The present paper analyzes the individual effects of three dimensions of knowledge management on product and process innovations in the field of photovoltaic/ thermal (PV/T) technologies. Forms of a specially prepared questionnaire were adequately filled in by 300 Serbian companies who already use, produce or plan to produce some PV/T technology. The collected data were analyzed by means of the partial least squares structural equation modelling algorithm in the partial least squares path modelling software package version 0.5.0. The survey was conducted in the period from May to September 2023 in 300 small- and medium-sized companies. The findings show that knowledge acquisition, knowledge storage, and knowledge sharing, as dimensions of knowledge management, have positive effects on the implementation of product and process innovations in the surveyed companies. However, it is revealed that knowledge sharing has the greatest effect on the considered innovations in companies dealing with PV/T technologies. In addition, the lowest effect is obtained for the dimension of knowledge acquisition, while the effect of knowledge storage is medium.