FSLR - First Solar acquire European thin film company Evolar
2023-05-12 05:04:30 ET
First Solar ( NASDAQ: FSLR ) acquires Evolar AB, a European leader in perovskite technology for ~$38M paid at closing and up to an additional $42M to be paid subject to certain technical milestones.
The impact to 2023 operating expenses is expected to be ~$2-4M, excluding the impact of purchase price accounting.
Under the agreement, 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.
In October 2022, First Solar announced that it would construct a new R&D innovation center in Perrysburg, Ohio, representing an investment of up to $370M, is believed to be the first of its scale in the Western Hemisphere and is expected to accelerate the development and production of advanced thin film PV.
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First Solar acquire European thin film company, Evolar