Thursday, January 2, 2014

Ascent Solar Plans Chinese Manufacturing Plant

Thornton, Colorado-based photovoltaic products developer Ascent Solar said today that it has reached a deal to build a new manufacturing plant in China. According to Ascent Solar, the deal comes via a joint venture with the Government of the Municipal City of Suqian in Jiangsu Province, China. Ascent said that Suqian will provide $32.5M in cash, plus five year, rent-free use of 331,000 square feet of factory and office space in the city, to manufacture Ascent Solar's thin-film, flexible photovoltaic modules. In exchange, Ascent said it has agreed to purchase the factory within 5 years at the initial construction cost.