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Soars in Wall Street trading after the company unveiled a deal it says will strengthen its technological position in the solar energy field.
First Solar announced that it will acquire the Swedish Evolar, a European company that develops thin film for use in solar panels, in a deal of up to 80 million dollars, with 38 million dollars paid at the time of closing, and about 42 million additional dollars may be added if the company meets certain technical milestones. According to the company, the acquisition is expected to accelerate the development of the next generation of photovoltaic (PV) technology.
“With this acquisition, along with our new innovation center in the US and our long-standing commitment to R&D, we are investing not only in the future of First Solar, but in the future of solar energy,” said company CEO Mark Widmer.
First Solar’s stock is currently trading for $226.5 and has a market capitalization of $24.2 billion. As a result of First Solar’s jump and its transaction, the other shares of the sector are also rising in trading, including Solaredge and Appenize.
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