Norsk Hydro ASA Ups Stake in Ascent Solar (ASTI)

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08:47:59 am on October 8, 2008

Norwegian aluminum supplier Norsk Hydro is buying additional shares of stock in Ascent Solar, bringing its stake in Ascent to 35%. The deal is expected to close today, and will bring the total amount that Norsk Hydro has invested in Ascent to $63 million.

According to the Denver Business Journal,

Norsk Hydro, working through subsidiary Norsk Hydro Produksjon AS, has exercised its option to buy additional shares of Ascent Solar common stock, an option granted in June 2007. Gross proceeds to Ascent Solar will be about $15 million, based on the average closing bid of company shares on the five days prior to the purchase, the company said.

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