Manufacturer of space solar cells and panels Spectrolab has announced a 37.8% efficiency rate for its multi-junction solar cells.

Spectrolab’s cell efficiency was verified by the US Department of Energy's National Renewable Energy Laboratory.

In June 2012, Lux Research predicted Spectrolab could reach 45% efficiency in five years and 50% in ten years.

Spectrolab claims its solar cell technology can already attain higher levels of efficiency, "possibly more than 45% even under low concentrations," according to Nasser Karam, the company’s vice president for advanced technology.