MAY 12, 2023
TEMPE, Ariz.--(BUSINESS WIRE)--
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.
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.
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.
Read the full press release
here.
For further information, please contact:
MediaReuven ProençaFirst Solar Media
media@firstsolar.com
InvestorsRobyn RemesFirst Solar Investor Relations
investor@firstsolar.com
