Ascent Solar Raises $20 M for PV Manufacturing Facility

Ascent Solar Technologies, Inc. has received more than $20 million as a result of the conversion of Class A public warrants and also announces pre-manufacturing milestones.

“The additional capital received as a result of the Class A public warrant conversion and our partnership with Norsk Hydro have enabled us to achieve significant milestones ahead of plan,” said Matthew Foster, Ascent Solar President and CEO.

“We are currently conducting pre-manufacturing testing on our roll-to-roll rapid prototyping tools in order to baseline the PV manufacturing processes,” Foster added. “This is in preparation for the commencement of manufacturing operations on the 1.5-megawatt (MW) pilot production plant scheduled for completion by year end.”

Ascent Solar uses a Copper-Indium-Gallium-Selenium (CIGS) compound to produce thin-film photovoltaic (PV) modules on plastic substrates. The CIGS in combination with other thin metal layers are deposited sequentially on top of one another using roll-to-roll manufacturing tools to achieve the photovoltaic effect.

Dr. Prem Nath, Senior VP of Manufacturing, stated, “We believe that we can achieve repeatable and controllable processes that yield excellent uniformity. We now intend to focus on deposition process optimization and the remaining module patterning and encapsulation areas as we prepare for the staged delivery of our pilot plant production tools beginning in September 2007.”

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