Tempe-based First Solar to acquire European company in $80 million deal

First Solar is acquiring Swedish thin film company Evolar in a deal valued up to $80 million, the Tempe-based solar panel manufacturer announced on Friday.

BY AMY EDELEN/PHOENIX BUSINESS JOURNAL

May 13, 2023, 6:30 AM

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First Solar installing a solar farm. The Tempe-based solar panel manufacturer is acquiring a European thin film company, in a deal valued up to $80 million. (First Solar Photo)

(First Solar Photo)

First Solar is acquiring Swedish thin film company Evolar in a deal valued up to $80 million, the Tempe-based solar panel manufacturer announced on Friday.

First Solar (Nasdaq: FSLR) agreed to buy Evolar for $38 million with an additional $42 million to be paid upon meeting certain technical milestones, according to a company release.

First Solar’s addition of Evolar — which makes thin film used in solar panels — is expected to bolster development of the company’s perovskite technology, including high-efficiency tandem devices.

“With this acquisition, along with our new innovation center in the U.S. and longstanding commitment to R&D, we are investing not just in First Solar’s future, but the future of solar energy,” Mark Widmar, CEO of First Solar, said in a statement.

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