Toledo Solar settles suit by First Solar over deceptive practices

Toledo Solar Inc said on Wednesday it has reached a settlement in relation to First Solar’s (NASDAQ:FSLR) lawsuit against the company, with the terms kept confidential.

First Solar in May filed a complaint against Toledo Solar, a fellow Ohio-based maker of thin-film solar modules, claiming that Toledo Solar sold First Solar panels as its own. Toledo Solar subsequently changed its leadership in July.

"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,” Toledo Solar’s newly elected chairman Sean Fontenot commented on the settlement.

Fontenot also said Toledo Solar is shifting its strategy to focus on technologies to hardened solar panels for locations with intense heat, humidity and tough weather like hurricanes, tornadoes and hail. The company will also speed up its work on creating high-powered semi-transparent solar panels for use as windows and canopies for agricultural fields.

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