First Solar acquires Swedish perovskite specialist Evolar

U.S. cadmium telluride thin-film module manufacturer First Solar, Inc. is acquiring Sweden’s Evolar AB, an Uppsala-based company founded in 2019 that specializes in the development and commercialization of perovskite tandem solar cells. At the same time, Swedish renewable energy project developer Magnora ASA is divesting its majority stake in Evolar. For the transaction, First Solar will initially pay about $ 38 million, of which Magnora says it will receive about $ 29 million. Depending on the achievement of certain technological milestones, another $ 42 million will be paid, 24 million of which will go to Magnora.
Evolar’s lab, with 30 employees, will continue its work as First Solar’s research facility – the company’s first in Europe. This will involve »close collaboration« with First Solar's 60-person research team in Santa Clara, California, and its development department in Perrysburg, Ohio. There, First Solar is building a research and development center for $ 370 million, which is to be completed in 2024.

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