Ascent Solar Technologies, Inc. announced that the company has entered into a securities purchase agreement with Hong Kong Boone Group Limited on Feb. 8, 2017 for the investment of $20 million by purchasing the company’s newly designated Series K Convertible Preferred Stock.
 
Hong Kong Boone Group, is a major, multinational industrial group of companies that specializes in industrial control system integration and hydraulic pressure systems. Boone Group also specializes in the procurement, planning, installation and ongoing maintenance of on-grid solar farm projects in China.
 
“Boone Group has been involved in the renewable energy sector for many years and we are deeply impressed with Ascent’s lightweight and flexible thin-film CIGS technology, in particular their unique manufacturing process with the award winning monolithically-integrated technology,” said Song Liang, chairman and founder of Boone Group. “China will undoubtedly be the world’s largest solar market but it is now predominantly limited to the installation of the rigid, fragile and heavy crystalline silicon-based panels. I am convinced that Ascent’s unparalleled PV module will have immense potential not only in China but the worldwide market, especially when Ascent can achieve the appropriate economies of scale. We hope to help Ascent achieve the economies of scale which their technology can enable.”
 
“We are more than excited to have secured this new investment from a very knowledgeable strategic partner who understands the value and capabilities of our technology,” added Victor Lee, president and CEO of Ascent Solar. “ The new investment reinforces our investor’s belief in Ascent’s strategy and the tremendous potential of the company’s lightweight flexible CIGS solar panel.”