In a groundbreaking development, Oxford PV, an innovative offshoot of the University of Oxford, announced a remarkable solar technology achievement. Their latest solar panel boasts an unprecedented 25% conversion efficiency, surpassing the 24% efficiency of current commercial modules. This fantastic feat positions Oxford PV at the forefront of solar energy advancements.
David Ward, chief executive at Oxford PV, said the breakthrough marked a "crucial milestone" for the firm and proved its perovskite-on-silicon tandem solar cells could deliver record-breaking performance when assembled into 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 that will enable us to bring our technology into the mainstream," he said.
Perovskite-on-silicon solar cells represent a new chapter in photovoltaic (PV) technology. These cells, known for their superior efficiency potential, are poised to eclipse the widely used silicon solar cells currently dominating the rapidly growing solar market. According to Oxford PV, these tandem cells could theoretically achieve efficiencies exceeding 43%, substantially improving the sub-30% efficiency of traditional silicon cells.
Chris Case, chief technology officer of Oxford PV, said the new panels - produced in collaboration with the Fraunhofer Institute for Solar Energy Systems - meant the world was "on the cusp of the next solar revolution. "
"Solar energy is currently among the most cost-effective and sustainable energy sources," he said. "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."
Oxford PV is progressing with plans for a new production facility geared toward high-volume manufacturing of its tandem solar cells, reinforcing its commitment to advancing solar technology and its widespread adoption.