Home Financial Markets Penny Stocks What Drove Ascent Solar Technologies (ASTI) Stock Higher on Friday?

What Drove Ascent Solar Technologies (ASTI) Stock Higher on Friday?

Ascent Solar Technologies Inc. (OTCPink: ASTI) stock surged by 24.97% on Friday raising the price level to $0.0441 at the close of the session on the day. The rise on the day somewhat limited the loss to -25% the stock has been making over the past week. However, the stock has added +107% to its value over the past month and the gain rises to 496% since the beginning of the year.

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What does Ascent Solar do?

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Certified by ISO 9001-2015 international standard, Ascent Solar develops thin-film photovoltaic modules made of flexible substrate materials that are more durable and ruggedized than traditional solar panels. In 2010 and 2015, R&D Magazine named Ascent Solar a top 100 company in the category of technologies, and by TIME Magazine, it was listed among one of the 50 best inventions in 2011. With its cutting-edge technology, the company is developing a new approach to flexible power that can be integrated directly into consumer electronics and off-grid solutions, and could also be used in aerospace applications.

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What drove the stock rise?

A day earlier company experienced a loss of -21.20% on last Thursday after a comment by Texas Governor Greg Abbott who blamed frozen wind turbines for massive power outages in the state during the recent storm, saying that the Green News Deal would be a deadly deal for the United States. That caused the prices of several green energy companies to fall on the day. But in an interview, former Microsoft CEO, Bill Gates called those remarks wrong and an attack on clean energies. The remarks came to be supporting renewable energy, causing their stocks to recover the loss and attaining gains on Friday.

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