News that Norsk Hydro has sold its stake in CIGS thin-film wannabe, Ascent Solar, for US$4 million, to another investor, TFG Radiant Investment Group, may not help the struggling firm with sorely needed cash injections, but it would indicate a level of ‘trust’ in the firm to help ride out the current industry-wide challenges.
However, looking at the investments made by Norsk Hydro since 2007 in Ascent, a rather scary picture emerges. In several significantly sized deals, Norsk Hydro invested approximately US$58.8 million in Ascent for roughly a 20% stake in the firm.
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That stake was sold to TFG Radiant for a loss of over US$54 million, barely 4 years later, indicating that there isn’t much to shout about.
