- Toledo Solar says it has reached a mutually agreeable settlement with First Solar
- Board Chairman blamed the previous management for the lawsuit filed by its compatriot
- Management has decided to change its strategic direction to now manufacture hardened solar panels and use semi-transparent panels for integrated applications
Cadmium telluride (CdTe) solar technology companies Toledo Solar and First Solar have reached a mutually agreeable settlement in relation to the lawsuit the latter filed in May 2023. The terms of the settlement were not disclosed.
On reaching the agreement with First Solar, Toledo’s Chairman of the Board of Directors Sean Fontenot stated, “We appreciate First Solar’s understanding and quick resolution of this matter stemming from the unfortunate actions taken by the company’s prior management team. The Company is now operating well under new management. We look forward to continuing to work alongside First Solar as the anchor manufacturers of the US-MAC and CTAC consortia to strengthen US leadership in strategic domestic manufacturing of Cadmium Telluride-based solar panels.”
For a quick background, First Solar had dragged Toledo to an Ohio court accusing it of selling First Solar Malaysia made Series 4 modules in the US under the latter’s brand name. It claimed irreparable harm to First Solar’s reputation by exposing it to significant liability risk.
Soon after the accusation, Toledo announced the transition to a new investor-led Independent Board of Directors and leadership team. Managing Director of Applied Business Strategy Tom Pratt was appointed Interim President and Lead Investor Sean Fontenot was named the new chairman of the board.
Fontenot also announced the company was changing its strategic direction to focus on technologies to hardened solar panels for geographies with the most significant heat and humidity and harsh weather environments such as hurricanes, tornadoes and hail.
Additionally, Toledo’s future plans involve developing technology to create high-powered semi-transparent solar panels for use as windows in buildings, greenhouses, and semi-transparent canopies for agricultural fields.
First Solar, on the other hand, powers on expanding its US manufacturing capacity. It broke ground on its 5th US CdTe fab to produce Series 7 panels in Louisiana.
Source from Taiyang News
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