Ascent Solar and FTL Solar Sign Multi-Million Dollar Strategic Alliance Supply Agreement
March 02 2010 - 6:00AM
Business Wire
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of
flexible thin-film photovoltaic modules, today announced that it
has signed a strategic supply agreement with FTL Solar, LLC, a
world leader in lightweight solar structures and products
headquartered in Austin, Texas. The agreement includes a minimum
purchase commitment of $6.5 million over a three year period.
FTL Solar CEO Tony Saxton, stated, “We are pleased to
announce that FTL Solar is a US distributor for Ascent's
light weight photovoltaic (PV) modules for fabric awnings,
airbeams, tents, tensile structures, sailboat sails, tarps and
umbrellas. Integrated with Ascent's high output lightweight
flexible modules, FTL Solar's products are the
optimal means for capturing electricity from sunlight, as well
as providing second functions such as shelter. We have hit the
market with FTL Solar's PowerMod™ tents with Ascent Solar
PV modules 'outside' for military and tent rental industry
sales, and with FTL Solar's PowerFold™ hand-held battery chargers
for military and consumer sales. We see this as the
beginning of an epochal change across all of the fabric structure
industries. We envision that the fabric structure industry is going
to become renewable electricity providers in the future in addition
to being the flexible fabric product providers that they
have traditionally been."
Under the terms of the agreement, FTL Solar has committed to
minimum purchases of $6.5 million of high efficiency flexible CIGS
photovoltaic two meter and premier modules during the three year
contract period. Ascent Solar is scheduled to begin shipments to
FTL Solar for market seeding of emerging market opportunities with
their lightweight solar integrated tensile fabric product line.
This specialty product line is intended to serve defense/disaster
relief and the portable power segments that include awnings, fabric
airbeams, fabric automobile covers, sailboat sails, tarps, tents,
and umbrellas.
Ascent Solar President and CEO Farhad Moghadam added, “FTL Solar
has designed a world class lightweight solar integrated tensile
fabric product line. This contract represents sales velocity for
specialty products that require certain customization and affirms
our ability to demonstrate our breadth of integration. Ascent’s
recent product certification under MIL-STD 810G for defense
applications has opened up market potential in the emerging
defense/disaster relief opportunity with fabric integrated portable
solar applications for both tent and personal portable power
integration. FTL Solar is at the forefront of changing the way
solar can be utilized on a daily basis by defense, disaster relief
agencies and consumers alike. Enabling products to be integrated
with our unique lightweight CIGS photovoltaic modules is the
foundation of Ascent’s market penetration of specialty
products.”
About FTL Solar
FTL Solar’s unique patent-pending products are the first and
only pre-fabricated, mass produced photovoltaic (PV) tensile
structures in the world. FTL Solar’s structures are innovative and
in this new “Green” age, are an expression of practical function
and form. FTL Solar structures integrate thin film PV with super
strength fabric to crate architecturally refined solar canopies,
arrays and enclosures that turn sunlight into electricity.
Additional information for FTL Solar can be found at
www.ftlsolar.com.
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules with substrate materials that can be more
flexible and affordable than most traditional solar panels. Ascent
Solar modules can be directly integrated into standard building
materials, space applications, consumer electronics for portable
power or configured as stand-alone modules for large scale
terrestrial deployment. Ascent Solar is headquartered in Thornton,
Colorado. For more information, go to www.AscentSolar.com.
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
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. In addition to
statements that explicitly describe these risks and uncertainties,
readers are urged to consider statements that contain terms such as
"believes," "belief," "expects," "expect," "intends," "intend,"
"anticipate," "anticipates," "plans," "plan," to be uncertain and
forward-looking. 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.
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