15 December 2016
Legal & General Capital (LGC), the principal investment arm of Legal & General Group, has further expanded its clean energy infrastructure platform with investment into two Oxford-based businesses, part of a strategy to back innovative technologies which respond to a rapidly changing global energy market. LGC utilises its long-term capital to invest in sectors and enterprises where there is a structural financing gap, and where its backing can allow businesses to thrive, in turn acting as a catalyst for further institutional investment.
LGC has committed £2.5 million to Oxford Photovoltaics Limited (Oxford PV), a spin-out from the University of Oxford to commercialise a new solar power technology using low-cost, highly efficient solar cell absorber material to convert sunlight into electricity. The business was founded in 2010 and its co-founder was amongst the first in the world to recognise the potential of this chemical structure called perovskite. Oxford PV has exclusively licensed its rapidly growing portfolio of fundamental intellectual property and is working towards the commercialisation of perovskite technology, which LGC’s investment will help to finance.