First Solar Achieves World Record 18.6 % Thin Film Module Conversion Efficiency

• Executing to industry’s most disruptive technology roadmap
• More efficient than the best multi-PERC module

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced it has set yet another world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, achieving 18.6 percent aperture efficiency for an advanced full size module. For the first time ever, First Solar has demonstrated a record module that is more efficient than the best multi-crystalline module recorded.

This achievement reinforces confidence in First Solar’s ability to deliver sustained product improvements consistent with its long-term technology roadmap.

The record has been measured and certified by the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL).

This 18.6 percent aperture area efficiency corresponds to a full area conversion efficiency of 18.2 percent, which easily beats the best recorded multi-crystalline Si PERC module with an approximate full area efficiency of 17.7% (based on 19.1% aperture efficiency and published module area data).

This achievement is the eighth substantial update to CdTe record efficiency since 2011, continuing a disruptive and sustained trend of rapid performance improvements. In January, First Solar produced a research cell with 21.5 percent conversion efficiency, certified at the Newport Corporation’s Technology and Applications Center (TAC) PV Lab and confirmed by NREL.

“First Solar’s CdTe thin film is now rightly categorized as a high performance product,” said Raffi Garabedian, First Solar’s Chief Technology Officer. “At one time, we might have been characterized as a low cost, low efficiency technology, but consistent with our technology projections we are now proving that CdTe thin film delivers both industry-leading performance AND sustainable thin-film cost structures.”

Garabedian emphasized that First Solar’s significant sustained investment in development of CdTe technology has enabled the company to meet or exceed its aggressive projections for improvements in research cells and modules, as well as commercialized technology.

“While silicon technologies have approached their theoretical efficiency entitlement and leveled out in terms of performance and cost, First Solar continues to harvest the upside available from its superior thin film technology. Our CdTe modules are now more efficient than the best multi-crystalline Si modules, and we still have a great deal of technology head room for further innovation,” Garabedian said.

Nick Strevel, First Solar’s Senior Manager of Technology, noted that efficiency combined with other real-world performance attributes result in First Solar technology delivering higher energy density than multi-crystalline Silicon (m-Si) solar panels. Given the same installed nameplate module capacity (Watts) with equivalent ground coverage ratio, he said, First Solar’s CdTe product will provide up to 8 percent more useable energy from the same land area than m-Si, which gives First Solar a competitive advantage over other PV technologies.

“A narrow focus on simple metrics such as standard-test-condition (STC) efficiency or cost per STC-watt obscures the actual value of solar generation technologies,” said Strevel. “Customers value energy produced by a solar power plant (kWh), not its nominal STC power rating. Metrics with greater relevance to real-world conditions – including specific energy yield, energy density, cost/kWh and long term reliability – ultimately tell a much more comprehensive story of real-world performance and are more influential in reducing Levelized Cost of solar Electricity.”

Strevel said that, in addition to the continued trend of efficiency records, First Solar’s modules are amongst the highest quality, most reliable modules in the world, having passed the industry’s most rigorous multi-stress testing protocols such including Atlas 25+, IEC Long Term Sequential and Thresher Tests.

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 most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC.

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First Solar Media
Steve Krum
+1 602-427-3359
[email protected]
or
First Solar Investors
Stephen Haymore
+1 602-414-9315
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Source: First Solar, Inc.

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