Oxford PV has built the most efficient solar panel ever made. The solar cell can convert 25% of the sun's energy it receives into electricity, compared to an industry average of between 15-20%. Contact online >>
Oxford PV has built the most efficient solar panel ever made. The solar cell can convert 25% of the sun''s energy it receives into electricity, compared to an industry average of between 15-20%.
The Oxford University spinout credits the breakthrough to its perovskite-on-silicon tandem solar cells. Perovskite, a calcium titanium oxide mineral, is better at absorbing light than the crystalline silicon used exclusively in most panels and could revolutionise 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 yet to be achieved in a real-world setting.
Solar panels accounted for three-quarters of newly installed renewables capacity worldwide last year. Chris Case, chief technology officer at Oxford PV, believes advancements in solar cell efficiency put the industry on the "cusp of the next solar revolution."
"Our continuous advancements in technology will further enhance module efficiency – producing more electricity from the same area – and extending their use to all market sectors from residential, commercial through to utility-scale," he said, adding that this charge will be led, in part, by Oxford PV.
Established in 2010, the company has spent over a decade refining its perovskite-based solar technology from its R&D site in Oxford. It also has a pilot facility near Berlin, Germany — the first step toward commercialisation on an industrial scale.
Fuelled by a sizeable €116mn in VC and government funding, Oxford PV says that 2024 is set to be "pivotal," for the company. This year it plans to ramp up production at its factory in Germany to produce its hybrid solar cells in high volumes.
Oxford PV said last year that Britain was the "least attractive" location to build its first plant because of a lack of government incentives, a sentiment echoed by other energy transition sectors such as car and battery makers.
Oxford PV represents a rare example of a European startup that could actually compete with China in the global solar market. While, admittedly, it might not be able to beat China on cost, the superior performance of its perovskite tandem solar cells could prove decisive in the race to build cleaner, faster, and better climate change-beating technologies.
The company''s solar panel, produced in collaboration with Germany research institute the Fraunhofer Institute for Solar Energy Systems, has achieved a record 25% conversion efficiency, compared with an industry average of around 20%.
The company hopes that increasing the efficiency of solar panels will aid the global transition towards net zero as well as boost electrification efforts. More efficient solar panels will be able to generate more power over the same area, reducing the cost of electricity and further accelerating the adoption of clean energy, Oxford PV said in a press statement.
According to the International Energy Agency''s Renewables 2023 report, last year solar power alone accounted for three-quarters of newly installed renewables capacity worldwide. Chris Case, chief technology officer at Oxford PV, said that the new world record suggests the industry is "on the cusp of the next solar revolution".
"Solar energy is currently among the most cost-effective and sustainable energy sources. Our continuous advancements in technology will further enhance module efficiency – producing more electricity from the same area – and extending their use to all market sectors from residential, commercial through to utility scale," he said, adding that the company plans to scale-up manufacturing this year.
The company has also broken world records recently for the most efficient solar cells. Its perovskite-on-silicon tandem solar cells have a theoretical maximum efficiency of more than 43%, compared with less than 30% for silicon solar cells.
Oxford PV CEO David Ward said: "This new world record is a crucial milestone for Oxford PV, proving that our tandem solar cells can deliver record-breaking performance when assembled into solar panels.
"It is the first step in what will be a transformative 2024, as we begin to deliver market-ready panels from our factory in Germany and continue our global search for a new high-volume manufacturing site, which will enable us to bring our technology into the mainstream."
The company will also continue to progress plans for a new factory to produce its tandem solar cells in high volumes, now set to be built in Germany. In May last year, it warned that the UK was the "least attractive" location for its new factory due to a lack of incentives, a sentiment echoed by other energy transition sectors such as car and battery makers.
About Most efficient solar panel ever
As the photovoltaic (PV) industry continues to evolve, advancements in Most efficient solar panel ever have become critical to optimizing the utilization of renewable energy sources. From innovative battery technologies to intelligent energy management systems, these solutions are transforming the way we store and distribute solar-generated electricity.
When you're looking for the latest and most efficient Most efficient solar panel ever for your PV project, our website offers a comprehensive selection of cutting-edge products designed to meet your specific requirements. Whether you're a renewable energy developer, utility company, or commercial enterprise looking to reduce your carbon footprint, we have the solutions to help you harness the full potential of solar energy.
By interacting with our online customer service, you'll gain a deep understanding of the various Most efficient solar panel ever featured in our extensive catalog, such as high-efficiency storage batteries and intelligent energy management systems, and how they work together to provide a stable and reliable power supply for your PV projects.
