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MicrowireIII-VSolarCells
APresenta*on
Int'lSolarTech,Inc.Confiden:al2010-11-05
Contact:S.P. Bob Wang
President & CEOInternational Solartech, Inc.
4984 El Camino Real, Suite 115Los Altos, CA 94022, USAEmail: [email protected]
Cell: 650-450-1755
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Summary ISTobtainedexclusivelicensefromHPonalow-costMicrowiresolarcelltechnology
-ThetechnologyallowsinexpensivegrowthofMicrowiresonnon-crystallinesubstrate,suchasglassandstainlesssteel
-Theprojectedmanufacturingcostisin$100/m2range,sameasotherthin-filmsolarcells(e.g.CdTe,CIGS,a-Si)
-Leveragesstandardindustrythin-filmmfgequipmentandprocesses
-3basicpatentsalreadyissued
ISTscrudeIII-Vprototypealreadyachieved8.5%efficiencyfor1-Sun-III-Vmaterialisknowntoberobust,highinherentefficiency,radia:on-resistant,non-toxic
ISTprojectstoreach>25%efficiencywithin18monthsoffunding-Thatismore2xtheefficiencyoftheleadingsolarthin-film(11%efficiencyreportedbyFirstSolarsCdTe)
-Thus,ISTprojectsalas:ngadvantagewithacost=thatofthebestinthefield,FirstSolar
Strongpatentposi:onthatleverages$75million&mul:-yeardevelopmenteffortatHP-Exclusivelicenseandassignmentof31inven:ons(aspatents,patentapplica:ons&disclosures)
Experiencedteam&Addi:onalIP-WorldclassteamoftechnologistsfromHPwithsuccessfuldevicesTrackRecords;totalover100yearsexperienceinIII-Vdevices
-Addi:onal8patentsfiledbyIST
-Experiencedstart-upmanagement
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ISTTeamS.P.BobWang President&CEO,BoardDirector
Successfulindrivingcomplextechnologicaldevelopments.Foundedseveraltechnologycompanies;allVCfunded,whichincludeR2(soldfor$220Min2006),
U-Systems(1-yearfromrevenue),O2MedTech(1yearawayfromrevenue).FormedcorporateallianceswithGEandSiemens
SanjivKaul VP,BusinessStrategy,BoardDirectorStartedcareeratSolarexaPVpioneer;SuccessfulGMinEDAindustry(Sr.VP@Synopsys)Grewbusinessfrom$250Mto$800Min5years.
CEOofSequoia/USVPfundedsemiconductorstartup(Velogix);Boardmember/Advisorforseveralstartups
SY(Shih-Yuan)Wang,PhD VP,CTOLeaderofHPmicrowirePhotonicInterconnect&SolarCellProject;Dis:nguishedScien:statHP'sInforma:onQuantumSystemsLab;PIof$20+million
DARPAprogram.TeamleaderdevelopedHPVCSEL-ledtomul:$billionbusinessforHPinservers(>100millionVCSELs/yrused),printers,instruments&
data/telecommunica:oncomponents;TeamleaderdevelopedHPLabsGaNblueLED/lasersfordisplay.IEEEFellow&OSAFellow;EditorsofApplied
Physics-A&JournalofNanoengineering&Nanosystems.PhDfromUCBerkeley.
NobuhikoNobbyKobayashi,PhD SeniorScien:stMemberofHPmicroowireSolarProject;Assoc.ProfessoratUniv.California,SantaCruz;Researchinsynthesis&characteriza:onofnano/micromaterials&devices;Co-DirectorofUCSC-NASAAdvancedStudiesLab,PIofmaterialsynthesisinaseriesofDARPA,NASA.HondaSolarLab.PhDfromUSC.
