Ascent Solar Technologies Inc. (OTCMKTS:ASTI) and TubeSolar enters into a Joint Development Agreement this week to make significant impact on the fast-growing Agricultural-photovoltaics/Agrivoltaics (APV) market. This is a long-term, multi-million dollar agreement that solidify strategic ties between the two companies.
The Agreement includes the following:
• Supplying PV Foils in the long-term for TubeSolar.
• Non-Recurring Engineering fee of up to $4 million to be paid to Ascent Solar by TubeSolar in three installments.
• Establishing a joint venture to work on a new manufacturing facility situated in Germany.
• Ascent Solar benefits from milestone payments by TubeSolar of up to $13.5M.
• Developing next generation, high efficiency CIGS-Perovskite tandem PV cells.
Juergen Gallina, CTO of TubeSolar, stated that after careful review they have decided that Ascent’s ultra-light flexible module is the best for TubeSolar. This partnership is crucial for their innovative tube design, and should help them emerge as one of the market leaders in the APV markets. These solar panels are encapsulated in a unique tube design that enables self-cleaning, thus reducing maintenance costs. The panels are also well-spaced to ensure light and water permeability for optimal vegetation. Victor Lee, President and CEO of Ascent Solar Technologies, believes the expertise of both companies will be useful for pursuing the very promising APV markets.
On Wednesday, ASTI stock gained 0.67% at $0.0150 with more than 25.61 million shares, compared to its average volume of 36.38 million shares. The stock has moved within a range of $0.0138 – 0.0151 after opening the trade at $0.0151.