A Direct wafer 6 x 6 solar cell at the CubicPV facility in Bedford, MA on August 5, 2021.
Boston Globe | Boston Globe | Getty Images
In 1839, German scientist Gustav Rose went prospecting in the Ural Mountains and discovered a dark, shiny mineral. He named the calcium titanate “perovskite” after Russian mineralogist Lev Perovski. The mineral was one of many that Rose identified for science, but nearly two centuries later, materials sharing perovskite’s crystal structure could transform sustainable energy and the race against climate change by significantly boosting the efficiency of commercial solar panels.
Solar panels accounted for nearly 5% of U.S. energy production last year, up almost 11-fold from 10 years ago and enough to power about 25 million households. It’s the fastest-growing source of new power, too, accounting for 50% of all new electricity generation added in 2022. But nearly all of the solar modules that are used in power generation today consist of conventional silicon-based panels made in China, a technology that has changed little since silicon cells were discovered in the 1950s.
Other materials used, like gallium arsenide, copper indium gallium selenide and cadmium telluride — the latter a key to the largest U.S. solar company First Solar‘s growth — can be very expensive or toxic. Backers of perovskite-based solar cells say they can outperform silicon in at least two ways and accelerate efforts in the race to fight climate change. Just this week, First Solar announced the acquisition of European perovskite technology player Evolar.
The silicon limits of solar cells
Photovoltaic cells convert photons in sunlight into electricity. But not all photons are the same. They have different amounts of energy and correspond to different wavelengths in the solar spectrum. Cells made of perovskites, which refer to various materials with crystal structures resembling that of the mineral, have a higher absorption coefficient, meaning they can grab a wider range of photon energies over the sunlight spectrum to deliver more energy. While standard commercial silicon cells have efficiencies of about 21%, laboratory perovskite cells have efficiencies of up to 25.7% for those based on perovskite alone, and as much as 31.25% for those that are combined with silicon in a so-called tandem cell. Meanwhile, even as silicon efficiencies have increased, single-junction cells face a theoretical maximum efficiency barrier of 29%, known as the Shockley-Queisser limit; their practical limit is as low as 24%.
Furthermore, perovskite cells can be more sustainable to produce than silicon. Intense heat and large amounts of energy are needed to remove impurities from silicon, and that produces a lot of carbon emissions. It also has to be relatively thick to work. Perovskite cells are very thin — less than 1 micrometer — and can be painted or sprayed on surfaces, making them relatively cheap to produce. A 2020 Stanford University analysis of an experimental production method estimated that perovskite modules could be made for only 25 cents per square foot, compared to about $2.50 for the silicon equivalent.
“Industries will set up production lines in factories for commercialization of their solar cells before 2025,” says Toin University of Yokohama engineering professor Tsutomu Miyasaka, who reported the creation of the first perovskite solar cell in 2009. “Not only for use in outdoor solar panels but also indoor IoT power devices, which will be a big market for perovskite photovoltaic devices because they can work even under weak illumination.”
Backing next-generation climate technology
Companies around the world are starting to commercialize perovskite panels. CubicPV, based in Massachusetts and Texas, has been developing tandem modules since 2019, and its backers include Bill Gates’ Breakthrough Energy Ventures. The company says its modules are formed of a bottom silicon layer and a top perovskite layer and their efficiency will reach 30%. Their advantage, according to CEO Frank van Mierlo, is the company’s perovskite chemistry and its low-cost manufacturing method for the silicon layer that makes the tandem approach economical.
Last month, the Department of Energy announced that CubicPV will be the lead industry participant in a new Massachusetts Institute of Technology research center that will harness automation and AI to optimize the production of tandem panels. Meanwhile, CubicPV is set to decide on the location of a new 10GW silicon wafer plant in the U.S., a move it says will speed tandem development.
“Tandem extracts more power from the sun, making every solar installation more powerful and accelerating the world’s ability to curb the worst impacts of climate change,” said Van Mierlo. “We believe that in the next decade, the entire industry will switch to tandem.”
