Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a developer of state-of-the-art, flexible thin-film photovoltaic modules, announced today it has entered into a three way strategic joint development agreement with Shenzhen Radiant Enterprise Co., Ltd. (Radiant) and Third Railway Survey and Design Institute Group Corporation (TSDI) of China. Under the agreement, TSDI will promote the use of leading-edge solar technology in China's rapidly growing public railway infrastructure by installing Ascent Solar modules on existing and future railway stations in China. Radiant has been responsible for installing the roofing component on multiple railway station projects throughout China and is well positioned to execute the PV retrofitting of existing railway stations, as well new installations. Total volume of solar installation on China's public infrastructure is projected to reach 800MW over the next five years.
TSDI, a subsidiary of the China Railway Group, is a large-scale comprehensive survey and design corporation that has been appointed to build a uniform technical platform for China's state-of-the-art national railway system. TSDI consistently ranks among China's Top 100 firms in terms of overall strength, and owns a Class-A Qualification certificate for Engineering Survey and Design from China's Ministry of Housing and Urban-rural Development. The organization has designed over 50,000km of railways in China, including the country's first high-speed railway and first heavy-haul railway. In addition, TSDI designed China's first modern, large-scale multi-modal transport hub, the Beijing South Railway Station.
Shenzhen Radiant Enterprise Co., Ltd., Ascent's strategic partner in East Asia and a leader in the metal roofing and façade industry in China, will work closely with Ascent and TSDI to design, engineer and install the solar systems.
"We are honoured to be involved with TSDI through this very important partnership, which will promote Ascent Solar's transformational technology in a high-profile sector of China's public infrastructure. This year, we look forward to working closely with TSDI and Radiant to design and develop systems to be installed beginning in 2013," stated Victor Lee, Ascent Solar President and CEO.
Winston Xu, Founder of Shenzhen Radiant Enterprise Co., Ltd. and Ascent Solar Board Member, said "China's state-of-the-art railway system is one of the largest and fastest growing in the world. Ascent Solar and Radiant Group feel privileged to work with TSDI towards the goal of incorporating green, renewable energy with this important piece of China's infrastructure."
According to the terms of the agreement, the three parties will begin system design and engineering development in the near term, with initial project installations beginning in 2013.
