Ascent Solar Technologies, a developer of flexible CIGS
solar panels, announced that TFG Radiant Investment Group has increased its
owner ship in ascent by purchasing more shares. TFG Radiant currently owns
approximately 20 percent of shares of Ascent and this new acquirement will put
TFG Radiant’s ownership at approximately 41 percent.
This acquisition will help TFG Radiant expand its rooftop
and portable power applications in East Asia.
“We continue to be very excited about the market
potential for Ascent’s transformational solar power technology. 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,” said Victor Lee, managing director of TFG Radiant
and an Ascent board member.
TFG Radiant will purchase
the stake in the company presently owned by Norsk Hydro Produksjon AS for $4 million,
or approximately $0.50 per share. The transaction is expected to close within
the next 90 days.
“We are pleased to see that our most recent strategic
partner, and licensee for our technology in East Asia, is increasing its
commitment to Ascent. We have the same vision for our unique, high performing
flexible technology to bring solar power to everyday lives in a seamless and
compelling manner,” said Ron Eller, president and CEO, Ascent.
Recently, Ascent announced that its flexible CIGS solar
panels were named one
of TIME’s 50 Best Inventions of 2011. Ascent’s technology was one of six
‘green’ inventions to be recognized in this year’s list, featured in the Nov.
28 TIME issue.
By GreentechLead.com Team