Lead Team: Ascent Solar Technologies, a developer of flexible CIGS solar
panels, announced Victor Lee, executive director of TFG Radiant Group and its
affiliates, Ascent’s largest shareholder, has been appointed president and CEO
of solar panel manufacturer.
owns approximately 20 percent of the shares of Ascent, which were acquired in
August 2011. In December, 2011, TFG Radiant agreed to purchase an additional 21
percent of the stock in a private transaction, through the acquisition of stock
owned by Norsk Hydro Produksjon. Upon closing of that transaction, TFG Radiant
will own approximately 41 percent of Ascent’s outstanding stock.
current and continuing Board Member, will take on his new role voluntarily
without any compensation. He will focus on ramping up production, establishing
relationships with partners, and developing sales opportunities primarily in
evaluate the changing dynamics of the solar industry, we have been aware for
some time that the greatest market opportunities are in Asia, and this change
in leadership enables us to take advantage of these changing market dynamics.
Victor and his team at TFG Radiant, have substantial financial management
backgrounds, have run multiple large organizations, and have very strong
financial, government and business relationships in China and East Asia. In
addition, Victor is fluent in English, Mandarin and multiple Chinese dialects,”
said Amit Kumar, chairman of Ascent.
thoroughly enjoyed helping the development of Ascent, initially as a director
and then as CEO. As the company continues to move to high volume production,
having Victor’s capabilities and relationships in the CEO role will be
valuable. I look forward to seeing Ascent transform the way solar power
integrates with everyday life,” Eller said.
to see tremendous market opportunities for Ascent’s products, and I look
forward to personally helping develop those markets and close valuable sales
opportunities. TFG Radiant and I are dedicated to the success of Ascent and we
are making commitments of time, capital and relationships to hasten that
success. While many public and private solar panel manufacturers are having financial
troubles, we want to send a very clear message to the marketplace that we
believe in a bright future for Ascent,” Victor Lee said.