Next generation solar power. January 2015

Transcription

1 Next generation solar power January 2015

2 Perovskite a breakthrough in solar technology Next generation solar power 2

3 Perovskites have caught attention far beyond the scientific community Among the 10 science top breakthrough of Science Dec 2013 Perovskites are the clean tech material development to watch right now. The Guardian Mar 2014 Perovskite photovoltaic cells have rapidly become one of the hottest areas in energy research over the past few years. IEEE spectrum May 2014 " This might be one of the materials that is going to change the game. NREL Aug 2014 The perovskite crystals let researchers dream of a golden solar age. Süddeutsche Zeitung Aug 2014 Perovskite offers shot at cheaper solar energy. The Wall Street Journal Sep 2014 Next generation solar power 3

4 Perovskite represents the most significant breakthrough in solar technology since the 1970s Photovoltaic cell efficiency records 30% 20% 10% 0% silicon thin-film (CdTe, CIGS) (no further progress) Perovskites 20.1% Increasing photovoltaic cell efficiency is today s #1 lever for further cost reductions of solar power but the efficiency of market-dominating crystalline silicon and established thin-film technology has plateaued Perovskite takes solar technology to a whole new level : Extremely fast progress in R&D demonstrates game-changing potential Theoretical maximum (>30%) far exceeds silicon for single junction cell Uses abundant, inexpensive materials, with a simple cell structure, low wastage and low manufacturing cost Printed as a second layer on top of standard PV cells to increase absorption and efficiency Next generation solar power 4

5 What is a perovskite based solar material? The mineral perovskite Typical perovskite solar absorber Titanium Oxygen Calcium Methyl ammonium Halide Lead Next generation solar power 5

6 Evolution to revolution No longer a dye-sensitised cell DSSC (Dye Sensitised Solar Cell) Glass 10 m TiO 2 SnO 2 :F (FTO) Pt Cathode Electrolyte (iodide/triiodide) sintered nanocrystals Dye 200 nm Solid DSC (Dye Sensitised Cell) Ag Cathode Hole-transporter (Spiro-OMe TAD) Dye 150 nm TiO m TiO 2 Perovskite (ETA) cell (Extremely Thin Absorber) Ag Cathode HTM ETA 150 nm 0.5 to 2 m Perovskite MSSC (Meso Super Structured Cell) AI 2 O 2 Ag Cathode HTM Perovskite 150 nm <0.5 m Perovskite thin-film cell (p-i-n) Ag Cathode HTM Thin film Perovskite SnO 2 :F (FTO) Anode Compact TiO 2 SnO 2 :F (FTO) Anode 60 nm Compact TiO 2 SnO 2 :F (FTO) Anode 60 nm Compact TiO 2 SnO 2 :F (FTO) Anode 60 nm Compact TiO 2 SnO 2 :F (FTO) Anode Glass Glass Glass Glass Glass % efficiency 500 o C process UV instability % efficiency 150 o C process UV stable Next generation solar power 6

7 Current density (macm -2 ) 17% efficient planar perovskite solar cell Perovskite solar 1/200 thickness of c-si solar cell Efficiency at maximum power point 17% Spiro-OMe TAD Perovskite Compact TiO 2 FTO Jsc: 21.3 macm -2 Eff: 17.0% Voc: 1.04 V FF: 0.77 Intensity 101 mwcm m Applied bias (V) Next generation solar power 7

8 Cell efficiency (%) Perovskite performance roadmap Onwards to 30% efficiency (with perovskite tandems) Efficiency roadmap 30% Expected monolithic perovskite tandem efficiency 25% Highest reported crystalline silicon single cell efficiency 17% + Current Oxford PV perovskite lab performance equivalent to typical production silicon PV panel efficiency 25% Expected single junction perovskite cell Year 0 Next generation solar power 8

9 Production of silicon and silicon wafers is expensive and wasteful Expensive, high-energy process generating high levels of waste material from sand Sand SiO 2 + C Coke reduction in arc furnace at 1800 C Metallurgical Grade Silicon (MG Silicon) to Hydrogen Chloride HCI High purity Trichlorosilane HSiCl 3 HCI Hydrogen Disolve in HCI at 300 C + distillation Siemens process at 900 C silicon Electronic-grade High purity polysilicon 9N Various Gasses Modified Siemens process Polysilicon 6-7N from silicon Chemical refinement to Upgraded MG silicon >5N Solar-grade wafer Solar grade Polysilicon Melting Czochralski pulling Cutting/ squaring Squared ingot Wire sawing Cleanin g Wafer Wings, top and tail recycling/etching Slurry recycling Steep cost reduction curve is saturating: after streamlining, the silicon PV industry will be limited to incremental cost reductions in the future Next generation solar power 9

