COMPANY PROFILE / PEROVSKITE SOLAR CELLS
First Solar
The silicon-free thin-film giant preparing for perovskites with the Evolar acquisition and a patent licence
First Solar describes itself in its 10-K as "the only U.S.-headquartered company among the world's largest solar manufacturers", and it grew big not on silicon but on cadmium telluride (CdTe) thin film. For the year to December 2025, revenue reached about US$5.2 billion and operating income about US$1.6 billion. In May 2023 First Solar acquired Evolar AB, a European perovskite developer; it has built a dedicated perovskite development line in Ohio, and in February 2026 it took a U.S. patent licence from Oxford PV. Its 10-Q for the period ended June 2026 mentions for the first time a perovskite pilot line expected to be available in 2027. But the efficiency, launch date and investment for any perovskite product have not been disclosed. This profile keeps the company as a whole brief and sets out what First Solar has done in perovskites, using only its statutory filings with the U.S. SEC and announcements by public bodies.
- First Solar in 30 seconds, and where it stands in perovskite solar cells
- The logo and how the name is written
- Where the company sits in the perovskite solar landscape
- Scale (the CdTe business in brief)
- Resources committed to perovskites
- Track record so far (centred on the Evolar acquisition)
- Plans ahead
- What the company is aiming for in perovskite solar cells
- Partnership map
- Technology, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. First Solar in 30 seconds, and where it stands in perovskite solar cells
(from thin film)An exceptional incumbent that did not come from silicon
line in OhioMakes small prototype modules. Pilot line expected in 2027
from Oxford PVNon-exclusive. Excludes products using crystalline silicon (February 2026)
Companies working on perovskite solar cells fall into three broad groups: established PV makers, perovskite start-ups, and newcomers from materials, chemicals and electronics. First Solar is an established PV maker, but unlike LONGi or Hanwha Qcells it did not come from silicon Sourced. Its core business is modules made by depositing CdTe thin film on glass, and about 96% of its revenue for the year to December 2025 came from the U.S. Our calculation. So it treats perovskites as a thin-film technology, not as something to stack on silicon. The 10-K says perovskites "have the potential to significantly increase the efficiency and reduce the cost of PV solar modules either through single-junction or potentially multi-junction devices", and the patent licence with Oxford PV goes out of its way to exclude products that use crystalline silicon. The product format has not been settled; the company is exploring both single-junction perovskite on glass and thin-film-on-thin-film tandems.
2. The logo and how the name is written
The First Solar logo is a trademark of the company. We have not recreated it with generated imagery;
the image was taken from the official website and is placed here as img/first_solar_logo.png (the image offered on the website is small, so it is also shown at a small size).
A note on names: the legal name is First Solar, Inc., a Delaware corporation. The perovskite company it acquired is formally Evolar AB (AB denotes a Swedish limited company), which the 10-K describes as "a developer of perovskite technology". Japanese-language coverage writes the name phonetically in katakana; this series uses the Latin-alphabet name throughout.
Official site: https://www.firstsolar.com/3. Where the company sits in the perovskite solar landscape
For First Solar, perovskites are both an opportunity to build on its strengths and a threat. Among the risk factors in its 10-K, it lists competing technologies "such as crystalline silicon, hybrid perovskites, tandem solar cells, or other thin films", which could prove more cost-effective or perform better than its own modules Sourced. Yet the same 10-K says the company continues to research and develop its thin-film semiconductor technology "with a focus on the use of perovskite thin films". The volume-manufacturing skill of depositing thin films on glass and turning them into modules is something First Solar already has. In short, the company can be seen as bringing perovskites into its own thin-film lines so as not to be beaten by them. For the technical background, see also our explainers on silicon–perovskite tandems and on solution coating.
4. Scale (the CdTe business in brief)
The CdTe business itself is not the subject here, so only its size is noted Sourced.
| Item (US$ thousands) | FY2023 | FY2024 | FY2025 | First half of 2026 |
|---|---|---|---|---|
| Net sales | 3,318,602 | 4,206,289 | 5,219,376 | 2,100,433 |
| Operating income | 857,266 | 1,394,420 | 1,596,864 | 795,689 |
| R&D expense (whole company) | 152,307 | 191,375 | 233,421 | 143,187 |
As of 31 December 2025 the company had approximately 7,900 employees, the majority working in the U.S., Malaysia, India and Vietnam. It also has employees in Sweden, who, according to the 10-K, are represented by the union Engineers of Sweden Sourced.
