Hanwha Q Cells, a large South-Korean manufacturer of photovoltaic solar cells, has earmarked 1.5 trillion won (around USD$1.28 billion) for investment in production line conversion and research into new solar energy technologies such as tandem perovskite-silicon cells (individual or connected in series).

The investment will be used to boost the production capacity of solar cells and modules to 7.6 gigawatts per year by 2025. "With this investment, we will strengthen our leading industry position while securing competitiveness in the domestic solar industry," said Hanwha Q Cells CEO Lee Koo-yung.

Hanwha Q Cells, a unit of Hanwha Group, has formed a consortium with college research teams and private companies for a national project to commercialize perovskite crystalline silicon solar cells by using next-generation tandem cell technology to overcome theoretical limits for single-cell efficiency.