Norsk Hydro ups stake in U.S. solar energy group |
| Reuters - Mar 27, 2008 |
Norwegian aluminium producer Norsk Hydro said on Thursday it has invested 147 million crowns ($28.9 million) to boost its stake in U.S. solar energy cell manufacturer Ascent Solar (ASTI.O: Quote, Profile, Research).
The transaction raised Norsk Hydro's stake in Ascent to 34.8 percent from 22 percent.
Hydro said it bought Ascent at $9.3 per share, based on an average closing price for the five days before the purchase. Hydro shares were up 2.2 percent at 70.8 crowns at 0835 GMT, outpacing a 1.3 percent rise in Oslo's benchmark bourse index .
"Ascent Solar is an exciting company, which is developing super-thin, flexible solar energy cells," said Joergen Rostrup, senior vice president of Hydro's Energy business area.
Read Full Article from Reuters
- Posted: 2008-03-27 08:33:20
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