It was supposed to be a Polish revolution in photovoltaics. However, huge investments may be necessary

• Perovskites are flexible, lightweight, ultrathin and semi-transparent solar cells.
• Saule Technologies argues that current work on perovskite cells is at a very early stage of development.
• Saule has previously announced the start of cooperation with Aliplast, Orlen and Żabka. The effects of this cooperation are not widely known.

The Management Board of Saule Technologies based in Wrocław announced that on June 16, 2025, a preliminary internal audit of the progress status of work on perovskite technology was completed, conducted by the current management board, together with the "team of scientific leaders of Saule SA" (a subsidiary company holding the rights to this technology), involved in the development of this technology.

Work on perovskite cells is at a very early stage of development.

As a result of the technology audit and documentation, the Saule SA research team confirmed that current work on perovskite cells is at a very early stage of development.

- In order to develop a product that can be used outdoors (e.g. on the roofs of warehouses), as well as to increase production capacity to 700,000 m2 and more, further financial outlays of approximately PLN 1.2 billion and further research and development work are necessary , which may take approximately 10 years - Saule Technologies said in a press release.

As added, the production readiness of the first generation modules (on which work has been ongoing so far) with limited efficiency, limited service life, for indoor use only and semi-automatic production of up to 25,000 m2, requires at least another 2 years of research and development work and PLN 200 million in capital expenditure (excluding repayment of current liabilities).

- The company also notes that, according to information provided by the previous management board of Saule Technologies, the level of advancement of the production line was given in the years 2020-2024 at 3,000 m2 - 40,000 m2, depending on the recipient of this information, and the refinement of the product enabling its outdoor use was indicated at approx. 2-4 years of work and PLN 100 million in expenditure, which is in obvious contradiction with the results of the audit currently conducted - we read in the report.

A number of irregularities contained in reports to investors

According to the results of the audit, the management of Saule Technologies argues that the current level of development of perovskite cells is clearly inconsistent with the information communicated and provided in official documents by the previous management of the company.

- The audit revealed a number of irregularities contained in reports to investors, as well as in applications for public funding submitted, for example, to the National Fund for Environmental Protection and Water Management. In addition to information on the level of technological advancement, information on the production capabilities of the Wrocław plant was also untrue, where the application for funding to the National Fund for Environmental Protection and Water Management from 2022 contains information about the plant's production readiness at the level of 40,000 m2 per year, while currently the Wrocław plant has a potential production capacity of no more than 1,000 m2 per year (in shift mode with the participation of many specialists in full-time positions, raising doubts as to the repeatability of quality and stability of production) - it was written in the release.

According to the current management board of the company, the manner in which the previous management board spent funds obtained from both investors and public funds is also questionable. Over the last 8 years of Saule SA's operations, according to the information provided by the financial director of Saule SA, over 50 percent of expenses - i.e. over PLN 140 million - were not spent on research and development, production equipment, laboratory or full-time positions of scientific workers or engineers, but on other categories of expenses, including maintaining the management office in Warsaw, travel and financing the fleet for the previous management boards of Saule SA.

The current board is filing a complaint against the previous board to the prosecutor's office

In addition, the management board is currently conducting an audit of the analysis of information communicated to the market in the form of ESPI and EBI reports regarding pilot projects for companies such as Aliplast, Orlen or Żabka, because there is no clear evidence or documentation clearly indicating their effect.

- In connection with the audit results, the current management board of the company has decided to prepare a notification to the prosecutor's office about the possibility of committing a crime related to the extortion of public funds, as well as money from private investors by the previous management board of the company and Saule SA and misleading investors - we read in the Saule Technologies press release.

- What is most important is the fact that the audit confirmed the existence of the technology and the possibility of its further development. Therefore, as a company, we are not closing ourselves off to options for further cooperation and we encourage potential interested parties with the appropriate financial and technological background to talk about further joint development of Polish perovskites - says Michał Gondek, member of the board of Saule Technologies.

Let us recall that in mid-May 2025, Olga Malinkiewicz, co-founder of Saule Technologies, filed a notification with the National Prosecutor's Office about suspicions of acting to the detriment of Saule and Saule Technologies by members of the management board of Columbus Energy and the supervisory boards of both Saule companies.