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Ascent Solar Technologies Names New President, CEO

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Solar panels (credit: AP)

Solar panels (credit: AP)

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THORNTON, Colo. (AP) — Less than a month after announcing an Asian company was boosting its ownership stake in Ascent Solar Technologies Inc., the thin-film solar panel maker says an executive director of that company is taking over as president and chief executive officer.

Ascent Solar said Thursday that Victor Lee of TFG Radiant Group Ltd. is taking on his new roles voluntarily, without compensation. Ascent, based in Thornton, Colo., says Lee will focus on ramping up production, establishing relationships with partners and developing sales opportunities primarily in Asia.

TFG Radiant recently agreed to a stock purchase to boost its stake in Ascent to 41 percent.

Ascent Chairman Amit Kumar says the greatest market opportunities in solar are in Asia.

Kumar wished former CEO Ron Eller well. Eller had led Ascent since March 31.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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