- The acquisition is expected to accelerate the development of next-generation PV technology, including high-efficiency tandem devices
- The parties tend to integrate Evolar’s know-how with First Solar’s R&D streams, intellectual property portfolio, and expertise
Hoping to strengthen its global leadership in thin film photovoltaics (PV), a US-based solar tech company, First Solar recently acquired Evolar AB, a European player in perovskite technology. The purchase price (paid at closing) is reported to be close to $38 million. It is noteworthy that 2019-born Evolar is focused on developing solutions, including manufacturing equipment, for commercializing a tandem solar technology utilizing perovskite thin films. The partners expect the acquisition to accelerate the development of next-generation PV technology, including high-efficiency tandem devices, by integrating Evolar’s know-how with its existing research and development (R&D) streams, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV.
Around an additional $42 million remains to be paid, subject to certain technical milestones being achieved in the future, said the company in a press release. It conveyed that the impact on 2023 operating expenses is estimated to be around $2-4 million, excluding the impact of purchase price accounting.
The acquiring company’s CEO, Mark Widmar remarked: “With this acquisition, along with our new innovation centre 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. 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.”
While the terms of the agreement have not been disclosed, it is learnt that 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. First Solar’s CEO further commented, “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 centre in Ohio, we are effectively establishing and leading a uniquely transatlantic effort to develop and commercialize the next generation of photovoltaics.”
The press release further noted that once the transaction is closed, around 30 of Evolar’s R&D staff will transition to First Solar, working in tandem with the company’s team of about 60 scientists at its advanced research technology centre in Santa Clara, California, and the development teams in Perrysburg, Ohio.
First Solar’s CTO, Markus Gloeckler said, “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. 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.”
Saying that Evolar has produced several thin film efficiency records, including the current 23.6 per cent world record for CIGS research solar cells, First Solar further mentioned that Evolar’s team worked with leading European research institutions, including Uppsala University.
First Solar is a leading American solar technology company which identifies as a global provider of responsibly produced eco-efficient solar modules. The company has its R&D labs in California and Ohio where it has developed advanced thin film photovoltaic (PV) modules.
