Magnora boosts solar cell technology firm risk

• Development business will certainly hold 40.7% of Evolar shares

Renewable energy development company Magnora is enhancing its stake in Swedish solar cell modern technology firm Evolar.

Magnora has a 28.44% risk in the business however has actually now decided to call the first of 3 alternatives to raise its shareholding in the firm to 40.7%.

When (as well as if) all alternatives have been worked out, Magnora will have 63.5% of Evolar AB.

Magnora executive chairman Torstein Sanness said: "Magnora is pleased to boost its shareholding in Evolar, and also our team believe the investment can deliver attractive go back to our shareholders as well as make a favorable influence on culture.

Evolar has a special Perovskite deposition innovation which will allow solar cell, component, as well as glass suppliers to install a turn-key remedy to raise cell efficiency considerably with a limited cost increase.

The Evolar innovation and item development is led by chief clinical officer, Professor Lars Stolt, and primary technology officer Dr. Olle Lundberg, that have numerous decades' experience from research study and industrialisation of thin film innovations.

The Evolar team holds several world records within CIGS based thin film solar cells currently as well as is utilising its knowledge to make sure that Perovskite increased standard solar cells will be made with the exact same rate, high quality as well as harmony as CIGS based modules.

Magnora will certainly use its existing money holding for the acquisition. The strike cost was established late last summertime.

The share price is about equal for all options as well as comparable to the initial acquisition rate last year.

Magnora has cash available to work out all remaining alternatives based upon the current company plan.

Magnora chief executive Erik Sneve stated that the Perovskite possibility stands for a critical inflection factor for the solar market, regular businesses, as well as customers with efficiency rates jumping at once where culture are searching for sustainable means to make green energy.

Evolar chief executive Mats Ljunggren added: "Our perovskite tandem cells use a lot greater effectiveness for about the exact same per-watt production price.

" Currently is the time to purchase tandem solar cells. There's no doubt this is where the marketplace is heading."