11.22.16
Ascent Solar Technologies, Inc. announced it ranked No. 189 on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Ascent Solar grew 446% during this period.
Overall, 2016 Technology Fast 500 companies achieved revenue growth ranging from 121% to 66,661% from 2012 to 2015, with median growth of 290%.
Ascent Solar CEO Victor Lee credits the pivoting of the company’s business model to focus on downstream consumer portable power products, as well as high value, solution-based PV applications, which began in the second half of 2012, with the company’s 446% revenue growth.
“We are proud to be one of the fastest growing technology companies during this period, especially at a time where the entire thin-film solar industry was experiencing a major shakeup on the back of a sharp decline in the pricing of traditional crystalline silicon-based solar cell technology,” Lee said. “Our new business focus has insulated us from the drastic margin erosion in the traditional power plant or rooftop market witnessed by most solar manufacturers.”
Overall, 2016 Technology Fast 500 companies achieved revenue growth ranging from 121% to 66,661% from 2012 to 2015, with median growth of 290%.
Ascent Solar CEO Victor Lee credits the pivoting of the company’s business model to focus on downstream consumer portable power products, as well as high value, solution-based PV applications, which began in the second half of 2012, with the company’s 446% revenue growth.
“We are proud to be one of the fastest growing technology companies during this period, especially at a time where the entire thin-film solar industry was experiencing a major shakeup on the back of a sharp decline in the pricing of traditional crystalline silicon-based solar cell technology,” Lee said. “Our new business focus has insulated us from the drastic margin erosion in the traditional power plant or rooftop market witnessed by most solar manufacturers.”