Seminar Solceller og brekraft Oslo, 19. Juni 2019 Carsten Rohr Our - - PowerPoint PPT Presentation

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Seminar Solceller og brekraft Oslo, 19. Juni 2019 Carsten Rohr Our - - PowerPoint PPT Presentation

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NorSun Presentation Seminar Solceller og brekraft Oslo, 19. Juni 2019 Carsten Rohr Our Mission Our Values Our Vision A sustainable future with clean energy To be a leading manufacturer of silicon Dedication, Innovation, Inclusivity

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SLIDE 1

NorSun Presentation Seminar «Solceller og bærekraft»

Oslo, 19. Juni 2019 Carsten Rohr

NorSun AS Karenslyst Allé 9C, 0278 Oslo, Norway (+47) 97 41 50 00 post@norsuncorp.no

Our Vision A sustainable future with clean energy for all. Our Mission To be a leading manufacturer of silicon ingots and wafers for premium solar cells, through innovative technology, sustainable production and operational excellence. Our Values Dedication, Innovation, Inclusivity and Integrity

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SLIDE 2
  • CONFIDENTIAL -

2

  • Mono-crystalline solar ingot and wafer manufacturer
  • Founded in 2005 by Dr. Alf Bjørseth
  • Specialized in high performance n-type
  • Supplier to tier-one cell manufacturers
  • State-of-the-art production facility pursuing an

aggressive technology and cost road map

  • Low CO2 footprint and power cost, free cooling water
  • Well positioned for growth in an attractive market

segment NorSun facilities and organization

NorSun at a glance

NorSun business and the strategic position

  • Current capacity of 450 MW/year
  • Headquartered in Oslo, production in Årdal
  • Good access to highly skilled talent
  • 230 employees

NorSun solar value chain position

Polysilicon Wafers Cells & modules

NorSun premium product:

  • Highest efficiency
  • Lowest CO2 footprint
  • Extensive track record

HQ in Oslo Production facility in Årdal

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SLIDE 3
  • STRICTLY PRIVATE AND CONFIDENTIAL -

20 40 60 80 100 120 140 160 180 2006 2008 2010 2012 2014 2016 2018 2020 Multi Mono

NorSun uniquely positioned in the fastest growing segment

Source: Bloomberg New Energy Finance 2018, ITRPV 2019, NorSun

Global PV new build Targets 10% of the high efficiency mono market

70% 30% 20% 80% 10% 90% Wafer segments High efficiency N-type niche 146 GW 102 GW 20 GW Mono Multi n-mono p-mono NorSun target Other n-mono players n

3

GW

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SLIDE 4
  • STRICTLY PRIVATE AND CONFIDENTIAL -

Conversion to N-type likely to accelerate

N-type forms the basis for highest efficiency cells (cell efficiency)

10% 12% 14% 16% 18% 20% 22% 24% 26%

P-multi P-mono N-mono N-mono technologies:

  • IBC (SunPower)
  • Heterojunction (Panasonic, Hevel, Meyer Burger)
  • TOPCon (LG)
  • N-PERT (LG, others)

Conversion to N-type likely to accelerate PV system capex split

2010 2018 Module’s lower share of total capex benefits high-efficiency premium products

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SLIDE 5
  • STRICTLY PRIVATE AND CONFIDENTIAL -

Conversion to n-type expected to accelerate

n-type gaining market share

Mono will dominate and further boost by n-type

  • mono ≈60% in 2019
  • n-type material share will increase (HJT, Topcon)

ITRPV | Dr. Markus Fischer

Source: ITRPV 2019 Technology Roadmap, B-NEF

Current and potential N-type players (non-exhaustive)

Companies with existing or planned N-type cell production

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SLIDE 6
  • STRICTLY PRIVATE AND CONFIDENTIAL -

NorSun provides low CO2 footprint value

NorSun with industry leading CO2-footprint (grams CO2/Watt)

French market French tenders at about 2GW per year, increasing to 3GW

  • New energy policy announced to expand

PV from 8.5 GW installed capacity in 2018 to over 40 GW by 2030

  • Installations to increase to over 3.5 GW

per year until 2030

French tenders score CO2 footprint of the modules in addition to price

  • CO2 footprint/Watt = 20%-30% of score

Other countries to follow EU is evaluating to introduce environmental policy such as ECO-label and green public procurement Korea is planning similar program as France More countries expected to follow as part

  • f the global push for environmentally

friendly solutions NorSun in unique position with unprecedented CO2 footprint , based on Lifecycle Analysis (LCA) certified by French authority (ADEME)

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SLIDE 7
  • STRICTLY PRIVATE AND CONFIDENTIAL -

NorSun with best CO2 footprint

The French system incentivizes environmental and process improvements. It has created awareness in NorSun to become the greenest possible producer of ingot and wafer. NorSun is working closely with ENOVA (Norwegian Government energy saving agency) to reduce waste, save energy and introduce new energy efficient processes. High quality wafers for highest cell efficiency => improving silicon per Watt Efficient recycling process for silicon off-cut in ingot manufacturing (such as ingot tops, tails, side-cuts and off-spec material) Readily available cooling water reduces electricity consumption for chillers Efficient sawing process with thin diamond wire Thin wafers down to 130µm Minimal use of chemicals

