Ascent Solar Achieves Major Milestone on Its 1.5MW Manufacturing Line
Monday December 17, 6:00 am ET
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, thin-film photovoltaic modules, announced today the successful and on-time delivery and installation of all equipment required to complete the integration of its 1.5MW production facility. Testing, integration and qualification of the new manufacturing line is set to begin in January 2008. Product qualification and certifications are planned to commence once the line completes integration and achieves initial operating capacities.
Matthew Foster, President and CEO, commented, “We are very pleased to have these complex tools delivered and installed right on schedule. This significant event completes Ascent Solar’s first major milestone and our entire team is excited to now enter the next stage of our commercial development.”
Mr. Foster further stated that “we have also been very fortunate this year in receiving additional capital through a strategic investment from Hydro and conversion of our Class A public warrants. With this additional capital, the company was able to start the development of its high-volume 100MW plant ahead of schedule. We plan to place orders for machine procurement to build our first 25MW line some time in the second quarter of 2008 and we currently envision the 25MW facility completion by year-end 2009.”
