First Solar, Inc. (Nasdaq: FSLR) today announced it has set a world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, achieving a record 17.0 percent total area module efficiency in tests performed by the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). The new record is an increase over the prior record of 16.1 percent efficiency, which the company set in April 2013. This announcement comes weeks after First Solar announced it achieved a world record in CdTe research cell efficiency of 20.4 percent. The record-setting module was created at First Solar’s Research and Development Center in Perrysburg, Ohio, using production-scale processes and materials, and included several recent technology enhancements that are incrementally being implemented on the company’s commercial production lines. Notably, the First Solar research module also has a confirmed “aperture area” conversion efficiency of 17.5 percent. Many manufacturers often quote this aperture area efficiency when claiming record performance, particularly for small mini-modules custom-built in R&D labs. First Solar’s record is all the more significant because it is full production size. “This achievement demonstrates our ability to rapidly and reliably transfer research results to full-size modules. We can take CdTe innovation from the lab to production faster and more reliably than other technologies due to our robust, adaptable manufacturing processes and the accommodating nature of CdTe material technology,” said Raffi Garabedian, First Solar's Chief Technology Officer. “Our R&D efforts are delivering technology that will quickly be scaled to real-world application as part of our integrated power plant systems, which are engineered to deliver the best performance, reliability and value for our customers.” Garabedian said the efficiency milestone is also a signal that First Solar’s CdTe modules are becoming a more attractive option for application in constrained space projects and commercial/industrial installations. “With the highest demonstrated thin-film module performance, we are positioned to pursue new deployment opportunities around the world,” he said.
Based on the company's sustained high velocity in technology development, Garabedian said First Solar has accelerated its production module conversion efficiency roadmap, raising its lead-line production nameplate efficiency target for YE2015 to 15.6 to 15.8 percent. First Solar also extended its module conversion efficiency roadmap to 2017, with targets for year-end lead-line production nameplate efficiency of 17.7 to 18.4 percent in 2016 and 18.1 to 18.9 percent in 2017.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.