Norsk Hydro Invests in Norsun for Solar Cell Production

November 19, 2006 by Jeff Shepard

Norsk Hydro is investing NOK 150 million in the solar energy company Norsun, which is planning to set up a plant in Aardal for the production of monocrystalline silicone wafers for solar cells that will be sold on the international solar energy market. Hydro will hold a minority share in the company, which is also thinking of investing in complementary solar energy technologies.

"We find the solar energy market fascinating. The Norsun investment gives Hydro an even broader and more forward-looking portfolio for renewable energy," stated Hydro President and CEO Eivind Reiten.

In his speech, Reiten emphasized that Hydro already has a broad new energy portfolio, it is one of the major players in Norwegian wind power, participates in a number of hydrogen projects in Europe and is looking into the possibility of producing biodiesel from wood. Hydro has also invested in the wave power company, Ocean Power Delivery, which will build the world's first commercial wave power plant off the coast of Portugal.

"We believe we will be seeing a broad mix of energy forms in the years to come. Wind, bio, solar and hydrogen will represent important supplements to oil, gas and coal," said Reiten.