AN OXFORD solar panel firm which has said it is poised to revolutionise the global energy industry has won a loan of more than £13m to bring its technology to market.

Oxford PV, founded by Oxford University physics professor Henry Snaith, secured the financing from the European Investment Bank.

Dr Snaith told the Oxford Mail earlier this year the revolutionary new type of solar panel he was developing had the potential to make Hinkley Point nucelar power station redundant before it was even complete.

Specifically it was the company's German subsidiary - where the factory is based - which negotiated the €15m loan 'to support the transfer of its disruptive perovskite on silicon tandem solar cell technology from lab scale to commercialisation'.

Oxford PV CEO Frank P. Averdung said: “The EIB financing recognises our considerable progress to date and the opportunity our disruptive perovskite solar technology has to dramatically transform silicon solar cell economics.

"The funding will allow Oxford PV to continue to invest in its demonstration line infrastructure, in Brandenburg, Germany, enabling the company to continue the rapid transfer of its perovskite on silicon tandem solar cell technology from the lab to an industrial scale process in collaboration with our joint development partner – a large scale manufacturer of solar cells and modules.”

The EIB funding is the first financing in Germany under the InnovFin – EU Finance for Innovators’ Energy Demonstrator Projects, with the financial backing of the EU under Horizon 2010 Financial Instruments – aimed at supporting European innovators such as Oxford PV, 'tackling tomorrow’s challenges and supporting climate action'.

Oxford PV is hoping to be in full-scale commercial production in the next three years.