Chinese group to invest USD 20m in Ascent Solar

Hong Kong Boone Group Ltd has agreed to invest USD 20 million (EUR 18.8m) in US flexible thin-film photovoltaic (PV) modules maker Ascent Solar Technologies Inc (OTCMKTS:ASTI).

The transaction will involve the purchase of Ascent Solar’s newly-designated Series K convertible preferred stock. Overall, the US firm will issue 20,000 shares of Series K preferred stock at USD 1,000 apiece in six tranches through July 2017.

“The funding will provide us with ongoing working capital as we continue to focus on the high value specialty PV market,” said Victor Lee, president and CEO of Ascent Solar.

Hong Kong Boone Group is a multinational industrial group that specialises in industrial control system integration and hydraulic pressure systems, and is part of a larger group that has experience in the development and construction of solar farms in China.

(USD 1.0 = EUR 0.941)

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