THORNTON, CO, Nov. 08, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, is pleased to announce that the Company has received an additional $5M from BD 1 Investment Holding, LLC (“BD 1”), to complete the $10M funding commitment BD 1 made to Ascent Solar, pursuant to the securities purchase agreement dated August 2, 2021 (“SPA”).
BD 1, the Company’s largest stakeholder, completed the first $5M tranche of its $10M funding commitment, in September of 2021. As previously announced, the Company entered into the SPA with the German investment group to sell a total of 666.67 million shares of Common Stock of the Company (the “Shares”)—in two tranches—at a fixed price of $0.015 per share, in exchange for a total of $10M. Management indicated that this 2nd and final tranche of the $10M commitment, like the initial tranche, would continue to enable Ascent Solar’s ability to focus on capacity ramp-up, technological improvements, and a sales development strategy; as well as the development of next generation tooling.
Management indicated that BD 1 works closely with a group of other successful and well-heeled German investors who hold a controlling interest in Ascent Solar. Management also indicated that these investors truly understand the solar marketspace and have identified Ascent Solar as a future market leader.
“The timely completion of the $10M investment is a continued vote of confidence from our largest stakeholder in Ascent Solar’s management team, as well as the overall value potential of the Company,” said Victor Lee, President and CEO of Ascent Solar Technologies, Inc. “We believe that our ability to raise capital, is a strong testament to our diligent focus on the restructuring and recapitalization of the Company, which we will continue to aggressively pursue. We are confident that this focus supports our long-term growth strategy and should allow for future financial opportunities to unveil themselves.”
Mr. Johannes Kuhn, principal owner of BD 1, said, “As I’ve commented in the past, Ascent Solar possesses a solar technology that in our opinion, cannot be easily rivaled, especially in the high value specialty PV markets. Its management team exhibits a wealth of experience and technological know-how. This affords Ascent Solar the ability to creatively use its proprietary monolithic-integration technology on a flexible polyimide substrate, which is clearly state of the art.”
“We remain committed to working with Ascent Solar to achieve the long-term objectives of management. We are confident that Ascent Solar will become a commercially viable solar company, and a market leader in the high value specialty PV solar marketspace.”
Mr. Lee concluded, “With the continued support of BD 1, along with our other industry savvy investors, I grow more optimistic daily in our ability to harness the value of our solar technologies and grow shareholder confidence. As the race for space heats up, Electric Vehicles (EV) look to solar energy, and more markets actively seek lightweight and durable finished goods or bespoke solar products, I certainly look forward to stronger years ahead as our high-value, PV market focus really begins to take shape.”
ABOUT ASCENT SOLAR TECHNOLOGIES, INC
Ascent Solar Technologies, Inc., is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies by R&D Magazine, and one of TIME Magazine's 50 best inventions. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado. More information can be found at www.AscentSolar.com.
Forward-Looking Statements:
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. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. 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.
Ascent Solar Technologies
Investor Relations: IR@AscentSolar.com
