TFG Radiant To Increase Stake In Ascent Solar To 41% In $4 Million Deal

    DOW JONES NEWSWIRES 
 

Ascent Solar Technologies Inc. (ASTI) said TFG Radiant Investment Group Ltd. agreed to buy just about all of Norsk Hydro ASA's (NHYDY) ownership in the solar panel developer for about $4 million, strengthening the partnership between the two companies.

TFG will more than double its ownership to 41%, replacing Norsk Hydro as the solar manufacturer's largest shareholder. It will purchase Norsk Hydro's outstanding stock at 50 cents a share, representing a 19% premium over Tuesday's closing price of 42 cents. The deal is expected to close within the next 90 days.

TFG bought a 20% stake in Ascent in August as part of a strategic partnership that included the development of manufacturing facilities in East Asia, as part of a deal valued at about $450 million plus royalties.

"We continue to be very excited about the market potential for Ascent's transformational solar power technology," said 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."

--By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; [e-mail]