YuMin(Denny)Houng,PhD SeniorScien:stMemberofHPmicrowireSolarteamandtheteamthatdevelopedVCSEL;over30yearsinIII-Vcompoundsemiconductors&devices.Co-founderof
OEpic,makeroftriplejunc:onIII-Vsolarcells.ConsultanttoWorldslargestLEDsupplierEpistar.PhDfromStanford
WeiHsin,PhD SeniorScien:stDirectorofAdvDevices&WaferFabatArchcom;LandMarkOptoelectronics;Demeter/Finisar;Ortel;PhDfromUCBerkeley
SeniorAdvisors
ToshishigeYamada,PhD (Prof.ofEngineering,CenterforNanostructure,SantaClaraUniv.;topmodelingexpert;studentofProf.Kubo)
SriSrinivas,PhD(formerAppliedMaterials;developed&implementedthin-filmprocessingplantsaroundtheWorld).
ISTBoard
S.P.BobWang
SanjivKaul
BradMasonFounderofNovellusSystems(Revenue$1B;MarketCap$2.5B)
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Presenta:onContents
Int'lSolarTech,Inc.Confiden:al2010-11-05
Why Solar?
IST Value Proposition
Origin from HP
2-year Operating Plan
Projected Manufacturing CostsFor a 200 MW Plant
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SolarMarket
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- 125,000Terawa-Yr-Humansuse13TW-Yr
-Environmentallyfriendly
-MajorGovt.Focus+Incenve-Approachinggridparityincost
WhySolar?
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TheU.S.IsWellSuitedforSolar
U.S.has7%worldsSolarPV
DuetoGovernmentIncen:ves,althoughGermanyisequivalent
toAlaskainsolarradia:on,
Germanyhas57%worldsSolarPV
Int'lSolarTech,Inc.Confiden:al2010-11-05
See following Solar Radiation Maps
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CostofElectricityinU.S.
Int'lSolarTech,Inc.Confiden:al2010-11-05
For Calif, Grid Parity = 13/kWh x 1800 kWh/kW-yr = $234/kW-yr = $2.34/W for 10 yr
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AreaRequirementsToPowerTheUSA
(150x150km2)of
Nevadacovered
with15%efficient
solarcellscouldprovidetheUSAwith
allelectricityneeds
J.A. Turner, Science285 1999, p. 687.
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CommercialPVToday
Crystalline Silicon78% Market Share
Thin FilmTotal 22% Market Share
Int'lSolarTech,Inc.Confiden:al2010-11-05
CdTe 11%
Amorphous Silicon 9%
CIGS 2%
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Int'lSolarTech,Inc.Confiden:al2010-11-05
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ISTSelectedIII-VforBestReportedPVConversionEfficiency
ReferenceNRELNa:onalRenewableEnergyLaboratory
PVMaterial BestEfficiency
III-VSingleXtal3-Jct 37% III-VSingleXtal4-Jct 45% Si
SingleXtal 24% PolyXtal 20%
Amorphous 12%
CIGS 19% CdTe 16%
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III-VSolarCellsisISTsChoice
III-VCompoundsGroupIIIelementsAl,Ga,In;GroupVelementsN,P,As,Sb
HighestKnownEfficiency37% ExpensiveNow$200/W
ISTsNanowireexpectedtobringcostto
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ISTValueProposi:on
Int'lSolarTech,Inc.Confiden:al2010-11-05
IST Has an Unique Position In Costs
IST Addresses Broad Markets
IST Stays Competitive With Time
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ISThasanUniquePosi:on
Int'lSolarTech,Inc.Confiden:al2010-11-05
$100/m2
10%
20%
30%
40%
0%$0/m2 $200/m2 $300/m2
Efficiency
Manufacturing Costs
$2/W
$4/W
IST
Projected
(Gen3)
Thin-Film
(Gen2)CdTe,CIGS,a-Si
CrystallineSi
(Gen1)
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Int'lSolarTech,Inc.Confiden:al2010-11-05
