Ascent Solar Technologies Achieves Efficiency of 17.73% for CIGS Technology, and design improvements allow for Superior Space Solar Array Power Capabilities

Rhea-AI Summary

Ascent Solar Technologies (Nasdaq: ASTI) announced an efficiency increase in its proprietary CIGS technology from 17.55% to 17.73%. This achievement will result in more powerful and lightweight Plug & FlyTM integrated thin-film solar array subsystems, offering drop-in replacement array panels for satellites and addressing concerns about space debris. Ascent anticipates product deliveries for Q1/Q2 2024 with increased annual production capacity, providing customers with lower product costs and superior power capabilities.

Positive

• Efficiency increase in proprietary CIGS technology from 17.55% to 17.73%
• More powerful and lightweight Plug & FlyTM integrated thin-film solar array subsystems
• Drop-in replacement array panels for satellites
• Addressing concerns about space debris
• Anticipated product deliveries for Q1/Q2 2024 with increased annual production capacity
• Lower product costs and superior power capabilities for customers

Negative

• None.

THORNTON, Colo., Nov. 16, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, announced today that the latest test results of its proprietary CIGS technology show an efficiency increase from 17.55% to 17.73%. 

This milestone achievement will feature: 

• The Company’s Plug & Fly^TM integrated thin-film solar array subsystems to generate more power - with less mass and volume requirements - outperforming heavier and costlier counterparts that space mission directors have historically used.
• Increased efficiency allowing Ascent to provide drop-in replacement array panels for satellites that produce more power, while also requiring reduced structure and deployment subsystem mass and complexity. This is achieved due to the PV cell packing efficiencies within the Company’s modules, which provide active power generating capabilities for greater coverage of the solar array’s surface area than would be possible by individually integrating orders of magnitude smaller solar cells and handling the complicated network of interconnections that comes with them. 
• Ascent’s drop-in replacement solar array panels streamline the array assembly and integration process, eliminating the laborious undertaking of picking, placing, soldering, and wiring each individual solar cell in a cleanroom.
  

“Our fully-encapsulated arrays are now generating more than a watt per gram of integrated array panel, creating a notable differentiator between Ascent and other solar manufacturers active in the space tech market,” said Paul Warley, CEO of Ascent Solar Technologies. “We’re anticipating product deliveries of our new high-efficiency CIGS space products for Q1/Q2 2024 with a megaconstellation’s worth of annual production capacity. Our capital efficiency improvements also enable Ascent to provide customers with lower product costs, coupled with superior power and efficiency capabilities, especially compared to the rigid alternatives available in space solar.”

As global concerns around the issue of dangerous space debris grow, and more entities spearhead initiatives like the European Space Agency’s Zero Debris Charter, the space industry requires customizable solutions like Ascent’s flexible, thin-film solar arrays. The Company's products require no brittle coverglass and - unlike silicon cells and arrays - should not create more debris if impacted by space debris or difficult to detect micrometeoroids. Ascent’s technology can generate a reduced level of power if penetrated by debris, rather than losing functionality of the entire panel or array.

Beyond standardized space Hardware Developer Kit (HDK) products, such as the recently developed Titan modules, Ascent is receiving interest and inquiries for drop-in replacement panels for existing satellites. Many of the inquiries result from lack of availability, as manufacturers currently have backlogs due to supply chain bottlenecks, along with the onerous labor requirements for assembly, integration, and testing of individual silicon PV cells. 

Please reach out to sales@ascentsolar.com with any HDK or drop-in replacement inquiries.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.

Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 4.5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.

MEDIA CONTACT
Spencer Herrmann
FischTank PR
ascent@fischtankpr.com

INVESTOR CONTACT
James Masters
Vallum Advisors
ir@ascentsolar.com

FAQ

What is the efficiency increase in Ascent Solar Technologies' proprietary CIGS technology?

The efficiency of the CIGS technology increased from 17.55% to 17.73%.

What are the benefits of the Plug & FlyTM integrated thin-film solar array subsystems?

They offer more power with less mass and volume requirements, outperforming heavier and costlier counterparts historically used by space mission directors.

What is the anticipated timeline for product deliveries?

Ascent anticipates product deliveries for Q1/Q2 2024.

How does Ascent address concerns about space debris?

Their technology can generate a reduced level of power if penetrated by debris, rather than losing functionality of the entire panel or array.

How does Ascent provide lower product costs for customers?

Their capital efficiency improvements enable them to offer lower product costs coupled with superior power and efficiency capabilities.