One college team will walk away with a $10,000 cash prize for using Ascent Solar Technologies, Inc.’s (NASDAQ: ASTI) flexible thin-film photovoltaics in a unique way. Second and third place winners will receive $5,000 and $3,000 respectively.

The company selected teams from Boston University, Rochester Institute of Technology, San Diego State, Texas A&M, University of California, Berkeley, and University of Oregon for the competition.

“The teams were selected based upon their applications, showing ingenuity, innovation, and commercial applicability of the idea,” said Justin Jacobs, Ascent’s marketing coordinator.

Ascent’s PV modules are flexible and can be integrated in various ways. The company has designed modules for building-integrated PV, for vehicles—to provide cooling, for instance, and even backpacks for charging a cell phone, laptop or other electric device.

Ascent selected the competitors after reviewing their proposals to use Ascent Solar’s flexible photovoltaics in new applications.

“The teams are provided with 10 six-and-a-half inch by six-and-a-half inch flexible PV modules, as well as a USB port,” Jacobs said.

They will build their devices with the PV modules, and Ascent will help pay for the projects.

“The purpose of the competition is multi-fold,” said Jacobs said. “It is designed to allow college students to become familiar with Ascent’s transformational flexible solar technology, as well as to showcase the portable solar power applications possible with Ascent’s flexible modules. The competition itself is designed for students to develop new and innovative applications and uses for Ascent’s modules.”

The company recently delivered the first round of funding to help the student teams build their devices. Teams have from now till March 20, 2012, to design and build their working prototypes to Ascent. The company will announce the winners on April 1, 2012.

Members from the team winning first place will be flown to and awarded at Ascent’s headquarters in Thornton, Colo. They will also be interviewed for possible internships with Ascent, according to the company.