Ascent Solar Technologies, Inc. Signs Strategic Alliance Agreement With Indian Conglomerate Kirloskar Integrated Technologies...
22 March 2010 - 9:00PM
Business Wire
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of
flexible thin-film solar modules, announced today that it has
signed a Strategic Alliance Agreement with Kirloskar Integrated
Technologies Limited, India (Kirloskar). Under the terms of the
multi-phase agreement the two companies will commence integration,
marketing and distribution of Ascent Solar’s flexible CIGS
photovoltaic modules into products designed to address multiple
market opportunities in India. Target markets include defense,
consumer portable power, off grid rural power solutions and hybrid
solar and diesel generation back up power systems. Phase two of the
agreement provides for the establishment of a complete backend
module assembly plant in India and the third and final phase of the
contact is designed to expand production in India to include
complete end to end module manufacturing. This agreement results
from the collaboration achieved thus far under a memorandum of
understanding signed in September of 2009 between the two
companies.
Mr. L.A. Joshi, CEO of Kirloskar, said, “Kirloskars’s vision is
to provide decentralized sustainable solutions based on renewable
resources. Having successfully established energy solutions using
technologies like anaerobic digestion of organic waste and
non-edible vegetable oil and biodiesel, we were in search of
appropriate partner for solar photovoltaics which can compliment
Kirloskar’s strength as a leader in distributed power generation.
We are pleased to have Ascent as our partner in the endeavor to
harness the very large solar energy potential related to off-grid
and on-grid applications, by taking advantage of the favorable
policies of the Indian government. We truly believe that the
leading-edge technology of Ascent and the synergy in our strategies
will help us establish a leadership position in PV markets in
India.”
Ascent Solar President and CEO Farhad Moghadam added, “Our
relationship with Kirloskar provides Ascent Solar with a partner
for development of multiple market opportunities in a rapidly
advancing country like India. We believe that Kirloskar has
significant relationships and well established sales and marketing
channels in key target markets for defense, space, consumer
electronics and hybrid diesel generators. We are proud to continue
our work with Kirloskar to address a wide array of growing off-grid
and on-grid PV opportunities in the growing Indian market.”
About Ascent Solar Technologies:
Ascent Solar Technologies, Inc. is a developer of thin-film
photovoltaic modules with substrate materials that can be more
flexible and affordable than most traditional solar panels. Ascent
Solar modules can be directly integrated into standard building
materials, space applications, consumer electronics for portable
power or configured as stand-alone modules for large scale
terrestrial deployment. Ascent Solar is headquartered in Thornton,
Colorado. For more information, go to www.AscentSolar.com.
About Kirloskar Integrated Technologies Limited:
Kirloskar Integrated Technologies Limited, India is part of the
Kirloskar Group, founded in 1888, one of India’s premier industrial
and engineering conglomerates. KITL operates in the area of green
technologies and has intentions to form further strategic alliances
in fuel cells, on-site hydrogen production, wind energy, and hybrid
solutions. The Kirloskar Group is an ISO certified diversified
manufacturer of diesel engines for marine and power generation
applications, diesel gensets, irrigation pumps, compressors, valves
and automotive components, as well as an array of products for the
oil and gas industries. The company has its headquarters in Pune in
Maharashtra State. Additional information can be found at
www.kirloskar.com.
Forward Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements."
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. In addition to
statements that explicitly describe these risks and uncertainties,
readers are urged to consider statements that contain terms such as
"believes," "belief," "expects," "expect," "intends," "intend,"
"anticipate," "anticipates," "plans," "plan," to be uncertain and
forward-looking. 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.
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