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Meyer Burger Technology And Oxford PV Enter Into Strategic Partnership

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Meyer Burger enters into important strategic partnership with leading developer of highly efficient next generation perovskite solar cells and sells 200 MW Heterojunction production line

Meyer Burger Technology and Oxford Photovoltaics Limited (Oxford PV) have entered into a strategic partnership and signed an exclusive cooperation agreement to jointly accelerate the development of mass production technology for perovskite on silicon Heterojunction (HJT) tandem cells.

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 world-record 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. 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. Among experts, Oxford PV is regarded as the leading global company for perovskite tandem solar cells. Its technology and material know-how is protected by a patent portfolio of over 200 patents.

In order to accelerate the industrialization of this promising technology, Meyer Burger and Oxford PV agreed to combine Meyer Burger's leading Heterojunction (HJT) and SmartWire Connection (SWCTTM) technology with Oxford PV's unrivaled 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%. The characteristics of Meyer Burger's HJT cells make them the perfect bottom cells for Oxford PV's perovskite top cell layers. Meyer Burger's SWCT™ is the ideal technology, connecting the new perovskite on HJT tandem cells into reliable and highly efficient solar modules. Meyer Burger will also develop equipment to industrialize the mass production of the respective perovskite layers which are deposited onto HJT bottom cells. This further accelerates the time-to-market and enlarges Oxford PV's and Meyer Burger's advantage as perovskite and HJT technology leaders in the global solar industry.

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.

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