4 January 2012

TFG increases stake in Ascent Solar from 20% to 41%

Ascent Solar Technologies Inc of Thornton, CO, USA, which manufactures flexible, lightweight thin-film photovoltaic modules based on copper indium gallium diselenide (CIGS) using flexible substrate materials, says that TFG Radiant Investment Group Ltd is poised to raise its ownership stake in the firm, from about 20% (acquired last August) to 41%.

TFG Radiant will purchase the stake currently owned by Norsk Hydro Produksjon AS for $4m (about $0.50 per share). The transaction is expected to close within the next 90 days.

“We continue to be very excited about the market potential for Ascent’s transformational solar power technology,” says TFG Radiant’s managing director Victor Lee (who was made an Ascent board member last November). “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,” he adds.

Last August, as well as investing in Ascent, TFG reached a joint development agreement to establish CIGS PV module manufacturing facilities in East Asia. TFG committed $165m for the initial fabrication plant. Ascent also agreed to exclusively license its technology for fabrication and distribution of flexible, lightweight CIGS PV modules to TFG for East Asia (including China, Taiwan, Hong Kong, Malaysia, Indonesia, Thailand, Korea and Singapore).

“Our most recent strategic partner, and licensee for our technology in East Asia, is increasing its commitment to Ascent,” comments Ascent’s president & CEO Ron Eller. “We have the same vision for our unique, high-performing flexible technology to bring solar power to everyday lives.”

See related items:

Ascent Solar appoints TFG Radiant designate to board

Tags: Ascent Solar CIGS

Visit: www.ascentsolar.com

Visit: www.sradiant.com