August 5, 2014

TEMPE, Ariz.--(BUSINESS WIRE)-- First Solar, Inc. (Nasdaq: FSLR) today announced it has set a world record for cadmium-telluride (CdTe) photovoltaic (PV) research cell conversion efficiency, achieving 21.0 percent efficiency certified at the Newport Corporation's Technology and Applications Center (TAC) PV Lab. The record-setting cell was constructed at the company's Perrysburg, Ohio manufacturing factory and Research & Development Center, using processes and materials designed for commercial-scale manufacturing.

The record has been documented in the U.S. Department of Energy's National Renewable Energy Laboratory (NREL) "Best Research Cell Efficiencies" reference chart.

This certified result bests the previous CdTe record of 20.4 percent conversion efficiency, which was set by First Solar in February of 2014, and represents the seventh substantial update to CdTe record efficiency since 2011. The achievement also places First Solar's CdTe research cell efficiency above copper indium gallium diselenide based solar cells (CIGS) at 20.9 percent, and well above multicrystalline silicon (mSi), which peaked at 20.4 percent in 2004.

"We have just begun to reveal the true unrealized potential of CdTe PV," said Raffi Garabedian, First Solar's Chief Technology Officer. "Our Advanced Research team continues to deliver extraordinary results by creating practical devices capable of commercial scale production. Not only have we have now demonstrated the highest single junction thin film cell on record, but just as important, our record cells are based on the same scalable manufacturing processes and commodity materials that we have proven through years of volume production."

Garabedian noted that while competing technologies are using increasingly costly materials and cell processes in order to deliver moderate performance gains, First Solar is establishing a rapid path to industry-leading energy densities, while simultaneously improving manufacturing metrics.

"Our significant investment in development of CdTe thin-film technology has enabled a rapid rate of improvement and gives us tremendous confidence in the future," said Markus Gloeckler, First Solar Vice President for Advanced Research. "We have made outstanding improvements in all aspects of our thin-film solar cells and are aggressively pursuing the commercialization of these advanced technologies in our product."

At an analyst briefing last March, First Solar presented a technology roadmap anticipating a 22 percent research cell efficiency milestone in 2015. Today's announcement indicates First Solar is steadily tracking to achieve that goal ahead of schedule.

First Solar has continued to transfer its success in the R&D lab into its commercially produced modules, increasing its average production module efficiency to 14.0 percent in the second quarter of 2014, up 0.5 percent from the first quarter of the year, and up 0.7 percent from FY2013. The company's lead line was producing modules with 14.1 percent average efficiency at the end of the second quarter of 2014.

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.