Ascent Solar to build new plant in Jiangsu

Ascent Solar Technologies, Inc. (ASTI), a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules, integrated into off-grid applications and the company’s EnerPlex? series of consumer products, signed an agreement to establish a joint venture entity with the Government of the Municipal City of Suqian in Jiangsu Province, China.  Under the agreement, the Municipal City of Suqian will provide cash of approximately $32.5 million as well as five year rent-free use of factory and office space at the Suqian Economic and Industrial Development Science Park. The joint venture will build a 100MW factory over six years to manufacture Ascent’s proprietary thin-film Copper-Indium-Gallium-Selenium (CIGS) photovoltaic modules on flexible polyimide in addition to related consumer products. Ascent will purchase the factory within 5 years at the initial construction cost, and will also hold the right to purchase Suqian’s ownership interest in the joint venture after 5 years at 1.5 times of Suqian’s cash cost. www.ascentsolar.com