Making Photovoltaics up to 400% More Efficient
Tim Young, CEO of HyperSolar
Tim Young, CEO of HyperSolar, is on a mission. He believes that solar will never be competitive until it reaches grid parity: that is, becomes competitive with conventional energy. He says, "Solar power is being propped up by government grants and feed-in tariffs because it is not economically feasible at this point. There's a huge need for a technological breakthrough that drastically reduces the cost of solar."
He believes that he has found a solution with HyperSolar, a company with a technology that aims to help solar cells put out 400% more energy than they're currently capable of. HyperSolar's technology intensifies and focuses solar rays, thereby significantly reducing the number of solar cells needed on panels.
"The sun hits our concentration layer and channels that light into the solar cell," explains Young of HyperSolar. "We're not increasing the output of a solar panel. What we're doing is increasing the output of the solar cells in that panel."
HyperSolar's thin layer is inexpensive to produce, but could reduce the number of solar cells needed by 50%, cutting costs dramatically. Still in the early stages, HyperSolar is getting ready to test their process on a large scale. "Imagine the savings there. If we are able to reach that goal, we will be significantly below grid parity," Young added.
Funding a Vision
The company is an over the counter public company. They raised funds by "just asking a whole bunch of accredited investors" as well as friends and family. Told what HyperSolar was doing, their supporters raised about $1.3-1.4 million on the promise of liquidity when they transition to a publicly traded exchange. Helped by their low overhead, the company has fewer than 10 employees and consultants, and current operational costs are small. They plan to sell additional stocks at a reduced rate when the time is right to further finance the company.
"I'm confident that when I've got a proof of concept layer in my hand and we put it onto a solar cell and it's generating three times more power than a regular glass layer, that the money will come," Younge concluded.