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Ascent Solar Technologies, Inc. Announces First Step of Strategic Plan; Executes Term Sheet for Acquisition of Assets From Leading European Thin-Film Solar Manufacturer
Ascent Solar’s Turnaround Plan Starts With Acquiring New Revenue, Manufacturing Capabilities and Intellectual Property to Fuel Global Expansion THORNTON, CO &
About this update from Ascent Solar Technologies, Inc
[{"type":"text","content":"Ascent Solar’s Turnaround Plan Starts With Acquiring New Revenue, Manufacturing Capabilities and Intellectual Property to Fuel Global Expansion THORNTON, CO & ZURICH, CH, March 07, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – 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 signed a definitive term sheet to acquire certain manufacturing assets of a leading European manufacturer of thin-film solar technology and a worldwide license of its intellectual property (IP) portfolio, for USD $5 million cash. The term sheet also provides that the Company will enter into an option to acquire a controlling interest in the manufacturer’s industrial-scale manufacturing operations, subject to the satisfaction of certain conditions. The option would have an exercise price of USD $3 million, in addition to the conversion of certain outstanding liabilities at the time of exercise into ASTI stock, at a price of USD $2.00 per share. These transactions are expected to transform ASTI’s operating fundamentals through added revenue and market segments, increased production capacity, and access to an expanded IP portfolio for R&D and licensing opportunities. Transaction Rationale/Prospective Benefits & Capabilities of Completed Transactions: Revenue: ASTI will service the European manufacturer’s significant outstanding contracts using the acquired equipment, and expects to become the direct counterparty for the customers of the acquired assets on all upcoming contract renewals. Upon completion of the transaction, management anticipates EBITDA-positive operations of the acquired assets as early as the second half of 2023. Market Expansion: The transaction is expected to immediately provide ASTI with the opportunity and proven manufacturing capacity to establish new revenue streams in the luxury goods and building integrated photovoltaics (BIPV) markets. ASTI expects these assets will also provide it with additional production capacity to handle new U.S. and Asian sales. Advanced Manufacturing Facility: ASTI will acquire the European manufacturer’s equipment at its modern 15MW plant, which is capable of providing production outputs of polymer web up to one meter in ...