Ascent Solar Technologies Inc said it achieved a new efficiency milestone on some of its solar modules, sending its shares up as much as 6 percent.
The company said it achieved 14 percent cell efficiency for its Copper, Indium, Gallium, Selenide on flexible plastic substrate produced at its Fab1 commercial production plant.
Ascent Solar, which makes thin-film photovoltaic modules that convert sunlight into electricity, said the U.S. Department of Energy's National Renewal Energy Laboratory measured this efficiency.
The company also said it achieved a peak efficiency of 11.7 percent for its monolithically integrated CIGS modules manufactured at the same plant.
The higher efficiency could help the company sell its modules at a premium if the efficiency is above that of its competitors.
Late last year, Ascent Solar had said its flexible CIGS monolithically integrated modules achieved greater than 9.5 percent efficiency.
Shares of the company rose 6 percent to a high of $6.38, before paring some gains to trade up 19 cents at $6.19 Wednesday on Nasdaq. The stock has so far nearly tripled from its March lows. (Reporting by Adveith Nair in Bangalore; Editing by Ratul Ray Chaudhuri)