- Deep expertise in thin film technologies complements existing
R&D streams
- Acquired capabilities expected to enhance development of
next-generation tandem PV
- Expansion of advanced research efforts and extension of R&D
network to Europe
First Solar, Inc. (NASDAQ: FSLR) today announced that it has
further strengthened its global leadership in thin film
photovoltaics (PV) by acquiring Evolar AB, a European leader in
perovskite technology. The purchase price is approximately $38
million paid at closing and up to an additional $42 million to be
paid subject to certain technical milestones being achieved in the
future. The impact to 2023 operating expenses is expected to be
approximately $2-4 million, excluding the impact of purchase price
accounting.
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First Solar has further strengthened its
global leadership in thin film photovoltaics by acquiring Evolar
AB, a European leader in perovskite technology. The acquisition is
expected to accelerate the development of next-generation PV
technology, including high-efficiency tandem devices, by
integrating Evolar’s know-how with First Solar’s existing research
and development (R&D) streams, intellectual property portfolio,
and expertise in developing and commercially scaling thin film PV.
(Photo: Business Wire)
The acquisition is expected to accelerate the development of
next generation PV technology, including high efficiency tandem
devices, by integrating Evolar’s know-how with First Solar’s
existing research and development (R&D) streams, intellectual
property portfolio, and expertise in developing and commercially
scaling thin film PV.
“With this acquisition, along with our new innovation center in
the United States and longstanding commitment to R&D, we are
investing not just in First Solar’s future, but the future of solar
energy,” said Mark Widmar, chief executive officer, First Solar.
“We anticipate that high efficiency tandem PV modules will define
the future, speeding up decarbonization by allowing us to convert
sunlight into clean electricity more efficiently. This acquisition
supplements our existing R&D streams with expertise in thin
film semiconductors that complement CadTel. We expect that it will
accelerate our efforts to develop tandem technology that continues
our commitment to ultra-low carbon, responsibly produced
solar.”
Under the agreement, the terms of which were not disclosed,
Evolar’s laboratory in Uppsala, Sweden, will continue to conduct
research activity, marking the first time that First Solar will
have an R&D facility in Europe. Upon closing of the
transaction, approximately 30 of Evolar’s R&D staff will
transition to First Solar, working in close collaboration with the
company’s team of about 60 scientists at its advanced research
technology center in Santa Clara, California, and the development
teams in Perrysburg, Ohio.
Widmar added, “In addition to significantly expanding our
capacity for advanced research, we are pleased to extend our
R&D footprint to Europe. By connecting our advanced research
lab in California with Europe and building the Western Hemisphere’s
largest PV R&D innovation center in Ohio, we are effectively
establishing and leading a uniquely transatlantic effort to develop
and commercialize the next generation of photovoltaics.”
Founded in 2019 by veterans of the copper indium gallium
selenide (CIGS) industry, Evolar focused on developing solutions,
including manufacturing equipment, for commercializing a tandem
solar technology utilizing perovskite thin films. Made up of some
of Europe’s foremost experts in thin film PV, Evolar has produced
several thin film efficiency records, including the current 23.6
percent world record for CIGS research solar cells. Its team works
closely with leading European research institutions, including
Uppsala University.
“As we approach over 20 gigawatts of global nameplate capacity
by 2025, First Solar’s track record in scaling thin film
photovoltaics speaks for itself,” said Markus Gloeckler, chief
technology officer, First Solar. “The future of PV clearly lies in
thin film semiconductors, and few other solar technology companies
are as well placed to develop and commercialize future solar
technologies as First Solar is. We are thrilled about the
opportunity that lies ahead and look forward to welcoming the
Evolar team to First Solar.”
In October 2022, First Solar announced that it would construct a
new R&D innovation center in Perrysburg, Ohio. The facility,
representing an investment of up to $370 million, is believed to be
the first of its scale in the Western Hemisphere and is expected to
accelerate the development and production of advanced thin film PV.
Scheduled to be completed in 2024, the new R&D center will be
located near First Solar’s existing Perrysburg manufacturing
facility, covering an area of approximately 1.3 million square
feet. It will feature a high-tech pilot manufacturing line allowing
for the production of thin film and tandem PV modules.
About First Solar, Inc.
First Solar is a leading American solar technology company and
global provider of responsibly produced eco-efficient solar modules
advancing the fight against climate change. Developed at R&D
labs in California and Ohio, the company’s advanced thin film
photovoltaic (PV) modules represent the next generation of solar
technologies, providing a competitive, high-performance,
lower-carbon alternative to conventional crystalline silicon PV
panels. From raw material sourcing and manufacturing through
end-of-life module recycling, First Solar’s approach to technology
embodies sustainability and a responsibility towards people and the
planet. For more information, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements, which are made
pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to statements concerning First Solar’s
acquisition of Evolar AB and the expectation that 1) the
acquisition will accelerate the development of next generation PV,
including high-efficiency tandem devices; 2) the impact to 2023
operating expenses is expected to be approximately $2-4 million,
excluding the impact of purchase price accounting; 3) Evolar’s
know-how will be integrated into First Solar’s existing R&D
streams, intellectual property portfolio, and expertise in
developing and commercially scaling thin film; 4) Evolar’s
laboratory in Uppsala, Sweden, will conduct R&D activity for
First Solar in Europe; and 5) First Solar’s investment of up to
$370 million in a new R&D innovation center expected to be
completed in 2024. These forward-looking statements are often
characterized by the use of words such as “estimate,” “expect,”
“anticipate,” “project,” “plan,” “intend,” “seek,” “believe,”
“forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,”
“might,” “will,” “could,” “predict,” “continue” and the negative or
plural of these words and other comparable terminology.
Forward-looking statements are only predictions based on our
current expectations and our projections about future events and
therefore speak only as of the date of this release. You should not
place undue reliance on these forward-looking statements. We
undertake no obligation to update any of these forward-looking
statements for any reason, whether as a result of new information,
future developments or otherwise. These forward-looking statements
involve known and unknown risks, uncertainties, and other factors
that may cause our actual results, levels of activity, performance,
or achievements to differ materially from those expressed or
implied by these statements. These factors include, but are not
limited to, the matters discussed under the captions “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” of our most recent Annual Report on Form
10-K, as supplemented by our other filings with the Securities and
Exchange Commission.
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Media Reuven Proença
First Solar Media media@firstsolar.com
Investors Robyn Remes
First Solar Investor Relations investor@firstsolar.com
First Solar (NASDAQ:FSLR)
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