Ascent Solar secures US$32 million in deal with investors



Thin-film PV module developer and manufacturer Ascent Solar Technologies, Inc. has reached an agreement with investors that will see the company secure US$32 million in senior secured notes and warrants in order to buy shares of its common stock in a private placement. 

The deal is expected to close by July 25, 2014. WestPark Capital, Inc. served as the only placement agent.

Ascent Solar will receive US$7 million at the closing of the transaction and will gain the remaining US$25 million over an 18-month period through installments.

The notes will carry an 8% annual interest rate and will also mature on the fifth anniversary of closing. The notes can also be converted, in whole or in part, onto shares of Ascent Solar’s common stock at the value of US$0.5246 per share.

Victor Lee, president and CEO of Ascent Solar, said: “We are extremely pleased with the completion of this agreement, especially from these sophisticated institutional investors. This is the largest financing commitment, by far, that we have received from investors in several years and will provide sufficient capital to finance our expected rapid expansion.”

As part of the sale, Ascent Solar will give warrants to the investors in order to buy 26,685,729 shares of its stock.

Dr. Amit Kumar, chairman of the board of directors of Ascent Solar, said: “The significant size of this funding will dramatically advance Ascent Solar's business plan and execution. The continued growth in our product sales, the expansion of our product portfolio, the expansion of our distribution network, and the initiation of our partnership in China are all attractive aspects of our business going forward.”

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