Oxford PV has created the most efficient solar panel ever made. A solar panel can convert 25% of the solar energy it receives into electricity, the industry average is 15-20%.
The Oxford University collaboration is credited with the discovery of tandem perovskite and silicon solar cells. Perovskite, a calcium titanium oxide mineral , absorbs light better than crystalline silicon, which is used exclusively in most panels , and could revolutionize the industry.
The panels, developed in collaboration with Germany's Fraunhofer Institute for Solar Energy Systems, have a theoretical efficiency of 43%, although this has yet to be achieved in real-world conditions.
Last year, solar panels accounted for three-quarters of all newly installed renewable energy capacity worldwide . Chris Case, technical director at Oxford PV, believes advances in solar panel efficiency have put the industry “on the brink of the next solar revolution”.
“Continuing development of our technology will help improve the efficiency of modules to produce more energy in the same footprint and expand their use across all market sectors, from residential to commercial to utility scale,” he said. He also announced that he would head the council. Partially Oxford Pvt.
Founded in 2010, the company has been developing perovskite solar technology at its Oxford research and development center for over a decade. The company has a pilot plant near Berlin, Germany, which is the first step towards commercialization on an industrial scale.
Oxford PV said 2024 will be a "defining year" for the company, which has received significant investment of € 116 million in venture capital and government funding . The company plans to increase production at its plant in Germany this year to produce hybrid solar panels in larger quantities.
Oxford PV said last year that the UK was a "very attractive" location for its first plant due to a lack of government incentives. This view is shared by other sectors of the energy transition, such as car and battery manufacturers .
The power plant capacity in Germany will be about 100 MW. This could bring the company 28 million euros per year .
Oxford PV is an example of a European startup that can truly compete with China in the global solar energy market . While they may not compete with China on price, the superior performance of tandem perovskite solar cells could be the key to cleaner, faster, and better technologies that can combat climate change.
