Introduction to Perovskite-related Stocks, Solar Energy Stock Investment and Global Technology Status
The solar industry is playing a crucial role in energy transition and achieving carbon neutrality goals. In recent years, the technology of perovskite tandem cells has gained attention, leading to an increased interest in related technology and stock investments.
This technology is overcoming problems that are difficult to resolve with existing silicon solar cells, and active research and development is taking place in Korea, the USA, Japan, China, and Europe. Along with this, companies like Hanwha Q CELLS, Oxford PV, and Tandem PV are accelerating commercialization.
This post will summarize the concept and operating principles of perovskite tandem cells, the technological progress in various countries, and key points to consider when investing in related stocks.
What is a Perovskite Tandem Cell?
Perovskite is a material with a specific crystal structure called ABX₃, characterized by excellent light absorption capabilities and easy manufacturing at low temperatures.
This property is utilized to create tandem solar cells stacked on top of existing silicon solar cells.
Tandem solar cells can efficiently absorb various wavelengths of light, boasting higher energy conversion efficiencies than traditional technologies.
The theoretical efficiency of perovskite tandem solar cells varies depending on their configuration.
A tandem cell that combines perovskite and silicon can effectively absorb light through different bandgaps, potentially achieving a maximum theoretical efficiency of up to 43%. In contrast, a fully perovskite front tandem cell may see its theoretical efficiency rise to approximately 45-47%.
For comparison, the theoretical limit efficiency of a single silicon cell is about 33.7%, while a single perovskite cell ranges between 31% and 33%. Currently, the highest efficiency recorded for perovskite tandem solar cells in laboratory settings is approximately 34.6%, surpassing the theoretical limits of conventional silicon cells.
Such advancements are expected to positively impact the future of solar technology.
Basic knowledge and technological advancements related to perovskite and tandem cells have been discussed in depth in previous blog posts.
South Korea's Technological Strength and Corporate Trends
South Korea is positioning itself as a global leader in perovskite technology. Active contributions from domestic researchers, including a team led by Professor Park Nam-kyu from Sungkyunkwan University, are being supported by vigorous corporate investments.
In particular, Hanwha Q CELLS plans to invest approximately 1.5 trillion won in research and development aimed at commercial production of perovskite tandem cells by 2026. This company is ramping up its efforts towards next-generation tandem cell development, based on its experience in successfully commercializing silicon TOPCon cells.
In 2024, the Korea Chemical Research Institute and Unittest achieved an efficiency of 20.6% for large-area cells, drawing attention. Additionally, the Korea Institute of Energy Research (KIER) demonstrated an efficiency in the 25% range for perovskite-silicon tandem cells. These achievements are seen as the result of government support for key renewable energy technologies and collaboration among academia and industry.
Technological Strength and Startup Activity in the USA
In the USA, collaboration between the government and private sector plays a crucial role in energy research. Specifically, the Department of Energy (DOE) invested approximately $44 million in perovskite research in 2023, while the National Renewable Energy Laboratory (NREL) performs key functions in material stability and efficiency validation.
Remarkable startups are also actively engaging in the private sector. For instance, Caelux and Tandem PV are rapidly growing companies. Tandem PV is designing the first production facility for tandem cells in the USA, aiming for over 30% efficiency by 2025, developing deposition technologies that consider compatibility with existing silicon equipment. Several other companies, such as Swift Solar and CubicPV, are also preparing to enter the market.
These innovations are fostering the development of the energy industry in the USA and serve as a crucial stepping stone toward a sustainable future.
Global Competition among Europe, Japan, and China
In Europe, Oxford PV from the UK has established the world's first tandem cell production facility in Germany.
Meyer Burger and CSEM also possess related technologies.
The EU is actively supporting commercialization through hundreds of millions of euros in projects.
China has established itself as the largest solar market in the world, with the government and business continuously making large-scale investments.
LONGi has achieved the highest efficiency in the world at 34.6%, and Utmolight and Microquanta are establishing systems with production capacities exceeding 150MW.
Additionally, companies like GCL and Auner are preparing for GW-class factories.
Japan has set a research budget of approximately 49.8 billion yen since 2022 to respond to this field. Sekisui Chemical is focusing on building-integrated (BIPV) applications by demonstrating film-type cells on building facades. Additionally, Toyota is conducting research to apply this technology to solar roofs for vehicles.
Investment Points for Solar-related Stocks
As commercial production of perovskite tandem cells approaches, enthusiasm for investing in solar-related stocks is increasing. In the Korean market, Hanwha Solutions (Hanwha Q CELLS), Unittest, OCI, and Shinseong ENG are attracting attention. These companies are actively engaged in various fields such as research and development, equipment, materials, and mass production technologies. Companies positioned within this value chain are expected to enhance their growth potential in the future.
For those looking to invest indirectly in solar-related stocks, ETFs (Exchange Traded Funds) can be an effective choice. Among them, the 'PLUS Solar & ESS ETF' focuses on solar and energy storage system (ESS) sectors, including major domestic energy transition companies. Notably, Hanwha Solutions constitutes 21.12% of this ETF's allocation, marking the second-highest percentage in the overall portfolio. Utilizing such ETFs can make it easier to engage with the solar industry.
In the US solar industry, First Solar, Enphase Energy, and private companies like Tandem PV and Caelux are making their mark. In the European market, Oxford PV and Meyer Burger are also playing significant roles, while LONGi, GCL, and Jinko Solar are leading the industry in China.
As the commercialization of perovskite technology draws near, competition among related companies is expected to intensify. Therefore, when considering investments in such companies, it is important to also look at the direction of technological advancements and changes in government policies.
Intersection of Technological Innovation and Investment
Perovskite tandem cells present innovative technology that diverges from current silicon solar cells, promising significant changes to the global energy industry.
Countries, including South Korea, are concentrating on technological development for commercialization, offering remarkable opportunities for investors interested in related companies.
As the intersection of technological innovation and investment becomes increasingly important, many are keenly watching who will take the lead in this market.
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