One of the world’s leading suppliers of aluminum, Norwegian group, Norsk Hydro, has bought up a slice of Ascent Solar Technologies Inc. (ASTI) an American developer of state-of-the-art, thin-film photovoltaic modules.
The modules developed by ASTI are more flexible and affordable than most traditional solar panels and can quickly, affordably and effectively turn natural
sunlight into power for electricity.
The great aspect of the modules is that they can be directly integrated into standard building materials, space applications as well as providing portable power for consumer electronics. With the world consuming oil at more than two times the rate of discovery of new supplies, then this new technology should be at the forefront of sustainable energy production.
Upon acquiring these additional shares, Hydro will hold approximately 35% of the total outstanding common shares and also approximately 35% of the total outstanding Class B warrants of Ascent Solar. Overall, Norsk Hydro has invested a total of approximately $63 million so far in the company and expects bright things for the future.
According to Ascent Solar President and Chief Executive Officer Dr. Mohan Misra, it’s a positive step forward: $quot;We are encouraged by Hydro's continued support and confidence in Ascent Solar's technologies, products and people. We intend to use these proceeds to support our continued progress toward our manufacturing milestones as we ramp to commercialization.$quot;