Ascent Solar raises funds to keep going

Facebook
Twitter
LinkedIn
Reddit
Email
Ascent Solar said it had secured US$2.8 million in funding from the issue of three purchase agreements of its ‘E’ series stock.

Loss-making flexible CIGS thin-film producer Ascent Solar Technologies has raised new financing from a private investor to support repayment of its outstanding senior secured notes.

Ascent Solar said it had secured US$2.8 million in funding from the issue of three purchase agreements of its ‘E’ series stock. 

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Victor Lee, president and CEO of Ascent Solar Technologies, said: “We are extremely satisfied to have secured this new investment. The new funding will not only provide us with ongoing working capital but also will be an important part of our ongoing restructuring exercise of our outstanding senior secured notes which we announced in September and October of 2015. The new investment structure aims to provide more transparency to investors, as well as to give the company more flexibility to manage our cash flow requirements without being restricted by a long-term debt structure and associated covenants.”

Ascent Solar previously reported revenue for the first six months of 2015 of US$2.2 million and losses of US$29.1 million, while cash and cash equivalents stood at US$232,304.

The NASDAQ listed company has had its shares trade well below the US$1.0 level for more than six months and has been warned of being delisted from the exchange. 

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA