Ascent Solar: Chief Executive Officer Appointed
Ascent Solar Technologies, Inc., a developer of state of the art flexible thin-film solar modules, today announced the appointment of Dr. Farhad Moghadam as the company's President and Chief Executive Officer. The appointment will become effective August 3, 2009. Dr. Moghadam brings to Ascent Solar extensive senior executive experience in global operations, business development and commercialization of complex, state-of-the-art technologies.
Dr. Moghadam most recently served as Senior Vice President and General Manager at Applied Materials, Inc., where, among other things, he led the Thin Films Product Group, Applied's largest business unit, and was responsible for managing over 1,100 Applied employees in the U.S., Europe and Asia. He also served on the board of directors of Sokudo Co., Ltd. Before joining Applied, Dr. Moghadam held management positions at Intel Corporation. He received his Ph.D. in Materials Science and Engineering from Stanford University. He has authored over 250 publications and is a named inventor on approximately 65 patents. Since 2007, Dr. Moghadam has been engaged with prominent private equity firms, and he recently assisted companies seeking to participate in the U.S. Department of Energy loan guarantee program with independent engineering assessments and bankability evaluations.
Welcoming Dr. Moghadam, Ascent Solar's founder and Chairman Dr. Mohan Misra stated, “Ascent Solar is moving rapidly on many business fronts, and we expect that the addition of Dr. Moghadam to lead our company will help us meet the challenges associated with the rapid growth we see ahead. After an extensive search lasting nine months, we are delighted that Dr. Moghadam has chosen to become Ascent Solar's new President and CEO. Dr. Moghadam possesses an impressive track record at Applied and Intel in shaping and building the businesses of those leading companies. We are confident that Ascent Solar will benefit significantly from Dr. Moghadam’s outstanding, broad based qualifications and experience."
“Ascent Solar is among a very few PV companies which has proven technology ready for high volume manufacturing of CIGS PV material on a plastic substrate,” said Dr. Moghadam. “There are two key constraints in solar industry today --- efficiency and cost. I believe that Ascent Solar, through extensive process development and characterization, has a unique product ready for scale-up. I am excited about joining the company and to be part of the team to grow and establish Ascent Solar as a leader in the market for lightweight, flexible PV modules.”
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, space applications, consumer electronics for portable power or configured as stand alone modules for large scale terrestrial deployment. Ascent Solar is headquartered in Thornton, Colo. Additional information can be found at www.ascentsolar.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.
For Ascent Solar Technologies, Inc.
Brian Blackman, 832-515-0928 (Investor Relations)