Harnessing
hot-charge relaxation in lead halide perovskites (LHPs)
is the key to developing next-generation high-performance concentrator
solar cells that break the Shockley–Queisser limit. Though
the physical origins of the slow hot-carrier cooling and their interplays
have been unveiled, consensus is still lacking concerning the mechanisms
of many-body interactions during hot-charge relaxation. Here, we propose
a unified theory to explain the spectral and temporal evolution of
the band edge in LHPs at the early time-scale following femtosecond
laser excitation. We demonstrate that at early times, the hot-biexciton
effect imposes a transient bandgap shrinkage decaying rapidly with
exciton dissociation. Subsequently, bandgap renormalization (BGR)
effect dominates the bandgap change, with a partial compensation by
the free-carrier Stark (FCS) effect. Additionally, we confirmed that
the shift in the photo-bleaching (PB) peak in the transient absorption
(TA) spectra is modulated by carrier temperature rather than the bandgap
change, which has negligible influence on the bleaching position,
contrary to previous studies. Importantly, this work demonstrates
the significant role played by the hot-biexciton interaction to the
exciton generation-dissociation and carrier relaxation dynamics in
perovskite solar cell materials at early times. Our insights resolve
the existing contradictions on the nature of early-time photo-induced
absorption and PB shift via reliable quantifications. By unraveling
the role of hot-charge cooling and the intricate many-body interactions
among the hot-biexciton interplay, BGR and FCS effects, our study
contributes to a deeper comprehension of the fundamental photo-physics
in LHPs.