In Europe, Oxford PV is also planning to start making tandem modules. A spinoff from Oxford University, it claims a 28% efficiency for tandems and says it’s developing a multi-layered cell with 37% efficiency. The company is building a solar cell factory in Brandenburg, Germany, but it has been delayed by the coronavirus pandemic and supply-chain snags. Still, the startup, founded in 2010 and backed by Norwegian energy company Equinor, Chinese wind turbine maker Goldwind and the European Investment Bank, is hopeful it can start shipments this year pending regulatory certification. The technology would initially be priced higher than conventional silicon cells because tandem offers higher energy density but the company says the economics are favorable over the full lifetime of usage.
Many solar upstarts over the years have attempted to break the market share of China and conventional silicon panels, such as the notoriously now bankrupt Solyndra, which used copper indium gallium selenide. First Solar’s cadmium telluride thin film approach survived a decade-long solar shakeout because of its balance between low-cost relative to crystalline silicon and efficiency. But it now sees tandem cells as a key to the solar industry’s future, too.
“Perovskite is a disruptive material without disrupting the business model — the entrenched capacity to manufacture based on silicon,” says Oxford PV CTO Chris Case. “Our product will be better at producing lower-cost energy than any competing solar technology.”
The Brandenburg, Germany manufacturing plant of Oxford PV, a spinoff of Oxford University, that claims a 28% efficiency for its tandem solar cells and says it’s developing a multi-layered cell with 37% efficiency.
Oxford PV
Caelux, a California Institute of Technology spinoff, is also focused on commercializing tandem cells. Backed by VC Vinod Khosla and Indian energy, telecom and retail conglomerate Reliance Industries, Caelux wants to work with existing silicon module companies by adding a layer of perovskite glass to conventional modules to increase efficiency by 30% or more.
Questions about performance outside the lab
Perovskites face challenges in terms of cost, durability and environmental impact before it can put a dent in the market. One of the best-performing versions is lead halide perovskites, but researchers are trying to formulate other compositions to avoid lead toxicity.
Martin Green, a solar cell researcher at the University of New South Wales in Australia, believes silicon-based tandem cells will be the next big step forward in solar technology. But he cautions that they are not known to work well enough outside the lab. Perovskite materials can degrade when exposed to moisture, a problem with which researchers have claimed some success.
“The big question is whether perovskite/silicon tandem cells will ever have the stability required to be commercially viable,” said Green, who heads the Australian Centre for Advanced Photovoltaics. “Although progress has been made since the first perovskite cells were reported, the only published field data for such tandem cells with competitive efficiency suggest they would only survive a few months outdoors even when carefully encapsulated.”
In a recent field trial, tandem cells were tested for over a year in Saudi Arabia and were found to retain more than 80% of an initial 21.6% conversion efficiency. For its part, Oxford PV says its solar cells are designed to meet the standard 25- to 30-year lifetime expectancy when assembled into standard photovoltaic modules. It says its demonstration tandem modules passed key industry accelerated stress tests to predict solar module lifetimes.
Japan’s on-building perovskite experiments
In Japan, large, flat expanses of land that can host mega-solar projects are hard to come by due to the archipelago’s mountainous terrain. That’s one reason companies are developing thin, versatile perovskite panels for use on walls and other parts of buildings. Earlier this year, Sekisui Chemical and NTT Data installed perovskite cells on the exterior of buildings in Tokyo and Osaka to test their performance over a year. Electronics maker Panasonic, meanwhile, created an inkjet printer that can turn out thin-film perovskite cells in various sizes, shapes and opacities, meaning they can be used in regular glass installed on windows, walls, balconies and other surfaces.
“Onsite power generation and consumption will be very beneficial for society,” says Yukihiro Kaneko, general manager at Panasonic’s Applied Materials Technology Center. “For Japan to achieve its decarbonization goal, you would need to build 1,300 ballpark-sized mega-solar projects every year. That’s why we think building solar into windows and walls is best.”
Exhibited at CES 2023, Panasonic’s 30cm-square perovskite-only cell has an efficiency of 17.9%, the highest in the world, according to a ranking from the U.S. National Renewable Energy Laboratory. The manufacturer stands to get a boost from regulations such as a recently announced requirement that all new housing projects in Tokyo have solar panels starting in 2025. Panasonic says it aims to commercialize its perovskite cells in the next five years.
