TFG Radiant to increase holding in US solar panel maker
TFG Radiant, a joint venture between Chinese property developer Radiant Group and Singapore-based investment company Tertius Financial Group, will increase its stake in Ascent Solar Technologies. The purchase will take its holding in the company to approximately 41%.
TFG Radiant has agreed to buy Norsk Hydro Produksjon's stake in Ascent for S4 million ($3.1 million), or around $0.50 per share. It first invested in Ascent in August 2011, acquiring 20% of the total shares outstanding at a price of $1.15 apiece.
Colorado-based Ascent develops thin-film photovoltaic modules used in solar panels. Its products are designed to be incorporated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power and durable off-grid solutions.
"We continue to be very excited about the market potential for Ascent's transformational solar power technology," Victor Lee, managing director of TFG Radiant, said in a statement. "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."
TFG Radiant has also agreed to build a solar plant in China that will use Ascent's process for making thin-film panels using copper-indium-gallium-diselenide, Bloomberg reported. TFG has exclusive rights to sell the panels in Greater China, Malaysia, Indonesia, Thailand, Korea and Singapore.
There is a growing trend for Chinese investors to buy into high-end US cleantech companies and relocate some or all of the production to China to take advantage of lower operating costs and generous government incentives.
In October, Tsing Capital participated in a $50 million round of financing for existing portfolio company Sunpreme, a Silicon Valley-based solar cell manufacturer. The capital will be used to construct a facility in Jiaxing, China, allowing Sunpreme to expand its production capacity.
A month earlier, lithium-ion battery maker Boston-Power received a $125 million investment from the Chinese government, in partnership with GSR Ventures, and existing backers Oak Investment Partners and Stockholm-based Foundation Asset Management. It will use the funds to build a state-of-the-art R&D and electric vehicle battery engineering facility in China.
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