Ascent Solar Technologies Inc., a developer of flexible copper indium gallium diselendie solar panels, says that Victor Lee, executive director of TFG Radiant Group Ltd. (Ascent's largest shareholder) and its affiliates, has been appointed president and CEO of Ascent. Lee replaces Ron Eller.
TFG Radiant currently owns approximately 20% of the outstanding shares of Ascent, which were acquired in August 2011. In December 2011, TFG Radiant agreed to purchase an additional 21% of the outstanding stock in a private transaction, through the acquisition of stock owned by Norsk Hydro Produksjon AS.
Lee, a 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 Asia.