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Perovskite, the talk of solar energy circles, has the potential to revolutionize the industry with its efficiency gains. Oxford PV, a British start-up, is leading the way in this field. Perovskite-based cells can capture approximately 20% more energy from sunlight compared to traditional silicon cells. Oxford PV’s panels boast an impressive efficiency of nearly 29%, which is 5 percentage points higher than the industry norm. With ongoing improvements, Perovskite-based cells are expected to achieve an energy conversion rate of nearly 40%.
Oxford PV’s technology combines a thin film of perovskite on top of a silicon layer. Although costlier per unit, this approach proves to be more economical in terms of energy production. It is particularly suitable in space-limited environments, making Oxford PV’s focus on residential use ideal.
Oxford PV, a spinout from Oxford University, is beginning its journey towards scaling up. It is increasing production capacity at its German facility to prepare for its first commercial sales next year, with a projected capacity of about 100MW. This scaling effort could result in annual revenues of around $30 million.
Oxford PV is not the only player in this space. Other companies, including US-listed First Solar, are also pursuing perovskite-based technology. First Solar recently acquired Swedish perovskite group Evolar for up to $80 million to advance its ambitions in this field.
As Europe and the US aim to reduce their reliance on China by building up their manufacturing capacity, perovskite-based cells are gaining momentum. The competition will be fierce, but companies that are focused on performance rather than just cost have a chance to make their mark.
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