DYESOL: PATHWAY TO MASS MANUFACTURE. Annual General Meeting Investor Presentation - 28 November 2013

Transcription

1 DYESOL: PATHWAY TO MASS MANUFACTURE Annual General Meeting Investor Presentation - 28 November 2013

2 Pathway To Mass Manufacture Contents 1. Company Description 2. About DSC & ssdsc PV Solutions 3. Value Proposition 4. Market Data 5. Product Solutions x 3 6. Business Plan 7. Business Model & Revenue Model 8. Collaboration & Partnership 9. Industrialisation of ssdsc 10. Conclusion 2

3 About Dyesol Limited Dyesol is the ASX listed exponent of over 18 years and $120 million plus investment in the research and development of Dye Solar Cell (DSC) technology Australian clean-tech company Sustainable photovoltaic energy-enabler Building Integrated Photovoltaic Technology (BIPV) focus IP power house & EPFL licensee Highly educated & specialist R&D staff World leaders in the commercialisation of DSC technology $75 million raised in capital markets High growth, high demand market sector Global MNC partnerships Solar industry partner: SPECIFIC 3

4 Equity Snapshot DYE Share Price 12 Months Australia ASX: DYE Germany FWB: D5I Equity Snapshot Price 1 A$ Month Range A$0.10 A$0.57 Shares Outstanding (fully diluted) 246.1M USA OTCQX: DYSOY Market Capitalisation 1 Fully Diluted Capitalisation 1 As of 26 November, 2013 A$103.4M A$140.7M 4

5 What is Dye Solar Cell Technology? 3 rd Generation solar technology Doesn t require direct sunlight Nanotechnology using non-toxic, readily available and low cost raw materials titanium dioxide DSC sensitisers/dyes, semiconductors/pastes and electrolytes - applied to an existing product surface in a series of thin layers Key Materials Applied in Layers Sensitiser Semiconductor Electrolytes 5

6 Game Changer Solid State DSC Solar competitiveness measured by the Golden Triangle : Cost, Efficiency & Life Dyesol and its R&D partner, EPFL, leading the world in technology breakthroughs in Solid State e.g. 14.1% efficiency achieved in May 2013 High efficiency, low cost and 20 yearplus life opens up the holy grail of solar Building Integrated Photovoltaics Material set of (1) Titania scaffold, (2) Perovskite sensitizer, and (3) Spiro hole conductor is cheap, versatile, high performance Challenges of thermal expansion and corrosion associated with traditional liquid material sets virtually eliminated Nano, monolithic layering also provides transparency and suits scale-up for mass production e.g. continuous, coil-coated steel Gen 1 (mono & poly crystalline silicon) and Gen 2 (CIGS, A-Si & Cadmium Telluride) cannot compete on these terms, especially the challenges of sub-optimal light conditions north of the Alps 6

7 Solid-State v. Liquid DSC Characteristic Solid-State Liquid Lab Efficiency 15% and forecast to achieve > 20% on steep trajectory 12.3% and static Industrial Efficiency Less 2% - 3% Less 3% - 5% Durability Strong no issues with thermal expansion and corrosive electrolytes = 20 year life Weak challenges for BIPV applications despite 5000 hours IEC accreditation Cost Active Materials < $20 / m 2 Active Materials < $40 / m 2 Reproducibility Compatible with low cost manufacturing processes, either batch or roll-to-roll Less reproducible due to inherent difficulties with manufacturing control Transparency / Aesthetics Levelised Cost of Electricity (LCOE) Nano thicknesses provides greater scope for both Sub $0.12 / KWh = highly grid competitive (UK grid = $0.17 / KWh) Limited by relative thickness and colour of dye Grid competitive, but limited by efficiency and limited life Applications Independent of substrate material i.e. suitable for polymers also Limited by material compatibility issues 7

8 Solid State DSC Variations Dyesol s primary focus is material set variation C 8

9 Value Proposition Distributed v. Centralised Power Generation Distributed generation reduces dependency on grid Centralised generation requires grid expansion Centralised renewables are lumpy power producers depending on the environmental conditions - so grid must be adaptable Distributed generation can be located at user site Prosumerism Where distributed generation feeds local users it is effectively end of grid so grid demand is reduced Distributed generation is enhanced by distributed storage 9

10 Value Proposition The Built Environment 40% to 60% of energy use A major source of green house gas Ever expanding market place Ever expanding grid dependence Security and economic risk / independence Growing demand to reduced dependence on grid green consumers and government initiatives DSC enables us to utilise all building surfaces - in all facing directions - for clean energy generation According to the U.S. Green Building Council, in the United States, buildings account for: 36% of total energy use and 65% of electricity consumption 30% of greenhouse gas emissions 30% of raw materials use 30% of waste output (136 million tons annually) 12% of potable water consumption 10

