The solar panel conversion of sunlight to usable energy to around 20%, with a theoretical max of 30%. So it's better than that.
That can't be true. The current record for non-concentrating cells is 39.5% efficiency using triple junction cells [1]
Concentrating cells are at 47.6% [2]
[1] https://www.cell.com/joule/fulltext/S2542-4351(22)00191-X
[2] https://publica-rest.fraunhofer.de/server/api/core/bitstream...
The innovation here is you have a system that emits monochromatic light, and you have solar cells tuned specifically for that bandgap, plus the system is also "naturally" concentrating because the light output is incredibly bright. 3000 suns vs 500-1000 suns in typical CPV, plus they also do waste heat recycling. End-to-end efficiency of 40% is definitely feasible as advertised.