Ascent Solar Technologies, Inc. Announces $5M Financing Agreement with BD1 Holdings
Ascent Solar Technologies (NASDAQ: ASTI) announced a USD $5M debt financing agreement with BD1 Investment Holdings, a significant existing shareholder. The financing will occur in four installments, with the first tranche of $2M expected by mid-May 2023. The funds are earmarked for general operations and future initiatives, supporting the company's strategic plan for global expansion and commercialization of Perovskites solar technology.
This funding comes alongside a series of positive announcements for ASTI, including a 300% increase in manufacturing capacity in Switzerland and a recent $9M equity financing. CEO Jeffrey Max emphasized that this financial support is crucial for enhancing solar manufacturing operations and expanding the global customer base.
- Secured USD $5M debt financing to support operations and expansion.
- 300% increase in manufacturing capacity at a new Swiss location.
- Recent USD $9M equity financing bolstering financial position.
- None.
Capital commitment arrives as Ascent executes turnaround plan that includes global expansion and investments in commercializing Perovskites solar technology
THORNTON, Colo., April 25, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, CIGS thin-film photovoltaic (PV) solutions, announced today that it has entered into a USD
This commitment from BD1 Holdings arrives as the Company accelerates a strategic plan that includes global expansion, new revenue streams and established leadership in advanced Perovskites solar technology. Today’s announcement is preceded by a series of announcements in the last 45 days including a
“This newest financial commitment is an affirmation of ASTI’s strategic plan from a well-respected and repeat investor group,” said Jeffrey Max, Chief Executive Officer of ASTI. “The funds from this agreement will provide ASTI with the resources to continue the enhancement of our solar manufacturing operations, while bolstering sales and marketing as we work towards expanding our global customer base. Investments of this nature are imperative for us to execute our mission and to help customers use our thin-film flexible PV material to unlock more opportunities to deploy solar, globally.”
About Ascent Solar Technologies, Inc.
Backed by 20+ years of R&D, 17 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. (ASTI) is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in scenarios where traditional rigid solar panels don’t work. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial and commercial construction, and in consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s Headquarters is located in Thornton, Colorado, and Ascent’s 15MW manufacturing facility is located in Zurich, Switzerland. To learn more, please visit https://www.ascentsolar.com.
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.
Media Contact
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com
Investor Contact
James Masters
Vallum Advisors
ir@ascentsolar.com
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