First Solar (NASDAQ:FSLR) shares climbed Friday after First Solar announced an acquisition of Evolar AB for up to $80 million. Evolar is a European company that develops thin film used in solar panels.
The impact to 2023 operating expenses is expected to be approximately $2-4 million, excluding the impact of purchase price accounting.
Friday morning’s news release said 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 (R&D) streams, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV.
Said CEO Mark Widmar, “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.”
Under the agreement, the terms of which were not disclosed, Evolar’s laboratory in Uppsala, Sweden, will continue to conduct research activity, marking the first time that First Solar will have an R&D facility in Europe.
Upon closing of the transaction, approximately 30 of Evolar’s R&D staff will transition to First Solar, working in close collaboration with the company’s team of about 60 scientists at its advanced research technology center in Santa Clara, California, and the development teams in Perrysburg, Ohio.
FSLR shares jumped $41.99, or 22.9%, to $225.18.
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