Ascent Solar Technologies Inc (NASDAQ:ASTI), a Thornton, Colorado-based firm focused on CIGS thin-film photovoltaics (PV), has completed a deal to acquire the 15-MW roll-to-roll thin-film manufacturing assets in Zurich of thin-film solar manufacturer Flisom AG.
ASTI said today that the acquisition is a milestone in its turnaround plan. The assets increase its nameplate capacity by 300% and provide committed revenue from Flisom’s outstanding contracts, the company explained. ASTI expects the acquisition to allow it to create new revenue streams in the Luxury Goods and Building Integrated Photovoltaics (BIPV) markets. The company is also looking to use the European presence to pursue demand in Europe, Asia and the US.
ASTI will start manufacturing using its new assets immediately and expects them to be EBITDA-positive as early as the second half of 2023.
“Since coming aboard the Company in September 2022, my priority has been to execute an aggressive turnaround plan and to re-establish Ascent as the leading provider of high-performance, flexible thin-film solar modules for use in scenarios where traditional rigid panels don’t work,” stated president and chief executive Jeffrey Max, who described the transaction as an ignition point for the company’s turnaround.
ASTI in March announced the repurposing of its Thornton facility to the commercialisation of perovskite solar modules.
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