Norsk Hydro ASA, an Oslo, Norway-headquartered energy and aluminum supplier, has acquired 1.6 million shares of the common stock of Ascent Solar Technologies Inc., a developer of thin-film photovoltaic materials and modules.
‘Ascent Solar's flexible thin film is very exciting,’ says Jorgen C. Arentz Rostrup, who heads Hydro's market activities. ‘Not only due to the low weight that makes the solar cells easy to transport, install and maintain, but also because flexible solar cells have a large number of potential applications in the future.’
Subject to shareholder approval, Norsk Hydro will be entitled to purchase up to an additional 12% of the outstanding shares of Ascent Solar's common stock and a corresponding proportion of Class A and Class B warrants, the companies add.
