Shares in solar developer Dyesol have rocketed after the company announced a “game changing” breakthrough with its solar technology.
In a statement yesterday Dyesol said its solid-state dye solar cell had reached an efficiency of 11.3 per cent at full sun, allowing the company to fully compete with fossil fuel sources.
“The breakthrough comes as the technology transitions from liquid-based to solid-state systems to meet the demands of product life and mass manufacture,” the company said.
“At this level of module performance the technology will be grid competitive – the 'holy grail' for renewable technologies.”
Dyseol said the new development was particularly important for markets where sun conditions were lower, such as Europe, North America, and North-East Asia.
“The business case for solar remains compelling, however there is every reason to question which technologies will emerge from the current solar industry maelstrom as winners,” Dyesol chairman Richard Caldwell said.
“Today's announcement represents a quantum leap for Dyesol and its commercialisation partners and we look forward to a rapid transition from the laboratory to the production line.”
The announcement follows a recent flurry in breakthroughs in the solar sector, with engineers from the University of New South Wales also announcing this week a new process to help construct cheaper and more efficient solar panels.
Dyesol shares jumped more than 100 per cent after the announcement on Wednesday.