T1 Energy has announced the acquisition of foundational solar patents and other intellectual property from Singapore-based Evervolt Green Energy Holding Pte Ltd. for total consideration of $135 million.
The patents relate to Tunnel Oxide Passivated Contact (TOPCon) solar cells and modules, one of the most advanced and highly efficient commercially viable solar technologies available today.
Under the terms of the transaction, T1 paid Evervolt $2 million in cash upfront, with the remaining $133 million to be paid in either cash or shares of T1 common equity. T1 had previously licensed the intellectual property from Evervolt before completing the full acquisition.
“Owning the intellectual property rights to leading silicon-based solar technologies is an important step to differentiate T1’s competitive position as a vertically integrated crystalline silicon U.S. solar manufacturer,” said Dan Barcelo, Chairman and CEO of T1 Energy, in a statement. “We also believe that this intellectual property will be accretive to T1 economically, in addition to yielding significant commercial and strategic benefits.”
TOPCon technology improves solar cell efficiency by adding a thin tunnel oxide layer and a passivated contact, reducing energy loss and enabling higher power output than conventional solar cells.
The acquisition is expected to be economically accretive to T1 and advances the company’s strategy to build the first fully integrated U.S. polysilicon solar supply chain.
Read more here.
