2025 | Not yet confirmed | Cannot be determined from references 1 and 3. The accounts for the year to December 2025 had not been filed at the time of writing https://find-and-update.company-information.service.gov.uk/company/07127476 |
| Investments in, acquisitions of or joint ventures with other companies | Not yet confirmed | Not stated in reference 1. This article does not conclude that none exist either https://find-and-update.company-information.service.gov.uk/company/07127476/filing-history/MzQ4NjM4OTU0OWFkaXF6a2N4/document?format=pdf&download=0 |
| The readings that it is broadening its income towards licensing, selling licences split by region and technology, and differentiating its own manufacturing in specialty markets | Inference | This article's interpretation of statements in references 1, 10, 11 and 17 |
| The reading that "license the patents, take the investment" has become its way of surviving alongside large manufacturers | Inference | This article's interpretation of references 1, 4, 5 and 10 |
| The explanation that tandems have a small thermal budget, and that this is why conductive adhesive was chosen | Inference | This article's commentary based on reference 14 and the general properties of HJT and perovskites |
| The risks that a licensee becomes a competitor and that Chinese-affiliated major shareholders could become an issue in the U.S. market | Inference | This article's interpretation of references 5, 10 and 19 |
Last updated 25 September 2026 / Troy Technical
The figures in this article are based on the audited financial statements and registry filings that Oxford Photovoltaics Limited has made with Companies House in the UK, the company's official releases and website, and NLR's efficiency data. No research-firm estimates or press-based figures have been used. Efficiencies marked "company-reported" are figures announced by the company. Passages marked "Inference" are this article's interpretation of the primary sources, not statements made by the company.