Ascent Solar Ranked Number 189 Fastest Growing Company in North America on Deloitte’s 2016 Technology Fast 500

Ascent Solar Technologies, Inc., a developer and manufacturer of state-of-the-art, flexible thin-film photovoltaic modules integrated into the Company’s EnerPlex series of consumer products, today announced it ranked No. 189 on Deloitte’s Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Ascent Solar grew 446 percent during this period.

Overall, 2016 Technology Fast 500 companies achieved revenue growth ranging from 121 percent to 66,661 percent from 2012 to 2015, with median growth of 290 percent.

Ascent Solar’s Chief Executive Officer, Victor Lee, credits the pivoting of the Company’s business model to focus on downstream consumer portable power products, as well as high value, solution-based PV applications, which began in the second half of 2012 with the Company’s 446% revenue growth. Mr. Lee commented, “We are proud to be one of the fastest growing technology companies during this period, especially at a time where the entire thin-film solar industry was experiencing a major shakeup on the back of a sharp decline in the pricing of traditional crystalline silicon-based solar cell technology. Our new business focus has insulated us from the drastic margin erosion in the traditional power plant or rooftop market witnessed by most solar manufacturers. We will continue to streamline our business model as we work towards delivering further growth.”

“Today, when every organization can be a tech company, the most effective businesses not only foster the courage to explore change, but also encourage creativity in using and applying existing assets in new ways, as resourcefully as possible,” said Sandra Shirai, principal, Deloitte Consulting LLP and U.S. technology, media and telecommunications industry leader. “This ingenious approach to innovation calls for the encouragement of curiosity and collaboration both within and outside the office walls.”

“This year’s Fast 500 winners showcase that when organizations are open to diverse perspectives and insights, they are able to create an environment for their employees and customers to see the possibilities and ingenious solutions that might lie ahead,” added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. “Entrepreneurial environments foster change and innovation within businesses, and we look forward to watching these companies continue to drive change across all sectors.”

Source : Marketwired