Ascent Solar Technologies Achieves CIGS Technology Power Generation Milestones at Production Scale with Thin Film
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Insights
The announcement by Ascent Solar Technologies regarding their CIGS thin-film photovoltaic technology achieving a new power generation milestone is indicative of significant advancements in photovoltaic efficiency. The increase from 11.6 watts to 14.0 watts over several months suggests a robust trend of performance improvement, which could have substantial implications for the renewable energy sector. This progress is likely to enhance the company's competitive edge, especially in niche markets such as aerospace where lightweight and flexible solar solutions are in high demand.
From a technology standpoint, the continuous improvement in CIGS efficiency could lead to a reduction in the cost per watt of solar power, making it more financially viable compared to traditional silicon-based solar panels. Additionally, the anticipated milestone of 16 watts output could set a new industry standard for thin-film solar technology, potentially driving further investment and research into CIGS applications.
Ascent's progress and production goals are likely to be closely monitored by investors and competitors alike. The stated alignment of technological improvements with revenue goals for the latter halves of 2024 and 2025 suggests a strategic roadmap that is poised to capitalize on these advancements. The market for flexible and lightweight solar solutions is expanding, particularly for applications in space and portable electronics, where Ascent's products could see increased demand.
Investors should note the potential for Ascent's stock to respond positively to these developments, as improved product performance often translates into stronger sales and market share. However, it is important to consider the scalability of production and the company's ability to maintain quality control and meet delivery timelines as they ramp up to meet these new performance targets.
The financial implications of Ascent's technological advancements in CIGS PV modules could be substantial. Improved efficiency typically leads to lower lifecycle costs and higher return on investment for end users, which can drive sales volume and improve Ascent's market positioning. The anticipated performance gains and their timing also suggest that Ascent is on track to meet or exceed its financial projections for the upcoming quarters.
However, it is important to assess the capital expenditures required to achieve these process improvements and whether the company has the financial resources to sustain this trajectory. Investors should also be aware of the competitive landscape; while Ascent is making strides, other companies may also be advancing in thin-film technology, potentially affecting market dynamics and pricing strategies.
Ascent shares an overview of the progress made using its Titan™ module as well as its production goals for the coming month
THORNTON, Colo., March 25, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, today announced that its thin film CIGS technology reached record power generation of 14 watts at production scale.
Since the installation of new leadership in April 2023, Ascent’s engineering and production teams have focused on improving their processes and chemical formulation, resulting in continuous increases in power generated from its innovative thin-film PV. The first in a series of milestones was initially announced on September 5, 2023, with subsequent improvements shared at regular intervals.
Using the Titan™ module to illustrate improvement, Ascent’s CIGS technology has steadily increased its power generation capabilities over the past seven months. The Titan™ module is approximately one square foot in size with a thickness of 0.03mm and a weight of just over eight grams.
Below are the recent calculations for power generation* at Titan™ module dimensions:
| • September 15, 2023 | 11.6 watts |
| • October 30, 2023 | 13.1 watts |
| • November 16, 2023 | 13.3 watts |
| • March 20, 2024 | 14.0 watts |
Note: Power generation figures reflect STC conditions and AM0
Ascent anticipates reaching its next milestone of 16 watts output for the Titan™ module in the next eight to ten (8-10) weeks, expected primarily because of planned improvements to process changes in thin film. The increases in power generation for its CIGS PV technology align with Ascent’s strategy and revenue goals for 3rd and 4th quarters 2024 and 2025, meeting the technological needs for Ascent’s customers in space to achieve end of life power.
ABOUT ASCENT SOLAR TECHNOLOGIES, INC.
Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 4.5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).
FORWARD-LOOKING STATEMENTS
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.
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