At the end of the year, Jinko Solar and Risen Energy successively announced their key business updates and strategic moves. Jinko Solar has repeatedly set new records for cell conversion efficiency while rolling out cost-reduction initiatives to drive profitability, whereas Risen Energy is focusing on the R&D and deployment of space-based photovoltaics and related businesses.
Jinko Solar: Technological Breakthroughs
Recently, Jinko Solar's high-efficiency solar cells based on the TOPCon technology platform achieved a conversion efficiency of 27.79%, breaking the world records for both cell efficiency and module power for the 32nd time and earning praise from Elon Musk. On December 30, Jinko Solar released its latest Investor Relations Activity Summary. Key highlights are as follows:
Technological Breakthroughs: This efficiency breakthrough integrates the company’s proprietary core technologies, including advanced passivated contact technology, ultra-low optical parasitic absorption technology, and novel metallization schemes, further consolidating TOPCon’s position as a mainstream technology route. Jinko Solar stated that the TOPCon technology platform boasts substantial potential for continuous efficiency improvement and can be deeply integrated with next-generation perovskite tandem cell technology.
Regarding the market potential and technology roadmap of photovoltaics for space computing applications, Jinko Solar pointed out that according to industry analysis, future space energy scenarios such as low-Earth orbit (LEO) communication satellites, orbital solar power stations, and extraterrestrial data centers will all rely on photovoltaic technologies with ultra-high efficiency and lightweight design. The company’s perovskite tandem cells based on N-type TOPCon have already reached a conversion efficiency of 34.76%, laying a solid foundation for space energy applications including LEO satellites and space-based power stations.
Cost-Reduction Initiatives: In response to rising silver prices, Jinko Solar will conduct necessary hedging operations based on daily production and operational needs, and continue to advance the R&D and application of base metal alternatives, such as silver-coated copper paste solutions. These measures are expected to offset the impact of surging raw material prices to a certain extent. Jinko Solar anticipates the large-scale commercialization of base metal solutions in the coming year to establish cost advantages.
Products & Profitability: In light of recent price fluctuations across the industrial chain, Jinko Solar noted that its latest product quotations have already factored in the price hikes of silicon materials, silver and other key inputs, and the company will flexibly adjust its pricing strategy going forward. In the short term, module prices are stabilizing; in the long run, the company is optimistic about the improvement of supply-demand dynamics and profit recovery following industry consolidation.
Currently, the proportion of high-efficiency modules winning recent tenders has increased significantly, and setting up high-power bidding sections has become an industry trend in large-scale domestic tenders. Jinko Solar revealed that it delivered a batch of high-power products (above 640W) in Q3 this year, capturing a premium of 1–2 US cents per watt. The company’s high-power production capacity will be released in batches in the first half of 2026, with high-power products expected to account for no less than 60% of total shipments throughout the year.
Risen Energy: Space-based Photovoltaics Deployment
In contrast to Jinko Solar’s strategic layout, Risen Energy is focusing on the niche track of space-based photovoltaics. The company disclosed its key progress on December 28 as follows:
Space-based Photovoltaics Deployment: Driven by the development of reusable rockets and lightweight satellite technologies, crystalline silicon solar cells have re-emerged as a viable option for space applications. Risen Energy’s P-type ultra-thin heterojunction (HJT) product series, leveraging advantages such as ultra-thin silicon wafer application, cost competitiveness, high specific power, compatibility with rollable solar arrays, and radiation resistance, has already achieved small-batch deliveries to overseas customers.
Rationale for Technology Selection: For cost-sensitive, short-lifespan application scenarios such as LEO satellites, thinner solar cells can reduce launch payload and save fuel costs. P-type cells exhibit superior radiation resistance compared to N-type cells; moreover, P-type ultra-thin HJT cells are more suitable for thinning and flexible structure design than PERC cells, which helps lower launch costs and improve space utilization efficiency. While mainstream commercial PERC cells currently have a thickness of approximately 130μm, the P-type ultra-thin HJT cells delivered by Risen Energy have a thickness of only 50–70μm, with further thinning potential remaining.
Production Capacity & R&D: To date, Risen Energy’s P-type ultra-thin heterojunction products have a three-year shipment history, with cumulative deliveries exceeding tens of thousands of cells to customers across Europe and the Americas. Historically, these products were manufactured on pilot production lines. Going forward, the company will expand pilot line capacity or adapt mass production lines based on order volume and pricing conditions.
All of the company’s mass-produced specialty products adopt crystalline silicon heterojunction technology. Risen Energy has also actively carried out R&D reserve for tandem cell technology; currently, the perovskite/crystalline silicon heterojunction tandem solar cells developed by its Global PV Research Institute have achieved a conversion efficiency of 30.99%. The company is advancing technological cooperation with leading perovskite enterprises to deploy next-generation high-efficiency cell technologies.
Business Status: The specialty business segment of P-type ultra-thin heterojunction products is showing strong growth momentum and boasts considerable market potential. However, it currently accounts for a minimal share of the company’s total revenue.
Source：EnergyTrend