Norwegian investor raises stake in company developing ‘perovskite-boosted’ solar cells

The progress being achieved in commercializing an approach to raise the efficiency of conventional solar cells by applying a thin film layer of perovskites to them, has persuaded a Norwegian investor to raise its stake in the developer of the technology.

Renewables investor Magnora ASA, which derives revenue from oil production and processing, today announced it has raised its holding in Swedish tech company Evolar AB, from 40.7% to 50%.

Magnora originally acquired a 28.44% holding in Uppsala-based Evolar in November last year and said it has the cash on hand to exercise the third of three raised-commitment options which would give it ownership of 63.5% of the CIGS (copper-indium-gallium-selenide) thin-film technology developer.

Evolar is working on developing production equipment which would enable manufacturers of conventional solar cells to raise the performance of their products by applying a thin film of perovskite materials to the devices. Evolar's solution is intended as a bolt-on piece of equipment which would upgrade, rather than replace, cell production lines.

The investor said it had raised its stake to fund further development of the system.

In an update to the Oslo Stock Exchange in the second quarter of 2019, Magnora said it holds royalties related to the Western Isles floating, production, storage, and offloading (FPSO) oil facility operated by Scottish energy exploration business Dana in the U.K.'s North Sea waters, and to Shell's planned Penguins oil and gas field in the northern North Sea. On the former project, Magnora said it is entitled to $0.50 per barrel of oil produced and offloaded and, at the latter, it anticipated income of around $16 million upon production of 4 million barrels of oil at the site.