New Hydro investment in Ascent Solar

Norwegian aluminum supplier Hydro has entered into a securities purchase agreement with U.S. solar energy company Ascent Solar Technologies, Inc. Hydro's investment in common stock of Ascent Solar will be USD 5 million.

The private placement is subject to, and is expected to be completed at the same time as, an underwritten public offering of Ascent Solar common stock, which is expected to close on October 6.

The capital injection into Ascent Solar, which makes flexible thin-film solar modules, is intended to enable the company to ramp up its 30-megawatt thin-film production facility in Thornton, Colorado, in 2010.

Hydro currently owns approximately 35 percent of Ascent Solar's common stock and will remain the largest shareholder immediately after the private placement.

(Press release)

Rolleiv Solholm

 
 

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