FSLR - First Solar skyrockets to nearly 15-year high on deal for European tech firm

2023-05-12 10:25:31 ET

First Solar ( NASDAQ: FSLR ) +22.6% to its highest since September 2008 in early trading Friday after agreeing to pay up to $80M to acquire European perovskite technology company Evolar.

First Solar ( FSLR ) said the acquisition will accelerate the development of next generation PV technology, including high-efficiency tandem devices.

Evolar has produced several thin film efficiency records, including the current 23.6% world record for CIGS research solar cells.

The company has established a research laboratory in Sweden, which now will be First Solar's ( FSLR ) first R&D facility in Europe.

Analysts at Roth MKM said the deal is a "substantial positive" for First Solar ( FSLR ), as their checks indicate there is "no grace period for foreign-produced cells... Look for the stock to be up and the company to announce more capacity expansion soon if this is true."

More on First Solar:

• Financial and valuation comparisons to sector peers
• Analysis: First Solar: 180% Rally In 9 Months Has Priced In Anticipated Growth Tailwinds
• Stock price return: Up 52% YTD, up 261% in the past 12 months

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