Magnora raises stake in Swedish solar perovskite startup Evolar

Dec 21, 2021 02:01 PM ET
  • Renewables investor Magnora has actually increased its ownership in Swedish solar cell modern technology business Evolar from 40.7% to 50%.
Magnora raises stake in Swedish solar perovskite startup Evolar
Image: Evolar

Evolar has actually created perovskite deposition technology that will enable solar cell suppliers to mount a turn-key option to their assembly line, boosting solar cell effectiveness by using a thin-film layer of perovskite, according to a news release from Magnora.

Norway-based Magnora claimed the acquisition follows Evolar's solid progress in creating and commercialising its efficiency-enhancing technology for standard solar cells.

" We are really delighted and amazed by the Evolar team as well as its development, as well as we increase our shareholding in the firm according to plan to money further growth," stated Torstein Sanness, Magnora executive chairman.

Magnora made its very first investment in Evolar in November 2020, taking a 28.44% stake as part of a bargain that includes alternatives to obtain as much as 63.5% of the startup. It took place to enhance its passion to 40.7% earlier this year.

The most up to date financial investment follows Evolar introducing recently that it has actually participated in a joint project with an Indian solar manufacturer to establish perovskite/silicon tandem solar modules for the Indian market.

The collaboration involves the development of a service situation, a product model in addition to a manufacturing remedy based upon the concealed Indian business's silicon innovation.

With India set to present a 40% fundamental customs responsibility on solar modules from 1 April 2022, Evolar claimed "reliable as well as top notch residential manufacturing ends up being a lot more urgent".

Evolar chief executive officer Mats Ljunggren claimed: "We firmly believe that the mix of our perovskite-based modern technology as well as this manufacturing collaboration can play an essential function in enhancing India's domestic solar module supply."

As well as Evolar, Magnora's portfolio of renewables business includes Helios Nordic Energy, a Sweden-based developer of utility-scale solar projects that it just recently boosted its possession risk in.

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