(Bloomberg) -- Longi Green Energy Technology Co. announced one of its solar cells has set a new record for converting sunlight into the most power, a key technological benchmark for the industry.

The new cell reached an efficiency level of 27.3% in laboratory settings, the company said in a press release. That inches ahead of the existing record for crystalline silicon cells of 27.1%, which Longi set in November with a similar design.

Generating extra power from the same silicon square helps lower the cost of solar electricity, which could aid in accelerating the adoption of clean energy as countries race to meet their net zero targets. 

The new record comes amid a rough patch for Longi and the solar sector at large, where excess capacity has led to a price war that’s forced companies to sell at or below cost. Longi has plans to cut thousands of jobs amid the downturn.

©2024 Bloomberg L.P.