Swedish perovskite startup picks up new investment

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Norway based renewables investor Magnora has increased its stake in startup equipment supplier Evolar, which is aiming to bring a production line for perovskite solar cells to market. Magnora will now hold a 40.7% stake in the company as part of a long-term deal between the two, with options to further increase the stake available down the line.

June 1, 2021

Magnora, an Oslo stock exchange-listed investor with various renewable energy interests, has increased its stake in Swedish company Evolar from 28.44% to 40.7%, exercising the first of three options available to the investor to increase its share, as part of longer-term cooperation between the two first announced in November 2020.

Evolar, based in Uppsala, Sweden is working on a solution for perovskite tandem cell production, and says it will soon be offering a turnkey production solution that will have customers producing perovskite solar cells with 18 months of signing a contract.

The company is led by the founders of now-insolvent CIGS thin-film producer Solibro, and says it is now looking to apply both its experience and technology to perovskite cell production. “Evolar’s thin-film tandem cells are based on perovskite rather than CIGS. But much of the underlying manufacturing process is the same,” said Evolar CTO Olle Lundberg. “We have the experience, the technology, and the techniques for installing commercially viable thin-film production lines at any solar cell manufacturing plant.”

Evolar is currently operating a pilot production line at its headquarters in Uppsala, Sweden, – using a “unique evaporation technology” to deposit perovskite layers onto 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 facilities.

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Magnora has not disclosed financial details of the deal with Evolar, but says the acquisition will be financed through existing cash holdings and that the share price is similar to the original acquisition made last year.

The investor says it made the decision to increase its share after “all milestones from the original business plan” were reached. It also says it has cash at hand for the two remaining options which, if exercised, would increase its share in Evolar to 63.5%.

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