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This paper summarizes the current status of the ALCHEMI project, a European collaborative undertaking under the Solar-Era.Net co-fund scheme. The project's aim is to develop novel, low cost, HCPV modules that operate at ~1000 suns, and demonstrate a DC module efficiency of >37% under Concentrator Standard Test Conditions (CSTC), and a manufacturing process that will achieve costs <€0.9/Wp (<$1/Wp) in large volumes. Novel refractive optics have been designed and manufactured, and a bespoke high concentration solar cell grid design developed and applied to state-of -art commercially available multi junction solar cells. A significant contribution to cost reduction of the modules will be achieved by implementing assembly processes using surface mount technology and pick and place (PnP) tools as in the LED industry. The modules will be characterized on sun for an extended period in Cyprus, and CSOC (Concentrator Standard Operating Conditions) and CSTC (Concentrator Standard Test Conditions) power ratings will be determined, allowing a comparative analysis against conventional PV technologies installed side-by-side in the same location. [ABSTRACT FROM AUTHOR]