Ascent Solar Technologies Receives Firm Order of Thin-Film PV from Mega-Constellation Satellite Manufacturer to Power Next Generation Hardware

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THORNTON, Colo., May 14, 2024 (GLOBE NEWSWIRE) -- Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” 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 received a firm order from a leading mega-constellation satellite manufacturer for initial delivery of PV modules for evaluation. The Ascent delivered product will be extensively evaluated for incorporation into the manufacturer’s next-generation hardware.

Following delivery and the successful completion of the on-orbit technology for use in the target environment (low Earth orbit (LEO)), it is Ascent’s intent to design and manufacture Plug and Fly™ arrays in concert with the customer for delivery of these units as early as Q4 2024-Q1 2025. The arrays delivered will provide primary power to the next generation satellites, significantly reducing part count, weight, and system complexity.

Ascent’s products represent a solution for customers and partners resulting from years of development and testing, including NASA’s MISSE-X experiment on the International Space Station (ISS), as well as advanced environmental testing conducted by Japanese Aerospace Exploration Agency (JAXA). Recent testing and results have consistently exceeded expectations and outperformed alternative solar technologies when comparing degradation from exposure to the space environment.

“Our technology is uniquely positioned for adoption by premier mega-constellation satellite manufacturing companies like this, ultimately demonstrating further proof-of-concept for our thin-film’s use in space environments,” said Paul Warley, CEO of Ascent Solar Technologies. “This globally recognized Company is at the forefront of the industry, and will leverage use of our advanced PV technology to further raise the bar. Many in the aerospace manufacturing industry understand that Ascent’s technology will reduce costs while providing a superior product capable of reliable, efficient performance in the harsh conditions of space.”

This initial order and the potential revenue it represents aligns with the Corporate Update released by Ascent on March 8, 2024, which highlighted a rapidly growing market opportunity in the aerospace sector, as well as Ascent’s goals for revenue generation.

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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