First Solar Acquires RayTracker to Accelerate PV Growth
RayTracker will join First Solar's Engineering, Procurement and Construction (EPC) group to accelerate clean, affordable and sustainable solar electricity.
First Solar has acquired RayTracker, a tracking technology and photovoltaic (PV) balance-of-systems firm that is an operating company of Idealab.
Idealab is a creator and operator of technology companies. Terms of the deal were not disclosed.
RayTracker's entire team will join First Solar's Engineering, Procurement and Construction (EPC) group, bringing expertise in solar technology innovation, reliability engineering, advanced PV system modeling, software engineering, product development and high-volume manufacturing. RayTracker's customers will be transitioned to First Solar.
"We expect the addition of RayTracker's people and technology will help accelerate our ongoing quest to enable a world powered by clean, affordable and sustainable solar electricity," said Bruce Sohn, President of First Solar. "We welcome RayTracker's innovative associates to our advanced systems development team."
"We are excited to join forces with First Solar, which shares our vision of reducing the levelized cost of solar electricity to that of fossil fuels," said Mark Henderson, President of RayTracker. "From early on in our discussions with First Solar, it was very clear that there was great synergy between the capabilities and technologies of the two companies." In advance of the acquisition by First Solar, technology developed by RayTracker includes its GC-SeriesTM single-axis trackers, its unique PV-PlatformTM Software Toolset for system design and operation, wireless infrastructure technology, and other PV balance-of-system innovations.
First Solar manufactures solar modules with an advanced semiconductor technology and provides comprehensive photovoltaic (PV) system solutions. The company is delivering an economically viable alternative to fossil-fuel generation today. From raw material sourcing through end-of-life collection and recycling, First Solar is focused on creating cost-effective, renewable energy solutions that protect and enhance the environment.
RayTracker was founded to meet the need for robust, reliable, and cost-effective solar trackers, as well as for software and hardware to enable the lowest cost design, installation and operation of solar PV plants. The company's team includes experts in solar technology innovation, reliability engineering, advanced PV system modeling, software engineering, product development, and high-volume manufacturing.
RayTracker is backed by Idealab, The Quercus Trust and Phoenix Fire IV, LLC, whose manager, Richard Klein, owns and operates Quixotic Systems.
Idealab's mission is to create and operate pioneering technology companies. Founded in 1996 by entrepreneur Bill Gross, Idealab provides a broad range of operational support to its companies, allowing the operating company management teams to focus on getting to market quickly and cost effectively.