First Solar to Acquire TetraSun to Expand Addressable Market Opportunity
Breakthrough high-efficiency, low-cost cell technology complements
Offers optimal solution for distributed generation and high energy
TEMPE, Ariz. & SAN JOSE, Calif.--(BUSINESS WIRE)--
First Solar, Inc. (Nasdaq: FSLR) today announced it is acquiring
TetraSun, a solar photovoltaic (PV) technology startup which has
developed a break-through cell architecture capable of conversion
efficiencies exceeding 21 percent with commercial-scale manufacturing
costs comparable to conventional multicrystalline silicon solar cells.
First Solar signed a definitive agreement to acquire TetraSun from JX
Nippon Oil & Energy Corporation and other investors, including TetraSun
management. Terms of the transaction, which is expected to close in the
second quarter of 2013, were not disclosed. First Solar and JX Nippon
Oil & Energy also have entered into discussions on an agreement to
distribute the technology in Japan.
First Solar today announced it is acquiring TetraSun, which has developed a break-through cell architecture capable of conversion efficiencies exceeding 21 percent with commercial-scale manufacturing costs comparable to conventional multicrystalline silicon solar cells. (Photo: Business Wire)
TetraSun's core technology is a proprietary cell architecture which
breaks the historical tie between high-efficiency and high-cost.
Compared to other high-efficiency crystalline silicon cells, TetraSun's
advanced cell design is simpler and optimized for manufacturing,
requiring fewer process steps with wider tolerances. The design enables
high-volume production with higher yields using readily available
equipment. Cost-effectiveness is further enhanced by using large-format
(156 mm) n-type wafers and eliminating the need for expensive silver and
transparent conductive oxide (TCO). The technology also benefits from a
low temperature coefficient of power, which produces superior energy
yields in hot climates compared to typical silicon PV modules. First
Solar tentatively plans to begin commercial-scale manufacturing of the
new technology in the second half of 2014.
"This breakthrough technology will unlock the half of the PV market
which favors high-efficiency solutions, which has been unserved by First
Solar to date," said Jim Hughes, CEO of First Solar. "This new
capability to meet the needs of customers with distributed generation
applications, coupled with our leading CadTel offering which remains the
benchmark for utility-scale systems, gives us a unique end-to-end suite
of solutions to serve the full spectrum of commercial applications."
"We are proud to join the First Solar team, which brings global reach,
financial strength and a proven track record scaling disruptive
technologies," said Denis De Ceuster, CEO of TetraSun. "This is a
game-changing technology, and with First Solar we have the freedom to
continue our blank-canvas approach, unconstrained by preexisting designs
or production equipment, and backed by the strongest balance sheet in
"JX Nippon Oil & Energy was among the first to recognize the potential
of this technology, and we are very pleased to continue working with
this leading energy company to bring this product to market," said Jim
Hughes. "Japan is an important market with unique energy challenges, and
we believe this new technology is well-suited to help them meet their
All fourteen of TetraSun's associates will join First Solar and continue
to be based in San Jose, Calif. The technical team brings First Solar
significant expertise in silicon PV R&D and a track record of innovation
at companies like SunPower and Fraunhofer ISE, where they earned
world-records for silicon cell efficiency.
About First Solar, Inc.
First Solar is a leading global provider of comprehensive photovoltaic
(PV) solar systems which use its advanced module and systems technology.
The company's integrated power plant solutions deliver an economically
attractive alternative to fossil-fuel electricity generation today. From
raw material sourcing through end-of-life module recycling, First
Solar's renewable energy systems protect and enhance the environment.
For more information about First Solar, please visit www.firstsolar.com.
For First Solar Investors
This release contains forward-looking statements which are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange
Act of 1934. The forward-looking statements in this release do not
constitute guarantees of future performance. Those statements involve a
number of factors that could cause actual results to differ materially,
including risks associated with the company's business involving the
company's products, their development and distribution, economic and
competitive factors and the company's key strategic relationships and
other risks detailed in the company's filings with the Securities and
Exchange Commission. First Solar assumes no obligation to update any
forward-looking information contained in this press release or with
respect to the announcements described herein.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20130409006578/en/
+1 602 414-9315
+1 602 414-9315
Source: First Solar, Inc.
News Provided by Acquire Media
Close window | Back to top