We have developed III–V-based high-efficiency laser power converters (LPCs), optimized specifically for converting monochromatic laser radiation at the eye-safe wavelength of 1.55 µm into electrical power. The applications of these photovoltaic cells include high-efficiency space-based and terrestrial laser power transfer and subsequent conversion to electrical power. In addition, these cells also find use in fibre-optic power delivery, remote powering of subcutaneous equipment and several other optical power delivery applications. The LPC design is based on lattice-matched InGaAsP/InP and incorporates elements for photon-recycling and contact design for efficient carrier extraction. Here we compare results from electro-optical design simulations with experimental results from prototype devices studied both in the lab and in field tests. We analyse wavelength and temperature dependence of the LPC characteristics. An experimental conversion efficiency of 44.6%[±1%] is obtained from the prototype devices under monochromatic illumination at 1.55 µm (illumination power density of 1 kW m− 2) at room temperature. Further design optimization of our LPC is expected to scale the efficiency beyond 50% at 1 kW m− 2.