Ascent Solar Technologies Inc. (NASDAQ: ASTI) announced that its loan guarantee application for its proposed 150MW FAB3 project has been selected to advance to the LGPO�s due diligence phase of review. The project has an approximate value of $375 million, $275 million of which would be under the loan guarantee program.
Within the due diligence phase, the LGPO is initiating discussions with the company regarding detailed due diligence, the negotiation of terms and conditions of a potential loan guarantee, National Environmental Policy Act (NEPA) compliance and all other issues necessary for the LGPO to consider the issuance of a conditional commitment and, potentially, a loan guarantee for the FAB3 Project. The company�s FAB3 project contemplates the construction of a new 150MW annual nameplate capacity manufacturing facility for production of its flexible, monolithically integrated thin-film copper-indium-gallium-diselenide photovoltaic modules. FAB3 will leverage technology advances from the company�s existing manufacturing facilities and will focus on large-volume markets such as building applied PV and building integrated PV applications.
Recently, the company signed a distribution agreement with SW Solarwatt. SW Solarwatt will act as a distributor for the company�s lightweight, flexible, high-power thin-film CIGS modules for building integrated applications in Greece and Cyprus. The agreement with SW Solarwatt establishes its presence within the Eastern Mediterranean�s developing solar market and includes direct application of its solar modules to building materials for both grid-connected and off-grid solutions.
Also, the company announced that it is the first flexible thin film solar module manufacturer to receive full IEC 61646 certification, which includes testing the modules under conditions of extreme heat and humidity.
Ascent Solar Technologies stock is currently trading at $3.30. The stock is down 1.52% from its previous close. Ascent Solar Technologies shares touched the high of $3.45 and lowest price in today�s session is $3.24.
The company stock traded in the range of $2.00 and $6.14 during the past 52 weeks. The company�s market cap is $88.66 million.
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