Thin film PV maker Ascent Solar Technologies lined up an equity-based financing facility of up to $50 million from two institutional investors.
Under terms of the agreement, Ascent issued $12.5 million in convertible advance notes and another $2.5 million in convertible advance notes in a concurrent private placement transaction.
Net proceeds are expected to pay fees and expenses related to the financing and for working capital and other general corporate purposes.
Ascent president and CEO Jeffrey Max said the company is seeing a resurgence of OEM demand for thin-film solar, as well as support by government and ESG-conscious investors. He said the company is seeking to expand R&D and production to serve an ever-broader base of industries and use-cases in addition to funding its working capital needs.
