- Category: Finance
07 Oct 2009
- Published on Wednesday, 07 October 2009 10:03
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Ascent Solar has raised $32.9 million in a public offering of common stock and private placement to Norsk Hydro.
Nasdaq-listed Ascent Solar Technologies has raised $32.9 million after a public offering and a concurrent private placement to its largest shareholder.
The Colorado-based developer of thin-film photovoltaic modules sold approximately 4.6 million shares of its common stocks and another 769,000 shares to Norsk Hydro Produksjon AS, a Norway-based supplier of aluminium-based building systems, for $6.50 apiece.
Ascent Solar plans to use the proceeds from the offering to expand the company’s rated production capacity.
In March, the company began to produce 1.5-megawatt modules per day at its plant in Littleton, Colorado.
Ascent Solar anticipates its 30-MW manufacturing facility to go online by 2010.
The company’s thin-film photovoltaic modules are said to be more flexible and affordable than conventional solar panels, making it suitable for standard building materials, space applications and electronic and portable power use.
- Natassia Y. Laforteza