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CIGS maker Ascent Solar quadruples yearly revenue

$5 million of annual revenue 'a significant milestone'

Ascent Solar Technologies, a US developer of CIGS flexible thin-film photovoltaic modules which it integrates into its EnerPlex consumer products, has posted preliminary Q4 revenue of $2.4 million. This represents a 118 percent increase from the previous quarter of $1.1 million and an approximately four-fold increase over Q4 2013 revenue of $0.6 million.

Total revenue for the year was $5.3 million, up 308 percent from $1.3 million in 2013. Product revenue was $5.0 million, up 355 percent from $1.1 million in 2013.

"$5M of annual revenue is a significant milestone for Ascent Solar and is the first year in the company's history to have reported such robust results," said Victor Lee, president and CEO of Ascent.

"The strong revenue growth again validates our revised strategy that began in the second half of 2012. We are extremely encouraged by the rapid growth of EnerPlex and we expect to see sales continue to grow rapidly as we continue to expand our distribution channels domestically and internationally. In Q4 we also experienced growing acceptance in our focused high-value PV market, which we believe will add to our top-line growth in 2015."

Amit Kumar, chairman of Ascent, stated: "The rapid year over year revenue growth demonstrates the acceptance by the market of Ascent's superior products, the expansion of our distribution capacity, and the persistence of our employees in transitioning our Company. We expect 2015 to be another year of rapid growth with continued new product launches, increased distribution, the transition of some manufacturing to Asia, and an increase in awareness of our EnerPlex brand."

Ascent Solar was formed in 2005 to commercialise leading-edge CIGS photovoltaic technology on flexible, plastic substrates.

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