Ascent Solar Technologies, a provider of innovative, high-performance, flexible thin-film solar panels, announced that it has entered into a $9 million equity financing agreement with Singapore-based Lucro Investments.

Under the terms of the agreement, Lucro will purchase 7,499,997 shares of Ascent common stock at a purchase price of $1.20 per share. The company will receive the financing in monthly installments of $1 million over the next nine months. The proceeds of the investment will be used for general business operations and working capital for future initiatives.

Ascent Solar Technologies provides flexible thin-film solar panels, which offer advantages over conventional rigid solar panels in terms of mass, performance, reliability, and resilience. According to the company, their PV modules have been deployed on various space missions, multiple airborne vehicles, Agri voltaic installations, industrial and commercial construction projects, and extensive range of consumer goods, revolutionizing the use cases and environments for solar power.

Ascent recently acquired certain manufacturing equipment from Flisom (a Swiss company specializing in roll-to-roll production of flexible solar modules) to expand its thin-film solar material manufacturing capabilities in Niederhasli and Switzerland. “We are pleased to announce an additional funding commitment from Lucro Investments, at an inflection point in our company’s history. Ascent is undergoing significant and transformative changes, as we continue to guide the company towards providing our flexible, lightweight, and durable thin-film solar solutions to an expanded spectrum of audiences on an international stage,” said Jeffrey Max, Chief Executive Officer of ASTI. “This new investment commitment from Lucro Investments signals a strong vote of confidence for our burgeoning Company and strategy as we advance our capabilities, output, and channels.”

Ascent Solar’s research and development center and 5-MW nameplate production facility are located in Thornton, Colorado. The company was founded in 2005 and went public in 2006.

According to Mercom’s Annual and Q4 2022 Solar Funding and M&A report, total corporate funding—including venture capital (VC) funding, public market, and debt financing—into the solar sector in Q1 2023 came to $8.4 billion in 42 deals, a 55% increase compared to $5.4 billion raised in 44 deals in Q4 2022.