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Oxford PV has created the most efficient solar panel yet. Solar cells can convert 25% of the energy received from the Sun into electricity, while the industry average is between 15-20%.
The Oxford University spinout attributes the success to its perovskite-on-silicon tandem solar cells. Perovskite, a calcium titanium oxide mineral, is better at absorbing light than the crystalline silicon typically used in most panels and could revolutionize the industry.
Designed in collaboration with the Fraunhofer Institute for Solar Energy Systems in Germany, the panels have a theoretical efficiency of 43%, although this has not yet been achieved in a real-world setting.
Solar panels accounted for three-quarters of newly installed renewable energy capacity worldwide last year. Chris Case, chief technology officer at Oxford PV, believes advances in solar cell efficiency have put the industry “on the cusp of the next solar revolution.”
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“Our continued advancements in technology will further increase module efficiency – producing more power from the same area – and expand their use across all market segments from residential, commercial to utility-scale,” he said. In part, Oxford P.V. By.
Founded in 2010, the company has spent more than a decade refining its perovskite-based solar technology from its R&D site in Oxford. It also has a pilot facility near Berlin, Germany – a first step toward industrial-scale commercialization.
Buoyed by a massive €116mn in VC and government funding, Oxford PV says 2024 is going to be “crucial” for the company. This year it plans to increase production at its factory in Germany to produce hybrid solar cells in higher volumes.
Oxford PV said last year that Britain was the “least attractive” location to build its first plant due to a lack of government incentives, a sentiment echoed by other energy transition sectors such as car and battery makers.
Its German facility will have a capacity in the region of 100MW. This could generate annual revenue of €28mn for the company.
Oxford PV represents a rare example of a European startup that can actually compete with China in the global solar market. While it may not be able to beat China on cost, the superior performance of its perovskite tandem solar cells could prove decisive in the race to create cleaner, faster and better climate change-defying technologies. It is possible
Source: thenextweb.com
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