Space Solar Technology Milestone Order Placed for Products Capable of Receiving Beamed Power After Successful Testing by Multiple Third Parties: Ascent Solar Technologies, Inc (NASDAQ: ASTI)

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$ASTI Thin Film CIGS Solar Tech with Successful Applications in Space Missions, Aircraft, Agrivoltaic Installations, Industrial/Commercial Construction and Consumer Goods

* Provider of Innovative, High-Performance, Flexible Thin-Film Solar Panels for Environments Where Wass, Performance, Reliability and Resilience Matter.

* Successful Applications in Space Missions, Aircraft, Agrivoltaic Installations, Industrial/Commercial Construction and Consumer Goods.

* Research and Development Center and 5-MW Nameplate Production Facility Strategically Located in Thornton, Colorado.

* Multiple Strategic Partners in the Space Market, Including a Major Defense Contractor, Multiple Deployable Technology Companies and a Satellite Company.

* Important New Order for Advanced Space PV Module Design Revision.

* Successful Testing of Thin Film CIGS Solar Tech Expected to Secure Long-Term Agreements with a Diverse Set of Customers in the Space Market.

* Brand Recognition via Coverage in The Wall Street Journal, Triple Pundit and more, Plus Prominent Industry Podcasts.

Ascent Solar Technologies, Inc. (NASDAQ: ASTI) is backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio. ASTI is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability and resilience matter. ASTI photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. The ASTI research and development center and 5-MW nameplate production facility is strategically located in Thornton, Colorado.

New Order Received for Advanced Space PV Module Design Revision

On March 27th ASTI announced an order to revise the design of its space solar products after being evaluated by a potential customer interested in technologies capable of receiving beamed power. ASTI CIGS PV products have undergone performance testing by multiple third parties evaluating technologies for receiving beamed power. An initial beamed-power optimized module was designed, prototyped, and delivered to multiple third parties for testing and evaluation in less than one month's time.

Analysis of both the ASTI preliminary commercial off-the-shelf CIGS PV module and the beamed power optimized CIGS PV module prototype test data validated ASTI CIGS PV material's superior thermal properties and demonstrated a pathway to further increase performance and power output. This design iteration was the basis of the most recent order received for the enhanced prototype after additional testing. ASTI is now fine-tuning module design modifications.

ASTI ability to quickly design, iterate, and refine space solar array products in its 5MW manufacturing facility demonstrates the reliable Manufactured Readiness Levels (MRLs) for current and prospective customers. ASTI is differentiated from traditional space solar providers' silicon-based PV products, as their CIGS manufacturing process allows design features and production processes to be adjusted for each customer's application needs. These agile and bespoke design capabilities enable ASTI to provide superior products relative to other prospective solar providers, meeting the needs of global customers as the space-based solar power market expands.

Business Update on Progress to Establish Long-Term Revenue Through Space Solar Solutions Underway

On March 18th ASTI reported on its commercial progress and achievement of stated annual goals as the Company continues to execute upon its 2025 growth initiatives.

ASTI is currently engaged with multiple strategic partners in the space market, including a major defense contractor, multiple deployable technology companies, as well as a satellite company to complete extensive integration testing of the Company's unique thin-film CIGS solar technology. The expected result of successful testing and integration of ASTI technology is to secure long-term agreements for consistent annual revenue with a diverse set of customers in the space market.

"I am happy to report that Ascent's challenging turnaround process is in the rear-view mirror, as our products now regularly achieve the higher device performance needed to meet customer needs for space-based power," said Paul Warley, CEO of ASTI. "Our latest solar efficiency milestones are opening new revenue streams driven by the increasing demand to power space vehicles and beam solar energy. Ascent products - all produced domestically in our facility in Thornton, CO - are uniquely poised to reliably meet that demand in the harsh environment of space, reducing costs and increasing operational efficiency for customers in the public, private and government sectors."

2024 Achievements and Milestones; Looks Ahead to Executing Upon 2025 Strategy

On January 14th ASTI commented on its commercial progress and solar material development in 2024, as the Company looks ahead to continued corporate growth in 2025.

"In the last year we made a more concerted effort toward optimizing our thin-film PV offerings for use in space environments, an initiative that addresses a high growth market in 2025 and beyond," said Paul Warley, CEO of Ascent Solar Technologies. "This year, our partners and shareholders can expect to see us build upon the space-focused foundation we set in 2024. With the national government poised to put a greater emphasis on space and defense capabilities, we believe Ascent is well-positioned for increased long-term success this year."

Key ASTI milestones and achievements included:

ASTI CIGS technology continued to benefit from improvements in material quality, due to process improvements, increased radiation resistance of assembled modules and panels, increased technology efficiency and areal density through changes to chemistry and production design optimization. These milestones were instrumental in increasing the applicability of the technology in the space market, leading to the ordering of the Company's thin-film PV from a leading mega-constellation satellite manufacturer.

ASTI made great strides in improving its financial position within the solar industry through resolving debts for outstanding balances, reducing and removing warrants, completing fundraising efforts with board and executives, and more.

Last year's strong focus on mutually beneficial partnerships will play a key role in the Company's future success, including its partnerships with Momentus and The University of Stuttgart IGTE, among others. 2024 also saw ASTI create its Strategic Advisory Board, populating it with industry experts who aim to guide the Company to greater success in 2025 and beyond.

ASTI brand recognition improved by appearing in stories from The Wall Street Journal, Triple Pundit, and many more, in addition to ASTI leadership appearing on prominent industry podcasts. Several ASTI leaders also attended influential industry and investor events, where they were able to liaise and build relationships with key industry players, further expanding Ascent's presence within the solar industry.

ASTI plans to build upon these 2024 achievements in 2025 via:

Creating new private partnerships in space that work toward further developing thin-film PV capabilities suited for space environments, beamed power applications and use in satellite power systems.

Continuing development of its CIGS technology, working to further advance the efficiency of its thin-film PV over the next several years, as well as the ability to produce meaningful volumes to address increasing market needs for solar materials.

Maintaining a greater focus on solar solutions in space, which ASTI leadership, along with the Strategic Advisory Board, has identified as the thin-film PV application with the greatest opportunity for Ascent to maximize its industry impact and financial success.

Increasing research and development through the support of higher education institutions with advanced engineering programs in addition to private development partnerships aimed at developing the next generation of thin-film solar technology.

For more information on $ASTI visit: https://www.ascentsolar.com

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Media Contact
Company Name: Ascent Solar Technologies, Inc
Contact Person: Paul Warley, President and CEO
Email: Send Email [http://www.universalpressrelease.com/?pr=space-solar-technology-milestone-order-placed-for-products-capable-of-receiving-beamed-power-after-successful-testing-by-multiple-third-parties-ascent-solar-technologies-inc-nasdaq-asti]
Phone: (720) 872-5000
Address:12300 Grant Street
City: Thornton
State: Colorado 80241
Country: United States
Website: https://ascentsolar.com/

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