Solar energy solutions provider First Solar (NASDAQ:FSLR) has acquired Evolar AB for a total consideration of $80 million.
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The deal involves $38 million to be paid at closing and a further $42 million technical milestone payment. Importantly, the move boosts First Solar’s expertise in thin film photovoltaics (PV).
The addition of Evolar is anticipated to speed up First Solar’s development of high-efficiency tandem devices and further build up on the company’s recent investments in an innovation center in the U.S. It expects the PV modules to boost decarbonization in the future.
Furthermore, the acquisition also provides First Solar a research facility in Europe as the company moves towards its goal of more than 20GW capacity by 2025.
Overall, the Street has a $222.20 consensus price target on FSLR alongside a Moderate Buy consensus rating. Shares of the company have surged nearly 197% over the past year already.
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