has invested approximately $28.5 million in Ascent Solar, taking
Hydro’s share ownership from 22 to 34.8 percent. Hydro first invested
in Ascent Solar in March, 2007 and has now invested close to $50
million in the company.
Hydro is planning to integrate Ascent Solar’s flexible copper, indium, gallium and selenide (CIGS) technology into building systems, a key market area for the technology.
“We believe there will be continued growth in the solar energy industry, and that the time was right for increasing our stake in Ascent Solar,” said Jørgen C. Arentz Rostrup, Senior Vice President of Hydro’s Energy business area. “There are great opportunities for reducing energy use in buildings, which accounts for 30 to 40 percent of Europe’s total energy consumption. We want to contribute to developing energy-efficient buildings of the future, which will be able to produce as much energy, or more, than they consume.”
Ascent Solar is currently in test production with a new 30MW production line expected to be completed in 2009, with volume production expected in 2010.