FEAM – 5E Advanced Materials – is partnering with Boston College to create innovative solar energy systems to help make renewable energy more affordable and accessible. With this agreement, FEAM and the Boston College team will develop boron-based solar cells that are more efficient than existing solar technology. Solar energy will play a significant role as the world looks to a future of carbon-neutral energy sources. The International Energy Agency (IEA) predicts that solar will make up 60% of the growth in global renewable capacity by 2022. In the United States, the National Renewable Energy Laboratory (NREL) anticipates that solar energy could supply up to 45% of the country’s electricity by 2050.
Solar energy is one of the most important renewable energy sources. Boron-based solar energy systems have boron as a key ingredient in their photovoltaic (PV) material. Solar cells transform sunlight into electricity and are the heart of any solar PV system. The element boron is introduced to photovoltaics to boost reflectivity, lowering damage from incidental sunlight that doesn’t transfer through or blend in. Boron atoms are included in the crystalline structure rather than just on the surface, which improves electrical conductivity and efficiency. In addition, boron is used as an energy storage device for solar energy systems to hold solar energy and release it when needed. This makes it a key component in making solar power a more valuable and reliable energy source. The solar energy market is expected to grow significantly in the coming years due to the rising acceptance of renewable energy sources and falling PV system prices. The Photovoltaic (PV) systems segment will lead the global market, gaining a market share of almost 70% in 2020 due to the rising demand for PV systems of all sizes, from portable and small residential applications to large industrial applications. In addition, government policies and incentives are playing a key role in promoting the use of solar power, which is expected to drive market growth further.