First Solar Inc, the solar manufacturer that gets almost two-thirds of its revenue from building and selling large power plants to utilities, is acquiring a company developing technology for rooftops.
The company agreed to buy TetraSun, a startup developing high-efficiency solar panels for small rooftop systems, according to a statement today. First Solar plans to produce and market TetraSun products in Japan, Chief Executive Officer Jim Hughes said at an analyst meeting. Terms weren’t disclosed.
The deal fills a gap for First Solar, which doesn’t market its panels for rooftop solar systems. It also gives the Tempe, Arizona-based company access to Japan, which is expected to become the second-largest market this year. The deal is a significant departure for First Solar, the biggest producer of thin-film solar panels, because TetraSun’s technology uses silicon.
“Japan is the highest value, space-constrained market so that’s why we’re starting there,” Hughes said today in an interview after the event.
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