17 April 2012

Ascent Solar appoints Radiant’s founder to board to intensify re-entering rooftop market

Ascent Solar Technologies Inc of Thornton, CO, USA, which manufactures lightweight thin-film photovoltaic modules based on copper indium gallium diselenide (CIGS) using flexible substrate materials, has appointed Xu Biao to its board as a Class 3 director, and will stand for election at the firm’s 2012 annual meeting.

Xu (Winston Xu) is the founder & chairman of Radiant Group, a China-based metal roofing contractor and provider of building materials. He is also chairman of Ascent’s largest shareholder TFG Radiant Investment Group Ltd. Xu was appointed to the board as the designee of TFG Radiant pursuant to the stockholders’ agreement between the firms.

Xu has more than 15 years of experience in business areas including investment, operation of business start-ups, development, turnarounds, and private equity. As a fellow of the Chartered Institute of Building (CIOB), he is an industry expert in metallic roofing design and construction, building materials, manufacturing, and international trading.

“We look forward to leveraging his rooftop construction expertise in East Asia,” says Ascent’s president & CEO Victor Lee. “Winston brings a wealth of experience related to international trade, construction and renewable power generation,” he adds.

Ascent also aims to intensify its pursuit of market opportunities, including re-entrance into the building-integrated photovoltaic (BIPV) and building-applied photovoltaic (BAPV) sectors, which was delayed in March 2011.
“Xu will play a key role in our immediate plan to re-enter the BIPV and BAPV sectors,” says chairman Dr Amit Kumar. “As those sectors continue to develop, Xu’s experience and relationships in the rapidly growing Chinese market will be invaluable,” he reckons.

“Ascent Solar’s technology enables light and flexible PV products with applications in multiple markets, including BIPV, BAPV and consumer electronics,” comments Xu. “Near term, there are many opportunities to develop products in the consumer electronics market, especially in Asia.”

Ascent will continue to serve premium, off-grid markets in the near term while aggressively ramping production and certifying an updated line of modules to IEC and UL standards in fourth-quarter 2012. It expects to re-enter the rooftop solar market on a global scale, with particular focus on the rapidly growing Asia market where Radiant Group has a strong presence. The firm will also continue to work with strategic partners across all market segments to develop innovative sources of solar power generation.

See related items:

TFG Radiant raises stake in Ascent Solar from 19.4% to 39%

Tags: Ascent Solar CIGS

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