First Solar to Ride the High-Tech PV Module Wave With Its CuRe Program

Amid increasing global usage of renewable electricity, a notable surge in the demand for high-tech photovoltaic (PV) solar modules has been witnessed lately, backed by rapid advancements in solar cell efficiency, lowering production costs, along with technological innovations like perovskite tandem cells. To reap the benefits of this demand trend, America’s largest solar module manufacturer, First Solar Inc. FSLR brought forth its CuRe program, which is focused on improving its current semiconductor structure by replacing copper with selected elements to enhance module performance.

Resultantly, FSLR’s PV solar modules, rolled out as part of this CuRe program, are expected to produce more energy than traditional crystalline silicon modules and thereby boost demand for the same. 

In late 2024, First Solar began a limited commercial production run of CuRe modules and sold its first modules to customers in the first half of 2025.

Starting in early 2026, First Solar aims to gradually roll out CuRe technology across selected manufacturing facilities. With higher energy output and improved durability, CuRe modules are expected to play an important role in distributed energy generation and commercial solar projects worldwide.

Scaling this technology should help FSLR strengthen its position in the solar market, setting a new standard for module efficiency.

Other Stocks Warranting a Look

While First Solar focuses on CuRe technology, other solar manufacturers are also investing in ways to improve module efficiency.

Canadian Solar CSIQ is enhancing its solar modules using TOPCon (Tunnel Oxide Passivated Contact) cell technology. In May 2025, CSIQ introduced a new TOPCon module series with conversion efficiency ranging from 23.3% to 24.4%, reflecting its efforts to optimize energy output in real-world conditions.

Similarly, JinkoSolar JKS is advancing perovskite/silicon tandem technology alongside its traditional PV products. In January 2025, JinkoSolar achieved a conversion efficiency of 33.84% with its N-type TOPCon-based tandem cells, demonstrating the potential for next-generation solar modules to deliver higher energy yields and improved reliability.

The Zacks Rundown for FSLR

Shares of FSLR have gained 14.3% in the past month compared with the industry’s 9.9% growth.

The company’s shares are trading at a discount on a relative basis, with its forward 12-month Price/Earnings being 10.43X compared with its industry’s average of 15.50X.

The Zacks Consensus Estimate for FSLR’s near-term earnings has moved south over the past 60 days, except for 2025 and 2026.

FSLR stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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