Feb. 1 (Bloomberg) -- MiaSole Inc., a closely held manufacturer of thin-film solar products, is producing panels in volume that convert 14 percent of the energy in sunlight into electricity.
MiaSole’s conversion efficiency rates have increased by more than 30 percent in the past year, the Santa Clara, California-based company said today in a statement.
That’s higher than the 12.4 percent average efficiency that First Solar Inc., the world’s biggest thin-film solar company, reported for the third quarter. MiaSole sells panels with a layer of a copper-indium-gallium-selenide compound sandwiched between sheets of glass.
Increasing electricity output from each panel reduces the price of the power, which helps solar compete against energy derived from lower-cost fossil fuels. MiaSole has reached 17.3 percent efficiency in a lab.
Thin-film panels make up about 15 percent of the global market for solar power, according to Bloomberg New Energy Finance. They are less efficient than the more-common panels made with polysilicon.
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