The world’s largest EV battery maker, CATL, is spearheading a brand new initiative to develop photo voltaic cells, becoming a member of Tesla and others in what’s anticipated to be a report yr for the trade.

CATL takes on the booming photo voltaic market

After rising as essentially the most important participant within the electrical car battery marketplace for the sixth straight yr, CATL is taking over a brand new market.

In accordance with Bloomberg, CATL is inspecting perovskite photo voltaic cell growth. The innovation holds promise, probably enhancing photo voltaic efficiency and driving down prices.

Perovskite photo voltaic cells have superior enormously over the previous decade, going from roughly 3% effectivity in 2009 to over 25% right this moment. Nevertheless, there are nonetheless hurdles to clear, together with restricted stability in comparison with the main photovoltaic (PV) expertise.

Though no different particulars have been supplied, CATL mentioned, “We’re constructing a pilot check line.” CATL additionally signed a strategic partnership settlement with JA Photo voltaic to collaborate and collectively develop within the photovoltaic trade, in keeping with JA Photo voltaic’s LinkedIn.

Tesla, which sources from CATL, noticed photo voltaic deployments rise 40% YOY within the first quarter to 67 MW. China’s largest EV maker, BYD, says it might produce roughly 5 GW of panels yearly.

Transitioning to cleaner power

The information comes as a report variety of photo voltaic panels are anticipated to be deployed this yr. In reality, for the primary time, clear power investments led by photo voltaic are anticipated to outpace fossil fuels in 2023, in keeping with a brand new IEA report.

Of the $2.8 trillion set to be invested in power throughout the globe, over $1.7 trillion is anticipated to go towards clear power, equivalent to renewable power, EVs, and battery storage.

Forecasts from BloombergNEF counsel photo voltaic installations will develop one other 36% this yr to 344 GW.

In the meantime, as Tesla famous in its Q1 earnings, the photo voltaic trade has been “impacted by provide chain challenges” which can be concentrated in China. A number of analysts and different organizations have acknowledged the necessity for a extra various photo voltaic provide chain.

Electrek’s Take

For CATL, it is smart as a battery maker to get into photo voltaic panel manufacturing. Many residence and industrial photo voltaic methods at the moment are being paired with battery storage (like Tesla’s Powerwall) to offer backup power within the occasion of a blackout.

With sufficient battery capability, CATL can have the chance for an all-in-one residence power system to drive income additional and make the most of two big rising developments in battery storage and photo voltaic panels.