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. Called a perovskite cell, the new photovoltaic tech uses hybrid organic-inorganic lead or tin halide-based material as the light-harvesting active layer. It’s the first new technology to come along in years to offer the promise of better efficiency in the conversion of light to electric power at a lower cost than existing technologies.