Struggling flexible CIGS thin-film consumer product producer Ascent Solar Technologies could be on the uptick with new US$20 million funding from Hong Kong Boone Group, an Asian strategic investor.
This funding could be a new lease of life, after Ascent was de-listed from the NASDAQ this time last year, when its stock price fell below the US$1.0 dollar minimum after undertaking a reverse stock split in August 2014.
The US$20 million investment was secured after Hong Kong Boone purchased the company’s newly designated Series K convertible preferred stock, priced at US$1,000 per share.
“We are extremely delighted to have the opportunity to invest in Ascent Solar and be part of their growth ambitions in the high value specialty PV market,” said Song Liang, chairman and founder of the Boone Group. “Boone Group has been involved in the renewable energy sector for many years and we are deeply impressed with Ascent's lightweight and flexible thin-film CIGS technology, in particular their unique manufacturing process with the award winning monolithically-integrated technology.”
“We are more than excited to have secured this new investment from a very knowledgeable strategic partner who understands the value and capabilities of our technology,” also commented Victor Lee, president and CEO of Ascent Solar. “The Boone Group understands that achieving scale is a significant prerequisite to the success of Ascent, and we look forward to their support in aiding in that endeavor. The funding will provide us with ongoing working capital as we continue to focus on the high value specialty PV market. The new investment reinforces our investor's belief in Ascent's strategy and the tremendous potential of the Company's lightweight flexible CIGS solar panel.”
The initial closing of this financing is expected to occur on or before 24 February 2017.
This investment news comes as Ascent showed signs of improvement in Q3 2016; reporting sales of US$452,674, up from US$255,323 in the previous quarter.