THORNTON, Colo., Oct. 30, 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 the Company’s proprietary CIGS technology show an in efficiency increase from 15.5% to 17.55%, a milestone achievement.

In August 2023, the Ascent team began working diligently to optimize both the manufacturing processes and chemistry of its CIGS technology. This has resulted in a steady increase in efficiency that began with a jump from 10.8% to 15.2% on September 5; an additional increase to 15.5% on September 12; and now this significant increase to 17.55% just six weeks later.

The latest efficiency increase can be attributed to the addition of rubidium fluoride to the chemistry, combined with improvements to Ascent’s manufacturing process. The improvements will result in an increase in specific power in the space environment from 1900 W/kg to 2100 W/kg at AM0. This enables the solar energy system to provide additional power with the same flexible, resilient and lightweight footprint.

Ascent plans to further improve its CIGS technology efficiency through incorporation of Zn(O,S), a thin film that is considered a most promising candidate for a cadmium-free buffer layer, as well as broader chemistry optimization. Utilizing Zn(O,S) increases efficiency and specific power as it expands interactions with light in the blue spectrum, as well as helps counter degradation through improvements after light soak.

“We have now reached the minimum efficiency (17%) that many satellite companies require, a milestone achievement for our team and a critical step toward commercialization for our space product development program,” said Paul Warley, CEO of Ascent Solar Technologies. “We are well positioned for adoption as one of the most flexible, light and suitable solar solution to reduce waste in space.”

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 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

ir@ascentsolar.com