Maxeon said it has achieved a 24.7 percent efficiency rating for a full-scale Maxeon 7 solar panel using IBC technology. The US National Renewable Energy Laboratory (NREL) confirmed the result.
The Maxeon 7 module is based on interdigitated back contact (IBC) technology. The manufacturer hosts a Maxeon 7 pilot assembly line in the Philippines and has recently announced that it will expand cell manufacturing capacity for the “record-breaking” module to 500MW.
Maxeon also announced efficiency improvements to its existing IBC products. Maxeon 6 and 3 panels have an efficiency of 23% and 24%.
“Our technology team continues to improve the performance of our IBC technology platform to levels of efficiency not anticipated when we launched our first commercial products nearly twenty years ago,” said Bill Mulligan, CEO of Maxeon. “Most importantly, these achievements are not one-off lab results, but mainstream manufacturing technologies that add value to the customer and widen our gap with our competitors.”
Maxeon recently priced an initial public offering to raise $157.4 million. It said it will use the funds for Maxeon 7 module production and general corporate purposes.