NEW YORK (TheStreet) -- Ascent Solar Technologies (ASTI) shares are up 4.53% to $1.27 in heavy volume trading Wednesday after the developer of state-of-the-art, flexible thin-film photovoltaic modules reported that fourth quarter revenue more than doubled over the previous year.

The company reported that fourth quarter revenue rose 107% to $2.4 million, led by the company's EnerPlex product revenue of $2.3 million, more than double the $1 million the product generated during the same period last year.

For the coming year the company expects to generate between $10 million and $12 million in revenue, the top line of which is more than double the $5.3 million the company made this year and significantly higher than the $1.3 million in revenue it reported generating in 2013.

"I am excited about the potential of the company after delivering our first ever $5M revenue mark in the history of Ascent Solar. With the ongoing expansion of our distribution channels, I am optimistic to set yet another significant revenue milestone of over $10M. The reconstruction of Ascent Solar in the past 3 years is beginning to yield results, and we are fully prepared to execute our business plan," said President and CEO of Ascent Victor Lee. 

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