Ascent Solar to Set Up Asia Manufacturing Units

16 August 2011 (Last Updated August 16th, 2011 18:30)

Ascent Solar Technologies will sell one-fifth of its shares to China's TFG Radiant Group and jointly set up manufacturing units in east Asia, under a $450m deal. The company has agreed to sell 6.4 million shares at $1.15 per share and TFG will have the right to purchase an additional 9.

Ascent Solar Technologies will sell one-fifth of its shares to China's TFG Radiant Group and jointly set up manufacturing units in east Asia, under a $450m deal.

The company has agreed to sell 6.4 million shares at $1.15 per share and TFG will have the right to purchase an additional 9.5 million Ascent shares at $1.55 per share.

TFG has committed to invest $165m in its first manufacturing facility, which will produce photovoltaic modules, with an estimated initial annual production capacity of 100MW, reports Reuters.

The company said it will receive licence fees and milestone payments of more than $250m tied to the achievement of certain production and cost goals.