Thornton-based solar panel manufacturer Ascent Technologies Inc. said today that TFG Radiant Investment Group, Ltd. is poised to increase its ownership in Ascent.
The company said that TFG Radiant acquired approximately 20 percent of the outstanding shares of Ascent in August 2011, which increases TFG Radiant’s ownership to approximately 41 percent of Ascent.
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 TFG is 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,” said Lee.
Ron Eller, Ascent president and CEO, said he was pleased to see “that our most recent strategic partner, and licensee for our technology in East Asia, is increasing its commitment to Ascent.”
“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,” said Eller.Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com.
