Perovskite player Microquanta has announced that its 810 cm² medium-sized perovskite module has achieved a certified full-area power conversion efficiency of 21.86% (average of forward and reverse scan: 21.83% forward, 21.89% reverse), as verified by the National PV Industry Measurement and Testing Center (NPVM). The company called this a new efficiency record for large-area perovskite modules. Microquanta stated that the module incorporates its proprietary cryogenic laser repair technology, which in addition to significantly enhancing module efficiency also greatly improves module stability.
Microquanta plans to apply this technology to its upcoming GW-scale perovskite production line, set to commence operations in March this year. The company has set a target of surpassing 20% conversion efficiency and achieving a 25-year lifespan for large-area modules with a size of 2.88 m².
Microquanta recently announced that its 1 MW solar rooftop demonstration project at Qinghai University was successfully grid-connected (see China Solar PV News Snippets).
Perovskite solar cell manufacturer SolaEon Technology has announced that its all-perovskite tandem solar cells, co-developed with Shanghai Jiao Tong University, have achieved a certified conversion efficiency of 30.58%. It says this achievement has been verified by the China Photovoltaic Testing Center (CPVT). The maximum power point tracking (MPPT) stabilized efficiency for these cells reached 30.49%, which the company claims is a new global efficiency record for this technology.
In January, SolaEon’s perovskite unit cell (1 cm²) achieved a certified photoelectric conversion efficiency of 26.50%, as confirmed by NPVM.
In December 2024, SolaEon completed a Series A financing round to fund technological research and development, production line construction, and market expansion (see China Solar PV News Snippets).
Vertically integrated solar manufacturer Tongwei has been named the winner of the solar module procurement for the Chacheng Mine subsidence area PV power project. The project has been invested and constructed by Xuzhou Coal Mining Group. The project has a bidding scale of 90 MW, procuring 620 Wp monocrystalline n-type bifacial modules. Tongwei Solar secured the bid for a total contract value of RMB 65.295 million ($8.95 million), translating to a unit price of RMB 0.7255/W($0.0993/W).
PV energy storage system (ESS) and inverter manufacturer SOFAR has submitted its IPO registration to the ChiNext board of the Shenzhen Stock Exchange. According to the prospectus, the company plans to raise RMB 1.21 billion ($166.08 million) to fund ESS production, new energy product R&D and manufacturing, R&D center upgrades, marketing network expansion, and working capital. The total investment for the first 2 manufacturing projects is RMB 2.90 billion ($397.33 million), with RMB 872.48 million ($119.59 million) sourced from the IPO proceeds. These projects will primarily focus on the production of high-power distributed inverters, energy storage inverters, and energy storage batteries.
SOFAR reported revenues of RMB 4.46 billion ($610.69 million) in 2022, RMB 3.74 billion ($512.74 million) in 2023, and RMB 1.47 billion ($201.23 million) in the first half of 2024. During the same periods, the company recorded net profits of RMB 849 million ($116.30 million), RMB 341 million ($46.71 million), and RMB 131 million ($17.94 million), respectively. According to a Wood Mackenzie report, SOFARSOLAR ranked 10th globally in solar inverter shipments in 2023.
Recently, having previously worked with Huawei, Kenneth Frey joined SOFAR to head its European business (see Kenneth Frey Switches Over To SOFAR As President Europe).
The global environmental disclosure organization CDP has released its 2024 corporate assessments on climate change, water security, and forests. LONGi has announced that it has received a Leadership-level (A-) rating for water security for the first time, while maintaining a Management-level (B) rating for climate change for the second consecutive year.
LONGi has implemented measures such as exploring alternative water sources and optimizing production capacity utilization. The company saved 5.529 million cubic meters in 2023. Its overall water consumption per unit of production decreased by 12.75% year-on-year, marking a 33.52% reduction compared to the baseline year.
China’s National Development and Reform Commission (NDRC) and the National Energy Administration (NEA) have introduced reforms to integrate wind and solar power into market-driven electricity pricing. Under the new mechanism, grid companies will cover shortfalls when prices drop below benchmarks and deduct excess revenue when prices rise, stabilizing market fluctuations.
Projects commissioned before June 1, 2025, can adjust participation ratios, while new projects will determine tariffs through competitive bidding with local price caps. Renewable energy will compete equally with coal power, and energy storage requirements will not be mandatory for project approvals or grid connections.
Local governments must develop implementation plans by 2025, with ongoing central evaluations to ensure policy alignment. These reforms aim to enhance renewable energy market integration, improve pricing stability, and support China’s carbon neutrality goals.
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