The company’s cadmium-telluride (CdTe) modules were always less efficient at converting sunlight to electricity than crystalline silicon, the dominant PV technology, while at the same time being less expensive.

But fuelled by a massive R&D budget, First Solar’s panels have notched remarkable efficiency gains in recent years — catching up to, and even surpassing, many silicon-based rivals, and setting numerous cell-efficiency world records on the way.

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