First Solar, Inc. (Nasdaq: FSLR) today announced it has set a world record for cadmium-telluride (CdTe) photovoltaic (PV) solar cell conversion efficiency, achieving 20.4 percent conversion efficiency certified at the Newport Corporation’s Technology and Applications Center (TAC) PV Lab and confirmed by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL). The record-setting cell was constructed at the company’s Perrysburg, Ohio factory and Research & Development Center. This certified result bests the previous record of 19.6 percent conversion efficiency set by GE Global Research in 2013. Last April, First Solar and GE announced a solar technology partnership in which First Solar acquired GE’s CdTe solar intellectual property and secured a collaborative research partnership with GE’s R&D team. The partnership was formed to accelerate innovation in PV technology and accelerate solar module performance at manufacturing scale. “This record marks another achievement in our mission to unlock the industry-changing potential of CdTe PV,” said Raffi Garabedian, First Solar’s Chief Technology Officer. “We are demonstrating improvement in CdTe PV performance at a rate that dramatically outstrips the trajectory of conventional silicon technologies, which have already plateaued near their ultimate entitlements. The synergy realized in our partnership with GE also demonstrates the value of our consistent and strong investment in R&D. The advanced technologies and processes we developed for this record-setting cell are already being commercialized and will positively impact performance of our future production modules and power plants.” First Solar’s new CdTe research cell conversion efficiency matches the research cell efficiency record of multicrystalline silicon, another technology used in the PV solar market. First Solar has continued to transfer its success in the R&D lab into its commercial modules, increasing its average production module efficiency to 13.4 percent in the fourth quarter of 2013, up 0.6 percent from 12.9 percent in the fourth quarter of 2012. The company’s lead line was producing modules with 13.9 percent average efficiency at the end of 2013.
About First Solar, Inc.First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com. For First Solar Investors This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements, among other things, concerning: our business strategy, including anticipated trends and developments in and management plans for our business and the markets in which we operate; future financial results, operating results, revenues, gross margin, operating expenses, products, projected costs, warranties, solar module efficiency and balance of systems (“BoS”) cost reduction roadmaps, restructuring, product reliability and capital expenditures; our ability to continue to reduce the cost per watt of our solar modules; our ability to reduce the costs to construct photovoltaic (“PV”) solar power systems; research and development programs and our ability to improve the conversion efficiency of our solar modules; sales and marketing initiatives; and competition. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed in Item 1A: “Risk Factors,” of our Annual Report on Form 10-K for the year ended December 31, 2012, as updated and supplemented by risk factors included in our Prospectus dated June 12, 2013 filed with the SEC pursuant to Rule 424(b)(5) (the “Prospectus”), Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.