Perovskite cell inventor Miyasaka believes perovskite-based power generation will account for more than half of the solar cell market in 2030, not by replacing silicon but through new applications such as building walls and windows.
“The rapid progress in power conversion efficiency was a surprising and truly unexpected result for me,” said Miyasaka. “In short, this will be a big contribution to realizing a self-sufficient sustainable society.”
The school bus experts at Thomas Built have just released the first all-electric, square-bodied Type D school bus in the company’s storied history – and they’ve given their new bus a friendly, pun-tastic name. Kids, meet Wattson!
Properly called the Saf-T-Liner eHDX2 Wattson, this latest transit-style Type D bus from North Carolina-based Thomas Built combines a flat front, high seating capacity, and superior driver visibility with clean, quiet, electric power from Cummins Accelera.
“Wattson represents our next step in electrification,” said TJ Reed, president and CEO of Daimler Truck Specialty Vehicles. “(Wattson) reflects our belief that the best electric solutions are the ones that feel familiar, fit within your fleet and are built to last. That’s what we’ve heard from our customers, and that’s what we’re delivering.”
And, because Wattson is based heavily on Thomas Built’s existing Type D body, schools’ preferred upfitting solutions should bolt right in. “We know electrification can feel like a big step,” continued Reed. “With Wattson, we’re making that step easier by giving districts a familiar Type D solution they already trust – now in electric.”
Wattson is available for order now, with first deliveries scheduled for early 2026. The bus is capable of 120 kW DC fast charging, and is V2G capable.
Here’s hoping all our kids’ schools have a chance to trade in their gross diesel school bus for something like Thomas Built’s Wattson sooner than later.
SOURCE | IMAGES: Thomas Built.
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Electric vehicles are known for plugging in – but one startup wants them to simply soak up the sun instead. Bako Motors is building compact electric cars and cargo vans with solar panels on the roof, letting them charge directly from sunlight and cut their dependence on wall sockets altogether.
It’s not an entirely novel idea. But unlike flashy startups like Aptera, Bako is approaching it with an actually commercially viable solution. And now the company is joining several other African-based EV makers hoping to help the continent leapfrog its way towards more sustainable transportation.
While most EVs still rely on grid charging – often from a fossil-fuel-heavy mix in Africa – Bako’s small vehicles can harvest free energy straight from the sky. According to founder and CEO Boubaker Siala, the roof-mounted solar cells can provide more than half of a vehicle’s daily energy needs. For its commercial model, the B-Van, that translates to about 50 km (31 mi) of solar-assisted driving per day, or roughly 17,000 km (10,500 mi) per year without ever plugging in.
Of course, drivers do still have the option of plugging into an EV charger to top up the battery more quickly, but soaking up extra sun all day may mean that many owners can get away with infrequent grid-charging stops.
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The B-Van can haul up to 400 kg (882 lb) of cargo and offers 100–300 km (62–186 mi) of total range, starting at around US $8,500. Its smaller sibling, the Bee, is a two-seat urban runabout with 70–120 km (44–75 mi) of range and a 44 km/h (27 mph) top speed, priced from US $6,200. A third model, the X-Van, is now on the drawing board with space for two passengers and extra cargo.
More than 40% of Bako’s parts are sourced locally – including the steel for the frame and lithium-iron-phosphate batteries – creating jobs while reducing import costs. A second, larger factory is set to open in 2026, boosting capacity to 8,000 vehicles per year for Africa, the Middle East, and Europe.
By combining affordability, local manufacturing, and solar charging, Bako Motors is carving out a niche that fits Africa’s climate and infrastructure realities. In a market where range anxiety and unreliable grids still hold many buyers back, these sun-sipping EVs might just be the independence-promoting solution that drivers need.
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Guests enjoy the Fortune Global Forum 2025 Gala Dinner on October 26, 2025 at Diriyah Gate, Riyadh, Saudi Arabia.
Cedric Ribeiro | Getty Images Entertainment | Getty Images
Mining executives have welcomed a sharp upswing in investor interest from the Middle East, as Gulf states seek to expand their critical mineral ambitions and take on established global players.