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  • STRICTLY PRIVATE AND CONFIDENTIAL -

8

Carbon Foot Print roadmap

NorSun has developed a CFP roadmap, reducing waste and improving resource efficiency Technical cooperation and development with customers to improve efficiency

improving silicon per Watt (currently just 2.7 g/Wp, in the future < 2.0 g/Wp possible)

The main CFP activities include

High ingot utilization High wafer quality for highest cell efficiency Slicing with 40µm core diamond wire Ultra thin wafer road map Recycling/reuse of silicon kerf (saw dust).

Applications include metallurgical industry, feedstock in poly production and the possibility for use in battery anodes.

New slicing fluid with low CFP Recycling of slicing fluid NorSun is piloting Argon recycling with good results NorSun is designing their own future hot zone with estimated 15% reduced energy consumption Recycling of potscrap from ingot pulling

First 40µm core wire test cut

  • 125mm wafer, 140µm thickness
  • MeyerBurger 291 DW saw
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SLIDE 9
  • STRICTLY PRIVATE AND CONFIDENTIAL -

100% 63%

China prime peer estimate NorSun Power usage difference. No cooling towers needed

Free natural cooling water

  • NorSun linked to Hydro’s power and process water

system and benefits from low network tariffs

  • Joint access to industrial service providers

Several sustainable competitive advantages

Cheap, 100% renewable hydro power Co-location with Norsk Hydro Continuously improving production process

Hydro/NorSun industrial park

100% 80%

China prime peer estimate NorSun

Sources: SB1 Markets Research, NorSun estimates

Price of electricity (kWh)

Illustration

  • NorSun Business system
  • Continuously seeking cost

and volume improvements

  • Critical processes reviewed

weekly

  • Lean Management
  • Structured improvement program

Shaping Wafer Ingot

Årdalstangen NorSun

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Scaling up to reach a world class cost level

450 MW current capacity Continued development of plant with first production in 2008 Upgrade and debottlenecking of existing plant to add 280 MW 270 MW of new capacity from next generation pullers, block and wafering equipment Significant potential at current site for up to 4-5 GW capacity Reaching world-class scale within n-type mono

450 450 280 270

Current Phase 1 Full expansion

450 MW 1 000 MW 4-5 GW

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SLIDE 11
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Loan allocation of NOK 195m approved by Enova BoD Attractive terms; Unsecured loan Converted to grant if technical KPIs are not met No amortization until Q4 2025 Loan and grant from Innovation Norway approved (loan 80m, grant 10m) Attractive terms, including two years grace 195 80 10 70 80 80 515 Sources

Funding for expansion Phase 1 secured

NOKm New shareholder ABN AMRO’s Energy Transition Fund New shareholder Existing shareholders

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  • STRICTLY PRIVATE AND CONFIDENTIAL -
  • Located in Årdalstangen industrial park together

with Norsk Hydro’s anode plant.

  • Agreement with Hydro to access land for further

expansion post Phase 1, potentially up to 5 GW

  • NorSun and Hydro benefits from low network

tariffs

  • NorSun linked to Hydro’s power and process water

system and hold joint access to industrial service providers

Area plan will utilize existing facilities and infrastructure

Puller hall expansion Wafer area expansion

Phase 1

Highly attractive to expand on existing site Available for further expansion

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SLIDE 13
  • STRICTLY PRIVATE AND CONFIDENTIAL -

Current New Crucible size 20’’/22” 28” Ingot length – 8’’ (m) 1.5/1.8 3 → 4 Productivity (MT/PU/month) 1.8/2.3 → 3.2 Hot-zone design NS Supplier → NS Control System NS Supplier → NS Cooling jacket NS NS

Quartz Crucibles Hot-zone Design NS Control System

Improvements pulling productivity

Confidential

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SLIDE 14
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Cutting thinner wafers with thinner wire

Wafering development (Indexed 2012 = 100)

Number of wafers per kg block with CAGR of 7% from 2012-2022 Technology shift from slurry based to diamond wire wafer slicing technology end 2011 Improvements accomplished in close cooperation with customers and suppliers Comments NorSun reduction in wire thickness (to scale) 20 40 60 80 100

  • 50

100 150 200 2012 2013 2014 2015 2016 2017 2018 2020 2022 Wire thickness (µm) #Wafers/ kg block Wafers/kg Block Core Wire Wafer Thickness

14

100µ 80µ 60µ

40µ

120µ

50µ

2011 2104 2016 2017 2018 2019? 2011 2014 2016 2018 Q2’19 Q4’19

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Cost road map to yield significant further reductions

Unit cost reduction (USD/Wp) – proven track record and planned cost reductions

15

  • 65%
  • 35%
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It simply feels good to use hydropower to produce solar cell materials