Ascent Solar Technologies, Inc. said today that TFG Radiant Investment Group, Ltd. is poised to increase its ownership interest in the Thornton-based solar panel manufacturer.
TFG Radiant acquired approximately 20 percent of the outstanding shares of Ascent in August 2011. The latest buy ups TFG Radiant’s ownership to roughly41 percent. TFG Radiant will purchase the stake in the Company presently owned by Norsk Hydro Produksjon AS for $4 million, or approximately $0.50 per share. The transaction is expected to close within the next 90 days.
Ascent is a developer of flexible CIGS solar panels that it promotes as … ‘transforming the way solar power generation integrates into everyday life.’
The privately held company is a young colt with a rich patron in the thin film solar market. In December 2010, it closed on a long-anticipated $400 million loan guarantee from the U.S. Department of Energy (DOE) to fund the expansion of the company’s manufacturing capacity. They have an existing facility located in Loveland, Colorado with a nameplate capacity of 200 MW/yr. Having a loan from the US DOE might seem like a great opportunity. But, as the Solyndra debacle showed, it is not a panacea. What’s more, manufacturing giant GE is the big gorilla in the thin film market and is building a new $300 million+ facility in Aurora.
“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.”
“We are pleased to see that our most recent strategic partner, and licensee for our technology in East Asia, is increasing its commitment to Ascent,” commented Ron Eller, Ascent president and CEO. “We have the same vision for our unique, high performing flexible technology to bring solar power to everyday lives in a seamless and compelling manner.”