U.S-based PV company, Ascent Solar Technologies (ASTI), has announced that it has entered into a USD $5 million debt financing agreement with BD1 Investment Holdings, a substantial existing stockholder of the Company. The Company will receive the monies in four monthly installments. The first tranche (for $2 million) will close in mid-May 2023. Three subsequent tranches (each for $1 million) will close in mid-June, mid-July, and mid-August 2023. The proceeds of the investment will be used for general business operations and working capital for future initiatives.
This commitment from BD1 Holdings arrives as the Company accelerates a strategic plan that includes global expansion, new revenue streams and progress in perovskites solar technology. This announcement is preceded by a series of announcements including a 300% increase in modern manufacturing capacity at a new location in Switzerland, a new $9M round of equity financing, and the inauguration of a new Center of Excellence focused on Perovskites commercialization.
“This newest financial commitment is an affirmation of ASTI’s strategic plan from a well-respected and repeat investor group,” said Jeffrey Max, Chief Executive Officer of ASTI. “The funds from this agreement will provide ASTI with the resources to continue the enhancement of our solar manufacturing operations, while bolstering sales and marketing as we work towards expanding our global customer base. Investments of this nature are imperative for us to execute our mission and to help customers use our thin-film flexible PV material to unlock more opportunities to deploy solar, globally.”
