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First Solar to acquire TetraSun
First Solar announces it is acquiring TetraSun, a solar photovoltaic (PV) technology startup and developer of a high-efficiency, low-cost cell technology.
TetraSun has developed a cell architecture capable of conversion efficiencies exceeding 21% 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 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 the industry.”
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