Nasdaq-listed Ascent Solar Technologies has raised $32.9 million after a public offering and a concurrent private placement to its largest shareholder.

The Colorado-based developer of thin-film photovoltaic modules sold approximately 4.6 million shares of its common stocks and another 769,000 shares to Norsk Hydro Produksjon AS, a Norway-based supplier of aluminium-based building systems, for $6.50 apiece.

Ascent Solar plans to use the proceeds from the offering to expand the company’s rated production capacity.

In March, the company began to produce 1.5-megawatt modules per day at its plant in Littleton, Colorado.

Ascent Solar anticipates its 30-MW manufacturing facility to go online by 2010.

The company’s thin-film photovoltaic modules are said to be more flexible and affordable than conventional solar panels, making it suitable for standard building materials, space applications and electronic and portable power use.




-   Natassia Y. Laforteza