Norwegian investor Magnora for renewable energies has increased its stake in start-up supplier Evolar, which plans to launch a production line for perovskite solar cells. Magnora will now hold a 40.7% stake in the company under a long-term agreement between the two, with options to further increase the stake.
June 1, 2021
Magnora, an Oslo-listed investor with various stakes in renewable energies, has increased its stake in the Swedish company Evolar from 28.44% to 40.7%. a temporary collaboration between the two, first announced in November 2020.
Evolar, based in Uppsala, Sweden, is working on a solution for the production of perovskite tandem cells and says it will shortly offer a turnkey production solution where customers will produce perovskite solar cells within 18 months of the contract being signed.
The company is managed by the founders of the now insolvent CIGS thin-film manufacturer Solibro and would now like to apply their experience and technology to the production of perovskite cells. “Evolar's thin-film tandem cells are based on perovskite and not on CIGS. But much of the underlying manufacturing process is the same, ”said Olle Lundberg, CTO of Evolar. “We have the experience, the technology and the techniques to install commercially viable thin-film production lines in any solar cell factory.”
Evolar currently operates a pilot production line at its headquarters in Uppsala, Sweden – with a “unique evaporation technology” to deposit perovskite layers on conventional solar cells. The company plans to offer this “PV Power Booster” technology as a turnkey solution that can be integrated into existing module production.
Magnora has not disclosed financial details of the deal with Evolar, but says the acquisition will be funded by existing cash on hand and that the share price is similar to last year's original acquisition.
The investor said it made the decision to increase its stake after “meeting all of the milestones in the original business plan”. She also says she has cash on hand on the two remaining options, which if exercised would increase her stake in Evolar to 63.5%.
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