10 Production of perovskite cell Simpler, lower cost, lower embodied energy, greatly reduced environmental impact from salts to perovskite + + = Yellow precursor salt White precursor salt Organic cation source Perovskite liquid formulation from perovskite liquid to perovskite solar panel Incoming coated glass Deposit titanium dioxide Deposit perovskite Deposit hole transport layer Finished panel with back contact Next generation solar power 10

11 Why perovskite solar cells have enormous potential Characteristics CdTe CIGS c-si Perovskite Raw materials cost Low Medium Low Low Finished material cost Low High High Low Fabrication cost Medium Medium High Low Energy payback period Medium High High Low LCOE Medium High High Low Efficiency Medium Medium High High Next generation solar power 11

12 Market applications Next generation solar power 12

13 Tandem Solar Cells Next generation solar power 13

14 The biggest boost to silicon cell efficiency ever seen Oxford PV s tandem solution: Perovskite stack is printed on top of conventional silicon PV cells Will add 3 5% absolute cell efficiency Is easily integrated into existing PV manufacturing lines Adds minimal additional cost Tandem cell structure: Perovskite cell Silicon cell Drop-in replacement product A PV module with perovskite tandem cells is identical to other PV modules As a drop-in replacement, installers can switch modules without changing anything else Upgrade of existing manufacturing facilities Oxford PV's technology is an add-on for existing manufacturing lines No need for large capital expenditures to build new manufacturing facilities Tandem structure adds value. A printed perovskite cell on top of a silicon solar cell turbo-boosts the module efficiency, producing more electricity from the same unit area It allows the module manufacturer to differentiate and charge higher prices, and accelerates the operator s payback. Next generation solar power 14

15 Oxford PV s technology increases the amount of solar energy which can be converted to electricity Solar spectrum and energy harvested by PV cell Silicon, single junction: only fraction of energy captured, theoretical performance limited to 27%, but practically and economically limited to ~25% Silicon cell enhanced with tandem perovskite cell on top: Efficiency >28% possible Energy converted by silicon cell Additional energy converted by perovskite cell Silicon cell Wavelength Perovskite cell Silicon cell Wavelength Oxford PV's perovskite technology removes existing limitations by efficiently harvesting the energy-rich parts of the solar spectrum. Long-term evolution to perovskite-onperovskite tandem cell structure promises potential for further cost reduction and efficiency gains. Next generation solar power 15

16 Tandem a large and near-term opportunity Short time to market Piggyback on existing industry Drop-in product avoids typical obstacles in adapting a new technology, fast adaptation of downstream part of the PV value chain is achieved A product being perceived as the industry standard allows short time to market Lean business model of Oxford PV Instead of building capital-intensive manufacturing facilities, Oxford PV offers its technology to companies with existing manufacturing facilities Allows Oxford PV to have a highly scalable, capital-efficient business model based on licensing However, we believe that ultimately our perovskite could replace silicon completely in PV and other applications. Next generation solar power 16

17 Building-Integrated PV (vision glass and opaque spandrels) Next generation solar power 17

18 Building industry terminology Floor plate Central core Vision glass Spandrel Floor plates Façade Spandrel shadow box Next generation solar power 18

19 $10bn BIPV market potential by 2023 Offering payback on installations of 5 years Cheesegrater 2.1 MWp 1,001 MWh/yr 499 t CO 2 /yr saving Vision only Vision & spandrel The Scalpel 2.1 MWp 940 MWh/yr 451 t CO 2 /yr saving Vision glass: 6% minimum efficiency Spandrels: 15% minimum efficiency Vision & spandrel Walkie Talkie 2.3 MWp 1,180 MWh/yr 606 t CO 2 /yr saving Next generation solar power 19

20 Cell and module efficiency sliding scale At scale and volume Cell efficiency Module efficiency 5.1% 4.5% 6.8% 6% 10.2% 8.5% 9% 7.5% 13.6% 12% 17% Efficiency 15% Approximately linear drop in efficiency with transmission 100% 70% 60% 50% 40% 20% 0% Visible Light Fully transparent Fully opaque Transmission (VLT) Next generation solar power 20

