THORNTON, CO , Aug. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE - Ascent Solar Technologies, Inc. (OTCBB: ASTI), a developer and manufacturer of state-of-the-art, lightweight and flexible thin-film photovoltaic (PV) solutions, announces that the company has been selected by the U.S. Department of Energy (DOE), supported by the Office of Technology Transitions (OTT) Technology Commercialization Fund (TCF), for two exclusive development projects.

The TCF was created by the Energy Policy Act of 2005 to promote promising energy technologies. The TCF selections announced on August 23, 2018 will expand the DOE’s efforts to catalyze the commercial impact of the Department’s portfolio of research, development, demonstration, and deployment activities. TCF funds require a 50 percent match of non-federal funds from private partners. The full list of TCF selections and the private sector partners can be found here: https://www.energy.gov/technologytransitions/articles/department-energy-announces-technology-commercialization-fund-9.

“The Department of Energy is one of the largest supporters of technology transfer within the federal government. By connecting innovators at our national labs with entrepreneurs in the private sector, DOE is breaking down barriers and finding the nexus between ingenuity and opportunity,” said U.S. Secretary of Energy Rick Perry. “The projects announced today will further strengthen those efforts across a broad spectrum of energy technologies and advance DOE’s important mission of technology transfer.”

As part of the awards, worth up to $100,000 each, Ascent Solar is to work towards commercialization of sputtered Zn(O,S) buffers in flexible CIGS solar cells and also development of next-generation, high-efficiency Perovskite/CIGS Tandems cell. These projects are part of Ascent Solar’s plans for next-generation lightweight and flexible solar cells. The first project will utilize sputtered Zn(O,S) buffers, which will help reduce costs and would further improve the environmental friendliness of our CIGS manufacturing process. The Perovskite/CIGS tandem junction project is designed to significantly improve efficiencies and drive further cost reduction by enabling a more complete conversion of the solar spectral energy into electricity.

“These are challenging yet exciting projects,” says Dr. Lawrence Woods, Director and Head of Research & Development for Ascent Solar. “While there are challenges to be overcome with the use of perovskite based devices, with already proven high-efficiencies, we believe that Ascent Solar is well positioned to incorporate these materials into our large-scale roll-to-roll processing.”

“We are honored to be the only PV developer and manufacturer to have been selected for the TCF projects, let alone two projects selected at the same time. This is a strong testament to the DOE’s faith in our ability to once again demonstrate our ‘lab-to-fab’ expertise,” says Dr. Joseph Armstrong, Chief Technology Officer and founding member of Ascent Solar Ascent Solar. “In both cases, we are leveraging our significant intellectual property with flexible monolithically integrated CIGS and teaming with the National Renewable Energy Laboratory (NREL) to inject their substantial knowledge in novel advanced materials to create a potentially substantial leap in the advancement of our product.”

About Ascent Solar Technologies, Inc:

Ascent Solar Technologies, Inc., an ISO 9001-2015 certified company, is a developer of thin-film photovoltaic modules using flexible substrate materials that are more versatile and rugged than traditional solar panels. Ascent Solar modules were named as one of the top 100 technologies in both 2010 and 2015 by R&D Magazine, and one of TIME Magazine's 50 best inventions for 2011. The technology described above represents the cutting edge of flexible power and can be directly integrated into consumer products and off-grid applications, as well as other aerospace applications. Ascent Solar is headquartered in Thornton, Colorado, where the company’s quality management system has achieved ISO 9001:2015 certification. More information can be found at www.AscentSolar.com.

About National Renewable Energy Laboratory:

Headquartered in Golden, Colorado, the National Renewable Energy Laboratory (NREL) is the nation's primary laboratory for renewable energy and energy efficiency research and development (R&D). More information can be found at www.nrel.gov.

Forward Looking Statements

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.

Investor Relations  Victor Lee 1-720-872-5233 victor.lee@ascentsolar.com