Norwegian company increases its stake in Ascent Solar

Gargi Chakrabarty

Originally published 08:39 a.m., March 27, 2008
Updated 10:23 p.m., March 27, 2008

Littleton-based Ascent Solar Technologies Inc. said Thursday that Norsk Hydro ASA has upped its stake in the local company to roughly 35 percent at a cost of $28.4 million.

The Norwegian company, a Fortune Global 500 supplier of aluminum and aluminum products, previously held 23 percent of Ascent Solar, which develops thin, flexible solar energy cells.

"We believe that Ascent Solar's modules will help lay the foundation for the energy solutions of tomorrow," said J0rgen Arentz Rosrup, executive vice president of Norsk Hydro's energy business. "We feel that Ascent Solar's products will be a very good fit with Hydro's continuing commitment to develop energy-efficient building systems, in which solar energy will play a central role."

Norsk Hydro, through its subsidiary Norsk Hydro Produksjon AS, has exercised an option to purchase an additional 2.3 million shares of Ascent Solar common stock and 1.7 million Class B warrants. The option was granted to Hydro and approved by Ascent Solar's shareholders in June 2007.

Ascent Solar expects the deal to close by Monday.

Matthew Foster, CEO and president of Ascent Solar, said the proceeds from the deal would be used to expand the company's production capacity. This comes on the heels of a slew of announcements in recent weeks by renewable-energy companies to increase their Colorado presence.

This week, Texas wind-energy company Renewable Energy Systems Americas Inc. relocated its headquarters with 70 employees to Broomfield. The company, which had been based in Austin for nine years, plans to hire an additional 70 employees at the office over the next year.

Danish company Vestas recently opened its first U.S. wind-blade manufacturing plant in Windsor, which could employ 650.

Hydro, based in Oslo, is a supplier of aluminum and aluminum- based building systems. The company employs about 22,000 people in more than 30 countries.

Previously, Hydro has said Ascent Solar's solar modules will provide a "simple, elegant and architecturally attractive means to incorporate photovoltaics into buildings."

chakrabartyg@RockyMountainNews.com or 303-954-2976