Ascent Solar Technologies Unit (MM) (NASDAQ:ASTIU)
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From Jul 2019 to Jul 2024
Ascent Solar Technologies, Inc. (NASDAQ CAPITAL:ASTIU),
(BOSTON STOCK EXCHANGE:AKC/U) has submitted a Letter of Intent (LOI)
with the U.S. Department of Energy (DOE) as the lead team member
representing an industry and academia partnership formed to accelerate
commercialization of photovoltaic (PV) systems in response to the
DOE's Solar America Initiative (SAI). The Ascent Solar submittal of
the LOI represents an indication to the DOE that Ascent Solar intends
to submit an application for a Solar America Initiative Grant by
October 2, 2006. The initial program award announcements for Phase 1
Grants are anticipated by year end 2006. Depending on the responses
from industry and availability of appropriated funds, the DOE expects
to make between 10 and 15 awards to industry teams at a maximum
threshold level of $8 million for each team. Additional information is
available through the DOE website
http://www.eere.energy.gov/solar/solar_america/about.html.
The SAI is an integral part of President Bush's Advanced Energy
Initiative which is designed to reduce the nation's dependence on
foreign sources of energy. The stated DOE goal is to substantially
accelerate development of U.S. produced PV systems so that PV-produced
electricity reaches parity with conventional sources of electricity in
all domestic grid-tied market sectors by 2015. To that end, the DOE
business strategy is to expand the U.S. installed capacity of domestic
PV systems to 5-10 gigawatts by forming partnerships with U.S.
industry teams in order to accelerate commercialization of PV system
research and development (R&D).
The Ascent Solar team plans to focus on accelerating the
manufacturing scale-up of its thin film PV technology and the
associated roll-to-roll manufacturing processes to demonstrate
significant reductions in PV module direct manufacturing costs to
levels under $1/Watt. In addition to the accelerated R&D aspects of
the SAI program, Ascent Solar intends to also address the DOE
installed capacity goals by accelerating plans for expanded
manufacturing capacity in excess of 100 megawatts commencing in 2010
with completion planned for 2015. Ascent Solar President and CEO,
Matthew Foster, stated, "The cost targets for the SAI program
represent a factor of two reduction from present day PV systems which
are dominated by crystalline silicon technology, and we believe Ascent
Solar is positioned in the right place at the right time to lead the
next generation, non-silicon, thin film technology into the future to
achieve these ambitious goals."
About Ascent Solar Technologies:
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.