PBDTTPD is a conjugated polymer with high power conversion efficiency if used in organic solar cells together with fullerene derivatives. We have investigated for the first time the excited state dynamics of pristine PBDTTPD thin film as well as the ultrafast evolution of charge carriers in PBDTTPD:PCBM bulk heterojunction blend using femtosecond transient absorption spectroscopy. In the latter, charges appear within the time resolution of the experiment (<100 fs), but clean spectral signatures allowed to directly follow slower ∼1 ps charge separation. Only the slower quenching component competes with exciton−exciton and exciton−charge annihilation, leading to a reduced yield of charge carriers at high laser fluence. Our excellent measuring sensitivity made it possible to reduce pump power to a point where annihilation is quasi suppressed. In this case >80% of charges survive after 1 ns; the rest recombines (most probably geminately) on the 200 ps time scale. The photophysics of PBDTTPD has only been little explored. 7,8 We report here, to our knowledge, the first transient absorption (TA) study of the ultrafast processes occurring in thin films of pristine PBDTTPD and PBDTTPD:PCBM blend. TA spectroscopy has been used on numerous occasions to understand the charge carrier dynamics in polymer:fullerene blends. 9−17 It is, however, becoming clear that the important energy delivered by pulsed laser excitation in such experiments is not necessarily representative of solar irradiation: The high density of excited species and charges generated at high pump fluence leads to bimolecular loss mechanisms that are not observed under solar cell operating conditions. 10−12,17−20 Excellent measuring sensitivity of our apparatus has allowed us to reduce the excitation power to a point where those loss mechanisms become negligible on the subnanosecond time scale. Moreover, we have taken advantage of the annihilation processes that occur with increasing fluence to gain valuable insight about the evolution of excited and charged species in pristine and blended PBDTTPD. Figure 1A depicts the steady-state absorption and fluorescence spectra of the investigated thin films. Pristine PBDTTPD has a broad and structured absorption band ranging from ∼360−700 nm. The presence of defined vibronic features, uncommon for conjugated donor−acceptor copolymers, has been attributed to a planar backbone conformation of the polymer in the ground state (density functional thoery calculations), 21 and to insignificant torsional relaxation in the excited state (two-dimensional electronic spectroscopy). 8 The quantum simulations also suggest delocalized highest occupied molecular orbital (HOMO) and lowest unoccupied molecular orbital (LUMO) levels and that several electronic bands might be present under the broad envelope of the absorption spectrum. 21 The emission spectrum of pristine PBDTTPD film is weakly Stokes shifted with a maximum at 662 nm and a vibronic shoulder around 720 nm. For the 1:2 PBDTTPD:PCBM blend cast from o-dichlorobenze...