NorSun Presentation Seminar «Solceller og bærekraft» 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 and ingots and wafers for premium solar Integrity for all. cells, through innovative technology, sustainable production and operational excellence. NorSun AS Karenslyst Allé 9C, 0278 Oslo, Norway (+47) 97 41 50 00 post@norsuncorp.no
NorSun at a glance NorSun business and the strategic position NorSun facilities and organization • 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 CO 2 footprint and power cost, free cooling water • Well positioned for growth in an attractive market segment • Current capacity of 450 MW/year NorSun solar value chain position • Headquartered in Oslo, production in Årdal Polysilicon Wafers Cells & modules • Good access to highly skilled talent • 230 employees NorSun premium product: - Highest efficiency Production - Lowest CO 2 footprint facility in Årdal - Extensive track record HQ in Oslo - CONFIDENTIAL - 2
NorSun uniquely positioned in the fastest growing segment Global PV new build Targets 10% of the high efficiency mono market GW 180 Multi 160 Mono 146 GW 102 GW 20 GW 140 Multi p-mono Other 30% n-mono 120 players 100 80% 80 90% 60 70% Mono 40 20 n-mono 20% NorSun 10% target 0 n 2006 2008 2010 2012 2014 2016 2018 2020 Wafer High N-type segments efficiency niche Source: Bloomberg New Energy Finance 2018, ITRPV 2019, NorSun - STRICTLY PRIVATE AND CONFIDENTIAL - 3
Conversion to N-type likely to accelerate N-type forms the basis for highest efficiency cells PV system capex split (cell efficiency) 2010 2018 26% 24% 22% 20% 18% 16% 14% Module’s lower share of total capex benefits high-efficiency premium products 12% 10% 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 - STRICTLY PRIVATE AND CONFIDENTIAL -
Conversion to n-type expected to accelerate Current and potential N-type players n-type gaining market share (non-exhaustive) Source: ITRPV 2019 Technology Roadmap, B-NEF 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 Companies with existing or planned N-type cell production - STRICTLY PRIVATE AND CONFIDENTIAL -
NorSun provides low CO 2 footprint value NorSun with industry leading CO 2 -footprint French market (grams CO 2 /Watt) 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 CO 2 footprint of the modules in addition to price - CO 2 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 NorSun in unique position with unprecedented Korea is planning similar program as CO 2 footprint , based on Lifecycle Analysis (LCA) France certified by French authority (ADEME) More countries expected to follow as part of the global push for environmentally friendly solutions - STRICTLY PRIVATE AND CONFIDENTIAL -
NorSun with best CO 2 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 - STRICTLY PRIVATE AND CONFIDENTIAL -
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 - STRICTLY PRIVATE AND CONFIDENTIAL - 8
Several sustainable competitive advantages Cheap, 100% renewable hydro power Free natural cooling water Power usage difference. Price of electricity (kWh) No cooling towers needed 100% 100% 80% 63% NorSun China prime NorSun China prime NorSun Årdalstangen peer estimate peer estimate Illustration Co-location with Norsk Hydro Continuously improving production process • NorSun linked to Hydro’s power and process water • NorSun Business system system and benefits from low network tariffs • Continuously seeking cost • Joint access to industrial service providers and volume improvements Ingot Shaping • Critical processes reviewed weekly Wafer • Lean Management • Structured improvement program Hydro/NorSun industrial park Sources: SB1 Markets Research, NorSun estimates - STRICTLY PRIVATE AND CONFIDENTIAL -
Scaling up to reach a world class cost level 4-5 GW 1 000 MW 270 450 MW 280 450 450 Current Phase 1 Full expansion 450 MW current Upgrade and Significant potential capacity debottlenecking of existing at current site for up plant to add 280 MW to 4-5 GW capacity Continued development of plant 270 MW of new capacity Reaching world-class with first production from next generation scale within n-type in 2008 pullers, block and wafering mono equipment - STRICTLY PRIVATE AND CONFIDENTIAL -
Funding for expansion Phase 1 secured 515 80 New shareholder ABN AMRO’s Energy Transition Fund 80 New shareholder 70 Existing shareholders NOKm 10 Loan and grant from Innovation Norway approved (loan 80m, grant 10m) 80 Attractive terms, including two years grace Loan allocation of NOK 195m approved by Enova BoD Attractive terms; 195 Unsecured loan Converted to grant if technical KPIs are not met No amortization until Q4 2025 Sources - STRICTLY PRIVATE AND CONFIDENTIAL -
Area plan will utilize existing facilities and infrastructure Highly attractive to expand on existing site Phase 1 • Located in Årdalstangen industrial park together with Norsk Hydro’s anode plant. Available for • Agreement with Hydro to access land for further further expansion 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 Puller hall expansion Wafer area expansion - STRICTLY PRIVATE AND CONFIDENTIAL -
Improvements pulling productivity 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 Hot-zone Design Quartz Crucibles NS Control System Confidential - STRICTLY PRIVATE AND CONFIDENTIAL -
Cutting thinner wafers with thinner wire Wafering development (Indexed 2012 = 100) #Wafers/ Wire thickness Wafers/kg Block Core Wire Wafer Thickness kg block (µm) 200 100 80 150 60 100 40 50 20 - 0 2012 2013 2014 2015 2016 2017 2018 2020 2022 Comments NorSun reduction in wire thickness (to scale) Number of wafers per kg block with CAGR of 7% from 2012-2022 120µ 50µ 100µ 60µ 40µ Technology shift from slurry based to diamond wire 80µ wafer slicing technology end 2011 Improvements accomplished in close cooperation 2011 2104 2016 2017 2018 2019? 2011 2014 2016 2018 Q2’19 Q4’19 with customers and suppliers - STRICTLY PRIVATE AND CONFIDENTIAL - 14
Cost road map to yield significant further reductions Unit cost reduction (USD/Wp) – proven track record and planned cost reductions -65% -35% - STRICTLY PRIVATE AND CONFIDENTIAL - 15
It simply feels good to use hydropower to produce solar cell materials - STRICTLY PRIVATE AND CONFIDENTIAL -
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