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ASTI > SEC Filings for ASTI > Form 8-K on 2-Jan-2014All Recent SEC Filings




Entry into a Material Definitive Agreement, Financial Statements

Item 1.01 Entry into a Material Definitive Agreement.

On December 28, 2013, Ascent Solar Technologies, Inc., a Delaware corporation ("Ascent") entered into a definitive agreement for the establishment of a joint venture with the Government of the Municipal City of Suqian in Jiangsu Province, China ("Suqian"). This agreement replaces and supersedes the previous framework agreement between Ascent and Suqian which was announced in July 2013.

The agreement covers a multi-faceted, three-phase project. Completion of all three phases would involve an anticipated investment of up to $500 million over six years, comprised of equipment, intellectual property and cash funded by Suqian, Ascent and other supporting investors to be brought in by Ascent.

In the initial phase of the project, Ascent and Suqian will form a joint venture entity ("JV") in which Suqian will inject approximately $4.8 million in cash and have majority interest of 75%. Ascent shall inject approximately $1.6 million in cash and hold a minority interest of 25%. Subsequently, during 2014 Suqian will further inject the balance of the committed $32.5 million while Ascent will contribute its proprietary technology and intellectual property, as well as certain equipment from its Colorado facility, thereby increasing its shareholdings progressively up to 80% ownership.

The JV will build a factory to manufacture Ascent's proprietary photovoltaic modules. Ascent will be required to purchase this factory within the first 5 years at the initial construction cost, and will also have the right to purchase Suqian's ownership interest in the JV at a cost of 1.5 times Suqian's cash investment.

The implementation of the agreement, including the formation of the JV entity, will be subject to a number of contractual conditions and governmental approvals. Such conditions and approvals must be obtained in the future in order for the Suqian factory to be built and become operational.

Item 9.01 Financial Statements and Exhibits.

(d) The following exhibits are filed with this report.

Exhibit Number   Description
99.1             Press Release titled "Ascent Solar Signs Definitive Agreement to
                 Build New Manufacturing Plant in Suqian of Jiangsu Province,
                 China", dated January 2, 2014.

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