Ascent Solar Technologies (NASDAQ:ASTI) stock is taking off on Tuesday following a funding recommendation from the Department of Energy (DOE).
The DOE is encouraging Ascent Solar Technologies to submit a full application for its thin-film solar technology. It would do so under the “Bipartisan Infrastructure Law Silicon Solar Manufacturing and Dual-use Photovoltaics Incubator” from the Biden-Harris administration.
This funding opportunity provides $45 million for the development of solar energy technology. That includes research into cost reductions for current technology, as well as advances in next-gen solar tech.
Paul Warley, CEO of Ascent Solar Technologies, said this about the news:
“This is an opportunity for Ascent to submit a full application for a DOE funded project, demonstrating our technology’s potential following years of research for application to produce solar energy on farms, and provide water conservation. We look forward to completing the full application and competing for involvement in the project(s).”
How This Affects ASTI Stock
With today’s news comes heavy trading of ASTI stock on Tuesday morning. As of this writing, more than 8 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is closer to 216,000 shares.
ASTI stock is up 50.7% as of Tuesday morning.
Investors seeking out even more of the most recent stock market stories today will want to stick around!
We’re offering up insight into all of the hottest stock market news on Tuesday! That includes a look at the biggest pre-market stock movers this morning, what’s going on with Vinco Ventures (OTCMKTS:BBIG) stock and more. All of that news is ready to go down below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
