Agreement paves way for First Solar to continue advancing its next-generation perovskite device development

First Solar, Inc. (Nasdaq: FSLR) (“First Solar” or “the Company”) today announced a patent licensing agreement that gives it access to existing issued patents and currently pending patent applications of Oxford Photovoltaics Limited (“Oxford PV”).

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The non-exclusive license paves the way for First Solar, the largest solar manufacturer in the Western Hemisphere and the world’s largest producer of thin film solar technology, to continue advancing its development of PV solar devices employing a perovskite semiconductor for potential applications in the US utility-scale, commercial and industrial and residential markets.

The non-exclusive license paves the way for First Solar, the largest solar manufacturer in the Western Hemisphere and the world’s largest producer of thin film solar technology, to continue advancing its development of photovoltaic (PV) solar devices employing a perovskite semiconductor for potential applications in the US utility-scale, commercial and industrial and residential markets. The scope of the license covers the potential manufacturing and distribution of such products in the US and excludes crystalline silicon semiconductors. Other terms were not disclosed.

“This agreement allows us to continue pursuing viable pathways to manufacturing and commercializing thin film-perovskite products that could meet our long-term goal of serving all addressable markets,” said Mark Widmar, chief executive officer, First Solar. “This agreement reflects the confidence we have in our R&D team’s progress in developing an efficient, stable, and manufacturable perovskite device, while aligning with our longstanding positions on respecting and safeguarding intellectual property rights.”

First Solar has spent over $2 billion on thin film research and development, which includes a focus on perovskites. The Company’s investments include a new perovskite development line at its Perrysburg, Ohio, campus that produces small form-factor modules featuring a perovskite semiconductor, allowing First Solar to meet key internal milestones in its perovskite development program, including initial-stage efficiency, stability, and manufacturability objectives.

Oxford PV is a leader in perovskite PV, holding the strongest global patent portfolio for perovskite solar technologies. The UK-headquartered company operates a multifaceted business model that combines manufacturing with strategic licensing, aligned with its mission to make perovskite PV mainstream. Oxford PV manufactures and commercializes perovskite-on-silicon tandem solar cells and modules in Brandenburg, Germany, and is pursuing expansion into high-volume manufacturing as part of its long-term growth strategy.

“Strong intellectual property frameworks are essential to supporting innovation at scale across the solar industry,” said David Ward, chief executive officer of Oxford PV. “We welcome First Solar’s ongoing commitment to a perovskite-based PV future. Agreements like this, building on earlier industry validation, reflect growing confidence in perovskite-based photovoltaics – the next generation of solar technology we have been developing for over a decade – and support its advancement in the US market.”

Having manufactured in the US since 2002, First Solar is the country’s leading PV solar technology and manufacturing company. It operates the largest solar technology manufacturing and research and development (R&D) footprint in the Western Hemisphere with five operational manufacturing facilities in Alabama, Louisiana, and Ohio, and a sixth plant under construction in South Carolina, which is expected to begin operation in the second half of 2026. The new South Carolina facility is expected to increase First Solar’s capacity to produce American-made solar technology by 3.7 gigawatts (GW), reaching approximately 18 GW of annual nameplate capacity in 2027. Altogether, the Company will have invested approximately $4.5 billion in American manufacturing and R&D infrastructure since 2019.

About First Solar, Inc.

First Solar, Inc. is America's leading PV solar technology and manufacturing company. The only US-headquartered company among the world's largest solar manufacturers, First Solar is focused on competitively and reliably enabling power generation needs with its advanced, uniquely American thin film PV technology. Developed at research and development (R&D) labs in California and Ohio, the Company's technology provides a competitive, high-performance, and responsibly produced alternative to conventional crystalline silicon PV modules. For more information, please visit www.firstsolar.com.

About Oxford PV

Oxford PV is a global leader in perovskite-silicon tandem solar technology. With the strongest global patent portfolio in perovskite PV, and a record of industry firsts, Oxford PV is commercializing the world’s most efficient solar technology to power the next generation of clean energy. Founded in 2010 as a spin-out of the University of Oxford, the company operates R&D at its headquarters in Oxford, UK and a manufacturing site in Brandenburg, Germany. For more information, please visit www.oxfordpv.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains various “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, but are not limited to, statements concerning: (i) our expectation that this licensing agreement will pave the way for First Solar to continue to develop PV solar devices employing a perovskite semiconductor for potential applications in the US residential, commercial and industrial, and utility-scale markets; (ii) our plans to establish a new production facility in South Carolina; (iii) expectations that facility will commence commercial operations in the second half of 2026; (iv) expectations that the facility will have an annual nameplate capacity of 3.7 gigawatts and that First Solar will have a total US nameplate capacity of approximately 18 GW in 2027; and (v) our expectation that First Solar will have invested approximately $4.5 billion in American manufacturing and R&D infrastructure from 2019 to 2026. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “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 First Solar’s current expectations and First Solar’s projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. First Solar undertakes no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause First Solar’s 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 results of our investigation of potential infringers, the costs and other impacts arising from any subsequent litigation, the results of which are unpredictable; the validity and scope of claims relating to the patents; the potential for companies to develop and patent technology designed to exclude our patented technology; and the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of First Solar’s most recent Annual Report on Form 10-K, as supplemented by First Solar’s other filings with the Securities and Exchange Commission.

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“This agreement allows us to continue pursuing viable pathways to manufacturing and commercializing thin film-perovskite products that could meet our long-term goal of serving all addressable markets.” - Mark Widmar, CEO, First Solar