Ascent Solar has announced that TFG Radiant Investment Group has brought all of the Ascent common stock from shareholder Norsk Hydro Produksjon AS. The acquisition takes TFG Radiant’s ownership of outstanding common shares from 19.4% to 39%, making it Ascent Solar’s largest shareholder. The shares were purchased for approximately US$0.50 per share.
CEO and president of Ascent Solar and executive director of TFG Radiant, Victor Lee, said, “TFG Radiant Investment Group is extremely pleased to increase our investment in Ascent Solar as the company ramps its production and aggressively targets end-markets. We remain very excited about Ascent Solar’s revolutionary technology and look forward to partnering for the long-term, realizing the many opportunities for this transformational product in Asia, North America and worldwide.”
Hans Olav Kvalvaag, a representative of Norsk Hydro, resigned from the company’s board with immediate effect following the completion of the transaction, after just over a year in the role.