Renewable energy development company Magnora is increasing its stake in Swedish solar cell technology company Evolar.
Magnora has a 28.44% stake in the company but has now decided to call the first of three options to increase its shareholding in the company to 40.7%.
When (and if) all options have been exercised, Magnora will own 63.5% of Evolar AB.
Magnora executive chairman Torstein Sanness said: “Magnora is pleased to increase its shareholding in Evolar, and we believe the investment can deliver attractive returns to our shareholders and make a positive impact on society.
Evolar has a unique Perovskite deposition technology which will allow solar cell, module, and glass manufacturers to install a turn-key solution to increase cell efficiency significantly with a limited cost increase.
The Evolar technology and product development is led by chief scientific officer, Professor Lars Stolt, and chief technology officer Dr. Olle Lundberg, who have several decades’ experience from research and industrialisation of thin film technologies.
The Evolar team holds several world records within CIGS based thin film solar cells already and is utilising its knowledge to ensure that Perovskite boosted conventional solar cells will be made with the same speed, quality and uniformity as CIGS based modules.
Magnora will use its existing cash holding for the acquisition. The strike price was set late last summer.
The share price is approximately equal for all options and similar to the original acquisition price last year.
Magnora has cash at hand to exercise all remaining options based on the current business plan.
Magnora chief executive Erik Sneve said that the Perovskite opportunity represents a strategic inflection point for the solar industry, regular businesses, and consumers with efficiency rates leaping at a time where society are looking for sustainable ways to make green energy.
Evolar chief executive Mats Ljunggren added: “Our perovskite tandem cells offer much higher efficiency for about the same per-watt manufacturing cost.
“Now is the time to invest in tandem solar cells. There’s no doubt this is where the market is heading.”