A startup working together with Oxford University – Oxford PV earned US$3 million from the U.K. government early 2018. This amount helped the startup in developing new technology by using new material to make solar cells. Recently, Swift Solar a U.S.-based company raised US$7 million for the same technology to bring it in the market. This information came from a filing with the Securities and Exchange Commission. On the global level, clutches of firms from Oxford, England to Redwood City, Calif. are making constant efforts to commercialize a novel solar technology. This technology will increase the adoption of renewable energy generation.
New Photovoltaic Technology Taking a Leap
The new photovoltaic technology uses hybrid organic and inorganic lead or tin halide-based material. Perovskite cells are used in this technology. These materials are used as the light-harvesting active layer. This technology is the first novel technology in a long time that promises to offer better efficiency. It also provides conversion of light to electric power at a lesser price than existing technologies. Perovskite cells are made of cheap as they are made of inexpensive salts abundantly available in our surroundings. Which implies that these cells can cost half of their silicon counterparts.
Various novel chemistries for manufacturing solar cell have been advertised in the past but were held back due to their cost. However, the development of cheap solar panels gained traction as the Chinese government increased its manufacturing capacity. Several manufacturers did pull back, but those who survived held a dominant position in the industry. They created the need for buyers to look towards newer technologies for better efficiency and cost savings. This technology also faces similar issues, but the assurance of significant developments in efficiencies at costs that will attract buyers. Even investors are investing in alternative solar chemistries.