11 Value Proposition Green Buildings The Marketplace Multi-billion dollar market for green building products One major element of the green building marketplace is the building envelope Estimated addressable market for the green building envelope is 40% or $600B/annum Multifunctional construction materials will serve this market Multi functionality reduces embodied energy (clip on vs. fully integrated) Multi functionality improves ROI and reduces energy payback period DSC enabled façade and roofing serves a double function: 1) building envelope, 2) power generation - also serves additional functions such as aesthetics, daylighting, may dampen bright light in atriums etc. 11

12 Market Data Building Integrated PV Market Size 12

13 Market Data Building Integrated Photovoltaics Market Data BIPV Market Projections: According to industry analyst, NanoMarkets, in their report Building- Integrated Photovoltaics Market 2012: Global BIPV market is set to grow by over US $5 billion by Currently worth just US$2.1 billion, the market will increase to US$7.5 billion by 2015, the industry analysts predict. The growth in BIPV market share will mostly be at the expense of conventional solar panels. 63% of total BIPV revenues are expected to come from new builds. A breakdown of the BIPV market shows that by 2015 revenues from BIPV roofing products will be worth US$2.5 billion. Revenues from the BIPV walling market will be worth US$830 million. Integrating Solar Technology into Design Bloomberg TV news. Watch video at: See also: 13

14 Product Solution 1: Demo Project Intermediate Product, Liquid DSC (due 2016, 5MW) 1 m 2 panel 100 W or 10% At US$100/m 2 20 W LED On Grid Off Grid 80 KWh p.a. = 10 hours light/day/year = $1.40 Wp installed cost (MARKET) Less (substrate + installation) $1.00 Wp = $0.40 Wp effective module cost Outperforms all 1 st & 2 nd technologies in low-light conditions e.g. North of the Alps 14

15 Product Solution 2: PV STEEL Solid State DSC (due 2017, 1GW 2020) Dyesol will develop and manufacture a thin PV product by high throughput roll to roll processing for a steel based building product. 15

16 Product Solution 2: PV STEEL Solid State DSC (due 2017, 1GW 2020) 16

17 Product Solution 3: PV Glass Solid State DSC (due 2017) Dyesol will develop and manufacture a PV product by high throughput processing for a glass based building product. 17

18 Business Plan Generational Photovoltaic Technology to Functionalise the Building Envelope Liquid DSC Suited to consumer and indoor applications Third party commercialisation X% efficiency X year life Deployment ~201x Limited Life ssdsc Long-Life ssdsc Intermediate product targeted at regulation, accreditation and demonstration in on-grid and off-grid applications 10% efficiency 5 year life Deployment ~2016 Multiple BIPV applications on glass, steel & polymer substrates 20 year life 17% - 19% efficiency grid competitive Multi-generational upgrades Deployment ~

19 Dyesol Business Model Metal Business Immense market pull Strong government support Successful proof of concept ssdsc ideal technology match UK/European Roofing BIPV market > 10GW or $10B Glass Business Lower risk as competitors already developing solutions for the glass BIPV market Versatile applications to address the entire building envelope Materials R&D Specifies material inputs for commercialisation projects Manufactures materials for joint ventures and other clients Dyesol s revised revenue model seeks income from materials manufacture, technology royalties and potentially downstream module manufacture 19

20 Existing Industry & Research Partners Academic Partners Government Partners Industrial Partners Business Partners 20

21 Areas for Cooperation with Tasnee & Cristal Sharing of deposition know-how Knowledge transfer on materials Collaboration in Saudi R&D activity Assistance with future funding and guarantees Access to new PV markets and Middle Eastern demonstration projects Diverse chemical manufacturing opportunities Preferred supplier for mesoporous TiO 2 in ssdsc Supplier of reagents for blocking layer deposition process Possible co-location and overhead share 21

22 Critical Steps to Industrialisation 1. Materials Scale-Up Agree industrial specs, drive down cost & preserve quality 2. Control IP at Application Stage Own the know-how and deny the competition 3. Prioritise & Focus on Engineering Processes and Solutions Invest in people - recruit from industry for industry 4. Build Strong Routes to Market Interrupt, don t disrupt: Powered by Dyesol Own more of the value chain, but recognise the power of established market share and routes to market 22

23 Dyesol: 2013 and Beyond Conclusion 1. Recap 2. Questions For Further Information: 23