Ascent Solar abandons 100-MW Chinese factory plan

August 13 – US thin-film module maker Ascent Solar Technologies Inc (NASDAQ:ASTI) has given up on a joint venture project to build a 100-MW factory in the municipal city of Suqian, in China’s Jiangsu province.

Ascent and the Suqian government announced at the end of 2013 they had agreed to collaborate on building a photovoltaic (PV) module production facility there, starting with a 25-MW facility that was supposed to be ready by the first quarter of 2016.

The parties have terminated the agreement on August 5, 2015, due to the project’s slower than expected progression, Ascent said in a regulatory filing on Tuesday. One of the factors that led to the deal cancellation is the short supply of needed technical skills in the Suqian area.

To date, Ascent has spent some USD 320,000 (EUR 288,000) in cash on the JV, while the Suqian government’s contribution amounts to USD 960,000. The US company was to hold an initial 25% stake in the factory.

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