Ascent Solar to Receive $6 Million Funding Boost from Asian Investor

Ascent Solar Technologies, Inc., a manufacturer of flexible thin-film photovoltaic modules integrated into the company’s new EnerPlex series of consumer products, announced the signing of an agreement to raise $6 million through a private placement to a high net worth private investor in Asia. In the private placement, the company will issue (i) shares of Series A Preferred Stock convertible, at a conversion price of $0.80 per share, into 7,500,000 shares of common stock and (ii) warrants with a three-year term to acquire 2,625,000 shares of common stock at a cash exercise price of $0.90 per share.

The private placement will be funded in three tranches, with the initial $1 million tranche to be closed this week. The remaining two tranches are expected to fund after a registration statement to be filed by the company relating to the private placement securities is declared effective by the Securities and Exchange Commission.

Ascent intends to use the proceeds of the offering to fund the continued expansion of its retail channels for its EnerPlex products in the U.S., Europe and Asia, brand building, as well as the launch of additional products for EnerPlex product line expansion.

“We are pleased to have secured this additional funding, particularly from a private investor whom appreciates and shares the long term vision of the company,” said Victor Lee, Ascent’s president and CEO. “This is truly a vote of confidence in our continued paradigm shift and strategy for growth.”