China-based JinkoSolar Holding Co said it is targeting to raise the conversion efficiency rate of its solar cells to more than 18.6 percent by the end of this year to meet demand for cost-effective products.
JinkoSolar — whose manufacturing operations are based in Jiangxi and Zhejiang provinces of China, and marketing offices in Shanghai, Munich, San Francisco and Bologna — also said its Chief Technology Officer Guoxiao Yao had resigned for personal reasons.
Solar companies, which make products that convert sunlight into electricity, have been forced to invest heavily to increase the efficiency of products to compete with traditional sources of energy such as coal and natural gas. A decline in subsidies for the renewable energy sector has accelerated the process.
JinkoSolar on Friday launched a new research and development center to raise the efficiency rate of its monocrystalline cells to more than 18.6 percent, and 17.5 percent for multicrystalline cells, compared with current average rates of 18.1 percent and 16.8 percent, respectively.
Monocrystalline cells, though expensive, are more efficient than their multicrystalline counterparts.
The most efficient silicon-based cells have an efficiency of more than 20 percent, while thin film cost leader First Solar had reported a conversion efficiency of 11.6 percent.
JinkoSolar shares have gained 22 percent of their value so far this year. The stock closed at $24.62 on Thursday on the New York Stock Exchange.
