Ascent Solar Collaborates with University of Stuttgart IGTE for the Development and Distribution of Sustainable Power Generation Technology

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THORNTON, Colo., May 16, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, (Nasdaq: ASTI) (“Ascent” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, today announced it has begun developing prototype solar arrays in collaboration with the University of Stuttgart Institute for Building Energetics, Thermotechnology and Energy Storage (IGTE), an international research center focused on energy storage, renewable energies and indoor climate technology.

Though the project details are not yet publicly available, Ascent will likely ship its ultralight, highly durable and flexible thin-film technology this summer to meet IGTE’s timeline for developing its power collection and storage systems.

“Ascent continues to establish partnerships that put our proprietary CIGS thin-film tech in the hands of top-tier organizations – like the University of Stuttgart IGTE - as they work to spur the next wave of sustainable power generating technology,” said Paul Warley, CEO of Ascent Solar Technologies. “The institute has incredible capacity for system development, testing and investigation, and we look forward to seeing what they can conceive, construct and deploy utilizing Ascent’s technology.”

The IGTE mission is to “research and teach for comfortable living and working conditions in buildings and quarters in harmony with energy efficiency, sustainability and technology. Particular emphasis is placed on renewable energies…and using top-tier scientists to develop sustainable solutions for the global transformation of energy systems.” Since its establishment in 2018 the IGTE has continued to expand and develop innovative solutions for energy generation and storage with the intent for wide scale distribution and adoption.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.

Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 4.5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. 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 expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. 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 the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.

MEDIA CONTACT

Spencer HerrmannFischTank PRascent@fischtankpr.com

INVESTOR CONTACT

ir@ascentsolar.com

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Source: Ascent Solar Technologies, Inc.

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