First Solar (NASDAQ: FSLR), a leading American solar technology company, has acquired Evolar AB, a European leader in photovoltaic technology. 

The deal, valued at around $38 million, with an additional $42 million contingent upon future technical milestones, aims to accelerate the development of high-efficiency tandem devices by integrating Evolar's expertise with First Solar's research and development capabilities. Evolar's research facility in Uppsala, Sweden, will continue its activities, marking First Solar's first R&D facility in Europe. Around 30 of Evolar's R&D staff will join First Solar, collaborating with the company's scientists in California and Ohio.

Founded in 2019, Evolar has achieved notable advancements in thin film PV, including setting a world record for CIGS research solar cells. First Solar's investment in R&D also includes the construction of a cutting-edge innovation center in Ohio, which is set to be the largest facility of its kind in the Western Hemisphere. 

Markus Gloeckler, chief technology officer of First Solar stated: “As we approach over 20 gigawatts of global nameplate capacity by 2025, First Solar’s track record in scaling thin film photovoltaics speaks for itself.”

Since 1999, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet.

Shares of First Solar trade on the NASDAQ under the ticker symbol FSLR.