All the figures above are for the whole company, which is centred on CdTe. R&D spending, capital expenditure and headcount devoted to perovskites are not disclosed Not yet confirmed. The February 2026 release says First Solar "has spent over $2 billion on thin film research and development, which includes a focus on perovskites", but that is a cumulative figure including CdTe, with no perovskite breakdown. The 10-Q also attributes part of the rise in R&D expense in the first half of 2026 to "the impairment of certain equipment that is no longer expected to be used as part of our technology roadmap", without saying whether that equipment was related to perovskites.
5. Resources committed to perovskites
| Resource | Details | Category |
|---|---|---|
| People (dedicated teams and staff) | The 10-K and 10-Q say that work on improving the efficiency and stability of perovskites is "supported by the associates at our California and European Technology Centers". The number of staff dedicated to perovskites is not disclosed | Sourced |
| Money (facilities) | Built and operates a dedicated perovskite development line in Ohio that produces small perovskite modules (February 2026 release). In addition, the thin film R&D innovation center in Ohio, commissioned in July 2024, has a manufacturing-scale pilot line that can produce full-sized prototypes of single-junction and tandem thin-film modules. No investment figure is given for either | Sourced |
| Investments in and acquisitions of other companies | Acquired 100% of Evolar AB (May 2023) for US$35.5 million in cash (net of US$0.5 million cash acquired), plus up to US$42.5 million in additional payments depending on meeting technical milestones | Sourced |
| Intangible assets from the acquisition | US$47 million of the consideration was allocated to in-process research and development (IPR&D) and US$15 million to goodwill. The IPR&D comprises "technical information, know-how, and other proprietary information associated with certain production capabilities for perovskite technology". The goodwill is attributed to "the acquired technical workforce of Evolar" and expected synergies | Sourced |
| Patents | A non-exclusive U.S. licence to Oxford PV's granted and pending patents (February 2026). Other terms were not disclosed | Sourced |
| Public funding | Selected under the DOE Solar Energy Technologies Office's "Advancing U.S. Thin-Film Solar Photovoltaics" programme (May 2024). DOE award of US$6 million, with US$1.5 million of cost share from the company. Research aiming at 27%-efficient modules using tandems of perovskite (wide-bandgap, FAPbI₃-based) and CIGS (narrow-bandgap) | Sourced |
| Joint research with universities and research institutes | Neither the 10-K nor the 10-Q mentions joint research with universities on perovskites | Could not be confirmed |
Adding the US$35.5 million paid in cash on acquisition and the additional payments of up to US$42.5 million tied to technical milestones, the price for Evolar comes to a maximum of about US$78 million Our calculation. The fair value of the obligation to make the additional payments (the contingent consideration) was put at US$18.5 million on acquisition, and has since fallen to US$6.5 million at the end of 2024 and US$2.2 million at the end of 2025 Sourced. The 10-K explains that changes in the fair value of this liability are "based on updated assumptions related to the probability and timing of achieving the remaining milestones" and are recorded in R&D expense.
What is not disclosed is how much of the decline reflects milestones achieved and actually paid and how much reflects lower expectations of achieving them Not yet confirmed. Meanwhile the company's total IPR&D balance was unchanged at US$43,159 thousand at the end of both 2024 and 2025, meaning that an asset which, under the company's accounting policy, is reclassified to a finite-lived intangible and amortised once complete has not yet been reclassified. In other words, the R&D that came with Evolar is still treated as incomplete for accounting purposes Sourced.
