U.K-based Oxford Photovoltaics Ltd. closed the first portion of its series D funding round, raising £31 million from a new investor and existing shareholders.

The transaction includes participation from Xinjiang Goldwind Science & Technology Co. Ltd. for £21 million and from current investors Equinor ASA and Legal & General Capital. Oxford Photovoltaics plans to use the funding to move its perovskite solar cell technology into commercial phase.

"It is our belief that photovoltaics and wind power will become an increasingly important part of the global energy mix over the next 20 years," Goldwind Vice President Xiao Zhiping said.

Alexa Capital served as the sole financial advisor to Oxford Photovoltaics.

Oxford Photovoltaics has raised about £76 million in funding since 2014. It received €15 million from the European Investment Bank in December 2017.