Solar cell producer Oxford PV has raised a total of €74m over two round for its solar technology with world record efficiency.

The firm previously secured £31 million in in March for manufacturing capital expenditure requirements, and the latest addition of £34m from leading solar equipment manufacturer Meyer Burger and investments in the round from other new and existing investors, including Legal & General.

The firm manufacturers a ‘perovskite’ solar panel, which has achieved a 28 per cent conversion efficiency, beating its an earlier record set by itself.

A spin-out of Oxford University, the company was founded in 2010 and is headquartered in Yarnton.

“The success of our funding round and the quality of the new investors we have attracted validates the commercial readiness of our technology,” said Frank P. Averdung, CEO of Oxford PV.

“We now have the funds to move into manufacturing and accelerate market introduction.

“The production line we are installing in Germany, to manufacture perovskite-on-silicon tandem solar cells, will be the first of its kind anywhere in the world. This is a significant moment for Oxford PV and our perovskite photovoltaic technology.”