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News

11 July 2007

 

Ascent Solar raises over $20m from warrant conversion

Ascent Solar Technologies Inc of Littleton, CO, USA, which develops thin-film photovoltaic materials and modules based on copper indium gallium diselenide (CIGS) deposited on plastic substrates, has received over $20m as a result of the conversion of Class A public warrants. The firm also says that it has achieved significant 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,” says president and CEO Matthew Foster.

“We are currently conducting pre-manufacturing testing on our roll-to-roll rapid prototyping tools in order to baseline the PV manufacturing processes. This is in preparation for the commencement of manufacturing operations on the 1.5MW pilot production plant scheduled for completion by year end,” he adds. “The additional capital received will support construction of the first of four 25MW scale production lines, the first of which is planned for completion in 2009. Our pathway to the market with large volume production has been greatly enhanced and will be strengthened further once we complete qualification of our pilot production plant.”

“By processing approximately 100 feet each week in our roll-to-roll rapid prototyping tools, we have systematically proven out the entire end-to-end manufacturing deposition process,” adds Dr Prem Nath, senior VP of manufacturing. “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.”

*At the end of June, Ascent Solar appointed Joel S. Porter to its board of directors. Porter is president of Centennial Consulting Services Inc, which he founded after retiring from Lockheed Martin in spring 2004 as VP for International Program Development and Systems Analysis.

In almost three decades at Lockheed Martin, he managed the development of new technologies, advanced programs, and business development for the Department of Defense, NASA and commercial programs and endeavors.

Porter has a Bachelor of Aerospace Engineering degree from the Georgia Institute of Technology and an M.S. degree in Industrial Management. He was also a Second Lieutenant in the US Air Force from 1972-76.

“He brings invaluable expertise in international business,” said Foster.

See related items:

Ascent Solar shareholders approve increase in Norsk Hydro stake from 23% to 35%

Honda starts selling CIGS solar cells

Emerging PV technologies growing at 43% annually

Energy producer Hydro invests in Ascent Solar for CIGS-based flexible solar cells

Visit: http://www.ascentsolar.com