The development of next-generation tandem PV technology will be accelerated by the acquisition of perovskite technology expert Evolar AB by US thin-film photovoltaics (PV) manufacturer First Solar Inc.
For up to $80 million, First Solar will purchase the Swedish business, which is majority owned by the Norwegian renewables investor Magnora ASA. Of that amount, $38 million will be paid at closing, and the remaining up to $42 million will only be paid if certain future technical milestones are completed. High-efficiency tandem PV modules will shape the future and hasten decarbonization, said First Solar CEO Mark Widmar.
Evolar was founded in 2019 with the goal of creating products, including manufacturing machinery, to commercialize tandem solar technology using perovskite thin films. After the agreement, Evolar will continue to perform research at its Uppsala facility, but roughly 30 of its research and development (R&D) employees will join First Solar, boosting that company’s R&D presence in Europe.
A new R&D innovation center in Perrysburg, Ohio, where First Solar is investing up to $370 million, is expected to be finished in 2024.