SCHENECTADY, N.Y., and TEMPE, Ariz., Aug. 8, 2013 —First Solar of Tempe has acquired General Electric Co.’s thin-film solar technology in exchange for 1.75 million shares of its common stock. The partnership is expected to accelerate cadmium telluride (CdTe) solar module performance and improve manufacturing efficiency.
Citing the combination of the two companies’ complementary technologies and First Solar’s existing manufacturing capabilities, the companies expect to advance the development of thin-film solar cells and modules, setting the course for “significant advancement” of photovoltaic (PV) thin-film technology. In addition, GE Global Research and First Solar Research & Development will collaborate on future technology development to advance CdTe solar technology.
As part of the deal, GE has promised to retain the First Solar stock for at least three years.
“We are creating an exciting synergy with this deal,” said First Solar CEO Jim Hughes. “The addition of GE’s PV thin-film technology and R&D resources will advance our technology road map while realizing cost reduction in our manufacturing process.”
Using First Solar’s manufacturing sites has enabled GE to discontinue the buildout of its Aurora, Colo., solar manufacturing facility.
For more information, visit: www.ge.com