The US Department of Energy (DoE) has committed US$500,000 for GreenVolts to co-develop NREL’s patents and bring the technology to market. GreenVolts has also signed a licensing agreement with NREL to commercialise their 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 customised cell tailored to its optical system, and accelerate commercialisation of the technology. The development agreement will be completed in multiple phases.

NREL Director Dan Arvizu, says: “We believe this new IMM technology is key to a tremendous leap forward in solar cell efficiency.”

The NREL IMM technology has demonstrated solar cell efficiencies at 40.8%, with potential for further increases.

Bob Cart, founder and CEO of GreenVolts, comments: “This is an exciting opportunity to make significant advancements in the performance of solar cell technology.”