Ascent Solar and Shenzhen Radiant Enterprise Enter Strategic Alliance with Leading China Railway Design Agency
Third Railway Survey and Design Institute Group Corporation to
integrate Ascent Solar panels with existing and future railway stations
THORNTON, Colo.--(BUSINESS WIRE)--
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of
state-of-the-art, flexible thin-film photovoltaic modules, announced
today it has entered into a three way strategic joint development
agreement with Shenzhen Radiant Enterprise Co., Ltd. (Radiant) and Third
Railway Survey and Design Institute Group Corporation (TSDI) of China.
Under the agreement, TSDI will promote the use of leading-edge solar
technology in China's rapidly growing public railway infrastructure by
installing Ascent Solar modules on existing and future railway stations
in China. Radiant has been responsible for installing the roofing
component on multiple railway station projects throughout China and is
well positioned to execute the PV retrofitting of existing railway
stations, as well new installations. Total volume of solar installation
on China's public infrastructure is projected to reach 800MW over the
next five years.
TSDI, a subsidiary of the China Railway Group, is a large-scale
comprehensive survey and design corporation that has been appointed to
build a uniform technical platform for China's state-of-the-art national
railway system. TSDI consistently ranks among China's Top 100 firms in
terms of overall strength, and owns a Class-A Qualification certificate
for Engineering Survey and Design from China's Ministry of Housing and
Urban-rural Development. The organization has designed over 50,000km of
railways in China, including the country's first high-speed railway and
first heavy-haul railway. In addition, TSDI designed China's first
modern, large-scale multi-modal transport hub, the Beijing South Railway
Station.
Shenzhen Radiant Enterprise Co., Ltd., Ascent's strategic partner in
East Asia and a leader in the metal roofing and façade industry in
China, will work closely with Ascent and TSDI to design, engineer and
install the solar systems.
"We are honoured to be involved with TSDI through this very important
partnership, which will promote Ascent Solar's transformational
technology in a high-profile sector of China's public infrastructure.
This year, we look forward to working closely with TSDI and Radiant to
design and develop systems to be installed beginning in 2013," stated
Victor Lee, Ascent Solar President and CEO.
Winston Xu, Founder of Shenzhen Radiant Enterprise Co., Ltd. and Ascent
Solar Board Member, said "China's state-of-the-art railway system is one
of the largest and fastest growing in the world. Ascent Solar and
Radiant Group feel privileged to work with TSDI towards the goal of
incorporating green, renewable energy with this important piece of
China's infrastructure."
According to the terms of the agreement, the three parties will begin
system design and engineering development in the near term, with initial
project installations beginning in 2013.
About Ascent Solar Technologies, Inc.
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic
modules with substrate materials that can be more flexible and
affordable than most traditional solar panels. Ascent Solar modules can
be directly integrated into standard building materials, commercial
transportation, automotive solutions, space applications, consumer
electronics for portable power or configured as stand-alone modules for
large scale terrestrial deployment. Ascent Solar is headquartered
in Thornton, Colorado. Additional information can be found at www.ascentsolar.com.
About Shenzhen Radiant Enterprise Co., Ltd.
Shenzhen Radiant Enterprise Co., Ltd. is a Chinese conglomerate in
construction and real estate with more than 3,000 personnel and operates
various businesses across many countries with a focus on metal roofing
and facades, import/export trading, real estate investment, project
management and consultation, new-energy development, manufacturing and
distribution.
About TDSI
The Third Railway Survey and Design Institute Group Corporation, founded
in 1953 and a subsidiary of The China Railway Group, is a Grade-A
certified large-scale comprehensive survey and design corporation
engaged in the business of survey, plotting, consultancy, design,
supervision and general contracting of projects in the fields of
railway, urban rail transit systems and highways. Additional information
can be found at www.tsdig.com.
Forward-Looking Statements
Statements in this press release that are not statements of historical
or current fact constitute "forward-looking statements." 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. In addition to statements that explicitly
describe these risks and uncertainties, readers are urged to consider
statements that contain terms such as "believes," "belief," "expects,"
"expect," "intends," "intend," "anticipate," "anticipates," "plans,"
"plan," to be uncertain and forward-looking. 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.
Ascent Solar Technologies, Inc.
Media & Public Relations
Brad
Kemp, 720-872-5148
bkemp@ascentsolar.com
or
Investor
Relations
ir@ascentsolar.com
Source: Ascent Solar Technologies
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