OSLO, NORWAY: Magnora ASA has increased its ownership in Evolar AB (Evolar) from 50 percent to 63.5 percent, as a result of strong progress in Evolar.
Based on Evolar’s Perovskite deposition technology, solar cell manufacturers will be able to enhance conventional solar cell efficiency by installing a turn-key solution to their production lines. The technology applies a thin-film layer of perovskite to the solar panels which enables better utilisation of the solar spectrum.
Technology and product development is led by Professor Lars Stolt and Dr. Olle Lundberg, who have decades of experience from research and industrialisation of thin-film solar technologies. The Evolar team holds several world records within copper indium gallium selenide (CIGS) based thin-film solar cells and utilise this competence to ensure speed, quality and uniformity in Perovskite boosted conventional solar cells.
“Our colleagues at Evolar continue to impress us with their relentless effort developing the solar cell efficiency, and we are therefore pleased to increase our shareholding and take part in their journey,” says Torstein Sanness, Executive Chairman of Magnora.
Magnora announced its first investment in Evolar AB on 16 November 2020, with a 28.44 percent stake. Evolar has reached all milestones from the original business plan, and Magnora has decided to call the last of three options increasing its shareholding in the company from 50 to 63.5 percent.
Magnora will use its existing cash holding to fund the transaction. The strike price was set late in the fall 2020 and the share price is approximately equal for all options and similar to the original acquisition price last year.