Ascent Solar Closes Tranche 1 of the $10 Million Registered Direct Financing with Ironridge Technology Co.

  Ascent Solar Closes Tranche 1 of the $10 Million Registered Direct Financing
  with Ironridge Technology Co.

Business Wire

THORNTON, Colo. -- November 4, 2013

Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer of
state-of-the-art, flexible thin-film photovoltaic modules, integrated into the
company's new EnerPlex^TM series of consumer products, announced today the
closing of initial $5 million tranche as part of an agreement to raise $10
million through a registered direct offering with institutional investor
Ironridge Technology Co., a division of Ironridge Global IV LTD. In the
transaction, the Company will issue up to $10 million of Series B convertible
preferred stock in two tranches.

The second tranche of $5 million is expected to close in late 2013 or the
early part of 2014. The second tranche preferred stock will be convertible
into shares of common stock at a fixed conversion price of either $1.15 or
$1.50 per common share.

“AscentSolar’sthin film CIGS technology is wellsuited to power devices
off-grid” commented BrendanT.O’Neil, CFA Managing Director of Ironridge
Global Partners.“Ironridge Global is pleased to provide Ascent Solar
Technologies with funding to further accelerate growth in sales and
distribution of the EnerPlexproduct line of solar-integrated consumer
electronics.”

Ascent intends to use the proceeds of the offering to fund the continued
operations and expansion of its retail channels for its EnerPlex products in
the US, Europe and Asia, brand building, as well as continuous launch of
additional EnerPlex products throughout rest of this year into next year. This
funding will enable us to aggressively launch new products in all of our
current product series (Kickr, Surfr, Jumpr, Packr) as well as new series of
innovative products.

Victor Lee, Ascent's President & CEO said, "We are extremely pleased to have
secured this additional institutional funding, particularly from a
sophisticated and well recognized technology investor. This is a clear vote of
confidence in the new direction of the Company and the momentum of the
EnerPlex brand that we have built."

A shelf registration statement (File No. 333-178821) relating to the shares of
preferred stock issued in the offering has been filed with and declared
effective by the Securities and Exchange Commission (the “SEC”). A prospectus
supplement relating to the offering will be filed by the Company with the SEC.
Copies of the prospectus supplement, together with the accompanying
prospectus, can be obtained at the SEC’s website at http://www.sec.gov or from
Ascent Solar Technologies, Inc., 12300 Grant Street, Thornton CO 80241,
Attention: Investor Relations.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company in this offering. There shall
not be any offer, solicitation of an offer to buy, or sale of securities in
any state or jurisdiction in which such an offering, solicitation, or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. Any offering will be made only by
means of a prospectus, including a prospectus supplement, forming a part of
the effective registration statement.

About Ascent Solar Technologies:

Ascent Solar Technologies, Inc. is a developer of thin-film photovoltaic
modules with substrate materials that can be more flexible and affordable than
most traditional solar panels. Ascent Solar modules can be directly integrated
into standard building materials, aerospace applications, consumer electronics
for portable power or configured as stand-alone modules for large scale
terrestrial deployment. Ascent Solar is headquartered in Thornton, Colorado.
For more information, go to www.ascentsolar.com.

About EnerPlex:

The EnerPlex brand represents Ascent Solar's line of consumer products. These
products, many of which are integrated with Ascent Solar's transformational
CIGS technology, provide consumers with the ability to integrate solar into
their everyday lives, while enabling them to free themselves and their
electronics from the outlet. For more information on the EnerPlex brand and to
see the product line, please visit www.goenerplex.com.

About Ironridge Technology Co.

Ironridge Technology Co. is a division of Ironridge Global IV, Ltd. that
specializes in direct equity investments in telecommunications, electronics,
computer, and technology companies. . Ironridge Global Partners is an
institutional investor, making direct equity investments in micro-cap public
companies. Ironridge Global has entered into more than 50 equity financing
transactions since 2011, ranging from under a quarter million to over $15
million each. The firm seeks to be a long-term financial partner, assisting
public companies in financing operations and expansion by supplying innovative
funding solutions and flexible capital. For more information on Ironridge
Global Partners, please visit www.ironridgeglobal.com.

Forward-Looking Statements:

Statements in this press release that are not statements of historical or
current fact constitute "forward-looking statements." Such forward-looking
statements involve known and unknown risks, uncertainties and other unknown
factors that could cause the Company's actual operating results to be
materially different from any historical results or from any future results
expressed or implied by such forward-looking statements. In addition to
statements that explicitly describe these risks and uncertainties, readers are
urged to consider statements that contain terms such as "believes," "belief,"
"expects," "expect," "intends," "intend," "anticipate," "anticipates,"
"plans," "plan," to be uncertain and forward-looking. The forward-looking
statements contained herein are also subject generally to other risks and
uncertainties that are described from time to time in the Company's filings
with the Securities and Exchange Commission.

Contact:

Ascent Solar Technologies
CleanTech IR
Brion Tanous, 310-541-6824
Mobile: 424-634-8592
btanous@cleantech-ir.com
or
Justin R. Jacobs, 1-720-872-5194
jjacobs@ascentsolar.com
 
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