To establish a R&D co-operation in areas central for both companies
Norwegian mining and renewable energy company Hydro has announced that it is injecting NOK92m to a capital increase in the solar energy company NorSun. Hydro is maintaining its 18.4% ownership interest. All the major shareholders are contributing a total of NOK500m to the issue.
In summer 2008, NorSun had started producing monocrystalline silicon ingots and wafers at the company’s plant at Ardalstangen, close to Hydro’s aluminum smelter in Ardal, Norway.
The silicon ingots are sliced into thin wafers that are installed in solar cell modules that produce electricity from solar energy. NorSun also produces silicon ingots and wafers in Vantaa, Finland.
Einar Glomnes, head of Hydro’s solar energy activities, said that Hydro and NorSun are now establishing a R&D co-operation in areas and on tasks that are central for both companies.
Mr Glomnes said: NorSun is an exciting company with a promising future, and we would therefore like to continue developing our engagement with the company.
NorSun is a supplier of silicon wafers for high efficiency solar cells with production capacity in Vanta (Finland) and Ardal (Norway) and a third production facility is under construction in Singapore.