Norsk Hydro Invests in Norsun for Solar Cell Production

Hydro will hold a minority share in the company, which is also thinking of investing in complementary solar energy technologies.

"We find the solar energy market fascinating. The Norsun investment gives Hydro an even broader and more forward-looking portfolio for renewable energy," said Hydro President and CEO Eivind Reiten in a speech held at Hydro's energy seminar in Bergen.

In his speech, Reiten emphasized that Hydro already has a broad new energy portfolio, it is one of the major players in Norwegian wind power, participates in a number of hydrogen projects in Europe and is looking into the possibility of producing biodiesel from wood. Hydro has also invested in the wave power company, Ocean Power Delivery, which will build the world's first commercial wave power plant off the coast of Portugal.

"We believe we will be seeing a broad mix of energy forms in the years to come. Wind, bio, solar and hydrogen will represent important supplements to oil, gas and coal," said Reiten.

At last year's energy seminar Hydro presented Hywind, a new concept involving floating windmills attached to floating concrete constructions as used in the North Sea oil industry. Hydro was recently licensed to position a floating windmill in the sea off Karmoey.