Press release
First Solar Strengthens Global Technology Position in PV with Acquisition of Evolar, a Leading European Thin Film Company
Deep expertise in thin film technologies complements existing R&D streams Acquired capabilities expected to enhance development of next-generation tandem PV
About this update from First Solar, Inc.
[{"type":"text","content":"\n\nDeep expertise in thin film technologies complements existing R&D streams\n\n\n\nAcquired capabilities expected to enhance development of next-generation tandem PV\n\n\n\nExpansion of advanced research efforts and extension of R&D network to Europe\n\n\n\n \n\n\n TEMPE, Ariz.--(BUSINESS WIRE)--\nFirst 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.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511005712/en/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)\nThe 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.\n\n\n“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 expe...