THORNTON, Colo.--()--Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today it has entered into a three way strategic joint development agreement with Shenzhen Radiant Enterprise Co., Ltd. (Radiant) and Third Railway Survey and Design Institute Group Corporation (TSDI) of China. Under the agreement, TSDI will promote the use of leading-edge solar technology in China’s rapidly growing public railway infrastructure by installing Ascent Solar modules on existing and future railway stations in China. Radiant has been responsible for installing the roofing component on multiple railway station projects throughout China and is well positioned to execute the PV retrofitting of existing railway stations, as well new installations. Total volume of solar installation on China’s public infrastructure is projected to reach 800MW over the next five years.
“China’s state-of-the-art railway system is one of the largest and fastest growing in the world. Ascent Solar and Radiant Group feel privileged to work with TSDI towards the goal of incorporating green, renewable energy with this important piece of China’s infrastructure.”
TSDI, a subsidiary of the China Railway Group, is a large-scale comprehensive survey and design corporation that has been appointed to build a uniform technical platform for China’s state-of-the-art national railway system. TSDI consistently ranks among China’s Top 100 firms in terms of overall strength, and owns a Class-A Qualification certificate for Engineering Survey and Design from China’s Ministry of Housing and Urban-rural Development. The organization has designed over 50,000km of railways in China, including the country’s first high-speed railway and first heavy-haul railway. In addition, TSDI designed China’s first modern, large-scale multi-modal transport hub, the Beijing South Railway Station.
Shenzhen Radiant Enterprise Co., Ltd., Ascent’s strategic partner in East Asia and a leader in the metal roofing and façade industry in China, will work closely with Ascent and TSDI to design, engineer and install the solar systems.
“We are honoured to be involved with TSDI through this very important partnership, which will promote Ascent Solar’s transformational technology in a high-profile sector of China’s public infrastructure. This year, we look forward to working closely with TSDI and Radiant to design and develop systems to be installed beginning in 2013," stated Victor Lee, Ascent Solar President and CEO.
Winston Xu, Founder of Shenzhen Radiant Enterprise Co., Ltd. and Ascent Solar Board Member, said “China’s state-of-the-art railway system is one of the largest and fastest growing in the world. Ascent Solar and Radiant Group feel privileged to work with TSDI towards the goal of incorporating green, renewable energy with this important piece of China’s infrastructure.”
According to the terms of the agreement, the three parties will begin system design and engineering development in the near term, with initial project installations beginning in 2013.
About Ascent Solar Technologies, Inc.
Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic modules with substrate materials that can be more flexible and affordable than most traditional solar panels. Ascent Solar modules can be directly integrated into standard building materials, commercial transportation, automotive solutions, space applications, consumer electronics for portable power or configured as stand-alone modules for large scale terrestrial deployment. Ascent Solar is headquartered in Thornton, Colorado. Additional information can be found at www.ascentsolar.com.
About Shenzhen Radiant Enterprise Co., Ltd.
Shenzhen Radiant Enterprise Co., Ltd. is a Chinese conglomerate in construction and real estate with more than 3,000 personnel and operates various businesses across many countries with a focus on metal roofing and facades, import/export trading, real estate investment, project management and consultation, new-energy development, manufacturing and distribution.
The Third Railway Survey and Design Institute Group Corporation, founded in 1953 and a subsidiary of The China Railway Group, is a Grade-A certified large-scale comprehensive survey and design corporation engaged in the business of survey, plotting, consultancy, design, supervision and general contracting of projects in the fields of railway, urban rail transit systems and highways. Additional information can be found at www.tsdig.com.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the Securities and Exchange Commission.