Ascent Solar Technologies (ASTI) is moving higher this morning on news the company has signed an MOU with the Energy Institute Of New Delhi (TERI), India.  Under the terms, TERI will test and evaluate the performance of ASTI’s flexible thin film solar modules for possible inclusion in their Lighting a Billion Lives program which aims to bring light to the 1.6 billion people in the world who lack electricity (25% of which are in India).   

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Ashutosh Misra, SVP of Corporate Development for Ascent Solar, stated, “India is one of the largest off-grid electricity markets in the world and the need for innovative and cost competitive off-grid electricity generation in urban and rural markets in India presents a tremendous opportunity for Ascent Solar. TERI is a premier organization focusing on developing a range of technologies that have created new paradigms of development underlining the sustainable use of natural resources, and are proven for their effectiveness and economic viability. Our joint collaboration to develop various solar energy solutions for TERI’s rural electrification projects including its flagship ‘Lighting a Billion Lives’ based on solar technology provides us with a unique opportunity to grow our market share in India. Our unique, light-weight, ruggedized, high power density thin-film CIGS modules enable ease of installation, handling and transport that are an ideal solution for LaBL and other programs like it.”

Shares of ASTI are up more than 10% on the news today and breaking out of a bullish triangle formation with heavy volume.