Ascent Solar Technologies, Inc. — Director's Dealing 2008

Mar 28, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Ascent Solar Technologies, Inc. (ASTI)
CIK: 0001350102
Period of Report: 2008-03-28

Reporting Person: Norsk Hydro Produksjon AS (10% Owner)
Reporting Person: NORSK HYDRO A S A (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-03-28	Common Stock	J	2341897	$9.262	Acquired	4876359	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-13	Tranche 2 Shares Call Option (right to buy)	$	P	1	Acquired	2009-12-13	Common Stock ()	Direct
2007-03-13	Option Class B Warrants Call Option (right to buy)	$	P	1	Acquired	2009-12-13	Class B Warrants ()	Direct
2008-03-28	Tranche 2 Shares Call Option (right to buy)	$9.262	J	1	Disposed	2009-12-13	Common Stock (2341897)	Direct
2008-03-28	Option Class B Warrants Call Option (right to buy)	$3.954	J	1	Disposed	2009-12-13	Class B Warrants (1689905)	Direct
2008-03-28	Option Class B Warrants Call Option (right to buy)	$3.954	J	1689905	Acquired	2011-07-10	Common Stock (1689905)	Direct

Footnotes

F1: Pursuant to the Securities Purchase Agreement entered into by Ascent Solar Technologies, Inc. (the "Issuer") and Norsk Hydro Produksjon AS ("Produksjon") on March 13, 2007, and Amendment No. 1 thereto, dated as of March 3, 2008, the Issuer granted to Produksjon, and Produksjon acquired from the Issuer, an option to acquire from the Issuer, and to require the Issuer to sell to Produksjon (the "Tranche 2 Call Option"), in full or in part, from time to time, up to a maximum of (i) an additional number of common shares, par value $0.0001 per share, of the Issuer (the "Shares") that will result in Produksjon owning 35% of all issued and outstanding Shares immediately after such sale and purchase (the "Tranche 2 Shares") and (ii) an additional number of restricted, non-redeemable Class B public warrants otherwise identical to the publicly traded Class B public warrants of the Issuer, each of which entitles the holder

F2: (footnote 1 cont'd) thereof to purchase one Share at an exercise price of $11.00 per Share (the "Class B Warrants") that will result in Produksjon owning 35% of all issued and outstanding Class B Warrants immediately after such sale and purchase (the "Option Class B Warrants").

F3: On March 28, 2008, Produksjon exercised the Tranche 2 Call Option and purchased and acquired from the Company (i) 2,341,897 Tranche 2 Shares at $9.262 per Share, which is equal to the average of the closing bids for the Shares on Nasdaq Stock Market ("Nasdaq") during the five consecutive trading days ending on (and including) March 25, 2008 and (ii) 1,689,905 Option Class B Warrants at 3.954 per Class B Warrant, which is equal to the average of the closing bids for the Class B Warrants on Nasdaq during the five consecutive trading days ending on (and including) March 25, 2008.

F4: The purchase price for each Tranche 2 Share will be an amount equal to the average of the closing bids for the Shares on Nasdaq during the five consecutive trading days ending on (and including) the trading day that is one day prior to the date of exercise of the Tranche 2 Call Option.

F5: The purchase price for each Option Class B Warrant will be an amount equal to the average of the closing bids for the Class B Warrants on Nasdaq during the five consecutive trading days ending on (and including) the trading day that is one day prior to the date of exercise of the Tranche 2 Call Option.