Ascent Solar partners for East Asia market

Ascent Solar Technologies Inc. (NASDAQ:ASTI) will work with TFG Radiant Group to bring its CIGS thin film solar cell technology to East Asia, setting up at least 1 fab and reaching customers in East Asian markets.

August 15, 2011 – BUSINESS WIRE — Ascent Solar Technologies Inc. (NASDAQ:ASTI) signed a strategic partnership deal with TFG Radiant Group worth about $450 million plus royalties.

Investments in Ascent will total more than $275 million plus royalties long-term. Through an initial stock purchase (6,400,000 shares at $1.15 per share) and future stock purchase option (9,500,000 shares at $1.55 per share), TFG Radiant will invest $7.36 million to $14.7 million in Ascent Solar shares. TFG Radiant has the right initially to appoint one member to Ascent’s Board of Directors, and entitlement to appoint a second member if TFG Radiant’s ownership percentage increases in the future pursuant to the exercise of its stock purchase option.

Ascent has agreed to exclusively license its technology for fabrication and distribution of flexible, lightweight copper, indium, gallium, diselenide (CIGS) thin film photovoltaic modules to TFG Radiant for East Asia (China, Taiwan, Hong Kong, Malaysia, Indonesia, Thailand, Korea, and Singapore).

TFG Radiant will also establish manufacturing facilities in East Asia with Ascent, starting with a China location. TFG Radiant has been Ascent’s exclusive distributor in China for the past year. The East Asia fab will be supported by $165 million from TFG Radiant. This fab is expected to have an initial annual production capacity of 100MW. TFG Radiant will pay Ascent to help bring the fab on-line, and Ascent will receive partial ownership of the facility and royalties on all its sales. TFG Radiant also has the right to build, at its cost, multiple additional fabs for the East Asian markets and Ascent will receive partial ownership, royalties and consulting fees for all such locations.

Another aspect of the strategic alliance will involve a new next-generation photovoltaics production line in Colorado, US.

Ascent will receive license fees and non-recurring engineering fees from TFG Radiant. In addition, Ascent will receive milestone payments tied to the achievement of certain production and cost goals. The total of such milestone payments could exceed $250 million over multiple years.

Dr. Amit Kumar, Chairman of Ascent, says the company is seeking similar multi-faceted partnerships in other geographies, freeing up Ascent to focus on R&D, and product and plant development. TFG Radiant has expertise in roof design and materials, balance of system (BOS) design, and volume manufacturing in East Asian markets.

Ascent Solar Technologies Inc. develops thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Additional information can be found at

TFG Radiant Group is a joint venture of Radiant Group (, a Chinese conglomerate in construction and real estate, and Tertius Financial Group, a private investment firm based in Singapore.

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