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First Solar Sets CdTe Module Efficiency World Record

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First Solar, Inc. (Nasdaq: FSLR) today announced it set a new world record for cadmium-telluride (CdTe) photovoltaic (PV) module conversion efficiency, achieving a record 16.1 percent total area module efficiency in tests confirmed by the U.S. Department of Energy's National Renewable Energy Laboratory (NREL). The new record is a substantial increase over the prior record of 14.4 percent efficiency, which the Company set in January 2012. Separately, First Solar also set a record for CdTe open circuit voltage (V[OC]), a critical parameter for PV performance, reaching 903.2 millivolts (mV) in NREL-certified testing. This new record marks the first substantial increase in CdTe V[OC] in over a decade of international R&D. The new records come just six weeks after First Solar announced a new world record for CdTe solar cell efficiency of 18.7 percent.

Transferring its success in the R&D lab to its commercial modules, First Solar also launched a new evolution of its proven Series 3 thin-film PV module platform, the Series 3 Black^TM, which incorporates First Solar's latest advances in conversion efficiency as well as additional features to enhance its performance in utility-scale power plants. The all-black module's change in appearance results from the use of an advanced, all-black edge seal technology combined with an innovative encapsulation material that further enhances its field durability and demonstrates improvements in accelerated life testing results.

The Series 3 Black's performance in a wide range of operating environments is further validated by its new IEC 60068-2-68 “sand and dust test” certification, which measures durability in harsh desert environments characterized by blowing abrasive sand. The certification complements existing IEC salt mist and ammonia certifications to provide a comprehensive range of independent testing that reflects world-class durability and performance in the harshest operating conditions. The Series 3 Black module maintains all the existing IEC certifications and UL listings for the Series 3 family which enable the 1000-volt system designs that typify the Company's utility-scale power plants. First Solar began to implement the Series 3 Black enhancements in production modules earlier this year.

Based on the Company's record-setting technology and robust Series 3 Black platform, the Company also has accelerated its module conversion efficiency roadmap, raising its lead production line module efficiency target for 2015 to 15-16.2 percent. First Solar also extended its module conversion efficiency roadmap to 2017, with targets for lead production line module efficiency of 16.2-16.9 percent in 2016 and 16.4-17.1 percent in 2017.

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