ISTValueProposi:on
ISTValueProposi:on&
RoadmaptoLas:ngCostAdvantages
2011Single jct III-V
Module eff=27%
$0.44/Wp
2013Triple jct III-V
Module eff=37%
$0.36/Wp
IST TodayAssume Eff 8.5% Mfg
Cost $120/m2
IST Roadmap(III-V on SST)
Sources: 2006 Deutsche Bank
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ActualCostperWa
Int'lSolarTech,Inc.Confiden:al2010-11-05Source: Tech Rev July/August 2010
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OriginfromHP
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FromHPtoIST OriginofMicrowireDevelopmentatHP
Needforlow-costPhotonicsinComputerServers III-Vmicrowires-thebestanswer,aer$75MR&D;over40patentsfiled Low-cost27GHzbandwidthphotodiodedeveloped
MostSignificantDiscoveriesatHP III-Vmicrowiresdepositedonnon-crystallinesubstrate,firstpatentjust
issued(US 7,608,530)
III-Vmicrowireshavesinglecrystallineproper:es III-VmicrowiresaresuperioranddifferentfromIII-Vnanowiresinmany
aspects
SolarCellApplica:on
ReasonsforSpin-off HPwantstofocusonComputer,ServersandPrinters Solarisnotacorebusinessdirec:on HPexpectsreturnsfromEquityandRoyal:es
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IST/HPTechnology&IP
IST/HPIII-VcompoundsemiconductorMicrowires,whicharegrownasindividualsinglecrystalswithIII-Vcrystallineproper:es.
IST/HPIII-VMicrowiresaregrowninexpensivelyonnon-crystallinesubstrate;3basicpatentsalreadyissued(US 7,608,530; US 7,741,647; and US
7,754,600);morethan40patentsinpipeline.
2gm/m
2
issufficientcoverageforMicrowirePVcellgrowth,anditsmanufacturingcostisexpectedtobesimilartothinfilms(in$/m2)
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Large Area Ensemble of Microwires Appear to beSoot Black, Creating an Almost Perfect Light
Absorber at Any Angle of Incidence
Int'lSolarTech,Inc.Confiden:al2010-11-05
NoInPMicrowires
SurfacewithInPMicrowires
Reflec:onMeasurementsonInPmicrowiresonGaAs
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IST-HPRela:onship
HPassigning31inven:onstoIST+licensing13dual-usepatents
Licensingroyal:es (5%onfirst$250MGrossSales,3%thereaer)
(undernego:a:onstoreduceto1%asmarketgrows)
EquityStake (HPholds10%inCommonStockwithnofurtherright)
KeyHPtechnologistsjoiningISTInt'lSolarTech,Inc.Confiden:al2010-11-05
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ISTLeveragesKeyAssets
$75MHP
Research
Effort
KeyHP
Technologists
JoinIST
30+HP
Inven:ons
Exclusively
Assigned
$$$Value to ISTStakeholders
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TheISTSolu:on
Int'lSolarTech,Inc.Confiden:al2010-11-05
Selected III-V for its Inherent High efficiency
Conducting Modeling for the Best Approach
Selected InP as Initial Microwire Material for its Match to Solar Spectrum
IST Found PV effect in Crude InP Prototype, with 8.5% Efficiency
ISTs Preliminary Structure & Process Designed; Each & Every Step is Known
Modeling for Low-Cost Manufacturing Process
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ISTSelectedIII-VforBestReportedPVConversionEfficiency
ReferenceNRELNa:onalRenewableEnergyLaboratory
PVMaterial BestEfficiency
III-VSingleXtal3-Jct 37% III-VSingleXtal4-Jct 45% Si
SingleXtal 24% PolyXtal 20%
Amorphous 12%
CIGS 19% CdTe 16%
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InPMatchessolarSpectrumWell
InPcaptures74%ofSolarSpectrumwith1.35evBandgap
