THORNTON, Colo., March 13, 2023 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, Inc. (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 it has commissioned its Thornton manufacturing facility as a Perovskite Center of Excellence (COE). Effective immediately, the facility is now dedicated to the industrial commercialization of Ascent’s patent-pending Perovskite solar technologies that are demonstrating lab efficiencies above 20%, comparable with rigid solar panels.

Perovskites are a novel class of materials that have been recognized for their transformative potential to increase PV power conversion efficiencies. While notable efficiency breakthroughs have been recorded in laboratories, the solar industry has been challenged to transform them into stable, high-efficiency products at industrial scale.

To address this gap, Ascent has now dedicated its Thornton facility to the purpose of Perovskite manufacturing development, and to the conversion of the Company’s patent-pending Perovskite solar technology to industrial scale. The COE is resourced by a dedicated team of experts spanning Research, Development, Manufacturing and Operations; USD $30 million of industrial equipment at original cost; Ascent’s patent-pending Perovskites intellectual property; and operational facilities with 17 years of manufacturing heritage.

“We’re fortunate that we have a manufacturing facility of this scope that we can dedicate to developing and delivering innovative Perovskite solar PV at scale,” said Jeffrey Max, President and Chief Executive Officer of Ascent Solar Technologies, Inc. “The recently announced proposed acquisition of European manufacturing assets would, if completed, increase our core manufacturing capacity by an order of magnitude, enabling us to continue meeting customer demand. This global production provides us with the near-term flexibility to make this significant investment in taking Perovskite gains from lab to fab. When translated to industrial scale, the efficiency gains we’ve recorded in the lab will be a game changer for the solar industry.”

About Ascent Solar Technologies, Inc.

Backed by 20+ years of R&D, 17 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. (ASTI) 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 and commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s Headquarters and Perovskite Center of Excellence production facility are located in Thornton, Colorado. To learn more, please visit https://www.ascentsolar.com

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements regarding the consummation of the proposed transaction and the Company’s business strategy with respect to the assets and IP license to be acquired. 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, including uncertainty as to timing of the completion of the proposed transaction on the terms contemplated or at all, that the terms of the definitive agreements may differ, including in material respects, from the terms agreed to in the term sheet and the operation of the assets and IP license to be acquired in the manner contemplated by the Company following the prospective acquisition thereof. 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