Ascent Solar Technologies, Inc. Secures $9M Equity Financing with Lucro Investments VCC
Ascent Solar Technologies (NASDAQ: ASTI) has announced a $9 million equity financing agreement with Singapore's Lucro Investments.
This funding will be crucial for its turnaround strategy and will be disbursed in monthly installments of $1 million. The investment will support general operations and enhance future initiatives.
In conjunction, Ascent has acquired manufacturing equipment from Flisom AG, enabling the immediate production of thin-film solar materials in Switzerland. CEO Jeffrey Max expressed confidence in the investment, indicating it as a strong endorsement of the company's direction in the solar technology market.
- Secured $9 million equity financing from Lucro Investments.
- Investment supports general business operations and future initiatives.
- Acquisition of manufacturing equipment from Flisom AG to enhance production capabilities.
- None.
Ascent Solar receives repeat funding to fuel aggressive turnaround plan and strategy to become global contender in the solar technology solutions market
THORNTON, Colo., April 20, 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
This equity investment comes at a pivotal time for the Company, as it executes a turnaround plan and takes steps to establish itself in the global PV solutions marketplace. On April 17, 2023, Ascent completed the acquisition of certain manufacturing equipment from Flisom AG and that it would begin manufacturing thin-film solar material in Niederhasli, Switzerland immediately.
“We are pleased to announce an additional funding commitment from Lucro Investments, at an inflection point in our Company’s history. Ascent is undergoing significant and transformative changes, as we continue to guide the Company towards providing our flexible, lightweight, and durable thin-film solar solutions to an expanded spectrum of audiences on an international stage,” said Jeffrey Max, Chief Executive Officer of ASTI. “This new investment commitment from Lucro Investments signals a strong vote of confidence for our burgeoning Company and strategy as we advance our capabilities, output and channels.”
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 and 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 5-MW nameplate production facility are located in Thornton, Colorado. To learn more, 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
FAQ
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