First Solar Acquires Evolar to Strengthen Global Technology Position in PV

The acquisition is expected to accelerate the development of next generation PV technology, including high efficiency tandem devices, by integrating Evolar’s know-how with First Solar’s existing research and development (R&D) streams, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV.

“With this acquisition, along with our new innovation center 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,” said Mark Widmar, chief executive officer, 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.”

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 advanced research technology center in Santa Clara, California, and the development teams in Perrysburg, Ohio.

“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,” said 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.”