Norsk Hydro ASA (NYSE:NHY) has acquired 1.6 million shares of the common stock of Ascent Solar Technologies, Inc. (Nasdaq:ASTI) in a private placement as the precursor to a strategic relationship between the parties.
The shares purchased represent about 23% of the outstanding shares. Hydro purchased the shares for $5.7725 per share, or $9.236 million, a 25% premium. 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.
“Ascent Solar’s flexible thin film is very exciting. 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,” says Jorgen C. Arentz Rostrup, who heads Hydro’s market activities.
“It’s our ambition to enhance our activities within solar and building systems. Ascent Solar is among the leading companies in thin film. We are therefore looking for opportunities to develop integrated building solutions together with Ascent Solar,” says Rostrup.
Ascent Solar President and CEO Matthew Foster said, “Our stated vision has been to see the day when building integrated photovoltaics will become pervasive and commonplace in the everyday lives of people throughout the world. There is no better opportunity than to work with one of the world’s leading energy and building systems producers with operations in nearly forty countries to bring this vision to a reality. We are humbled and excited by the opportunity to make it happen with the Hydro team.”
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