Photovoltaic element comprising a layered structure of at least a first electrically conductive layer, a layer of crystalline metal oxide semiconductor material deposited on the first electrically conductive layer, a transparent second electrically conductive layer deposited on a transparent substrate and an electrolytic liquid contained between the layer of semiconductor material and the second electrically conductive layer, wherein the layer of semiconductor material is deposited on a metal foil, which metal foil forms the first electrically conductive layer.