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TFG Radiant Investment Group has significantly increased its shareholding in struggling flexible CIGS thin-film producer, Ascent Solar. Acquiring the existing shareholding of Norsk Hydro Produksjon AS for US$4 million, or approximately US$0.50 per share, TFG Radiant has raised it stake in Ascent from approximately 21% to 41%.
“We continue to be very excited about the market potential for Ascent’s transformational solar power technology,” noted 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.”
However, Ascent Solar said in SEC filings in November 2011 that it may need to raise new capital to continue operations, as price declines have meant that sales revenue from module production would not support expenditures until its two manufacturing lines were running at full capacity.
For the nine months ended September 30, 2011 Ascent Solar generated approximately US$3.2 million in revenue.
With respect to investor Norsk Hydro, its stake over several transactions in 2007 and 2009 took its investment in Ascent Solar to over US$58 million, according to SEC filings.
