First Solar Strengthens Global Technology Position in PV with Acquisition of Evolar, a Leading European Thin Film Company

-Deep experience in skinny movie applied sciences enhances the present R&D stream -Gained capabilities anticipated to advance the event of next-generation tandem PV -Enlargement of superior analysis efforts and enlargement of R&D community in Europe

First Photo voltaic, Inc. (NASDAQ: FSLR) at this time introduced that it has additional strengthened its international management in skinny movie photovoltaics (PV) by the acquisition of Evolar AB, a European chief in perovskite know-how. The acquisition value is roughly $38 million paid at closing and as much as an extra $42 million payable topic to sure technical milestones being achieved sooner or later. The impression on 2023 working bills is predicted to be roughly $2-4 million, excluding the impression of buy value accounting.

The acquisition is predicted to speed up the event of next-generation PV know-how, together with high-efficiency tandem gadgets, by combining Evolar’s know-how with present analysis and improvement (R&D) First Photo voltaic’s pipeline, mental property portfolio, and business improvement and scaling experience. film PV.

“With this acquisition, together with our new innovation middle in the USA and long-standing dedication to R&D, we’re investing not solely in the way forward for First Photo voltaic, however the way forward for photo voltaic vitality,” mentioned Mark Widmar, chief government officer, First Photo voltaic. “We anticipate that prime effectivity tandem PV modules will outline the longer term, accelerating decarbonization by permitting us to transform daylight into clear electrical energy extra effectively. This acquisition provides to our present R&D streams with experience in skinny movie semiconductors complementing CadTel. We sit up for this accelerating our tandem know-how improvement efforts that proceed our dedication to ultra-low carbon, responsibly produced photo voltaic.”

Underneath the settlement, the phrases of which weren’t disclosed, Evolar’s laboratory in Uppsala, Sweden, will proceed to conduct analysis actions, marking the primary time First Photo voltaic has an R&D facility in Europe. Upon closing of the transaction, roughly 30 of Evolar’s R&D workers will switch to First Photo voltaic, working in shut collaboration with the corporate’s workforce of roughly 60 scientists at its superior analysis know-how middle in Santa Clara, California, and the event workforce in Perrysburg, Ohio.

Widmar added, “Along with considerably increasing our capability for superior analysis, we’re happy to develop our R&D footprint into Europe. By connecting our superior analysis lab in California with Europe and constructing the biggest PV Ohio’s Western Hemisphere R&D innovation middle, we’re successfully constructing and main a singular transatlantic effort to develop and commercialize the subsequent era of photovoltaics.”

Based in 2019 by veterans of the copper indium gallium selenide (CIGS) business, Evolar focuses on growing options, together with manufacturing gear, for the commercialization of a tandem photo voltaic know-how utilizing perovskite skinny movies. Composed of a few of Europe’s main specialists in skinny movie PV, Evolar has produced a number of skinny movie effectivity data, together with the present 23.6 p.c world report for CIGS analysis photo voltaic cells. Its workforce works intently with main European analysis establishments, together with Uppsala College.

“As we method greater than 20 gigawatts of world nameplate capability by 2025, First Photo voltaic’s monitor report in scaling skinny movie photovoltaics speaks for itself,” mentioned Markus Gloeckler, chief know-how officer, First Photo voltaic. “The way forward for PV clearly lies in skinny movie semiconductors, and few different photo voltaic know-how firms are as nicely positioned to develop and commercialize future photo voltaic applied sciences as First Photo voltaic. . workforce to First Photo voltaic.”

In October 2022, First Photo voltaic introduced that it’ll construct a brand new innovation R&D middle in Perrysburg, Ohio. The power, which represents an funding of as much as $370 million, is believed to be the primary of its scale within the Western Hemisphere and is predicted to speed up the event and manufacturing of superior skinny movie PV. Scheduled for completion in 2024, the brand new R&D middle might be positioned close to First Photo voltaic’s present Perrysburg manufacturing facility, which covers an space of ​​roughly 1.3 million sq. toes. It can characteristic a high-tech pilot manufacturing line that permits the manufacturing of skinny movie and tandem PV modules.

About First Photo voltaic, Inc.

First Photo voltaic is a number one American photo voltaic know-how firm and international supplier of responsibly manufactured eco-efficient photo voltaic modules that advance the combat in opposition to local weather change. Developed in R&D labs in California and Ohio, the corporate’s superior skinny movie photovoltaic (PV) modules characterize the subsequent era of photo voltaic applied sciences, offering a aggressive, high-performance, lower-carbon different to standard crystalline silicon PV. panels. From the sourcing and manufacturing of uncooked supplies by the recycling of the end-of-life module, First Photo voltaic’s method to know-how encompasses sustainability and duty to folks and the planet. For extra info, please go to

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