South Korea‘s Minister of Economy and Finance, Koo Yun-cheol, announced this week a KRW 33.6 billion plan to help the domestic PV industry develop commercial perovskite-silicon tandem solar products by 2030.

The plan is part of a broader scheme aimed at developing new high-voltage direct current (HVDC) technologies, as well as small nuclear reactors (SMRs), among other things.

“The commercialization of next-generation solar modules will focus on restructuring the solar cell industry ecosystem by securing core technologies for ultra-high-efficiency tandem solar cells,” the minister said in a statement. “Establishing domestic and international standards and certification systems will also be implemented to create an initial market. 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.”

The government said the funding will be initially devoted to unspecified research and development activities, without providing further details.

South Korea-based solar module manufacturer Hanwha Q Cells announced a KRW 1.5 trillion investment in 2021 to expand solar module manufacturing capacity and increase research and development in perovskite-silicon tandem technologies.

In November 2022, Qcells and a group of European research institutes led by HZB started a project with the aim of producing high-efficiency tandem solar cells and modules. In December 2023, Qcells announced a significant breakthrough in perovskite-silicon tandem solar technology, with a solar cell achieving 28.6% efficiency, signaling that the technology is ready for mass production.

In September, South Korea-based Flexell Space, a spinoff of Hanwha Systems, a defense and space solutions unit of South Korea’s Hanwha Group, announced it is developing perovskite-copper indium gallium selenide (CIGS) tandem solar technology for satellites and other aerospace applications.