World Record In Australia Achieves Over 40 Solar Power Efficiency

The idea that solar energy can become the world's primary power source has taken a major step forward after Australian solar technology leader RayGen Resources, along with the University of New South Wales (UNSW), collaborated to produce the highest-ever efficiency rate for solar energy conversion. Outdoor testing undertaken in Sydney, Australia by UNSW researchers achieved 40.4% conversion rate for photovoltaic (PV) efficiency, putting it ahead of the most efficient fossil fuels energy conversion systems (coal-fired power stations in Australia run at 40% system efficiency). The experiment was independently verified at the National Renewable Energy Laboratory (NREL) outdoor test facility in the USA. The record was achieved using a system that enables sunlight (that is normally wasted by solar cells) to be converted to electricity, resulting in a higher system than previously demonstrated. RayGen Resources used similar technology that resides at the heart of the company's revolutionary Concentrated Solar Photovoltaic (CSPV) solution to provide design and technical support for the prototype. CSPV is capable of producing the world's lowest-cost source of renewable energy for utility-scale purposes. RayGen CEO, Bob Cart, said the world-first conversion result marked an exciting milestone in enabling utility-scale solar power to become a more viable alternative to fossil fuels. "I can't overstate the significance of this result because it means we move one step closer to a world where sunlight is our primary form of electricity generation", said Mr Cart. "In practical terms, we'llbe looking to apply the outcome of the testing to the work we're doing with companies like China Intense Solar where addressing the acute air pollution problems of the world's most populous nationis a major priority." RayGen has fast-tracked the project timeline with China Intense Solar to deliver a 10MW commercial-scale operation in Qinghai province by August 2016, that will be capable of powering thousands of homes. John Lasich, RayGen Chief Technology Officer and one of the world's foremost solar technology innovators, said the company was capable of lifting energy conversion levels even higher. "Looking at the pipeline of solar PV cell advances, we expect to achieve close to 45% systemefficiency in the next few years", he said