Ascent Solar (ASTI) shares rallied as high as 41 percent this morning after the company announced that it has become the first manufacturer of thin-film flexible monolithically integrated CIGS modules to receive “full IEC 61646 certification”, a designation which proves the modules can withstand prolonged exposure to elements. The co. successfully passed the rigorous standard of one thousand (1,000) hours of damp heat testing (85 % relative humidity and 85° C temperature) set forth by IEC for performance and long term reliability.
“We feel that we have a significant advantage when it comes to power to weight ratios and the real capability our product has to reduce balance of systems costs in turn reducing overall system installed cost to the end customer,” Dr. Farhad Moghadam, President and CEO of Ascent Solar said in a statement. “Our demonstration of the first flexible CIGS package which meets the IEC testing opens the door to penetration into these large market opportunities.”
ASTI has added more than 40% in electronic trading, with the shares returning year-to-date 69.9% as of today’s hod price of $4.79. The stock is currently above its 50-day moving average of $2.75 and above its 200-day moving average of $3.54. The shares recently started pulling back to test the $3.00 support area, which has acted as a springboard to launch ASTI higher.
It’s worth pointing out that the ticker’s Relative Strength Index now rests at a 78.31 – in overbought terrain – suggesting that a pullback may be in the cards.
At last check, ASTI shares were up $1.11 to $4.51, a gain of 32.65%.