Shares of Ascent Solar Technologies Inc. jumped Wednesday on news that the solar company signed a multiyear supply agreement with TurtleEnergy LLC, a New Jersey-based photovoltaic systems integrator.
Ascent Solar shares rose $1.22, or 17.4 percent, to $8.22 in afternoon trading.
On Wednesday the company said it has agreed to deliver up to 67 megawatts of its high-efficiency flexible CIGS photovoltaic modules – or solar cells made from copper, indium, gallium and selenium – during the five-year contract period. Shipping is scheduled to begin early next year.
Rodman & Renshaw analyst Amit Dayal said he is encouraged by the company's updates on building integrated photovoltaic supply agreement developments.
"These are good indications for the market's reception of Ascent Solar's technology," Dayal said.
Dayal maintained a rating of "Market Outperform" and a $10 price target.
