To: NOREG who wrote (5 ) 10/7/2008 2:49:14 PM From: $Mogul Respond to of 23 Hydro Increases Stake in Ascent Solar to 35% Tuesday October 7, 10:28 am ET biz.yahoo.com LITTLETON, Colo.--(BUSINESS WIRE)--Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, thin-film photovoltaic modules, announced today that Norsk Hydro ASA, through its subsidiary Norsk Hydro Produksjon AS, has exercised an option to purchase additional shares of Ascent Solar common stock. The option was granted to Hydro and approved by Ascent Solar’s shareholders in June 2007. Gross proceeds to the company from the follow on investment will be approximately $15 million, and reflect a per share purchase price equal to the average of the closing bid, as reported by Nasdaq, for the five consecutive trading days preceding exercise. Ascent Solar expects the transaction to close by October 8, 2008. Upon acquiring these additional shares, Hydro will hold approximately 35% of the total outstanding common shares and also approximately 35% of the total outstanding Class B warrants of Ascent Solar. Hydro has invested a total of approximately $63 million in the company. “Ascent has developed a unique technology for the production of super thin and flexible solar cell modules that are well suited for integration in building systems. As Hydro is a major supplier of building systems in Europe, the partnership with Ascent is strategically important," says Einar Glomnes, head of Hydro's solar business unit. Ascent Solar President and Chief Executive Officer Dr. Mohan Misra said “we are encouraged by Hydro’s continued support and confidence in Ascent Solar's technologies, products and people. We intend to use these proceeds to support our continued progress toward our manufacturing milestones as we ramp to commercialization.” About Norsk Hydro ASA: Headquartered in Oslo, Norway, Hydro is one of the world’s leading suppliers of aluminum, and is a major global supplier of aluminum-based building systems. The company employs approximately 22,000 people in more than 30 countries and has activities on all continents. Please visit Hydro’s website for additional information at www.hydro.com About Ascent Solar Technologies, Inc.: Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Ascent Solar modules can be directly integrated into standard building materials, space applications, consumer electronics for portable power or configured as stand alone modules for large scale terrestrial deployment. Ascent Solar is located in Littleton, Colorado. Please visit our website for additional information at www.ascentsolar.com. Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission. Contact: Ascent Solar Technologies, Inc. Brian Blackman, 832-515-0928 (Investor Relations) bblackman@ascentsolar.com or Brand Fortified Public Relations Kelly Brandner, 303-289-4303 (Media) kellybrandner@msn.com -------------------------------------------------------------------------------- Source: Ascent Solar Technologies, Inc.