![]() The transaction remains subject to the execution of definitive agreements on terms acceptable to the parties. Following the closing, ASTI will have the option to acquire a controlling interest in the European manufacturer, for a cash price of USD $3 million, along with the repayment of certain liabilities in shares of ASTI stock, valued at a price of USD $2.00 per share. Under the terms of the term sheet, which was approved by a committee comprised of the independent and disinterested members of the board of directors of ASTI, ASTI will pay USD $5 million, in cash, subject to certain closing adjustments, for the acquired assets and the IP license. The option to acquire a controlling interest in a cutting-edge and industrial-scale 40MW facility also provides us further flexibility in significantly increasing our manufacturing capabilities.” “This transaction will also increase our manufacturing capacity by orders of magnitude through the highly-efficient 15MW manufacturing equipment we intend to acquire. “By acquiring these state-of-the-art assets, we plan to build on ASTI’s foundation in the space and defense sectors by adding new revenue streams and new markets, including luxury goods and BIPV,” Max continued. “Our endgame is to make ASTI’s lightweight, flexible, durable, thin-film materials the solar solution for everywhere that rigid panels don’t work.” “We believe this agreement ignites the necessary, fundamental turnaround that we’re executing within the company, by opening new markets, securing high-quality revenue, expanding manufacturing capabilities and setting a new company trajectory,” said Jeffrey Max, President and Chief Executive Officer of ASTI. Industrial-Scale Manufacturing Option: ASTI will acquire an option for a controlling interest in the European manufacturer, including its 40MW, thin-film CIGS facility which is optimized for high efficiency and high yields, and also possesses the ability to produce outputs of polymer web up to one meter in width and one kilometer in length.Įxpanded IP Portfolio: ASTI will acquire a license to the European manufacturer’s extensive IP portfolio, covering 35 patent families and proprietary, operational knowledge on its thin-film PV development, including: design, manufacturing systems, process methods and roll-to-roll techniques. and Asian sales.Īdvanced Manufacturing Facility: ASTI will acquire the European manufacturer’s equipment at its modern 15MW plant, which is capable of providing production outputs of polymer web up to one meter in width and one kilometer in length and would deliver a 300% increase in nameplate manufacturing capacity to ASTI. ASTI expects these assets will also provide it with additional production capacity to handle new U.S. Market Expansion: The transaction is expected to immediately provide ASTI with the opportunity and proven manufacturing capacity to establish new revenue streams in the luxury goods and building integrated photovoltaics (BIPV) markets. Upon completion of the transaction, management anticipates EBITDA-positive operations of the acquired assets as early as the second half of 2023. Revenue: ASTI will service the European manufacturer’s significant outstanding contracts using the acquired equipment, and expects to become the direct counterparty for the customers of the acquired assets on all upcoming contract renewals. ![]() ![]() Transaction Rationale/Prospective Benefits & Capabilities of Completed Transactions: These transactions are expected to transform ASTI’s operating fundamentals through added revenue and market segments, increased production capacity, and access to an expanded IP portfolio for R&D and licensing opportunities. The option would have an exercise price of USD $3 million, in addition to the conversion of certain outstanding liabilities at the time of exercise into ASTI stock, at a price of USD $2.00 per share. The term sheet also provides that the Company will enter into an option to acquire a controlling interest in the manufacturer’s industrial-scale manufacturing operations, subject to the satisfaction of certain conditions. ![]() innovator in the design and manufacture of featherweight, flexible and durable CIGS thin-film photovoltaic (PV) solutions, announced today that it has signed a definitive term sheet to acquire certain manufacturing assets of a leading European manufacturer of thin-film solar technology and a worldwide license of its intellectual property (IP) portfolio, for USD $5 million cash. (NASDAQ: ASTI) (“ASTI” or the “Company”), the leading, U.S. THORNTON, CO & ZURICH, CH, Ma(GLOBE NEWSWIRE) - via NewMediaWire – Ascent Solar Technologies, Inc. Ascent Solar’s Turnaround Plan Starts With Acquiring New Revenue, Manufacturing Capabilities and Intellectual Property to Fuel Global Expansion
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