2024 Climate Tech Companies to Watch: First Solar and its advanced solar panels
- by MIT Technology Review
- Oct 01, 2024
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First Solar
First Solar is expanding production of its thin-film solar cells and opening new factories to meet a surge of demand. Meanwhile, it’s investing in perovskites—tiny crystalline materials that many view as a key solar technology of the future.
The world needs more electricity than ever, as the AI boom puts intense demand on data centers and more heat waves increase the use of air-conditioning. To reduce emissions and keep global warming in check, a larger share of that electricity must come from renewables.
Much of the growth in renewables comes from solar. And First Solar is one of the largest manufacturers of solar panels in the US, which is the world’s second-largest solar market after China. The company is benefiting from US tariffs on foreign-made solar panels and tax credits made available through the Inflation Reduction Act.
Today, Chinese firms produce the vast majority of the world’s solar panels. Most build cells that incorporate a layer of silicon to absorb the sun’s light and awaken electrons within, which then flow out as current. Instead of silicon, First Solar’s cells rely on a thin film made from two other elements: cadmium and tellurium. These cells can be produced more quickly than silicon cells, using less energy and water.
But there’s still room for improvement in the cells’ performance. Today’s best silicon solar panels convert roughly 25% of the sun’s energy into electricity, and cadmium telluride tends to lag behind that. To boost efficiency, First Solar is now looking to incorporate a new class of materials called perovskites into its cells. These tiny crystals absorb different wavelengths of light from those absorbed by silicon or cadmium telluride. Cells that add perovskites to the mix—known as perovskite tandem solar cells—could potentially convert even more of the sun’s energy into electricity.
First Solar is among a handful of companies exploring how to layer these crystals into commercial solar cells to improve performance. Last year it acquired a firm called Evolar, a leader in thin-film and perovskite research, to further this aim.
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