Australia’s Dyesol has caught the attention of the Development Bank of Turkey (TKB) in a big way.
Dyesol announced earlier this week it had received a non-binding Letter of Intent from TKB, which wishes to fund and commercialise the company’s revolutionary perovskite based photovoltaic technology.
The end goal is to construct a 600 megawatt plant at Mersin in Turkey that would employ up to 2,500 technical, manufacturing, installation and maintenance staff.
“We are very excited about our commercialisation prospects in Turkey,” said Dyesol Managing Director, Richard Caldwell.
“In particular, the Turkish Development Bank appreciates the inherent risks in the scale-up to mass production of our revolutionary solar technology and we have every confidence in securing their substantial financial support. It is gratifying that the Turkish Development Bank has identified our technology as a leader in the field of next-generation renewables.”
Dyesol says TKB is focused on developing internal manufacturing capacity, minimising the import of foreign energy products and is ready to provide the required project finance pending suitable conditions and an appraisal. It seems TKB will also consider taking a strategic equity interest in Dyesol at terms yet to be considered and agreed upon.
Additionally, TKB can provide a tax shelter during the early years of development of the technology and favourable terms for the employment of labour.
Dyesol is working with three different perovskite based materials.
Perovskite is a mineral named after Russian mineralogist Lev Perovski. Its properties include superconductivity, magnetoresistance, ionic conductivity, and various dielectric attributes. It’s believed perovskite could be used to make solar panels at a cost of between 10 and 20 cents per watt, due to the small amount of material required to construct a solar cell.
Last month, Stanford University researchers demonstrated cheap silicon solar cells layered with perovskite experienced a 50% increase in efficiency.
Dyesol was established in 2004 to commercialise Dye Solar Cells (DSC), also known as Dye Sensitised Solar Cells (DSSC). Dye Solar Cells are made of low-cost materials and manufacturing does not require elaborate equipment. Dyesol says DSC’s perform well in less than ideal conditions – shade, dawn, dusk, dappled light, haze, cloud, winter, and even indoor light
Dyesol is the winner of many awards, including the 2013 Coolest Company in Australia Award, the 2012 Clean Energy Council Innovation Award and the 2009 ACT Chief Minister’s Export Awards.