6. Track record so far (centred on the Evolar acquisition)
| When | What happened | What it means |
|---|---|---|
| May 2023 | Acquires 100% of Evolar AB for US$35.5 million in cash, plus up to US$42.5 million on meeting technical milestones. The acquisition "is expected to accelerate the development of high efficiency multi-junction devices by integrating Evolar's know-how with First Solar's existing R&D capabilities, intellectual property portfolio, and expertise in developing and commercially scaling thin film PV products" | Buys perovskite production know-how from outside |
| 2023 (10-K) | Says it is building a dedicated perovskite development line and a U.S. R&D facility (due for completion in 2024, with a pilot line for full-sized thin-film and tandem prototypes) | Capital spending begins |
| September 2023 | DOE announces the "Advancing U.S. Thin-Film Solar Photovoltaics" funding opportunity, covering CdTe and the manufacturing of perovskite tandem products | An opportunity for public funding |
| May 2024 | DOE announces its selections. First Solar's project "High-Performance Tandem Modules Based on Wide-bandgap FAPbI3 Perovskites and Narrow-bandgap CI(G)S Bottom Cells" (Perrysburg, Ohio) is awarded US$6 million | The thin-film-on-thin-film tandem direction appears in a public project plan |
| July 2024 | The R&D innovation center in Ohio is formally commissioned; its manufacturing-scale pilot line can make full-sized thin-film and tandem prototypes | A place for prototyping is in place |
| 2025 (10-K) | Wording changes to the "construction and operation" of the perovskite development line. The contingent consideration falls to US$2.2 million | The line has started running |
| February 2026 | Patent licence agreement with Oxford PV (U.S. only, non-exclusive, crystalline silicon excluded). The company says small modules from the perovskite development line have allowed it to meet key internal milestones, "including initial-stage efficiency, stability, and manufacturability objectives" | Preparation against others' patents, and the first public word on internal progress |
| July 2026 | The 10-Q mentions for the first time "a perovskite pilot line that is expected to be available in 2027" | The next stage after the development line |
7. Plans ahead
Commenting on the Oxford PV agreement, CEO Mark Widmar said it "allows us to continue pursuing viable pathways to manufacturing and commercializing thin film-perovskite products", and that it "reflects the confidence we have in our R&D team's progress in developing an efficient, stable, and manufacturable perovskite device" Sourced. The 10-Q, for its part, describes the development of "a commercially scalable perovskite product" as R&D still in progress and says nothing about when volume production might start.
None of the following appears in the primary sources Not yet confirmed.
When a perovskite product will go into volume production or on sale / the product format (single-junction or tandem, and whether the bottom cell is CdTe or CIGS) / specific efficiency and stability figures for the internal milestones it says it has met / investment and capacity of the development line and the pilot line / the number of staff dedicated to perovskites / licence fees paid to Oxford PV / what Evolar's technical milestones are and how far they have been met. Years of the "First Solar to mass-produce perovskites in year X" kind from press reports are not used in this article.
8. What the company is aiming for in perovskite solar cells
This section includes things the company does not say directly. We set them out as inferences within what the primary sources support, with the evidence for each.
| What the evidence suggests | Primary information it rests on | Category |
|---|---|---|
| It sees perovskites not as a booster for silicon but as the next-generation thin-film material | The 10-K says it continues to develop its thin-film semiconductor technology "with a focus on the use of perovskite thin films", and the licence excludes crystalline silicon | Sourced |
| Its first choice is a thin-film-on-thin-film tandem (perovskite/CIGS) | The DOE-funded research aims at 27% with perovskite/CIGS tandems, and the Evolar acquisition was meant to accelerate multi-junction devices. The 10-K, however, also lists single-junction as a possibility | Inference |
| The Oxford PV licence is about clearing patent risk before volume production | The CEO said the agreement is in line with "our longstanding positions on respecting and safeguarding intellectual property rights", and described it as a way to keep pursuing "viable pathways to manufacturing and commercializing" | Inference |
| For now the main effort is improving CdTe (CuRe), with perovskites next | The 10-Q says that for CuRe one factory in Ohio was permanently converted in the first half of 2026, while for perovskites there is only a pilot line expected in 2027 | Inference |
We have three reasons for thinking First Solar sees a perovskite/CIGS tandem as its main bet. (1) The research the DOE selected in May 2024 aims at 27%-efficient modules combining a wide-bandgap perovskite with a narrow-bandgap CIGS Sourced. (2) The 10-K says the Evolar acquisition is expected to "accelerate the development of high efficiency multi-junction devices" Sourced. (3) The Oxford PV licence leaves products using crystalline silicon out of scope Sourced. Through the scope of that contract, then, the company signals that it is choosing not to take the mainstream route of stacking perovskite on silicon (the route LONGi and Hanwha Qcells are taking). CIGS, like CdTe, is a thin film deposited on glass, so this combination lets it reuse its own asset: large-area thin-film lines on glass substrates. But the 10-K also lists single-junction perovskites as a possibility, and the company has not said which it will turn into a product Not yet confirmed.
