By Dean Seal
Shares of First Solar are trading higher Friday after the company said it would pay up to $80 million to acquire the perovskite technology company Evolar AB.
The stock was up 5% at $192.23 in premarket trading. As of Thursday’s close, shares had almost tripled over the last 12 months.
The solar module manufacturer said it has agreed to pay $38 million upfront when the deal closes and up to an additional $42 million based on the achievement of certain milestones.
Buying Evolar should strengthen First Solar’s global leadership in thin film photovoltaics, the company said.
The acquisition is expected to deal a $2 million to $4 million blow to First Solar’s operating expenses.
About 30 of Evolar’s research and development staff members will transition to First Solar once the deal closes, First Solar said.
Write to Dean Seal at [email protected]
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