21 Business model Next generation solar power 21

22 Target markets worth $110bn annually, and growing quickly 1 2 Tandem boost to existing silicon PV ($100bn market) short-term launch, low-capital, mass market BIPV Building Integrated PV ($10bn market) mid-term, high-margin, niche market to begin with Future stand-alone perovskite solution Next generation solar power 22

23 Licensing strategy High margin, low capex. The market Fulfillment Glazing licence Solar licence Facilitation Intellectual property Participation in chemical supply chain partnerships Oxford PV Next generation solar power 23

24 First Priority tandem solar cells through existing manufacturers $100bn annual market (2023) The global markets Rooftop Ground-mounted Generating capacity added in GW 29 GW Market Value 2023 ($ bn) (50% modules, 50% installation) $56bn $44bn Forecasts derived from EPIA Global market outlook Next generation solar power 24

25 Oxford PV s technology gives 15% reduction in cell output cost / W Cell production cost [USD/module] 60 cell module $ $ Standard n-type module Module output [W] 5% increase 20% increase n-type module with Oxford PV technology Cell Output cost [USD/W] 15% reduction $0.40 $ W 310W Standard n-type module n-type module with Oxford PV technology Standard n-type module n-type module with Oxford PV technology Next generation solar power 25

26 Improved efficiency leads to lower installation cost and higher energy output Standard n-type module Efficiency: 20% n-type module with Oxford PV technology Efficiency: 24% Oxford PV technology enabled high efficiency modules generate significant value by: Installation size ~ 6.5 kw > 20% more energy from the same area Installation size ~ 7.8 kw lowering installed cost by >0.15 USD/W enabling system owners to generate additional income from limited roofarea Non-module installation cost 1 ~ USD USD/W Annual energy generation 1,2 ~ 6.5 MWh 1 Not including inverter costs; UK market prices assumed 2 Yield of 1000 kwh/kwp for southern UK location Non-module installation cost 1 ~ USD USD/W Annual energy generation 1,2 ~ 7.8 MWh Due to additional value creation, a price premium can be charged for modules using Oxford PV s technology Next generation solar power 26

27 Additional potential : vision glass and spandrels $10bn annual market (at 6% market adoption of PV glass) Next generation solar power 27

28 The company Next generation solar power 28

29 Leading head behind perovskite development is part of Oxford PV s team Prof. Henry Snaith, Oxford University. Co-Founder and Director of Oxford PV 2014 Materials Research Society Outstanding Young Investigator Award Nature named Prof. Snaith as one of the ten scientists globally who made the most difference in science during 2013 for work on next generation solar power technology Leads a team of 20 scientists researching the use of perovskite in solar power A prolific author of patents, he and his team feed into Oxford PV s own team of around 30 scientists, who perfect the technology and processes for scale up to manufacture Next generation solar power 29

30 Strong, experienced and successful management team Dr. David Fyfe, Executive Chairman. His highly distinguished career includes ten years running Cambridge Display Technology (CDT), which he built from a research company, through a NASDAQ flotation, to it s sale to Sumitomo Chemicals. He has held a wide range of high level posts in the chemical and materials industries and sits on a number of boards around the world. Kevin Arthur. Co-Founder and CEO. A highly experienced entrepreneur with 30 years experience in the semiconductor sector. Previously, Kevin was the founding CEO of QuantaSol Ltd and held leadership roles with other high growth technology companies like Mitel semiconductor, SiTel Semiconductor and TRW LSI products. David Smyth, CFO. A highly successful CFO with 30 years experience in dynamic technology companies. He was one of the original management team at Orange and integral to its every stage of its growth and success. He has managed many fund-raising exercises and delivered huge value through IPOs and trade sales. Dr. Chris Case, CTO. Chris brings a strong track record of technology and IP management within the PV, semiconductor and chemicals industries. He has published extensively in international technical journals and is a regular speaker at integrated circuit and photovoltaic conferences. Next generation solar power 30

31 Oxford PV s facilities Global centre of excellence in perovskite solar cells focused on commercializing the technology December 2010 Oxford University spinout Combining the talents of 30 Oxford PV scientists and engineers with Prof Henry Snaith s academic research team of 20 scientists Chemistry/formulations laboratory Chemical preparation and characterisation Kg scale formulations capacity Cleanroom ISO class 7 Operational June 2013 Test and reliability laboratory Climatic testing to IEC Light soaking to AM1.5G Next generation solar power 31