First Solar Stock Surges on Deal for European Solar Tech Company Evolar

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First Solar

stock rose sharply Friday as the company disclosed a deal it said would bolster its technological position in the solar energy space. 

First Solar (ticker: FSLR) said it would purchase Evolar, a European thin film company, in a deal with a purchase price of about $38 million paid at closing. The price could include up to an additional $42 million if particular technical milestones are met. 

“With this acquisition, along with our new innovation center in the United States and longstanding commitment to R&D, we are investing not just in First Solar’s future, but the future of solar energy,” said First Solar CEO Mark Widmar in a news release. 

Shares of First Solar gained 21% to $222.44 on Friday. The stock was on pace for its largest percent increase since April 2013 when it jumped 46%, according to Dow Jones Market Data.

Other solar stocks also were on the rise, with

Enphase Energy

(ENPH) up 3% and

SolarEdge Technologies

(SEDG) climbing 2.1%.

Write to Emily Dattilo at [email protected]