Ascent Solar Technologies, Inc. a manufacturer of flexible thin-film photovoltaic modules, integrated into off-grid applications announced today the attainment of a key milestone for its China Joint Venture. In December of 2013, Ascent and the Suqian Municipality of Jiangsu Province agreed to create a Joint Venture to build a manufacturing facility in China, in which Suqian would provide a cash injection of $32.5 million dollars, as well as 5-years free usage of the newly built manufacturing facility along with a 5-year tax holiday and significant trade incentives. Ascent would provide proprietary technology, equipment and know-how to operate the plant as well as a nominal amount of cash. Ascent’s ownership in the JV would progressively grow up to 80% of the JV after all of these items are completed.
“We are pleased to have this approval from the appropriate government agencies, which has gone through a stringent process including lengthy feasibility studies and environmental impact assessments”, said Victor Lee, President and CEO of Ascent. “As we build and transfer much of our manufacturing operations to Suqian, we expect to dramatically reduce our production costs, logistics costs, and overhead costs among others, enabling meaningful improvements in margin as we ramp up the production capacity. The factory also provides close proximity to the region exhibiting tremendous growth for consumer electronic products like EnerPlex.”
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This post was prepared by Solar Thermal Magazine staff.