First Solar (NASDAQ:FSLR) stock is a hot topic on Friday after the company announced its acquisition of European perovskite technology company Evolar.
First Solar is paying $38 million upfront for the Evolar and may pay another $42 million if certain development milestones are met. FSLR believes this acquisition will accelerate its development of next-generation photovoltaic ( ) technology.
Not all details of the deal were revealed, but we do know that Evolar will continue to operate in Europe. Additionally, 30 of the company’s employees will move to First Solar following the deal and Evolar’s research facility in Uppsala, Sweden, will continue to operate.
Mark Widmar, CEO of First Solar, said the following about the deal in a news release:
“By connecting our advanced research lab in California with Europe and building the Western Hemisphere’s largest PV R&D innovation center in Ohio, we are effectively establishing and leading a uniquely transatlantic effort to develop and commercialize the next generation of photovoltaics.”
What This Means for FSLR Stock
Investors are reacting positively to the news as they see the acquisition of Evolar as a boon to First Solar. This has shares of FSLR stock seeing heavy trading on Friday. As of this writing, some 5 million shares have changed hands. The company’s daily average trading volume is about 2.5 million shares.
FSLR stock is up 22.8% alongside the Evolar acquisition news. The stock is also up 54.8% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.