Magnora raises stake in Swedish perovskite firm Evolar further

Magnora ASA (OSL:MGN) has increased to 50% from 40.7% its ownership in Swedish perovskite solar cell maker Evolar AB, citing the start-up's success in developing and commercialising the novel technology.

The Norwegian renewables investor said on Monday that it has called the second of three options which it can use to raise its interest in the target company. Magnora has another call option to lift to 63.5% its stake in Evolar, following on from first taking a minority holding in the business in November 2020.

"We are very pleased and impressed by the Evolar team and its progress, and we increase our shareholding in the company according to plan to fund further development," Magnora executive chairman Torstein Sanness said.

Magnora will fund the transaction through existing cash. The strike price, fixed at the time of the original acquisition, means that all three options will be called at approximately the same price, which was not specified.

Founded in 2019, Evolar has developed a technology to boost the efficiency of conventional solar cells by coating them with a thin layer of perovskite.

The Swedish company has already reached all milestones from its original business plan, Magnora said. The Norwegian investor added that it has enough cash at hand to exercise the remaining call options.

Earlier last week, Magnora announced that Evolar has teamed up with an unnamed Indian silicon solar module manufacturer to develop highly efficient perovskite/silicon tandem solar modules for the South Asian market.

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