Magnora increases stake in Swedish solar perovskite start-up Evolar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Evolar’s technology enhances solar cell efficiency by applying a thin-film layer of perovskite. Image: Evolar.

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.

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.

Read Next

January 19, 2022
Innovative Solar Systems (ISS), a utility-scale solar developer with a 12GW pipeline, has put itself up for sale, as it seeks partners to support the company in its development of ever larger PV projects across the US.
January 19, 2022
US solar developer 8minute Solar Energy has closed US$400 million in financing from institutional investor EIG to bolster its US solar PV and energy storage pipeline.
January 18, 2022
Prefabricated solar solutions manufacturer 5B is looking to improve the scalability and cost of its technology through an AU$33.4 million (US$24 million) innovation programme and support from the Australian Renewable Energy Agency (ARENA).
January 18, 2022
Corporate funding in the global solar sector reached a ten-year high in 2021 as the industry recovered from a COVID-affected 2020, new research from Mercom Capital Group reveals.
PV Tech Premium
January 14, 2022
Raising more than US$1 billion in equity capital in the past year, US independent power producer (IPP) Silicon Ranch is looking to expand its model of developing, owning and operating large-scale PV plants while maintaining a strategy of co-locating projects with regenerative agriculture.
January 14, 2022
Changzhou Better Film plans to invest RMB800 million (US$125 million) into establishing 20GW of ethylene vinyl acetate (EVA) production in the Chinese city of Chuzhou.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal