Ascent Solar Delivers First Shipment of A Major Contract to Supply High-Voltage Superlight Thin-Film Modules for High Altitude Aerospace Application
THORNTON, CO -- (Marketwired) -- 07/25/17 --
Ascent Solar Technologies, Inc. (OTCQB: ASTI), a developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic (PV) solutions, announces that the Company has successfully delivered the first shipment of the major contract on June 26, 2017 pursuant to announcement made on January 19, 2017.
The first shipment, represents approximately 21% of the total contract size, was delayed from the original scheduled shipment date at the request of our customer due to delays in their project schedule. The shipment is now completed, successfully tested and accepted by customer. We are now waiting for customer's revised shipment schedule for the remainder of the contract, which is expected to occur in first quarter of 2018.
Dr. Joseph Armstrong, Founder and Chief Technology Officer of Ascent Solar said, "We have noted previously that Ascent's thin-film CIGS PV technology produces modules with the highest power-to-weight ratio, and this characteristic is incredibly important especially for aerospace, near-space, and space applications. We were able to provide the customer with a unique modular product that is designed to reduce part count significantly over our competition, while providing the ability and flexibility to integrate the modules into different form factors for different applications as their product evolves."
"This contract is by far the single largest PV sales contract in the corporate history of Ascent Solar, and the first ever large shipment of such customized high-voltage superlight thin-film for high altitude application," said Victor Lee, CEO and President of Ascent Solar Technologies, Inc. "The contract is not only significant in value but also underscores the power of Ascent's proprietary technology to address these rapidly emerging and growing premium PV markets. We hope that this contract is only the 'tip of the iceberg' as the project, if successfully launched, is expected to be rolled out on a much larger scale in the future."
ABOUT ASCENT SOLAR TECHNOLOGIES, INC:
Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton,
Colorado. More information can be found at www.AscentSolar.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
PCG Advisory Group Media Relations
Source: Ascent Solar Technologies
News Provided by Acquire Media