9. Partnership map
10. Technology, products and services
As of September 2026, no product using perovskites is on sale. Current products are CdTe thin-film modules (including the improved CuRe version). What the primary sources reveal about the perovskite technology is as follows Sourced.
| Item | What the disclosures and announcements say |
|---|---|
| Development target | "A commercially scalable perovskite product". Both single-junction and multi-junction are mentioned as possibilities (10-K and 10-Q) |
| Prototype format | Small form-factor modules made on the perovskite development line in Ohio (February 2026 release) |
| Design of the DOE project | A wide-bandgap FAPbI₃-based perovskite on top and a narrow-bandgap CI(G)S underneath. The plan is to scale up from mini-modules and carry out durability tests |
| What came from Evolar | "Technical information, know-how, and other proprietary information associated with certain production capabilities for perovskite technology" (IPR&D), plus a team of engineers |
| CdTe track record (for reference) | Research cell at 23.1% (May 2024, NREL-certified) and a module aperture-area efficiency of 19.9%. NLR's efficiency data table also lists CdTe records under First Solar's name. There is no perovskite efficiency record |
In a two-terminal tandem, the same current flows through the top and bottom cells, so the combination of bandgaps in the two materials has a big effect on efficiency. Ideally the perovskite on top has a wide bandgap (absorbing shorter wavelengths) and the cell below a narrow one (absorbing longer wavelengths). CdTe's bandgap of about 1.5 eV is relatively wide, too wide for a material placed under a perovskite, so the natural reading is that the company chose CIGS, whose bandgap can be tuned narrower, for the bottom cell Not yet confirmed. That the DOE selection document names the bottom cell explicitly as "narrow-bandgap CI(G)S" is consistent with this reading Sourced.
The other issue is heat. When a perovskite is deposited on a thin-film bottom cell, its deposition and annealing temperatures must stay within what the bottom cell can tolerate, and conversely the bottom-cell processes must be finished before the perovskite goes on. First Solar's experience designing processes for its CdTe lines, depositing thin films one after another on glass, will help here, but CIGS is not one of the company's current volume materials, and the disclosures do not show where the volume-manufacturing technology for the bottom cell will come from. See also our explainers on silicon–perovskite tandems and on conversion efficiency and evaluation metrics.
11. The risks this company carries
| Risk | Details | Category |
|---|---|---|
| Perovskites threatening the core business | The 10-K lists hybrid perovskites and tandem solar cells among competing technologies that could prove more cost-effective or perform better than the company's own modules | Sourced |
| R&D that does not pay off | The 10-K states that "there can be no guarantee that our significant R&D expenditures will produce corresponding benefits". The IPR&D from Evolar is still incomplete for accounting purposes | Sourced |
| Progress hard to see from outside | Perovskite efficiency and stability figures, investment, headcount and timing of volume production are all undisclosed. There is only the statement that internal milestones have been met | Not yet confirmed |
| Patent constraints | The Oxford PV licence is U.S.-only and non-exclusive. How patents would be handled for manufacturing or sales outside the U.S. cannot be determined from the primary sources | Inference |
| Bottom-cell technology | The bottom cell in the DOE research is CIGS, a different material from its CdTe volume lines. Nothing says it has volume production capability for CIGS | Inference |
| Choosing a path away from the mainstream | Efficiency records in silicon/perovskite tandems are being set by silicon incumbents such as LONGi, and thin-film-on-thin-film tandems have little precedent in volume production | Inference |
12. Glossary
- CdTe (cadmium telluride)
- The thin-film solar cell material First Solar mass-produces, deposited on glass as a film a few micrometres thick.
- CIGS
- A thin-film solar cell material made of copper, indium, gallium and selenium. Its bandgap can be tuned through its composition.
- Bandgap
- The minimum photon energy a material can absorb. The wider it is, the more the material absorbs only short wavelengths (blue light).
- Single-junction / multi-junction (tandem)
- Whether there is one light-absorbing layer or several stacked. Multi-junction cells have a higher theoretical efficiency limit.
