Victor Lee has been appointed president and chief executive of Thornton-based Ascent Solar Technologies, Inc, a developer of flexible CIGS solar panels, it was announced today.
Lee is executive director of TFG Radiant Group Ltd., Ascent’s largest shareholder.
TFG Radiant currently owns 20 percent of the outstanding shares of Ascent, which were acquired in August 2011. In December, TFG Radiant agreed to purchase an additional 21 percent of the outstanding stock in a private transaction, through the acquisition of stock owned by Norsk Hydro Produksjon AS .
According to a company statement, 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.
Amit Kumar, chairman of Ascent, said Ascent is “pleased to see TFG Radiant make a greater commitment to Ascent.
“Victor, representing our largest shareholder, has tremendous relationships in Asia that will be valuable to Ascent. As we evaluate the changing dynamics of the solar industry, we have been aware for some time that the greatest markets opportunities are in Asia.”
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
