First Solar Inc shares surged 24% to $226.33 on Friday after the provider of photovoltaic (PV) solar energy modules announced that it will acquire Sweden's Evolar AB, which develops thin film used in solar panels.
First Solar has agreed to pay about $38 million at closing plus up to an additional $42 million should certain technical milestones be met in the future.
The company noted the acquisition is expected to speed up the development of next-generation PV technology, which includes the development of high-efficiency tandem devices.
“We anticipate that high efficiency tandem PV modules will define the future, speeding up decarbonization by allowing us to convert sunlight into clean electricity more efficiently,” First Solar CEO Mark Widmar said in a statement.
Upon closing, Evolar’s laboratory in Uppsala, Sweden, will continue to conduct research activity, providing First Solar with an R&D facility in Europe for the first time.
Shares of First Solar have soared more than 260% over the past 52 weeks.
Contact Sean at sean@proactiveinvestors.com