ICP Solar Signs Development Agreement with Ascent Solar

MONTREAL--(BUSINESS WIRE)--ICP Solar Technologies Inc. (OTCBB: ICPR, FRANKFURT: K1U.F), a developer, manufacturer and marketer of solar cells and products, announced today that it has signed a cooperation development agreement with Ascent Solar Technologies, Inc. (NASDAQ:ASTI). The agreement will focus on the development of mobile solar power products utilizing Ascent’s high efficiency CIGS solar technology for distribution throughout ICP Solar’s international distribution network.

“We are thrilled to partner with Ascent," said ICP Solar CEO and Chairman Sass Peress. “At ICP Solar our mission is to be at the technology forefront when it comes to solar consumer products and portability. Ascent’s CIGS thin-film technology is ideally suited for those applications. Placing the Photovoltaic (PV) material and modules on a wide variety of substrate materials allows for manufacturing of extremely lightweight and flexible solar panels, which will expand our new product development opportunities immeasurably. We look forward to a long and mutually beneficial partnership.”

Ascent Solar will initially supply ICP Solar with product from its existing 1.5 MW production line during 2008 and 2009 in order for ICP Solar to develop, test, and integrate the Ascent Solar materials into ICP Solar products and to increase deliveries of solar modules to ICP Solar after Ascent’s planned expansion of production capacity.

“ICP Solar's expertise in the consumer and portable solar products and international distribution network make them an ideal partner,” said Matthew Foster, President and CEO. “Our CIGS thin-film technology is perfectly suited for use in both consumer and portable solar power products. We look forward to working with the team at ICP Solar in order to create the next generation of innovative consumer and portable solar products.”