Hydro Makes Follow on Investment in Ascent Solar
Ascent Solar Technologies, Inc. announced that Hydro ASA acquired an additional 934,462 shares of Ascent Solar common stock and 1,965,690 Class B warrants through the exercise of an option previously granted to Hydro and approved by Ascent Solar’s shareholders in June 2007.
Gross proceeds to the company from the follow on investment are $10.48 million, and reflect per share and per warrant purchase prices equal to the average of the closing bids of each security, as reported by Nasdaq, for the five consecutive trading days preceding exercise.
By acquiring these additional shares, Hydro again holds 23% of the total outstanding common shares, after its holdings were diluted as the result of the recent redemption of Class A public warrants. Hydro has also acquired 23% of outstanding Class B warrants. Pursuant to another option that was approved by Ascent Solar’s shareholders, beginning December 13, 2007, Hydro will have the opportunity to purchase additional shares and Class B warrants so that it will hold up to 35% of each class of security.
With approximately 33,000 employees in nearly 40 countries, Hydro is one of the world’s leading suppliers of energy and aluminum, and its building systems and aluminum divisions are among the largest in the world.
Einar Glomnes, head of Hydro’s Solar Division, stated: "Ascent Solar has developed an exciting and future-oriented solar cell technology, and we believe there will be a large market for their products. Its super-thin and flexible solar cell modules go very well together with Hydro’s building systems activities, and we are looking forward to a continued fruitful partnership together with Ascent."
Ascent Solar President and CEO Matthew Foster said, "I would like to thank the management team at Hydro for this exciting vote of confidence. The additional capital will help accelerate our plans towards building our first 25MW high volume production plant. The full 25MW build-out is planned to be complete by the end of 2009. Our current priority remains the completion of our 1.5MW pilot plant which is on track for completion by the end of 2007 with initial production beginning in early 2008."