Oxford PV Achieves 25% Solar Cell Efficiency; Claims World Record

Oxford PV, a British firm pioneering advanced photovoltaic cell technology, has claimed to have achieved a remarkable 25% conversion efficiency, surpassing the typical 24% efficiency of commercially available silicon-based solar cells.  Oxford PV says that this is now a new world record in solar panel efficiency.

Solar modules employing these higher efficiency cells yield greater power output per unit area, thereby reducing electricity costs and propelling the widespread adoption of renewable energy. Oxford PV has achieved this feat in collaboration with Germany’s Fraunhofer Institute for Solar Energy Systems.

As a spin-out from the University of Oxford that was founded in 2010, Oxford PV focuses on commercializing perovskite-on-silicon tandem solar cells, boasting a theoretical maximum efficiency exceeding 43%, in contrast to the sub-30% efficiency of silicon solar cells.

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In 2024, Oxford PV plans to upscale manufacturing operations and advance its initiative for a new factory to mass-produce tandem solar cells.

Chris Case, CTO, Oxford PV, said, “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.

David Ward, Chief Executive Officer, Oxford PV, added that this new world record is a crucial milestone for Oxford PV, proving that their tandem solar cells can deliver record-breaking performance when assembled into solar panels.

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“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,” held Ward.

Hungry For Higher Efficiency

Oxford PV has pioneered in the field of next-generation solar cells that would help achieve a low-carbon global economy. Last year, they created a solar cell by depositing a thin film of the material perovskite onto a conventional silicon solar cell calling it a ‘two-terminal’ device. The new solar cell ultimately generated 28.6% power from the sun’s rays and was certified by Fraunhofer ISE.

The company CTO had previously revealed that Oxford PV is striving to boost its efficiency by about 1% every year helping their customers generate more energy in a limited space.