Critical minerals refer to a subset of materials considered essential to the energy transition. These resources, which tend to have a high risk of supply chain disruption, include metals such as copper, lithium, nickel, cobalt and rare earth elements.
“The interest in rare earths in this part of the world is phenomenal,” Tony Sage, CEO of U.S.-listed rare earths miner Critical Metals, said during a business trip through the Middle East.
“I didn’t expect it because, you know, they can’t mine it. There [are] really no discoveries in this area, but they want to be able to participate somehow in the downstream,” Sage told CNBC by telephone.
His comments come as policymakers and business leaders flock to Saudi Arabia’s Future Investment Initiative (FII) in Riyadh, an event nicknamed as the “Davos in the Desert.”
The annual event, which got underway on Monday, is being held under the theme: “The Key to Prosperity: Unlocking New Frontiers of Growth.” It is expected this year’s FII will lean into areas such as artificial intelligence, particularly as the oil-rich kingdom continues with its mission to diversify its economy.
A wheel loader takes ore to a crusher at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020.
Steve Marcus | Reuters
Analysts say Gulf states, led by the likes of Saudi Arabia and the UAE, are increasingly seeking to leverage their financial capital and geographic location to capture critical minerals market share.
A series of targeted acquisitions and international partnerships forms a key part of this regional strategy, according to an analysis by the International Institute for Strategic Studies (IISS), with Gulf states seeking to present themselves as alternative partners to Western nations.
Critical Metals, for its part, has partnered with Saudi Arabia’s Obeikan Group to build a large-scale lithium hydroxide processing plant in the kingdom.
A strategic push
Kevin Das, senior technical consultant at New Frontier Minerals, an Australian-based rare earths explorer, linked investor interest in rare earths from the Middle East to exponential growth in the field of AI.
“It’s no surprise that you’re seeing interest, not just in the Western world, but spreading into the Gulf States because I think people are realizing that we’re probably on the cusp of an AI boom,” Das told CNBC by telephone.
“If you start to see the emergence of robotics, every robot is going to need these rare earths. And I think the supply is only going to get tighter,” he added.
Rare earth elements have emerged as a key bargaining chip in the ongoing U.S.-China trade war, although global stocks rallied on Monday amid investor hopes of thawing tensions between the world’s two largest economies.
U.S. officials have touted the prospect of China delaying strict rare earth export controls as part of a high-stakes summit between President Donald Trump and China’s Xi Jinping on Thursday.
Rare earths refer to 17 elements on the periodic table whose atomic structure gives them special magnetic properties. These elements are widely used in the automotive, robotics and defense sectors.
U.S. President Donald Trump meets with Saudi Crown Prince Mohammed bin Salman during a “coffee ceremony” at the Saudi Royal Court on May 13, 2025, in Riyadh, Saudi Arabia.
Win Mcnamee | Getty Images News | Getty Images
Shaun Bunn, managing director at London-listed Empire Metals, said his company had also received considerable investor interest from the Middle East.
“I think that it is very much part of the kingdom’s strategic push to diversify away from its oil. I mean, they are always going to make the most money out of oil at the moment at least, but they are trying to diversify,” Bunn told CNBC by telephone.
Critical mineral ambitions
Analysts have flagged a number of barriers facing the Gulf states’ push for critical minerals, however, noting that regional players remain marginal producers at present.
“Many of Saudi Arabia’s mining ventures remain in early or even conceptual stages, and the country still depends on foreign partners for expertise, such that it may take years for Saudi Arabia, and the Gulf states more generally, to scale up enough to dent Chinese dominance or to fully meet Western demand,” Asna Wajid, research analyst at IISS, said in an analysis published in late July.
“Many in the West, moreover, may be wary of replacing their dependence on China with dependence on the Gulf states, which already exercise considerable strategic leverage due to their oil and gas supplies,” Wajid said.
China is the undisputed leader of the critical minerals supply chain, producing roughly 70% of the world’s supply of rare earths and processing almost 90%, which means it is importing these materials from other countries and processing them.
U.S. officials have previously warned that this dominance poses a strategic challenge amid the pivot to more sustainable energy sources.