31 October 2013

Ascent Solar raising $10m in financing with Ironridge

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules that it integrates into its EnerPlex series of consumer products, has signed an agreement to raise $10m through a registered direct offering with institutional investor Ironridge Technology Co, a division of Ironridge Global IV Ltd. Ascent will issue up to $10m of Series B convertible preferred stock in two tranches.

The initial $5m tranche is expected to close this week (upon satisfaction of customary closing conditions). The initial tranche preferred stock will be convertible into shares of common stock at a fixed conversion price of $1.15 per common share.

The second tranche of $5m is expected to close in late 2013 or early 2014. The second tranche preferred stock will be convertible into shares of common stock at a fixed conversion price of either $1.15 or $1.50 per common share.

Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the USA, Europe and Asia, brand building, and the launch of additional EnerPlex products.

EnerPlex sales more than double

Based upon preliminary data, for third-quarter 2013 Ascent Solar expects to post revenue of $275,000, up 22% on last quarter. More significantly, sales of its EnerPlex branded consumer products more than doubled to $238,000. Government R&D contract revenue fell more than 85%, due largely to a delay in government funding. The firm signed a contract with the US Department of Defense in June and expects contract revenues in Q4/2013 to be greater than they were in Q2.

“The momentum in our EnerPlex product sales quarter over quarter validates our strategy of shifting towards a B2C [business-to-consumer] business model, implemented nearly a year ago,” believes president & CEO Victor Lee. “We continue to experience increasing recognition of the EnerPlex brand, and our sales distribution channels have continued to expand both domestically and internationally, which has contributed to the sales growth in the third quarter, and an even a stronger outlook for sales in the fourth quarter.” The firm believes that its EnerPlex product line is changing solar-integrated consumer electronics by providing lightweight, powerful and durable charging solutions for portable electronics.

Ascent Solar also expects to report cash reserves (as of end-September) of about $3.9m.

Tags: Ascent Solar EnerPlex CIGS

Visit: www.AscentSolar.com

Visit: www.goenerplex.com