THORNTON, USA: Ascent Solar Technologies Inc., a developer of flexible CIGS solar panels, announced that TFG Radiant Investment Group Ltd has completed the acquisition of the Ascent Solar common stock owned by Norsk Hydro Produksjon AS, previously announced on January 4, 2012. With the purchase, TFG Radiant’s ownership interest increases from 19.4 percent to 39 percent of the outstanding common shares, making TFG Radiant the company’s largest shareholder. The shares were purchased for approximately $0.50 per share.
Victor Lee, president and CEO of Ascent and executive director of TFG Radiant, said: “TFG Radiant Investment Group is extremely pleased to increase our investment in Ascent Solar as the company ramps its production and aggressively targets end-markets. We remain very excited about Ascent Solar’s revolutionary technology and look forward to partnering for the long-term, realizing the many opportunities for this transformational product in Asia, North America and worldwide.”
Following the closing of the transaction, Hans Olav Kvalvaag, a designated representative of Norsk Hydro, resigned from the Company's Board. Lee commented: “We would like to thank Hans Olav for his service to the Company. His support has been invaluable to the company and we wish him well in his future endeavors.”
TFG Radiant Group 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. The Group, with more than 3,000 personnel, operates various 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.