Int'lSolarTech,Inc.Confiden:al2010-11-05
InPCapture
Window
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ISTProjects>25%Efficiency
(1)
Crystalline1-JctIII-VPVsareknowntohaveEfficiency>20%e.g.>20%reportedfor1-jctbothGaAsandInPPV(Bauhuisetal;SolarEn,Mat.&SolarCell2009,pp.1488,andWanlessetal,1989)
(2) ISTsini:al8.5%measuredonHPPhotodiode,notop:mizedforPV(3) ISTsp-i-nPVisexpectedtohavemuchhigherEfficiencythanp-norn-p
e.g.2005studyfromNREL(Ptaketal(fromNREL);IEEEPhotovoltacsSpecialistsConf,2005;NREL/CP-529-37479)reportsthatinternalquantumefficiency(QE)improveswithdeple:onlayerthickness(w)atallphotonenergiesabovebandgap
The figure at left shows that QE (probability of carriercollection) is critically Dependent on the depletion layerthickness (w)
Typical crystalline III-V PV cells have typically w
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2-YearOpera:ngPlan
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TargetMilestones Incuba:onPeriod(uptofunding)
Stage1Characteriza:on&Photovoltaic Microwirescharacterizedassinglecrystallinewithhighop:calproperty Photovoltaiceffectobservedoncrudeprototype8.5%Eff.1-Sun Modeling,processdesigning&limitedexperimenta:onforhi-eff&low-cost
ISTfiled8patentsonstructureconfigura:onsandprocessingmethods EstablishScien:ficAdvisoryBoard EstablishRela:onshipswithResearchIns:tu:ons
SeriesAFinancing(FirstClosing=$3millionminimum;Con:nuetoclosetoupto$5million)
Stage2Op:miza:on
Op:mizesolarcellstructureefficiencygoal>25%in18months
Op:mizeprocessingforlow-cost Planningapilotplantinparallel
SeriesBFinancing Stage3PilotPlantManufacturingProcessDevelopment
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ProjectedManufacturingcosts
fora200MWPlant*
Int'lSolarTech,Inc.Confiden:al2010-11-05
*Please note that these projected costs, capex & economics are best estimatesand quantitative numbers will be obtained during the pilot line phase
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Transparentconduc:nglayer
Boomelectrode
Substrate
n-layer
p-layer
TopelectrodesCu,Al,etc.
TCLMaterialsWidebandgaptransparentsemiconductors
(e.g.ITO,ZnO,etc.)
MaterialsWidebandgapnon-singlecrystalsemiconductors
(p-typea-SiH,p-typemc-SiH,andp-typeSiC,etc.)
MaterialsGroupIV,II-VI,andIII-Vsemiconductorsandrelatedalloys,
Insinglejunc:onormul:plejunc:onmicrowireswithtransparent
dielectricfiller
Materialsn-typea-SiH(Bdopeda-SiH,etc.)
MaterialsMetalsandmetallicalloys(Mo,Cr,NiSi,etc.)
MaterialsStainlesssteel
Int'lSolarTech,Inc.Confiden:al2010-11-05
ISTs Preliminary Structurefor III-V Microwire 1-Jct Solar Cell
(Every processing Step is known)
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CellManufacturingFlow(SSR2R)
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-Si
n-Si
p-Si
BoomElectrode
(ZnOspuer)
TCO
InPCVDorMOCVD
n-Si
Aumicro-
par:clesspray
p-Si
BoomElectrode
(Mo,Cr,NiSi)
TCO
Transparent
conduc:nglayer
Boomelectrode
Substrate
n-layer
p-layer
Etchback
Filler
AgReflector
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FirstOrder$/m2Es:mate
-SiOnGlass $/m
2
TCOCoatedlowFeglass 20
Films(absorber,PIN,
TCO,...)50
Encapsulant 10
Moisturebarrier/backing
(Tedlar,PVF) 10Frame,Junc:onbox,
electricalinterconnects20
Labor(direct) 10
Produc:onOverhead 35
Deprecia*on 20
IndirectMaterials 5
IndirectLabor 5
Financing,Profit 5
Total 155
