First Solar, a leading manufacturer of thin-film modules, has recently acquired Evolar, a company specializing in thin-film technology, for a transaction cost of approximately US$38 million, with an additional US$42 million potentially paid subject to meeting certain technical milestones in the future. The acquisition aims to enhance First Solar's development of photovoltaic (PV) technology, specifically high efficiency tandem devices, by integrating the capabilities, existing research and development streams, intellectual property portfolio, and expertise of both companies.
Mark Widmar, CEO of First Solar, stated that the acquisition complements the company's existing R&D streams with expertise in thin film semiconductors that complement CadTel, and that it is expected to accelerate First Solar's efforts in developing tandem technology, aligning with the company's commitment to producing ultra-low carbon, sustainable solar energy.
Interestingly, the acquisition also marks First Solar's first R&D facility in Europe, as Evolar's laboratory in Sweden will continue to conduct research activity after the acquisition. According to Widmar, the acquisition will enable First Solar to connect its advanced research lab in California with Europe and establish the largest PV R&D innovation centre in Ohio, leading a transatlantic effort to develop and commercialize the next generation of PV.
This acquisition comes as First Solar plans to invest US$270 million in a new R&D facility in Perrysburg, Ohio, as part of its global PV manufacturing expansions. In March, the company announced that it had recorded 48.3GW of net bookings in 2022, an increase of 30.8GW from the previous year, with a backlog of future deliveries currently reaching 67.7GW, of which 12GW has been signed since its previous earnings call.
With the acquisition of Evolar, First Solar aims to further establish itself as a leading manufacturer and developer of advanced PV technology, positioning itself to meet the growing demand for sustainable, low-carbon energy.
