The shares of Ascent Solar Technologies, Inc. (NASDAQ: ASTI) experienced a notable surge during the pre-market trading session on Tuesday, marking an impressive 55.71% increase, ultimately settling at $1.54 per share. During the regular trading session, Ascent Solar stock exhibited a modest uptick of 1.96%, concluding the day at $0.9890. This remarkable rise in ASTI stock can be attributed to a significant development related to a federal funding initiative.
Ascent Solar (ASTI) officially disclosed yesterday that the preliminary concept paper they submitted underwent a thorough review process, receiving a favorable “Encouraged” verdict from the Department of Energy (DOE). The concept paper pertained to DE-FOA-0003057: Bipartisan Infrastructure Law – Silicon Solar Manufacturing and Dual-use Photovoltaics Incubator.
With this pivotal development, Ascent Solar is now poised to proceed with the application process, aiming to secure funding through this Funding Opportunity Announcement (FOA). Their primary objective is to advance the development of the proposed agrivoltaic system, which holds the promise of bringing about reliable and enduring on-site solar power generation, tailored for behind-the-meter usage, directly benefiting American farmers.
The Biden-Harris Administration has consistently demonstrated a resolute commitment to fostering the adoption of agrivoltaics. In the summer of 2023, the administration, through the DOE, unveiled the Bipartisan Infrastructure Law Silicon Solar Manufacturing and Dual-use Photovoltaics Incubator funding opportunity, with an earmarked allocation of $45 million.
This initiative seeks to support projects that not only drive down solar-related costs but also spearhead the development of cutting-edge solar technologies while bolstering the American solar manufacturing sector. Ascent Solar firmly believes that its thin-film solar technology seamlessly aligns with the DOE’s vision, particularly considering the DOE’s emphasis on pioneering technologies that facilitate agrivoltaic adoption while concurrently reducing manufacturing and installation expenses.
Agrivoltaics, the strategic integration of solar panel installations within rows of crops across the expansive farmlands of America, has garnered significant attention for its judicious land usage and substantial potential for energy generation. Despite being a nascent application of solar technology, this category is marked by its high-growth potential.
Industry experts anticipate an annual growth rate exceeding 10% within a market that is projected to surpass several billion dollars in the coming years. The distinctiveness of thin-film solar technology lies in its remarkable suitability for integration into agrivoltaic systems.
Ascent Solar is dedicated to exploring the full potential of this technology, seizing the opportunity to submit a comprehensive application for a DOE-funded project. This submission will serve as a tangible demonstration of the technology’s capabilities after years of dedicated research, with the aim of enhancing solar energy production on farms and promoting water conservation.
