First Solar acquires perovskite developer Evolar

First Solar/Perovskite and tandem cells

First Solar acquired Swedish perovskite specialist Evolar for approximately $38M upfront plus up to $42M in milestone-based payments, bringing about 30 R&D staff and First Solar's first European research facility in Uppsala. Evolar's tandem solar cell technology aims to add about 25% more energy yield to existing photovoltaic designs.

• $38M upfront plus up to $42M in technical milestone payments; ~30 R&D staff transferred; research site in Uppsala, Sweden
• Perovskite tandem technology adds thin perovskite layer to existing solar material; targets ~25% more energy yield
• Founded 2019 by former Solibro staff; holds CIGS research cell record at 23.6% efficiency; demonstrated durability for 25 years