InPonR2R $/m
2
SSrolls 8
Films(InP.n/pSi,TCO,...) 45
Encapsulant 10
Moisturebarrier/backing
(Tedlar,PVF) 10Frame,Junc:onbox,
electricalinterconnects20
Labor(direct) 10
Produc:onOverhead 17
Deprecia*on(scaled) 8
IndirectMaterials(scaled) 2
IndirectLabor(scaled) 2
Financing,Profit 5
Total 120
Int'lSolarTech,Inc.Confiden:al2010-11-05
Source: Smestad, 5/09
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Wp/m2DensityComparison
PanelProducer Model Efficiency(%) Wp/m2
Sunpower SP315 19.3 193
FSLR FS280 11.1 111
Solyndra SL-001-191 9.8 98
AMAT Tandem 8.0 80
Unisolar PLV-136 6.3 63
Int'lSolarTech,Inc.Confiden:al2010-11-05
PanelProducer Model Efficiency(%) Wp/m2
IST Single 27 270
IST Triple 42 420
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CurrentCapexEconomics
Capexforafullyintegrated100MWLine
c-Si $200M(sourceMiasole)
-Sionglass $50-75M(sourcetradepubs)CIGSR2RonSS $25M(sourceMiasole)
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ISTManufacturingEconomics
Es:ma:on $25Mfora100MWCIGSlineat~12.5%(refMiasole) AssumesameCapexforISTline AssumeISTmoduleefficiencyat27%$25MCapexwillprovidea216MWInPline
$120/M
2
and$0.44/Wpat27%Efficiency
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ProjectedISTCostin$/Wp
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$120/m2
270 Wp/m2 = $0.44/Wp
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Summary ISTobtainedexclusivelicensefromHPonalow-costMicrowiresolarcelltechnology
-ThetechnologyallowsinexpensivegrowthofMicrowiresonnon-crystallinesubstrate,suchasglassandstainlesssteel
-Theprojectedmanufacturingcostisin$100/m2range,sameasotherthin-filmsolarcells(e.g.CdTe,CIGS,a-Si)
-Leveragesstandardindustrythin-filmmfgequipmentandprocesses
-3basicpatentsalreadyissued
ISTscrudeIII-Vprototypealreadyachieved8.5%efficiencyfor1-Sun-III-Vmaterialisknowntoberobust,highinherentefficiency,radia:on-resistant,non-toxic
ISTprojectstoreach>25%efficiencywithin18monthsoffunding-Thatismore2xtheefficiencyoftheleadingsolarthin-film(11%efficiencyreportedbyFirstSolarsCdTe)
-Thus,ISTprojectsalas:ngadvantagewithacost=thatofthebestinthefield,FirstSolar
Strongpatentposi:onthatleverages$75million&mul:-yeardevelopmenteffortatHP-Exclusivelicenseandassignmentof31inven:ons(aspatents,patentapplica:ons&disclosures)
Experiencedteam&Addi:onalIP-WorldclassteamoftechnologistsfromHPwithsuccessfuldevicesTrackRecords;totalover100yearsexperienceinIII-Vdevices
-Addi:onal8patentsfiledbyIST
-Experiencedstart-upmanagement
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Appendix
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ISTCrudePVPrototype
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Crystalline1-JctInPEfficiency&Theore:calLimits
80
60
40
20
02010 2011 2012 2013
c-InP
Absolute InP Limit
Efficiency%
Shockley-Queisserc-InP Limit
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IST-InPMicrowireToday8.5%Efficiency&Theore:calLimits
80
60
40
20
02010 2011 2012 2013
c-InP
Absolute InP Limit
Efficiency%
Perfect InP MW Drift Limit
ISTToday8.5%Eff
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IST-InPMicrowireProjectedEfficiency&Theore:calLimits
80
60
40
20
02010 2011 2012 2013
c-InP
First Solar - CdTe
Absolute InP Limit
Efficiency%
Perfect InP MW Drift Limit
Best CIGS Reported
Int'lSolarTech,Inc.Confiden:al2010-11-05