Ascent Solar Technologies witnessed a surge in its shares after receiving a vote of confidence from the U.S. Department of Energy (DOE) to proceed with a full application for federal funding of the Agrivoltaic Product Development Project. In premarket trading on Tuesday, ASTI shares surged by an impressive 95.4%, reaching $1.92.
At the time of this publication, Ascent Solar Technologies Inc stock (ASTI) has witnessed a surge.
Ascent Solar Technologies Inc
Current Price: $1.76
Change : +0.77
Change (%): (78.02%)
Volume: 30.6M
Source: Tomorrow Events Market Data
The Colorado-based company has expressed its dedication to pioneering agrivoltaic technologies designed to directly benefit American farmers. The innovation aims to provide a reliable and robust on-site solar power generation solution for behind-the-meter consumption.
This pivotal decision came after the review of Ascent’s initial concept paper submitted for “DE-FOA-0003057: Bipartisan Infrastructure Law: Silicon Solar Manufacturing, and Dual-use Photovoltaics Incubator.”
The Biden-Harris Administration has shown a strong commitment to promoting the adoption of agrivoltaics by offering a funding opportunity of $45 million. This initiative is geared towards supporting projects that not only drive down solar costs but also foster the development of cutting-edge solar technologies, while bolstering American solar manufacturing.
Ascent Solar’s thin-film solar technology stands out as an ideal contender for this endeavor. The DOE has underscored the critical importance of pioneering technologies that facilitate the integration of agrivoltaics, ultimately leading to reduced manufacturing and installation costs.
Ascent Solar Technologies has affirmed its intention to forge ahead with the application process, with hopes of securing funding to propel the development of the proposed agrivoltaic system.
Paul Warley, the CEO of Ascent Solar Technologies, expressed enthusiasm about this opportunity. He stated, “This is an opportunity for Ascent to submit a full application for a DOE funded project, demonstrating our technology’s potential following years of research for application to produce solar energy on farms, and provide water conservation.”
In conclusion, the remarkable surge in Ascent Solar Technologies shares reflects a pivotal moment in the company’s trajectory, underscoring the significant strides being made in the field of agrivoltaic technology and its potential to revolutionize on-site solar power generation for American farmers.
