Ascent Solar Technologies, Inc. (NASDAQ: ASTI), the leading U.S. innovator in the design and manufacture of lightweight, flexible CIGS thin film photovoltaic (PV) solutions, announced that it has entered into a $5 million debt financing agreement with BD1 Investment Holdings, a major existing shareholder in the company.
The investment will be paid in four monthly installments, with the first installment of $2 million scheduled for mid-May 2023, followed by three additional installments of $1 million each in mid-June, mid-July and mid-August 2023. The funds will be used for general business operations and working capital for future initiatives.
Ascent Solar Technologies is expanding
This commitment from BD1 Holdings comes as the company accelerates its strategic plan, which includes global expansion, new revenue streams and established leadership in advanced Perovskites solar technology.
The announcement follows a series of other announcements over the past 45 days, including a 300% increase in modern production capacity at a new facility in Switzerland, a new $9 million equity financing round, and the inauguration of a new Center of Excellence focused on the commercialization of Perovskites.
Ascent has many years of experience behind it
Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance thin film flexible solar panel solutions, backed by more than 20 years of research and development, 17 years of manufacturing experience, numerous awards and a comprehensive intellectual property and patent portfolio.
Ascent’s photovoltaic (PV) modules have been deployed on space missions, on several air vehicles, in agrivoltaic installations, in industrial and commercial construction, and in consumer products, revolutionizing use cases and environments for solar energy.
