Solar Trade Platform and Directory of Solar Companies

Ascent Solar Closes on $35 Million Financing

Published on 21 Nov 2014
Ascent Solar Technologies 
Ascent Solar Technologies, Inc. announced today the closing of its previously announced $35 million financing.

At closing, the Company issued (i) $32 million principal amount of senior secured convertible notes, (ii) $3 million of Series D convertible preferred stock and (iii) warrants to purchase shares of its common stock. At closing, Ascent received unrestricted access to $4.5 million, while the remaining $30.5 million of gross proceeds have been deposited into a restricted control account of the Company. Once stockholder approval for the share issuances relating to the financing is obtained and the Company’s resale registration statement is declared effective, the Company will receive an additional $2.5 million of unrestricted gross proceeds from the control account. The Company will receive an additional $6.0 million of unrestricted gross proceeds from the control account 75 days after receiving the installment of $2.5 million. Thereafter, the remaining gross proceeds of $22 million will be released for the Company’s use in $6.0 million installments every 90 days.

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 US, Europe and Asia, brand building, as well as the launch of additional EnerPlex products.


ENF Profiles For Companies Mentioned in This Article

Ascent Solar Technologies (Solar Panels): https://www.enfsolar.com/ascent-solar-technologies
Ascent Solar Technologies (Solar Applications): https://www.enfsolar.com/ascent-solar-technologies
PV industry news is republished free of charge, please send your news to