ASTI Ascent Solar Technologies Inc

Ascent Solar Technologies, (Nasdaq: ASTI) (“ASTI” or the “Company”), the leading U.S. innovator in the design and manufacture of featherweight, flexible, and durable CIGS thin-film photovoltaic (PV) solutions, today announced that its thin film CIGS technology reached record power generation of 14 watts at production scale.

Since the installation of new leadership in April 2023, Ascent’s engineering and production teams have focused on improving their processes and chemical formulation, resulting in continuous increases in power generated from its innovative thin-film PV. The first in a series of milestones was initially announced on September 5, 2023, with subsequent improvements shared at regular intervals.

Using the Titan™ module to illustrate improvement, Ascent’s CIGS technology has steadily increased its power generation capabilities over the past seven months. The Titan™ module is approximately one square foot in size with a thickness of 0.03mm and a weight of just over eight grams.

Below are the recent calculations for power generation* at Titan™ module dimensions:

•    September 15, 2023	11.6 watts
•    October 30, 2023	13.1 watts
•    November 16, 2023	13.3 watts
•    March 20, 2024	14.0 watts

Note: Power generation figures reflect STC conditions and AM0

Ascent anticipates reaching its next milestone of 16 watts output for the Titan™ module in the next eight to ten (8-10) weeks, expected primarily because of planned improvements to process changes in thin film. The increases in power generation for its CIGS PV technology align with Ascent’s strategy and revenue goals for 3rd and 4th quarters 2024 and 2025, meeting the technological needs for Ascent’s customers in space to achieve end of life power.

ABOUT ASCENT SOLAR TECHNOLOGIES, INC.

Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent’s photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar’s research and development center and 4.5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit https://www.ascentsolar.com or follow the Company on LinkedIn and X (formerly Twitter).

FORWARD-LOOKING STATEMENTS

Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “will,” "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading “Risk Factors” in our most recently filed reports on Forms 10-K and 10-Q.

MEDIA CONTACT

Spencer HerrmannFischTank PRascent@fischtankpr.com

INVESTOR CONTACT

ir@ascentsolar.com