2 April 2012

TFG Radiant raises stake in Ascent Solar from 19.4% to 39%

Ascent Solar Technologies Inc of Thornton, CO, USA, which manufactures lightweight thin-film photovoltaic modules based on copper indium gallium diselenide (CIGS) using flexible substrate materials, says that TFG Radiant Investment Group Ltd has completed the acquisition (announced on 4 January) of the common stock owned by Norsk Hydro Produksjon AS for about $0.50 per share. Hans Olav Kvalvaag, a designated representative of Norsk Hydro, has resigned from the board.

TFG Radiant has hence raised its stake from 19.4% (acquired last August) to 39% of Ascent’s outstanding common shares, making it the largest shareholder. Last August, as well as investing in Ascent, TFG reached a joint development agreement to establish CIGS PV module manufacturing facilities in East Asia. TFG committed $165m for the initial fabrication plant. Ascent also agreed to exclusively license its technology for fabrication and distribution of flexible, lightweight CIGS PV modules to TFG for East Asia (including China, Taiwan, Hong Kong, Malaysia, Indonesia, Thailand, Korea and Singapore).

Ascent Solar is ramping up its production and aggressively targeting end-markets, says Victor Lee, Ascent’s president & CEO and executive director of TFG Radiant. “We look forward to partnering for the long-term, realizing the many opportunities for this transformational product in Asia, North America and worldwide,” he adds.

TFG Radiant is a joint venture of Radiant Group, a Chinese conglomerate in construction and real estate, and Tertius Financial Group, a private investment firm based in Singapore. With more than 3000 staff, The group operates businesses across China, Indonesia, Singapore and Malaysia, including in metal roofing and facades, import/export trading, real-estate investment, project management and consultation, new-energy development, manufacturing and distribution, and gold mining.

See related items:

Ascent Solar appoints TFG Radiant designate to board

Tags: Ascent Solar CIGS

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