THORNTON, USA: Ascent Solar Technologies Inc., a developer of state-of-the-art flexible thin-film solar modules, announced the appointment of Hans Olav Kvalvaag to its Board of Directors to replace Einar Glomnes, who resigned from the Board effective December 21, 2010.
Kvalvaag was designated for appointment to the Board by Norsk Hydro Produksjon AS, the Company’s largest stockholder, pursuant to a stockholder’s agreement between the Company and Norsk Hydro. Glomnes, the prior Board designee of Norsk Hydro, was recently promoted to Vice President Sales Europe and has assumed an expanded role with additional commitments within Norsk Hydro. As such, he is no longer able to devote adequate attention to his Board position.
Kvalvaag joined Norsk Hydro in 2006 within its New and Alternative Energy group. He is currently part of Norsk Hydro's Corporate Business Development team. He holds a law degree from the University of Oslo in Norway, and finance diplomas from the Norwegian School of Business Administration and the University of Auckland.
He has worked as a management consultant with McKinsey & Company and further as a lawyer with the leading Norwegian law firm, Selmer, primarily focusing on the Energy and Oil & Gas arena.
“On behalf of the entire Board, I would like to thank Einar for his significant contributions to Ascent Solar’s growth and progress. We wish Einar the very best as he expands his responsibilities at Norsk Hydro,” stated Dr. Farhad Moghadam, president and CEO of Ascent Solar. “We also welcome Hans to our Board and look forward to benefitting from his expertise and insights, as well as continued support from Norsk Hydro.”