DOW JONES NEWSWIRES
Ascent Solar Technologies Inc. (ASTI) said TFG Radiant
Investment Group Ltd. agreed to buy just about all of Norsk Hydro
ASA's (NHYDY) ownership in the solar panel developer for about $4
million, strengthening the partnership between the two
companies.
TFG will more than double its ownership to 41%, replacing Norsk
Hydro as the solar manufacturer's largest shareholder. It will
purchase Norsk Hydro's outstanding stock at 50 cents a share,
representing a 19% premium over Tuesday's closing price of 42
cents. The deal is expected to close within the next 90 days.
TFG bought a 20% stake in Ascent in August as part of a
strategic partnership that included the development of
manufacturing facilities in East Asia, as part of a deal valued at
about $450 million plus royalties.
"We continue to be very excited about the market potential for
Ascent's transformational solar power technology," said Victor Lee,
managing director of TFG Radiant and an Ascent board member. "No
other manufacturer can match the combination of power density and
flexibility, which we believe will enable TFG Radiant to lead in
rooftop and portable power applications in East Asia."
--By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108;
ben.rubin@dowjones.com