First Solar Shares Soar on Purchase of Swedish Solar Tech Firm


Getty Images

Key Takeaways

  • First Solar bought Sweden's Evolar for up to $80 million.
  • The company said the deal will accelerate developing the next generation of solar technology.
  • The news sent First Solar shares soaring, and boosted other solar stocks.

First Solar (FSLR) was the best-performing stock in the S&P 500 on Friday after the maker of solar panels bought Swedish solar thin film manufacturer Evolar for up to $80 million.

First Solar said that the initial price was approximately $38 million, with as much as an additional $42 million payable subject to certain technical milestones being reached.

The company indicated that the acquisition will accelerate the development of the next generation of photovoltaic (PV) technology, which CEO Mark Widmar said would speed up efforts to reduce greenhouse gas emissions “by allowing us to convert sunlight into clean electricity more efficiently.”

Terms of the agreement 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. Some 30 Evolar staffers will transition to First Solar and work in coordination with the company’s scientists at its advanced research technology center in Santa Clara, Calif., and development teams in Perrysburg, Ohio.

Shares of First Solar soared over 25% on the news, and helped lift shares of others in the solar power sector.

First Solar YTD


Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. First Solar. “First Solar Strengthens Global Technology Position in PV with Acquisition of Evolar, a Leading European Thin Film Company.”

Take the Next Step to Invest
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.