THORNTON, CO, Sept. 21, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Ascent Solar Technologies, Inc. (“Ascent Solar” or the “Company”) (OTCMKTS: ASTI), a developer and manufacturer of state-of-the-art, lightweight, flexible thin-film photovoltaic (PV) solutions, is pleased to announce that the Company has signed a Joint Development Agreement (the “JDA”) with German based agrivoltaic thin-film solar tube maker, TubeSolar AG (“TubeSolar”), to pursue the fast-growing Agricultural-photovoltaics/Agrivoltaics (APV) market.
- Management indicated that this JDA is a multi-million-dollar, long-term supply agreement, forming a strategic partnership between Ascent Solar and TubeSolar.
- In addition to the $4M NRE Fee that TubeSolar will pay Ascent Solar for the customized design of the PV Foils, Ascent Solar and TubeSolar have also jointly established a subsidiary company in Germany, Ascent Solar Germany, GmbH (Ascent Germany), in which Ascent Solar shall hold the controlling stake of 70% (the JV).
- From the time our investing into Ascent Solar was announced , I was confident that Ascent Solar should prove invaluable to TubeSolar.
- Victor Lee, President and CEO of Ascent Solar Technologies, stated, "This strategic partnership is highly transformative in nature.