US thin film solar modules developer Ascent Solar Technologies Inc said that its main owner Norsk Hydro Produksjon AS has committed to buy some USD 5 million of its common stock in a private placement.

The placement will occur simultaneously with the closing of an underwritten public offering of four million shares of Ascent Solar common stock. The proceeds from the capital increase are expected to be used for expansion of Ascent Solar's rated production capacity and for general corporate purposes.

Ascent Solar Technologies develops photovoltaic modules that can be integrated into military and space applications, building integrated applications and consumer electronics for portable power.

(Sourced from Alacrastore.com)