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The transaction values Evolar at up to 80 MUSD (838 MNOK*) of which Magnora’s
stake will be up to 53 MUSD (555 MNOK) subject to certain milestones being
achieved in the future: 29 MUSD (300 MNOK) upfront payment plus up to 24 MUSD
(255 MNOK) in milestone payments.
Magnora sells its non-core technology asset Evolar AB of Uppsala Sweden. The
strategic transaction allows Magnora to focus on companies and projects in the
high-growth renewable energy project development market. Magnora will no longer
be required to support the monthly operating costs of the business. As a
consequence, there will be a reduction of outgoings of approximately 5 MNOK per
month, benefitting Magnora’s future cash flow.
The acquisition is expected to accelerate the development of next-generation PV
technology, including high-efficiency tandem devices, by integrating Evolar’s
know-how with First Solar’s existing research and development (R&D) streams,
intellectual property portfolio, and expertise in developing and commercially
scaling thin film PV.
Under the agreement, the terms of which were not disclosed, Evolar’s laboratory
in Uppsala, Sweden, will continue to conduct research activity, marking the
first time that First Solar will have an R&D facility in Europe. Upon closing of
the transaction, approximately 30 of Evolar’s R&D staff will transition to First
Solar, working in close collaboration with the company’s team of about 60
scientists at its advanced research technology center in Santa Clara,
California, and the development teams in Perrysburg, Ohio.
Founded in 2019 by veterans of the copper indium gallium selenide (CIGS)
industry, Evolar focused on developing solutions, including manufacturing
equipment, for commercializing a tandem solar technology utilizing perovskite
thin films. Made up of some of Europe’s foremost experts in thin film PV, Evolar
has produced several thin film efficiency records, including the current 23.6
percent world record for CIGS research solar cells. Its team works closely with
leading European research institutions, including Uppsala University.
“We believe First Solar is even better placed to make use of Evolar’s technology
,” says Erik Sneve, CEO of Magnora. “Sweden is an excellent location to
establish a center of excellence in this field. We are proud to have supported
Evolar and its team over recent years. Evolar boasts a truly unique team with
market-leading competence. We are convinced that the Evolar team will thrive as
part of the First Solar team, one of the leading solar technology companies in
the world,” says Erik Sneve.
After the sale, Magnora’s portfolio is streamlined on asset-light, early-stage
development of solar PV, onshore and offshore wind, and energy storage. This
portfolio includes close to 150 projects and above 5.000 MW under development
net to Magnora across Sweden, Norway, England, Scotland, Wales, and South
Africa. Increasingly, these companies and projects are able to draw on each
other and generate learning across geographies. The Magnora team consists of an
experienced group of professionals from e.g. Lundin, Statkraft, Hafslund, Arise
Windpower, DNV, Deloitte, and Aker companies with multiple decades of experience
in energy project development.
- NOK/USD figures are calculated based on the exchange rate of 11 May
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) invests in renewable energy development projects and
companies. Magnora’s portfolio of renewable companies consists of Helios Nordic
Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund
Magnora Sol AS, Magnora South Africa, and AGV. In addition, Magnora has legacy
revenues from its previous design business and potential milestone payments from
the sale of Evolar AB (sold to First Solar Inc). The company is listed on the
main list on Oslo Stock Exchange under the ticker MGN.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/2347/3248/Download%20announcement
%20as%20PDF.pdf
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