Hydro invests in solar energy company Norsun

(Nov. 7, 2006) Hydro is investing NOK 150 million in the solar energy company Norsun, which is planning to set up a plant in Årdal for the production of monocrystalline silicon wafers for solar cells.

(Photo: Terje S. Knudsen)

"We find the solar energy market fascinating. The Norsun investment gives Hydro an even broader and more forward-looking portfolio for renewable energy," said President and CEO Eivind Reiten in a speech held at Hydro’s energy seminar in Bergen's Grieghalle on Tuesday.

Monocrystalline silicon wafers are made of pure silicon and used in the manufacture of energy-efficient solar cells and panels. The silicon wafers will be sold on the international solar energy market.

Hydro will hold a minority share in the company, which is also thinking of investing in complementary solar energy technologies. Norsun was started up by Alf Bjørseth, well-known within the international solar energy community. He also founded the Renewable Energy Corporation (REC).

In his energy seminar speech, Reiten emphasized the fact that Hydro already has a broad new energy portfolio. He pointed out that Hydro is one of the major players in Norwegian wind power, adding that the company is participating in a number of hydrogen projects in Europe and currently looking into the possibility of producing biodiesel from wood. Hydro has also invested in the wave power company Ocean Power Delivery, which will build the world’s first commercial wave power plant off the coast of Portugal.

"We believe we will be seeing a broad mix of energy forms in the years to come. Wind, bio, solar and hydrogen will represent important supplements to oil, gas and coal," said Reiten.

At last year’s energy seminar Hydro presented Hywind, a new concept involving floating windmills attached to floating concrete constructions as used in the North Sea oil industry. Hydro was recently licensed to position a floating windmill in the sea off Karmøy.