First Solar obtains perovskite specialist Evolar

• United States thin-film photovoltaics (PV) manufacturer Very first Solar Inc (NASDAQ: FSLR) today introduced the acquisition of perovskite technology expert Evolar AB to increase its efforts to create next-generation tandem PV technology.

First Solar is acquiring the Swedish company, which is majority owned by Norwegian renewables capitalist Magnora ASA (OSL: MGN), for as much as USD 80 million (EUR 73m), consisting of USD 38 million at closing and another approximately USD 42 million to be paid based on particular technological landmarks being fulfilled in the future.

According to First Solar president Mark Widmar, high-efficiency tandem PV modules will certainly specify the future as well as speed up decarbonisation.

Set up in 2019, Evolar focused on creating options, including production devices, for commercialising a tandem solar modern technology utilizing perovskite thin films. Adhering to the deal, Evolar's laboratory in Uppsala will continue to perform research study task, with regarding 30 of the firm's r & d (R&D) team to relocate to First Solar, expanding its R&D footprint to Europe.

"By linking our innovative research laboratory in California with Europe and constructing the Western Hemisphere's largest PV R&D development center in Ohio, we are effectively establishing as well as leading an uniquely transatlantic effort to develop as well as commercialise the future generation of photovoltaics," commented Widmar.

First Solar is spending up to USD 370 million in a new R&D development centre in Perrysburg, Ohio, which is scheduled to be finished in 2024.