First Solar Inc. has acquired Evolar AB. 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. The impact on 2023 operating expenses is expected to be approximately $2 to $4 million, excluding the impact of purchase price accounting.
Acquisition details
This acquisition aims to accelerate the development of next-generation photovoltaic technology, including high-efficiency tandem devices, by integrating Evolar’s know-how with First Solar’s existing research and development 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 research technology center in Santa Clara, California, and the development teams in Perrysburg, Ohio.
What people are saying
“With this acquisition, along with our new innovation center in the U.S. and longstanding commitment to R&D, we are investing not just in First Solar’s future but the future of solar energy,” says Mark Widmar, CEO, 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.”
“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 PV,” Widmar adds.
“As we approach over 20 GW of global nameplate capacity by 2025, First Solar’s track record in scaling thin film photovoltaics speaks for itself,” says 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.”
