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domingo, febrero 5, 2023

Ascent Solar announces milestone agreement for their J.V. in China

Under the agreement, Suqian will build a facility to manufacture Ascent’s proprietary cooper-indium-galloum-selenium photovoltaic modules. Ascent and Suqian will also form a joint venture entity in which Ascent’s share will grow progressively up to 80 percent based on an ascribed value of Ascent’s contributions to the J.V.

Thin-film solar module manufacturer Ascent Solar Technologies, Inc. has announced the achievement of a significant milestone for their joint venture in Jiangsu Province, China.

In December of 2013, Ascent signed a definitive agreement with the government of the Municipal City of Suqian to develop solar projects in the area.

Under the agreement, Suqian will build a facility to manufacture Ascent’s proprietary cooper-indium-galloum-selenium photovoltaic modules. Ascent and Suqian will also form a joint venture entity in which Ascent’s share will grow progressively up to 80 percent based on an ascribed value of Ascent’s contributions to the J.V.

In phase 1 and phase 2 of the project, Ascent is required to contribute to the J.V. manufacturing equipment, intellectual property assets, proprietary technology and know-how, as well as cash for its ownership share ($129 million). Suqian is also required to contribute cash ($32 million) for its ownership share.

The major milestone for the J.V. was the agreement by the Suqian government to credit approximately $77 million to Ascent’s contribution of its proprietary technology, which represents 60 percent towards Ascent’s total required contribution.

The actual contributions of cash and other assets into the J.V. by Ascent and Suqian will happen incrementally over time. In addition, under the Definitive Agreement, Suqian has agreed to provide rent-free use of the 331,000-square-foot manufacturing facility and office space that is currently being built for Ascent in the Suqian Economic and Industrial Development Science Park. – EcoSeed Staff

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