Ascent Solar Technologies, Inc. Announces Completion of Initial Public Offering

Ascent Solar Technologies, Inc. (NASDAQ CAPITAL:ASTIU)
(BSE:AKC/U), a developer of state-of-the-art, thin-film photovoltaic
materials and modules, today announced the completion of its initial
public offering. The offering consisted of 3,000,000 Units at a public
offering price of $5.50 per Unit, and resulted in gross proceeds to
Ascent Solar of approximately $16.5 million. Each Unit consists of one
share of common, one class A warrant and two class B warrants.
   The Units trade on the Nasdaq Capital Market under the symbol
ASTIU, and on the Boston Stock Exchange under the symbol AKC/U; on
August 10, 2006, the common stock and warrants will commence trading
separately on the Nasdaq Capital Market under the ticker symbols ASTI,
ASTIW and ASTIZ, respectively, and on the Boston Stock Exchange under
the symbols AKC, AKC&L and AKC&Z respectively.
   Paulson Investment Company, Inc. served as the managing
underwriter of the offering.

   About Ascent Solar Technologies, Inc.:

   Ascent Solar Technologies, Inc. is a developer of
state-of-the-art, thin-film photovoltaic materials and modules and is
located in Littleton, Colorado. Please visit our website for
additional information at www.ascentsolar.com.
   Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
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 expresses or implied by
such forward-looking statements. In addition to statements that
explicitly describe these risks and uncertainties, readers are urged
to consider statements that contain terms such as "believes,"
"belief," "expects," "expect," "intends," "intend," "anticipate,"
"anticipates," "plans," "plan," to be uncertain and forward-looking.
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 Securities and Exchange
Commission.