- First Solar bought Evolar in Sweden for up to $80 million.
- The company said the deal will accelerate the development of the next generation of solar technology.
- The news sent shares of First Solar soaring, and spurred other solar stocks.
First Solar (FSLR) was the best performing stock in the S&P 500 on Friday after the solar panel maker bought Swedish thin-film solar maker Evolar for up to $80 million.
First Solar stated that the Initial price was approximately $38 million, with up to an additional $42 million payable subject to certain technical milestones being met.
The company said the acquisition accelerate the development of the next generation of photovoltaic (PV) technology, which CEO Mark Widmar says would accelerate efforts to reduce greenhouse gas emissions “by allowing us to more efficiently convert sunlight into electricity own”.
The terms of the agreement do not 39; were not disclosed, but First Solar noted that Evolar's lab in Uppsala, Sweden, would continue to conduct research, giving First Solar its first R&D facility in Europe. About 30 Evolar employees will transition to First Solar and work in coordination with company scientists at its Advanced Research Technology Center in Santa Clara, California, and development teams at Perrysburg, Ohio.
First Solar shares have skyrocketed 25% on the news and helped boost the shares of others in the solar industry.