Solar Junction Develops World Record Setting Concentrated Photovoltaic Solar Cell
|Positive Impact:||EERE supported the development of Solar Junction's concentrated photovoltaic technology that set a world record for conversion efficiency.|
|Locations:||San Jose, California|
|EERE Investment:||$3 million|
|Clean Energy Sector:||Renewable electricity generation|
Partnering with Solar Junction of San Jose, EERE supported the development of the company's concentrated photovoltaic technology that also set a world record for conversion efficiency. The company's cell technology relies on inexpensive lenses to magnify the amount of sunlight striking each of Solar Junction's 5.5 x 5.5 mm cells by a factor of 400–1000 suns, making electricity from sunlight cheaper by reducing the need for exotic cell materials. The company plans to expand its manufacturing capacity to 40 megawatts by late 2012 or early 2013.
Since 2007, EERE’s SunShot Incubator—a component of the Department of Energy’s SunShot Initiative to reduce the installed cost of solar energy systems by about 75%—has invested $60 million in 47 solar startups that have attracted more than $1.6 billion in venture capital and private equity investments. The Incubator program provides early-stage assistance to help startup companies cross technological barriers to commercialization while encouraging private investment.
The Solar Energy Technologies Office focuses on achieving the goals of the SunShot Initiative, which seeks to make solar energy cost-competitive with other forms of electricity by the end of the decade.
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