Norwegian company buys more of Ascent Solar

Thin-film solar panel manufacturer Ascent Solar Technologies Inc. said Tuesday that Norsk Hydro ASA, through a subsidiary, has upped its stake in the company to 35 percent. Ascent Solar (NASDAQ: ASTI) is based in Littleton. The company said 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. The purchase is expected to close by Oct. 8. Hydro has invested a total of about $63 million in the company. Norsk Hydro is based in Oslo, Norway, and is one of the world’s biggest suppliers of aluminum a major global supplier of aluminum-based building systems. The company trades on the Oslo Stock Exchange at symbol NHY. Source: www.bizjournals.com