Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of flexible CIGS solar panels, announced today that TFG Radiant Investment Group, Ltd. (TFG Radiant), is poised to increase its ownership interest in the Thornton, Colo., based solar panel manufacturer. TFG Radiant acquired approximately 20 percent of the outstanding shares of Ascent in August 2011. The increase will put TFG Radiant's ownership at approximately 41 percent.
TFG Radiant will purchase the stake in the Company presently owned by Norsk Hydro Produksjon AS for $4 million, or approximately $0.50 per share. The transaction is expected to close within the next 90 days.
Victor Lee, managing director of TFG Radiant and an Ascent board member, said: "We continue to be very excited about the market potential for Ascent's transformational solar power technology. No other manufacturer can match the combination of power density and flexibility, which we believe will enable TFG Radiant to lead in rooftop and portable power applications in East Asia."
"We are pleased to see that our most recent strategic partner, and licensee for our technology in East Asia, is increasing its commitment to Ascent," commented Ron Eller, Ascent president and CEO. "We have the same vision for our unique, high performing flexible technology to bring solar power to everyday lives in a seamless and compelling manner."