Developer and manufacturer of state-of-the-art, lightweight, and flexible thin-film photovoltaic solutions, Ascent Solar Technologies (OTCMKTS:ASTI) on August 2, 2021, announced the signing of a new funding arrangement with the investment holding arm of the German controlling shareholders of the Company, BD 1 Investment Holding.
The firm did a securities purchase agreement for selling 666.67 million shares of Common Stock at the current market price of $0.015 per share for the financing of $10 million.
BD 1 will finish a transaction in two tranches, with the first of $5 million closings before August 31, 2021, and within five business days of the effective date of the authorized share increase.
Victor Lee, President, and CEO of Ascent Solar Technologies said that the new financing demonstrates confidence from shareholders in the firm’s restructuring and recapitalization efforts. Lee lauded the perseverance and resiliency in recommencing operations as well as carrying on ambitions for delivering power solutions to all. Lee is optimistic about the years ahead and hopes to have a high-value PV market in shape.
Mr. Johannes Kuhn, Principal Investor of BD 1 said that Ascent’s proprietary monolithic-integration technology is hard to replicate and hence is proud of being a major investor in the company.
Ascent Solar Technologies also announced it had participated in the “By Invitation Only” US Special Operations Command’s Technical Experimentation, held on July 27-29, 2021, at the Muscatatuck Urban Training Center in North Jordan.
Ascent’s lightweight, as well as portable CIGS PV system, is made for lowering reliance on bulky batteries and demonstrates high suitability-for-purpose in providing mobile power solution, which can be vehicle-mounted or used providing warfighters with a critical advantage on the battlefield.