- IPR&D (in-process research and development)
- The value of unfinished R&D acquired in a takeover. It starts to be amortised once complete, and is impaired if it fails.
- Contingent consideration
- A promise to pay more after an acquisition if certain targets are met. It is carried as a liability at fair value and revised as expectations change.
- CuRe
- First Solar's improvement programme for its CdTe modules, which replaces copper with another element to improve temperature performance and degradation rate.
- SETO
- The Solar Energy Technologies Office of the U.S. Department of Energy, which funds solar R&D and manufacturing.
13. References
- First Solar, Inc. Form 10-K for the fiscal year ended December 31, 2025 (filed with the U.S. SEC on 24 February 2026). Description of perovskite R&D, the California and European technology centers, the perovskite development line, the thin film R&D innovation center, the Evolar acquisition and its accounting, the contingent consideration balance, the IPR&D balance, competing-technology risks, net sales, operating income and R&D expense, headcount, and CdTe efficiency records. https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm
- First Solar, Inc. Form 10-Q for the quarterly period ended June 30, 2026 (filed with the U.S. SEC on 30 July 2026). The perovskite pilot line expected to be available in 2027, the CuRe factory conversion, and first-half 2026 net sales, operating income and R&D expense, with the reasons for the increase. https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm
- First Solar, Inc. Form 10-K for the fiscal year ended December 31, 2024 (filed with the U.S. SEC on 25 February 2025). Commissioning of the R&D innovation center in July 2024, the DOE funding opportunity and the inclusion of First Solar among the May 2024 award recipients, and the contingent consideration balance at the end of 2024. https://www.sec.gov/Archives/edgar/data/1274494/000127449425000010/fslr-20241231.htm
- First Solar, Inc. Form 10-K for the fiscal year ended December 31, 2023 (filed with the U.S. SEC on 27 February 2024). Description of Evolar as "a European developer of perovskite technology", construction of the perovskite development line and the R&D facility, and the contingent consideration balance at the end of 2023 (US$7.5 million current and US$11 million non-current). https://www.sec.gov/Archives/edgar/data/1274494/000127449424000004/fslr-20231231.htm
- First Solar, Inc. Form 10-Q for the quarterly period ended June 30, 2023 (filed with the U.S. SEC on 27 July 2023). The Evolar acquisition of May 2023 as recorded at the time, and its purpose (accelerating the development of high-efficiency tandem devices). https://www.sec.gov/Archives/edgar/data/1274494/000127449423000022/fslr-20230630.htm
- U.S. Department of Energy (DOE) Advancing U.S. Thin-Film Solar Photovoltaics Funding Program (list of selections). First Solar's project title, location, DOE award of US$6 million and cost share of US$1.5 million, principal investigator, and the research on perovskite/CIGS tandem modules aiming at 27% efficiency. https://www.energy.gov/cmei/systems/advancing-us-thin-film-solar-photovoltaics-funding-program
- First Solar / Oxford PV Press release, "First Solar, Oxford PV Enter into Patent Licensing Agreement for US Markets" (24 February 2026, Phoenix, Arizona). Non-exclusive licence, U.S. applications, exclusion of crystalline silicon, small modules from the perovskite development line and internal milestones met, more than US$2 billion spent on thin-film R&D, and the CEO's comments. https://www.oxfordpv.com/press-releases/first-solar-oxford-pv-enter-into-patent-licensing-agreement-for-us-markets
- First Solar, Inc. Official website (source of the logo image). https://www.firstsolar.com/
- National Laboratory of the Rockies (NLR, formerly NREL) Best Research-Cell Efficiency data table (CdTe records under First Solar's name, the absence of perovskite records under its name, and the holders of the latest perovskite/silicon records). https://www.nlr.gov/docs/libraries/pv/cell-efficiency-data-table.xlsx
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name, CdTe thin film as the core business, net sales, operating income and R&D expense (FY2023 to FY2025), and approximately 7,900 employees | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| Perovskites researched as both single-junction and multi-junction possibilities, with the work carried by the California and European technology centers | Sourced | References 1 and 2 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm |
| Construction and operation of the perovskite development line in Ohio, and a pilot line expected to be available in 2027 | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm |
| First-half 2026 net sales, operating income and R&D expense with the reasons for the increase; the CuRe factory conversion | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm |
