Ascent Solar to Pursue Multiple Federal Funding Opportunities for Allocation in 2024

By: Ascent Solar Technologies, Inc. via GlobeNewswire

December 03, 2023 at 19:00 PM EST

THORNTON, Colo., Dec. 03, 2023 (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, announced today that the Company is pursuing several opportunities for federal funding through the Department of Energy (DOE) and the Small Business Administration, with determination and allocation scheduled for 2024.

With applications and concept papers submitted and well-received in Q4 2023, Ascent is prepared to lead groundbreaking research primarily in agrivoltaics and on-orbit manufacturing, as well as the development and manufacturing of advanced solar cells should the proposals be selected for funding. The Company plans to do this both individually as well as in partnership with like-minded industry players whose technologies and manufacturing processes complement Ascent’s own unique capabilities. These and other partnerships discussions are already underway.

As encouraged by the DOE, Ascent applied for Silicon Solar Manufacturing and Dual-Use Photovoltaics Incubator program funding on November 14, 2023, for the development of its innovative agrivoltaic technology that would bring solar power to more remote areas around the world and optimize dual land use. The Company has also been encouraged by the DOE to further submit for a Solar Energy Technologies Office Funding Notice: Advancing U.S. Thin-Film Solar Photovoltaics, as part of a team, for advanced PV research and development that would enable future commercialization.

“We’ve very optimistic about our recent technological breakthroughs and the increased research and commercialization opportunities that would come with the selection of our funding applications to these organizations,” said Paul Warley, CEO of Ascent Solar Technologies. “Further funding through programs such as the Office of Energy Efficiency & Renewable Energy FOAs and SBIR grants would allow greater opportunities for the Ascent team to advance our cutting edge technologies and drive revenue. Thin-film is uniquely capable of achieving federal agency goals of innovative solar technology adoption to drive electrification and decarbonization of the energy sector.”

Ascent has a rich history of working with U.S. agencies for the development of solar capabilities, as well as deep research of CIGS technology performance in unique environments. Past programs and partners include National Aeronautics and Space Administration (NASA), Airforce Research Laboratory (AFRL), Department of Energy, Defense Advanced Research Projects Agency (DARPA), the U.S. Navy, and participation in several Small Business Innovation Research projects.

Ascent is well positioned in 2024 to lead and partner in federally funded research to further advance and commercialize innovative solar technologies. With significant efficiency improvements realized in Q4 of 2023 up to 17.72%, and additional technological development underway, Ascent has dedicated its 4.5MW facilities to large scale production of superior thin-film technology.

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.

MEDIA CONTACT
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com

INVESTOR CONTACT
James Masters
Vallum Advisors
ir@ascentsolar.com