Longi Green Energy Technology Co Ltd, a leading enterprise in the photovoltaic industry in China, broke the world record on Friday with its new conversion efficiency of 33.9 percent for silicon-perovskite tandem solar cells.

The result, currently the highest efficiency record in the world for a perovskite/silicon tandem cell, has been confirmed by the US National Renewable Energy Laboratory (NREL), which is affiliated with the Department of Energy, it said.

The world's best tandem solar cells consisting of a silicon bottom cell and a perovskite top cell today can convert about a third of the incident solar radiation into electrical energy. The previous record, 33.7 percent, was set by KAUST Photovoltaics Laboratory in Saudi Arabia in May.

"Improving cell conversion efficiency and reducing the cost of electricity remain the drive behind the development of the photovoltaic industry. The photovoltaic conversion efficiency of solar cells is a crucial indicator and benchmark for evaluating the potential of photovoltaic technologies," said Li Zhenguo, President of Longi, during a press conference on Friday.

As the dominant technology occupying more than 90 percent of the market share, monocrystalline silicon solar cells see its conversion efficiency getting closer to its theoretical efficiency limit of 29.4 percent. However, the tandem solar cells composed of monocrystalline silicon and perovskite materials have a theoretical efficiency limit of up to 43 percent, which means that, with the same area and the same amount of absorbed light, these cells can generate more electricity.

The company has been developing both cell technologies, it said.

The solar cell world record achieved by Longi signifies that the company is at the forefront of global research and development in this technology, said Jiang Hua, deputy secretary-general of the China Photovoltaic Industry Association (CPIA), during the press conference.

"Cost reduction and efficiency improvement are at the core of the photovoltaic industry, which is cost-driven. Continuously enhancing the conversion efficiency of photovoltaic cells is an effective measure to reduce the overall cost of photovoltaic power generation," he said.

"Once this high-efficiency cell technology is truly put into mass production, it will lead to a significant reduction in the cost of photovoltaic power generation, which will be extremely beneficial for driving the growth of the photovoltaic market in China and globally."

The company has been investing heavily in research and development (R&D) in recent years.

The company vows to continue seeking to participate in the development of the global PV industry through investment and technical cooperation, to enable more Chinese enterprises in the high-end manufacturing industry to enter the global stage, it said.