A new solar technology could be the next big boost for renewable energy

Across the globe, a clutch of companies from Oxford, England to Redwood City, Calif. are working to commercialize a new solar technology that could further boost the adoption of renewable energy generation.

Earlier this year, Oxford PV, a startup working in tandem with Oxford University, received $3 million from the U.K. government to develop the technology, which uses a new kind of material to make solar cells. Two days ago, in the U.S., a company called Swift Solar raised $7 million to bring the same technology to market, according to a filing with the Securities and Exchange Commission.