Apr 22 2008
Hydro is investing NOK 50 million in Convexa, a Norwegian venture fund specializing in technology companies working within the field of solar energy. This investment will give Hydro a greater insight into technology developments that are of importance for the company's solar energy business.
Convexa’s goal is to promote growth in the technology companies through active ownership and by closely monitoring developments. Convexa is especially interested in companies that display international growth potential.
“The solar energy industry’s main challenge is to reduce the costs of producing solar cells. A knowledge of technology development is therefore vital for companies wishing to succeed in the solar energy field. Our stake in Convexa gives us an insight into the most important trends, while in addition enabling us to help promote the development of technologies that are crucial to other aspects of our solar energy efforts,” says Einar Glomnes, who heads Hydro’s solar energy business.
Convexa and Hydro have also entered into a cooperative agreement whereby they will jointly monitor technological and market trends.
“We are very delighted with Hydro’s investment and with the agreement we have signed. Hydro will add much expertise to our solar energy commitment in areas such as metallurgy, industrial production and processes, as well as continuous production improvements,” says Bjørge Gretland, founder and managing director of Convexa.
Convexa is also a part-owner of NorSun, the Norwegian solar cell company, in which Hydro has an 18 percent stake. NorSun is now building a plant in Årdal for the production of mono-crystalline wafers for use in solar cells. The first part of the building has now been completed, and trial production is underway.
Hydro also has a 35-percent stake in the thin-film company Ascent Solar, which is constructing a pilot plant for the production of super thin and flexible, solar cell film in Denver, Colorado. In addition, Hydro owns 49 percent of HyCore, a company that has joined forces with Umicore of Belgium to produce solar grade silicon. HyCore has an office in Porsgrunn and is now building a pilot plant on Herøya.