UPDATE 1-Ascent Solar, India’s TERI sign MoU to test modules

* TERI to test Ascent’s CIGS modules for its programs

* Ascent, TERI to decide on terms post feasibility tests

Oct 27 (BestGrowthStock) – Ascent Solar Technologies Inc (ASTI.O: )
said it signed an agreement with The Energy and Resource
Institute (TERI), India, to test the company’s solar modules
and evaluate its economic feasibility.

Under the agreement, TERI will test Ascent’s copper indium
gallium selenide (CIGS) modules, which convert sunlight into
electricity, to see if they can be used for TERI’s projects
including “lighting a billion lives.”

TERI’s “lighting a billion lives” campaign seeks to replace
kerosene and paraffin lanterns with solar devices.

Upon evaluation of technical and economical feasibility,
TERI and Ascent Solar will decide on terms and conditions and
the implementation model.

India’s drive to ramp up solar capacity may trigger a
stampede of firms from Asia, Europe and North America, chasing
a share of the $3.5 billion of business up for grabs by 2013
and trampling over smaller domestic players. [ID:nTOE65902M]

First Solar (FSLR.O: ) and Suntech Power Holdings (STP.N: ) are
working on plans to enter the market as India commits to an
ambitious $70 billion program to build 20 gigawatts (GW) of
solar capacity by 2022, from about 30 megawatts (MW) now.

Wednesday’s news comes two weeks after Ascent said a
Berkshire Hathaway unit would test its modules at a facility in
Colorado [ID:nSGE69B0J7], and a month after it signed a deal to
distribute its modules in China. [ID:nSGE68C0JO]

Ascent shares, which have more than doubled in the past two
months, closed at $4.29 Tuesday on Nasdaq.
(Reporting by Adveith Nair in Bangalore)

UPDATE 1-Ascent Solar, India’s TERI sign MoU to test modules