HelioVolt is a manufacturer of high efficiency thin film solar modules using a disruptive vacuum and liquid CIGS technology. They have demonstrated a 12.3% efficient production module and average efficiencies over 11.7%. The company aims to lower costs to $0.52/watt manufacturing cost and $0.36/watt capital cost at a 1GW scale. HelioVolt has an extensive intellectual property portfolio and works with NREL to further develop their technology with a roadmap to achieve over 16% module efficiencies by 2014. The company is led by an experienced management team with backgrounds in the solar industry.

1. HelioVolt Confidential
and Proprietary
Introduction to HelioVolt –
Manufacturer of High
Efficiency Thin Film Modules

2. HelioVolt Company
Information 1
Company Highlights
Disruptive Vacuum
and Liquid CIGS
Technology
Demonstrated 12.3%
Production Module with
average efficiencies
exceeding 11.7%
Extensive IP Portfolio
And Technical
Expertise
Unique NREL
Relationship
Large, Proven Market
with Long Term Secular
Growth
$0.52 COGS / Watt
and $0.36 CapEx / Watt
at 1 GW Scale

3. HelioVolt Company
Information 2
Next Generation High-performance and
Low-cost Solar Technology
• Disruptive Vacuum and Liquid CIGS technology platform
• $0.52 COGS / Watt and $0.36 CapEx / Watt at 1 GW Scale
• Demonstrated 12.3% efficiency on monolithically integrated module with
production efficiencies averaging 11.7%
• Extensive CIGS intellectual property portfolio
– 9+ years and ~$145mm of R&D
• Efficiency roadmap to 16%+ in 2014
• Exclusive technology commercialization partnership with NREL
• Fully equipped R&D line in Austin
• Deep technical team
• Plan for production expansion under development

4. HelioVolt Company
Information 3
NREL CRADA
established
12% cell
efficiency
achieved
Series A
funding
HelioVolt
founded
12% prototype module
and 14% cell efficiency
achieved
12.3% production
module efficiency
achieved
Exclusive NREL
IP Agreement
Series B
funding
Opened first factory in
Austin, Texas
Industry veteran Jim
Flanary joins as CEO
FASST® Process wins
Nano50 Award
Wall Street Journal
Technology Award
HelioVolt and NREL win
R&D 100 Award
Time Magazine’s “Best
Inventions of 2006”
2009 20102007200520032001 2006 2008
Printed Electronics
Industry Award 1st production run
August 2009
Commercial agreements
signed for 3 years of
production
HelioVolt Corporate History
2011

5. HelioVolt Company
Information 4
Company Introduction –
Experienced Management Team
Jim Flanary, President & CEO
Extensive thin-film solar experience - former COO of
First Solar and former COO of HelioSphera
(micromorph-si module manufacturer based in Greece).
Division President and General Manager at ITT Night
Vision – leader in military and commercial products.
30+ years in early and late-stage private and public
companies.
BJ Stanbery, Chairman & Chief Technology Officer
17 years at Boeing – responsible for manufacturing
scale-up, product cost-driven project management,
space and terrestrial solar product development.
Holds 22 patents for thin-film PV technology.
Iga Hallberg, VP Business Development
Held multiple international marketing and business
development roles at 3M. Former Director of
Business Development and General Manager for
nanoparticle inks and coatings and equipment
solutions at NovaCentrix.
John Prater, Director of Supply Chain
Former Strategic Sourcing Executive at Oerlikon
Solar and Applied Materials, supporting
manufacturing, spares and thin film solar sourcing
teams.
Steve Darnell, VP Finance
20 years experience in financial management of
technology companies. Factory start-up experience
at Compaq and Seagate.
Key Investors

6. HelioVolt Company
Information 5
Extensive Intellectual Property Portfolio
• 11 patents issued, 9 patent applications filed and 5 new patent
applications in progress with 100 international extensions in
total:
– Deposition methods include both vacuum and liquid coating (NREL)
– Precursor material
– CIGS synthesis
• Proprietary trade secrets and know-how
• Exclusive technology commercialization partnership with NREL
– Disruptive evolutionary technology roadmap to low-cost 16% products

7. HelioVolt Company
Information 6
Final Assembly
& Test
Module
Formation
FASST® CIGS
Process
Glass
Preparation
HelioVolt Module Production Process
Glass In
Module Out

8. HelioVolt Company
Information 7
Our Process vs. Alternatives
Our Process – Monolithic Integration
Glass In Module Out
Glass
Preparation
FASST® CIGS
Process
Module
Formation
Final Assembly
& Test
Competitors’ CIGS Cell-Based Processes
Substrate In Module Out
Substrate
Preparation
CIGS
Process
Contact & Grid
Formation
Cell Cut & Sort Cell Stringing
Silicon Process
Polysilicon Ingot Wafer Solar Cell Solar Module
Final Assembly
& Test
Source: Wall Street research.
Monolithic integration:
•Better long-term product reliability
•Lower COGS

9. HelioVolt Company
Information 8
Competitive Technology Advantage
• Disruptive vacuum and liquid CIGS technology platform
– Advanced liquid precursor technology enables high efficiency and low cost
strategy
• FASST® CIGS process advantages
– Two-stage process provides maximum flexibility to optimize precursor
deposition method and composition of each layer: higher efficiency
– Most rapid synthesis of CIGS from precursors of any method:
reduces capital costs
– Demonstrated state of the art crystalline quality: higher efficiency
– Unique, rapid, flexible optimization of CIGS surface quality: higher efficiency
• Monolithic module circuit integration
– Reduces module assembly costs compared to discrete cell assembly
• Advanced module packaging
– Unique, high performance encapsulant, edge sealant, and potting compound
supports product lifetime beyond standard 25 year warranty:
reduces cost of electricity (¢/kWh)
Glass In
Module Out
Glass
Preparation
FASST® CIGS
Process
Module
Formation
Final Assembly
& Test

10. HelioVolt Company
Information 9
HelioVolt CIGS Module
• HelioVolt CIGS Photovoltaic Module
– Commercial, residential, utility applications
– BIPV products in development
– Module construction: Standard glass
component laminate
– Specifications to match most popular thin
film product in the industry
• HelioVolt Differentiation
– State of the art monolithic integration
design
– Proprietary packaging materials for
exceptional environmental reliability and
lifetime
– Variable form factor adaptable to multiple
applications

11. HelioVolt Company
Information 10
12.3% HelioVolt Champion Module

12. HelioVolt Company
Information 11
• Development work based on HelioVolt patents and
trade secrets will drive module efficiency from 10% to 16%
• Advanced Technology Development will drive module efficiency
from 16% to 21%
6%
12%
18%
0%
2010 2011 2012 2013
Baseline Process
Active
Quenching,
Advanced
Composition
Grading Control
Ultrafast Heating,
Predictive Design
Advanced TCO,
Enhanced
Transmission,
Light Trapping
Roadmap to 16% Module Efficiency

13. HelioVolt Company
Information 12
Product Portfolio Evolution
2013 2014
Standard modules for commercial
rooftops and utility applications
Standard Modules offered with System Level
Solutions for commercial rooftops (including
mounting, power management)
*New standard component introduced to reduce
balance of systems costs*
Standard Modules adapted for BIPV applications
(facades, sunshades, roof tiles) including BIPV
components with integrated power management
11% 12% 14% 16%
2011 2012
Efficiency

14. HelioVolt Confidential
and Proprietary
Thank You!
For more information about HelioVolt,
Visit us at www.heliovolt.com