Meyer Burger sells 200 MW Heterojunction production line

Oxford PV was founded in 2010 as a spin-out from University of Oxford in England. They have developed perovskite tandem solar cells using bottom cells of crystalline silicon and achieved a certified efficiency of 28% in 2018. Such tandem devices use the higher energy blue part of the solar spectrum more effectively, allowing a theoretical efficiency limit of 43% compared to 29% for traditional single-junction silicon-based solar cells, a press release states. Perovskite tandem solar cells are viewed in the solar industry as the next generation in solar cell technology enabling the reduction of the cost of solar energy (LCOE) to unprecedented levels. In order to accelerate its industrialisation, Meyer Burger and Oxford PV agreed to combine Meyer Burger’s Heterojunction (HJT) and SmartWire Connection (SWCTTM) technology with Oxford PV’s perovskite solar cell technology. Meyer Burger will sell a 200 MW HJT line for the pilot production of tandem cells which will be ramped up by the end of 2020 in Oxford PV’s Brandenburg an der Havel facility. The initial tandem solar cell efficiency target for the 200 MW pilot production line will be 27%. Meyer Burger also announced that it will develop equipment to industrialise the mass production of the respective perovskite layers which are deposited onto HJT bottom cells. To underscore this strategic partnership, Meyer Burger will take a stake in Oxford PV of up to 18.8% of capital through the issue of up to 62.29 million new Meyer Burger registered shares from the company’s existing authorised capital (up to 9.99% of the currently listed share capital of Meyer Burger). As a result, Meyer Burger will become the largest shareholder of Oxford PV. Furthermore, Meyer Burger was granted the option to increase its shareholding in the course of the joint development agreement at the same valuation price to 31.6% of capital and 24.0% of voting rights in Oxford PV. As strategic investor, Meyer Burger will be granted special corporate governance rights and Hans Brändle, Meyer Burger CEO, will become member of the Board of Directors of Oxford PV. Meyer Burger plans to issue the newly issued shares out of its existing authorised capital (no lock-up). The closing of the transaction is expected by the end of April 2019.