Renewables investor Magnora has increased its ownership in Swedish solar cell technology company Evolar from 40.7% to 50%.
Evolar has developed perovskite deposition technology that will enable solar cell manufacturers to install a turn-key solution to their production lines, enhancing solar cell efficiency by applying a thin-film layer of perovskite, according to a press release from Magnora.
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Norway-based Magnora said the acquisition follows Evolar’s strong progress in developing and commercialising its efficiency-enhancing technology for conventional solar cells.
“We are very pleased and impressed by the Evolar team and its progress, and we increase our shareholding in the company according to plan to fund further development,” said Torstein Sanness, Magnora executive chairman.
Magnora made its first investment in Evolar in November 2020, taking a 28.44% stake as part of a deal that includes options to acquire up to 63.5% of the start-up. It went on to increase its interest to 40.7% earlier this year.
The latest investment follows Evolar announcing last week that it has entered into a joint project with an Indian solar manufacturer to develop perovskite/silicon tandem solar modules for the Indian market.
The collaboration involves the development of a business case, a product prototype as well as a manufacturing solution based on the undisclosed Indian company’s silicon technology.
With India set to introduce a 40% basic customs duty on solar modules from 1 April 2022, Evolar said “efficient and high-quality domestic production becomes even more urgent”.
Evolar CEO Mats Ljunggren said: “We firmly believe that the combination of our perovskite-based technology and this manufacturing partnership can play a key role in strengthening India’s domestic solar module supply.”
As well as Evolar, Magnora’s portfolio of renewables companies includes Helios Nordic Energy, a Sweden-based developer of utility-scale solar projects that it recently increased its ownership stake in.