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THORNTON, Colo. - Ascent Solar Technologies (NASDAQ:ASTI), whose stock has surged over 80% in the past week amid volatile trading patterns, has entered into a Teaming Agreement with an unnamed US-based defense solutions provider to supply thin-film solar technology for orbital applications and future space missions, according to a press release statement issued Friday. According to InvestingPro data, the company maintains a positive cash position relative to its debt, though it faces challenges with rapid cash burn.
The Colorado-based manufacturer of flexible thin-film photovoltaic solutions will provide its CIGS PV product line, which the company states has been developed with spaceflight heritage. These products are produced at Ascent’s 5 MW facility in Thornton, Colorado. With a market capitalization of just $5.15 million and an overall weak financial health score according to InvestingPro, the company operates as a niche player in the renewable energy sector.
A key aspect of the agreement highlighted in the announcement is Ascent’s ability to deliver solar array solutions within six-to-eight weeks, which the company claims is significantly faster than competitors’ typical nine-to-twelve month lead times.
"Our thin-film solar technology’s ability to reliably deliver power solutions on short timelines makes Ascent the perfect choice for agreements with defense tech brands," said Paul Warley, Chief Executive Officer of Ascent Solar Technologies.
The company also noted that it had received several orders for spaceflight hardware assemblies earlier this year, which are scheduled for completion and delivery this summer.
Ascent Solar describes its technology as lightweight, flexible and durable, characteristics that the company claims help mitigate challenges in the space environment.
The financial terms of the agreement were not disclosed in the press release, nor was the identity of the defense solutions provider revealed. With revenue declining by nearly 85% in the last twelve months and current trading levels suggesting overvaluation based on InvestingPro’s Fair Value analysis, investors seeking deeper insights can access 15+ additional ProTips and comprehensive financial metrics through an InvestingPro subscription.
In other recent news, Ascent Solar Technologies has announced a significant collaboration with NASA to develop beamed power technology using CIGS thin-film photovoltaic modules. This 12-month partnership aims to advance capabilities for receiving energy-dense light beams, potentially reducing spacecraft mass and volume requirements. NASA’s prior bench-testing using Ascent’s products validated the technology, paving the way for this development. In another development, Ascent Solar has entered into a Master Services Agreement with NOVI Space Inc. to supply rollable PV array blankets for an AI-powered satellite constellation. This agreement highlights Ascent’s capability to deliver solar arrays within six to eight weeks, faster than industry standards. Additionally, the company has completed the delivery of spaceflight-ready PV blankets to a major European space systems provider, further solidifying its presence in the European space market. Ascent Solar has also received a new order to redesign its space solar products, focusing on optimizing modules for receiving beamed power. These developments underscore Ascent Solar’s strategic expansion in the space sector and its ongoing commitment to innovation in photovoltaic technology.
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