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21 November 2014

Ascent Solar closes on $35m financing

Ascent Solar Technologies Inc of Thornton, CO, USA, which makes lightweight, flexible copper indium gallium diselenide (CIGS) thin-film photovoltaic modules integrated into off-grid applications and its EnerPlex series of consumer products, has closed its $35m financing from an institutional investor (announced on 17 November).

Ascent Solar has issued (i) $32m principal amount of senior secured convertible notes, (ii) $3m of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. The economic terms of the notes and the Series D Preferred Stock are substantially similar.

At closing, the firm has received unrestricted access to $4.5m, while the remaining $30.5m of gross proceeds has been deposited into a restricted control account of the firm. Once stockholder approval for the share issuances relating to the financing is obtained and Ascent’s resale registration statement is declared effective, the it will receive a further $2.5m of unrestricted gross proceeds from the control account. The firm will receive an additional $6m from the control account 75 days later. The remaining gross proceeds of $22m will be released for use in $6m installments every 90 days thereafter.

Ascent intends to use the proceeds of the offering to fund the continued operations and expansion of its retail channels for its EnerPlex products in the USA, Europe and Asia, brand building, and the launch of additional EnerPlex products.

See related items:

Ascent Solar secures $35m financing from institutional investor

Tags: Ascent Solar EnerPlex CIGS

Visit: www.AscentSolar.com

Visit: www.goenerplex.com

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