A high-tech Oxfordshire company has raised £650,000 to commercialise its pioneering transparent solar-panel material, which comes in a range of colours.

Oxford PhotoVoltaics, based at Begbroke Science Park, will use the investment from venture capital companies and business angels to build a larger prototype of its solar cells.

The 'dye-sensitised' material was developed by Dr Henry Snaith and his team at Oxford University’s physics department. The new solar cells are made from inexpensive, abundant, non-toxic and non-corrosive materials and can be scaled to any volume, according to the company.

Harnessing the sun’s energy, the transparent solar cells are printed directly on to glass, are available in a range of colours and could be used in windows and glazing panels.

Chief executive Kevin Arthur said: “It’s very exciting to have the opportunity to demonstrate the unique aesthetic benefits of our transparent glass-based screen-printable photovoltaic technology, and its inherent simplicity of production and low manufacturing cost.

"We believe this technology has the potential to deliver a paradigm-shift in the way solar energy solutions are deployed in the future.”

The Oxfordshire company has combined earlier research on artificial solar cells and semi-conducting plastics to create a way of making panels using high-volume manufacturing processes.

Mr Arthur said the investment would allow the company to take on another two employees, bringing the total to four, plus Dr Snaith as a consultant.

OPV will now get to work on building a larger-scale prototype, and will start looking for more investment in about 18 months time to perfect a high-volume manufacturing process and move into high-volume sales David Ward, of venture capital company MTI which led the financing, said: "We’ve been analysing the photovoltaics sector for some considerable time.

“OPV is unusual in that it pairs world-class science with a founder team that is focused on execution and growing the business in a pragmatic way that gives the best chance of commercial success."