Australian solar scientist wins million-euro technology prize in Finland
October 26, 2022, 10:00 am

Australian solar scientist wins million-euro technology prize in Finland

Scientia Professor Martin Green was awarded the Millennium Technology Prize for his leadership in the development of the PERC solar cell - the world's most efficient solar cell technology, accounting for over 91% of worldwide production in 2021. Photo: Anna Kucera

A one-million-euro technology prize has been awarded to an Australian professor, for an invention that has transformed the production of solar energy, the Xinhua reported.

Scientia Professor Martin Green is the first Australian to win the prestigious 2022 Millennium Technology Prize.

Professor Green won the prize for his for his leadership in the development of the Passivated Emitter and Rear Cell (PERC) – the world’s most commercially viable and efficient silicon solar cell technology.

Presented by Technology Academy Finland, the biennial prize highlights the impact of science and innovation on society and is worth 1 million euros.

The PERC has become the most commercially viable and efficient silicon solar cell technology used in solar panels, and for large-scale electricity production. It accounts for almost 90 percent of the global solar cell market.

The PERC has helped increase the conversion efficiency of standard solar cells by over 50 percent in relative terms, from 16.5 percent in the early 1980s to 25 percent in the early 2000s.

Australian Professor Martin Green won the prize for his for his leadership in the development of the Passivated Emitter and Rear Cell (PERC) – the world’s most commercially viable and efficient silicon solar cell technology - Photo. Pixabay

The innovation has greatly reduced the cost of using solar panels, making solar energy more affordable than fossil-based alternatives. PERCs mean homes do not need to be connected to the grid to receive energy supply, which is helpful for remote communities.

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Prof. Green said he was honoured to receive the prestigious prize. “The Millennium Prize not only recognises my contribution to photovoltaics [the conversion of light into electrical power], but also the achievements of my students and research colleagues at UNSW, as well as those of the broader photovoltaic (PV) research and commercial community.”

“I believe the Prize will increase my credibility as a spokesperson for what needs to be done to address climate change.”

“We need to switch from fossil fuels to renewable energy to sustain the trajectory of human civilisation on our shared planet.”

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“The pace of change is accelerating and the world will shift to solar and wind energy over the coming decade. I believe a huge transformation of historic significance is underway.”

The Millennium Technology Prize, awarded once every two years, was created by the Finnish government in 2002 to honor individuals and groups that have made significant contributions to the fields of science and technology, and particularly to highlight innovations that enrich everyday life.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.