| 100% acquisition of Evolar (May 2023), US$35.5 million in cash, contingent consideration of up to US$42.5 million, IPR&D of US$47 million and goodwill of US$15 million | Sourced | References 1 and 5 https://www.sec.gov/Archives/edgar/data/1274494/000127449423000022/fslr-20230630.htm |
| Contingent consideration balances (US$18.5 million on acquisition, US$18.5 million at the end of 2023, US$6.5 million at the end of 2024, US$2.2 million at the end of 2025) and their accounting treatment | Sourced | References 1, 3 and 4 https://www.sec.gov/Archives/edgar/data/1274494/000127449424000004/fslr-20231231.htm |
| IPR&D balance of US$43,159 thousand at the end of both 2024 and 2025, and the policy of reclassifying and amortising on completion | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| Commissioning of the R&D innovation center in July 2024, and its pilot line for full-sized thin-film and tandem prototypes | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1274494/000127449425000010/fslr-20241231.htm |
| The DOE funding opportunity (September 2023) and the inclusion of First Solar among the selections (May 2024) | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1274494/000127449425000010/fslr-20241231.htm |
| Title, location and amount of the DOE project (US$6 million plus US$1.5 million cost share), and its goal of 27% efficiency with perovskite/CIGS | Sourced | Reference 6 https://www.energy.gov/cmei/systems/advancing-us-thin-film-solar-photovoltaics-funding-program |
| Patent licence with Oxford PV (U.S., non-exclusive, crystalline silicon excluded), internal milestones met with small modules, more than US$2 billion cumulative thin-film R&D, and the CEO's comments | Sourced | Reference 7 https://www.oxfordpv.com/press-releases/first-solar-oxford-pv-enter-into-patent-licensing-agreement-for-us-markets |
| Risk factors naming hybrid perovskites and tandems as competing technologies, and the statement that R&D benefits are not guaranteed | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| CdTe records of 23.1% for a research cell (May 2024) and 19.9% for a module; no perovskite-related records under First Solar's name in NLR's table | Sourced | References 1, 3 and 9 https://www.nlr.gov/docs/libraries/pv/cell-efficiency-data-table.xlsx |
| About 96% of FY2025 net sales from the U.S. | Our calculation | Calculated in this article from the regional net sales in reference 1 (U.S. US$4,994,679 thousand ÷ total US$5,219,376 thousand) https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| A maximum price for Evolar of about US$78 million | Our calculation | This article's sum of the US$35.5 million and US$42.5 million in reference 1 https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| The three types of perovskite solar company (established PV makers / perovskite start-ups / materials and electronics firms) | Our calculation | This article's own classification. Examples drawn from the companies covered in this series |
| Perovskite efficiency and stability figures, investment, dedicated staff, timing of volume production, product format, licence fees, and the content and status of Evolar's technical milestones | Not yet confirmed | Not stated in references 1, 2 and 7. Figures from press reports are not used https://www.sec.gov/Archives/edgar/data/1274494/000127449426000170/fslr-20260630.htm |
| Joint research with universities; joint ventures with other companies | Not yet confirmed | Not stated in references 1 and 2. This article does not conclude that none exist either https://www.sec.gov/Archives/edgar/data/1274494/000127449426000021/fslr-20251231.htm |
| The reading that its first choice is a thin-film-on-thin-film tandem (perovskite/CIGS) | Inference | This article's interpretation of statements in references 1, 6 and 7 |
| The readings that the Oxford PV licence clears patent risk before volume production and that CuRe is the main effort for now | Inference | This article's interpretation of statements in references 2 and 7 |
| The explanation that CdTe's bandgap is too wide for a perovskite bottom cell, hence the choice of CIGS | Inference | This article's commentary based on reference 6 and general knowledge of semiconductor materials |
| Risks around patents outside the U.S., volume production capability for CIGS, and choosing a path away from the mainstream | Inference | This article's interpretation of references 1, 6, 7 and 9 |
Last updated 25 September 2026 / Troy Technical
The figures in this article are based on the statutory filings First Solar, Inc. has made with the U.S. Securities and Exchange Commission (SEC), materials published by the U.S. Department of Energy, the official release in which the company took part, and NLR's efficiency data. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of the primary sources, not statements made by the company.