Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, thin-film photovoltaic modules, announced today a cooperation agreement with Hydro.
According to the companies, the agreement fortifies and existing relationship between Hydro and Ascent Solar and focuses on new products, commercial manufacturing and European market presence.
In anticipation of commencement of Ascent’s 1.5 megawatt (MW) pilot scale production in 2008, the parties have agreed to collaborate in the development of building integrated photovoltaic products, according to a release.
The recently announced Brise Soleil product by Hydro Building Systems is expected to be the first of many applications to be covered by this cooperation agreement. Ascent says it intends to supply Hydro with product during the pilot phase in order for Hydro to develop and satisfy market demand for its products. Hydro also will have an option to purchase quantities of Ascent’s annual production when Ascent achieves production capacity of 25MW.
Hydro says it has agreed to assist Ascent by providing manufacturing and engineering expertise, as well as project management assistance. Hydro also intends to assist Ascent in citing a potential second commercial production facility in Europe, as well as helping Ascent establish strategic alliances with players in the European solar industry.
Hydro says it currently owns approximately 23% of all issued and outstanding shares in Ascent and has an option to acquire up to 35% of all issued and outstanding shares in the company.
About Ascent Solar Technologies
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules and is located in Littleton, Colorado.
About Hydro
Hydro is a Fortune Global 500 supplier of aluminum and aluminum products. Based in Norway, the company employs 25,000 people in more than 30 countries and has activities on all continents.
Website: http://www.ascentsolar.com
(Visited 2,282 times, 2 visits today)
Loading...