Ascent Solar Technologies (“Ascent” or the “Company”) (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today commented on its commercial progress and solar material development in 2024, as the Company looks ahead to continued corporate growth in 2025.
“In the last year we made a more concerted effort toward optimizing our thin-film PV offerings for use in space environments, an initiative that addresses a high growth market in 2025 and beyond,” said Paul Warley, CEO of Ascent Solar Technologies. “This year, our partners and shareholders can expect to see us build upon the space-focused foundation we set in 2024. With the national government poised to put a greater emphasis on space and defense capabilities, we believe Ascent is well-positioned for increased long-term success this year.”
Key Company milestones and achievements included:
- Solar material and manufacturing improvements: Ascent’s CIGS technology continued to benefit from improvements in material quality, due to process improvements, increased radiation resistance of assembled modules and panels, increased technology efficiency and areal density through changes to chemistry and production design optimization. These milestones were instrumental in increasing the applicability of the technology in the space market, leading to the ordering of the Company’s thin-film PV from a leading mega-constellation satellite manufacturer.
- Bolstering Company financial health: Ascent made great strides in improving its financial position within the solar industry through resolving debts for outstanding balances, reducing and removing warrants, completing fundraising efforts with board and executives, and more.
- Business strategy developments: Last year’s strong focus on mutually beneficial partnerships will play a key role in the Company’s future success, including its respective partnerships with Momentus and The University of Stuttgart IGTE, among others. Beyond those partnerships, 2024 also saw Ascent create its Strategic Advisory Board, populating it with industry experts who aim to guide the Company to greater success in 2025 and beyond.
- Increased brand awareness: Company leadership’s concerted media strategy efforts throughout the year improved Ascent’s brand recognition by appearing in stories from The Wall Street Journal, Triple Pundit, and many more, in addition to Ascent leadership appearing on prominent industry podcasts. Several Company leaders also attended influential industry and investor events, where they were able to liaise and build relationships with key industry players, further expanding Ascent’s presence within the solar industry.
Ascent’s leadership plans to build upon these 2024 achievements, spurring the forward business momentum in 2025 via:
- Creating new private partnerships in space that work toward further developing thin-film PV capabilities suited for space environments, beamed power applications and use in satellite power systems.
- Continuing development of its CIGS technology, working to further advance the efficiency of its thin-film PV over the next several years, as well as the ability to produce meaningful volumes to address increasing market needs for solar materials.
- Maintaining a greater focus on solar solutions in space, which Company leadership, along with the Strategic Advisory Board, has identified as the thin-film PV application with the greatest opportunity for Ascent to maximize its industry impact and financial success.
- Increasing research and development through the support of higher education institutions with advanced engineering programs in addition to private development partnerships aimed at developing the next generation of thin-film solar technology.
Ascent’s leadership team looks forward to continued success in 2025 and is eager to update its stockholder community with exciting Company announcements and milestones as they come to fruition. Anyone interested in learning more about the Company, its mission and technology, or anything else, is encouraged to visit https://www.ascentsolar.com.
