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Hydro Invests in Solar Energy

Hydro first invested in Ascent Solar in March 2007

Norway's oil and gas giant Hydro has invested NOK 147 million in shares in the US company Ascent Solar, increasing its stake in the company from 22 to 34.8 percent.

“This is the solar energy system of tomorrow and a good fit with Hydro’s energy-efficient building systems, for which solar cells will be an important element,” says Jorgen C. Arentz Rostrup, senior vice president of Hydro’s Energy business area.

Hydro first invested in Ascent Solar in March 2007, and has had the possibility of increasing its ownership stake to 35 percent.

Hydro has now exercised this option. The current share purchase totals USD 28.5 million, at USD 9.30 per share. The price is based on an average closing price the last five days before the purchase. This brings Hydro’s total investment in Ascent Solar to nearly USD 50 million.