The femto-second time-resolved spectroscopy was performed on the heterojunction (HJ) solar cell which consists of prototypical low-band gap donor (D), poly[[4,8-bis[(2-ethylhexyl)oxy]benzo[1,2-b:4,5-b] dithiophene-2,6-diyl][3-fluoro-2-[(2-ethylhexyl)carbonyl]thieno[3,4-b] thiophenediyl]] (PTB7), and the C70 acceptor (A). We spectroscopically determined the absolute number of donor exciton (nD*), acceptor exciton (nA*), and carrier (nD+) per an absorbed photon against the delay time (t). At 300 K, we found that the decay time (τdecay = 3.5 ps) of A* is much longer than the carrier formation time (τform = 1.1 ps), indicating that the late A* component does not contribute to the carrier formation process. The elongated τform (=1.5 ps) at 80 K is ascribed to the exciton migration process, not to the exciton dissociation process.

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