GreenVolts, a developer of concentrating photovoltaic technology, has entered into a development relationship with the National Renewable Energy Laboratory (NREL) to commercialize the Inverted Metamorphic (IMM) advanced multi-junction solar cell design.
The Department of Energy has committed $500,000 for GreenVolts to co-develop NREL's patents and bring this new technology to market. Additionally, GreenVolts has signed a licensing agreement with NREL to commercialize its patents.
The purpose of this two-year agreement is to transfer NREL's IMM solar cell technology to GreenVolts so that the company can develop a customized cell tailored to its optical system, and accelerate the widespread commercialization of the technology through its high-volume manufacturing partners. The development agreement will be completed in multiple phases.
The NREL IMM technology has demonstrated one of the world's highest reported solar cell efficiencies, at 40.8%, and holds the promise for even further substantial increases, according to GreenVolts.