(Yicai Global) Nov. 21 -- Longi Green Energy Technology has set a new world record for photo conversion efficiency with its silicon solar cells, breaking the record held by a Japanese company since 2017. Shares of the Chinese photovoltaics giant rose.

According to the latest certification report of the Institute for Solar Energy Research in Hameln, Germany, Longi has set a new efficiency record of 26.81 percent for its self-developed heterojunction silicon solar cells on full-size silicon wafers through mass production, the Xi’an-based company said in a statement today.

Breaking the world record was a milestone for China's photovoltaics industry, said Dr. Xu Xixiang, vice president of Longi Central R&D Institute.

Photo conversion efficiency refers to the ability of a cell to convert light energy into electricity. Longi’s achievement surpasses the 26.7 percent for monocrystal silicon cells that Osaka-based chemicals maker Kaneka reached in March 2017, which itself broke the previous record of 25.6 percent.

“Improving the efficiency and reducing the LCOE (levelized cost of energy) is the eternal theme of the development of the photovoltaic industry,” said Li Zhenguo, Longi’s founder and president.

Longi’s shares [SHA: 601012] rose 1.6 percent today to close at CNY47.75 (USD6.67) apiece. The broader Shanghai market fell 0.4 percent.

The China Photovoltaic Industry Association said in July that the country had the most installed solar panel capacity in the world. It expects global new installed capacity of between 205 gigawatts and 250 GW this year, with China accounting for 85 GW to 100 GW of that.

Founded in 2000, Longi has set up several production and manufacturing bases in China, Vietnam and Malaysia, and does business in more than 150 countries and regions.

Editor: Peter Thomas