Oslo, Norway [RenewableEnergyWorld.com] Norwegian firm Hydro announced that it has invested US $15 million in Ascent Solar. The purchase took place as Hydro exercised a call option issue, increasing its ownership share in Ascent Solar from 26.5 to 35 percent.
Hydro is the single largest shareholder in Ascent and has subscribed to capital increases in Ascent on two previous occasions. Including this latest share purchase, Hydro has invested a total of US $63 million in Ascent Solar.
“Ascent has developed a unique technology for the production of super thin and flexible solar cell modules that are well suited for integration in building systems. As Hydro is a major supplier of building systems in Europe, the partnership with Ascent is strategically important,” said Einar Glomnes, head of Hydro’s solar business unit.
The company also annoucned that is has signed an agreement with Ascent to develop building integrated solar photovoltaic (BIPV) systems to work with its aluminium building systems. Ascent is currently testing production from its pilot production line, while simultaneously building a factory with a 30-megawatt production capacity which will be commissioned in 2009. Hydro is supplier of energy efficient building systems to the European market through the brands Domal, Technal and Wicona.