First Solar Inc has announced that it will be acquiring TetraSun, a solar PV startup that has developed a breakthrough cell architecture capable of reaching efficiencies in excess of 21 percent at a cost comparable to conventional multicrystalline silicon solar cells.
The company has signed a definitive agreement to acquire TetraSun from JX Nippon Oil & Energy Corporation and other investors, including TetraSun Management. The transaction is expected to close in the second quarter of 2013 but the terms have not yet been disclosed. First Solar and JX Nippon Oil & Energy Corporation have also been discussing an agreement to distribute the technology in Japan.
The technology is a proprietary cell architecture which is simpler than other high-efficiency crystalline silicon cells and optimized for manufacturing, requiring fewer process steps with wider tolerances. The cell design will also enable high –volume production and higher yields using readily available equipment. The use of large-format (156 mm) n-type wafers enhances cost effectiveness and eliminates the need for expensive silver and transparent conductive oxide (TCO). The design also has a low temperature coefficient of power thus producing superior energy yields in hot climates compared to conventional PV modules. First Solar intends to begin commercial-scale manufacturing of the new technology in the second half of 2014.
“This breakthrough technology will unlock the half of the PV market which favors high-efficiency solutions, which has been unserved by First Solar to date” said Jim Hughes, CEO of First Solar. “This new capability to meet the needs of customers with distributed generation applications, coupled with our leading CadTel offering which remains the benchmark for utility-scale systems, gives us a unique end-to-end suite of solutions to serve the full spectrum of commercial applications.”
Denis DeCeuster, CEO of TetraSun, described the cell as a “game-changing technology” and said that the First Solar deal will enable a blank-canvas approach backed by the strongest balance sheet in the industry. TetraSun’s associates will join First Solar but continue to be based in San Jose, California.
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