Ascent Solar’s stock price was just ravaged today — it’s down 25 percent to $2.15 on news of its most recent press release:
- The firm is changing its strategy – moving from BAPV/BIPV to nichemarkets like military and defense; custom near-space applications;off-grid charging solutions in developing countries; power for portableelectronics; and custom and standard products for rooftop integration on buses, trucks and trains. Ascent believes that it can sell its products in these markets at more attractive margins than currently possible for ground mount applications or BIPV and BAPV markets.
- The company is reducing staffing and cutting back on operating expenses
- CEO Farhad Moghadam is stepping down to spend more time with hisfamily. Ron Eller, an Ascent board member for the past two years, hasbeen appointed the company’s new President and CEO. (It always seemsthat fired CEOs are being punished by having to spend more time withtheir family.)
The Thornton, Colordao-based Ascent’s product is CIGS PV on flexibleplastic substrates but the firm has never reached critical mass.Ascent’s market capitalization is $69 milllion, the firm had a net lossof $31.2 million for the year ended December 31, 2010 and reported anaccumulated deficit of $77.3 million as of December 31, 2010.
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