The shackles of fossil fuels seem to continue their hold over us with no cease. The world is eager to finalize its energy transition, but oil remains a white elephant in the room. However, a “great white whale” may end the reliance on oil once and for all, as experts have advanced their new solar material. Will it finally reshape solar power, or will the new obsession be too consuming?
From the great oil hunt to a new great white whale
Oil has been part of our world far longer than some may believe. Nearly 4,000 years ago, this resource had already been sought after for waterproofing and lighting, among other uses. The demand for refined oil eventually skyrocketed, with the world’s first two wells being drilled in Baku in 1847 and in Pennsylvania in 1859. By the 1900s, we achieved the Age of Oil, with the following areas experiencing a boom in demand:
- Transportation, especially for the automobile
- Military and industrial power
- Petrochemicals for modern manufacturing
- Dominance in the global energy mix
Despite raised awareness about fossil fuels’ contribution to climate change, which has been deemed a global crisis, the hunt for oil has not ceased. The most recent trends indicate that global oil consumption is still growing, albeit more slowly than during its heyday. Fortunately, some innovative minds have remained obsessed with the global green pursuit, investing time, energy, and money in creating a material that may change solar power for good.
A tandem solar material: A growing obsession
Silicon solar cells still dominate the market as the primary PV cell, but experts have become dedicated to finding a material that addresses the issues faced by silicon-based cells. The game-changing material that the world, and more specifically, South Korea, has been focused on is called perovskite. The sovereign country will invest nearly $22.9 million in this material that has become a growing obsession.
Breakthroughs have already been achieved with this material, as perovskite-silicon tandem panels have 25% efficiency. South Korea’s investment in perovskite highlights the nation’s desire to strengthen its solar industry. Koo Yun-cheol, South Korea’s Minister of Economy and Finance, believes the key to this pursuit is advancing perovskite-silicon tandem panels commercially.
If new efficiencies can be achieved for solar cells, solar power could truly have the potential to replace oil in the energy industry, but when will it be enough?
The hunt for even better solar power continues
There has been no official confirmation as to which project South Korean experts will take on first, but it has been disclosed that the government’s substantial funding will go toward research and development. This means the hunt for better and more efficient solar power continues, with South Korea’s primary goal targeting perovskite-silicon tandem panels with 28% efficiency, which it hopes to achieve by 2030.
The Minister of Economy and Finance believes that establishing flagship technologies for these highly efficient tandem PV cells will help South Korea commercialize next-generation solar panels. Koo Yun-cheol continued by adding that:
“Through these efforts, the goal is to achieve world-first commercialization and world-leading efficiency levels of 35% for tandem cells and 28% for modules within the next five years.”
This investment is among some of the other significant projects that South Korea is pursuing, especially after opening tenders in 2025 to increase capacity for clean power generation.
South Korea’s solar pursuit may be a noble one, but it is also very time-consuming. Highly efficient solar cells have become the new great white whale, and as the world continues to seek new efficiency levels, oil refineries continue to expand. The continued impact of fossil fuels on the world is undeniable, but it seems one institute is at least nearing its white whale, with a solar cell with a 50% efficiency level in sight.
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