First Solar Buys Evolar
First Solar has been around for, well, what seems like forever. It was founded in 1999, well before the solar boom took off and solar power became big business. Back then, there were all kinds of claims about how little solar power could ever contribute to the electricity supply. It was seen by many as a joke, and many utilities claimed no more than 1% or 2% of a grid’s electricity could come from solar — or the grid would crash.
First Solar has further strengthened its global leadership in thin film photovoltaics by acquiring Evolar AB, a European leader in perovskite technology. 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 streams, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV.
Word is that First Solar paid about $38 million at closing and will pay another $42 million if specific technical milestones are achieved. “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.
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