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    Amg   status of solar grade silicon industry Amg status of solar grade silicon industry Presentation Transcript

    • Company Confidential Copyright © 2010 AMG AMG Advanced Metallurgical Group N.V. Status of Solar Grade Silicon Industry John R. Easoz 2010 China International Silicon Conference & Photovoltaic Industrial Development Forum Xuzhou, September 16, 2010 1
    • Disclaimer Company Confidential Copyright © 2010 AMG THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS. This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or commitment whatsoever. This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of competitive pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. This document has not been approved by any competent regulatory or supervisory authority. 2
    • Agenda Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 3
    • Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 4
    • Introduction to AMG Company Confidential Copyright © 2010 AMG  Listed on NYSE-Euronext Amsterdam (Euronext: AMG)  2009E revenue of $0.9 billion (2008 revenue of $1.3 billion)  Products  High purity metals and complex metal products  Vacuum furnaces used to produce high purity metals  Global presence AMG  Europe 100.0% 100.0%  Germany, UK, France, Norway Advanced Engineering Publicly Traded  Americas Materials Systems Investments  US, Canada, Mexico, Brazil  Vanadium & Vacuum Furnaces 79.5% Titanium Graphit Kropfmühl  Asia  Tantalum &  Titanium (GKR.DE) Lithium Nuclear  China, Japan   Silicon Metal  Aluminium  Solar  Graphite  Chrome  Superalloys 42.5%  Antimony  Specialty Steel Timminco Ltd. Coatings  Heat Treatment (TIM.TO)  2,500 employees   Other  Silicon Metal  Solar Grade Silicon Technology-driven specialty metals company 5
    • Introduction to AMG (cont’d) Company Confidential Copyright © 2010 AMG AMG provides specialty metals and capital equipment to growing end markets Advanced Materials Engineering Systems AMG Materials AMG Engineering  High value alloys  Capital equipment for high- performance  Essential raw materials materials  Wayne, PA headquarters  Hanau, Germany headquarters  11 plants in 7 countries  8 facilities in 5 countries  4 mines in 4 countries  1,587 employees  684 employees 6
    • AMG Solar Activities Company Confidential Copyright © 2010 AMG Company Product Solar Use AMG Ownership Raw material for polysilicon, solar Timminco Silicon metal1 42.5% grade silicon Timminco Solar grade silicon Raw material for silicon ingots 42.5% Raw material for polysilicon, solar Graphit Kropfmühl Silicon metal 80.5% grade silicon Equipment to produce silicon ALD Vacuum Technologies DSS furnaces 100% ingots 200 kW photovoltaic system AMG Conversion (Ohio) Generation of electricity 100% (under construction) Zinc oxide /aluminum oxide Raw material for transparent GfE 100% sputtering targets conductive oxide layers for thin film Solar grade silicon ingots, Raw material for silicon bricks, AMG Conversion 100% bricks, wafers wafers, cells Timminco solar grade GK silicon metal chunks ALD DSS (SCU400plus) AMG Conversion 200 kW PV GfE AZOY® rotatable silicon chunks System (Ohio) target 1On August 10, 2010, Timminco announced that it had agreed to form a joint venture with Dow Corning at its silicon metal production facilities in Bécancour, Québec. Dow Corning will acquire a 49% equity interest in the joint venture that will own Timminco’s existing silicon metal operations. 7
    • Introduction to AMG Conversion Company Confidential Copyright © 2010 AMG AMG Conversion produces multicrystalline silicon ingots, bricks, and wafers for the solar industry Metallurgical Solar Grade Cells & Ingots Bricks Wafers Silicon Silicon Modules AMG Conversion’s goal is to accelerate the development of solar grade silicon to enable customers to manufacture solar cells using solar grade silicon that are indistinguishable from those made with polysilicon 8
    • AMG Conversion – Products Company Confidential Copyright © 2010 AMG Ingots Bricks Wafers  835 x 835 x 250 ±5 mm  157 x 157 ±0.5 mm  156 x 156 ±0.5 mm  400 ±10 kg  Height based on customers  200 ±20 μm specifications 9
    • Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 10
    • Silicon & Impurity Contents Company Confidential Copyright © 2010 AMG Silicon Product Category Impurity Content Semiconductor Grade Solar Grade (SoG Si) / Upgraded Metallurgical Grade (UMG Si) High Purity Grade Metallurgical Grade (MG Si) ppmw 104 102 1 10-2 10-4 Based on information gathered on PV industry… Semiconductor Grade Silicon Solar Grade Silicon  High investment costs  Low investment costs (1/10th to 1/5th of poly)  Long construction lead times  Shorter construction lead times (1/4th to 1/3rd of poly)  High electricity consumption  Low electricity consumption (1/4th to 1/2 of poly)  Well-known material and manufacturing processes  New material not yet fully adopted by market  Low impurities lead to high ingot yields and high cell  Higher impurities, yet cell efficiencies >16% can be efficiencies achieved  Prices can be very volatile 11
    • Silicon Production & Purification Company Confidential Copyright © 2010 AMG Traditional / Siemens Trichlorosilane Chemical Vapor HSiCl3 Deposition Polysilicon (TCS) (CVD) Fluidized Bed Fluidized Bed Metallurgical Silane SiH4 Deposition Polysilicon Silicon (FBD) Metallurgical Refining Various Processes: Solar Grade Slag Treatment, Leaching, Oxidation, Casting Silicon 12
    • Solar Grade Silicon Purification Techniques Company Confidential Copyright © 2010 AMG Acid Leaching Directional Solidification  Treating of metallurgical grade silicon with acids (HF,  Segregate impurities in the melt during crystallization HCl) to dissolve metal clusters based on segregation coefficients  Effective on metals but not on dopants (boron and  Impurities accumulate at the top of the ingot thus phosphorus) purifying the bottom Calcium Leaching or “Slagging” Oxidation  Addition of calcium to silicon to bind and separate  Melt metallurgical grade silicon at high temperatures to impurities in the slag separate impurities in the slag or as gases  The slag phase can be separated from the “clean” molten  Effective with boron removal silicon phase Reduction of High Purity Silica by High Gas Blowing Through Melt Purity Carbon  Similar process used for standard metallurgical grade  Blow gases (O2, Cl2, CO2) through the melt to react with silicon in arc furnaces dissolved impurities  Requires clean silica (naturally clean or purified by  Volatile compounds are formed and removed from the leaching), high purity carbon, purified electrodes melt 13
    • Selected Solar Grade Silicon Manufacturing Processes Company Confidential Copyright © 2010 AMG Metallurgical Slag Solidification/ Post Leaching Silicon Treatment Segregation Treatment In-house 3 sequential purification steps to reduce impurities Ingot cleaned/sawed Metallurgical Dissolution Crystallization Washing Growing Silicon Al/Si Melt Water + Acid Gas Oxidation in Solidification Metallurgical with Rotary Electromagnetic Filtration Cleaning Silicon Furnace Stirring In-house 3x oxidation/solidification sequence Sources: - Elkem Solar: Status and future outlook, 6th Solar Silicon Conference, Munich, 2008 - 6N Silicon: Solar Silicon in a Dynamic Market!, 7th Solar Silicon Conference, Munich, 2009 - Timminco: Public presentations, 2009-2010 14
    • Impurities in Silicon Company Confidential Copyright © 2010 AMG Category Example Impact Dopants Boron,  Resistivity Phosphorus,  Important to have n, p dopants well controlled to maximize ingot resistivity Gallium yield (net carrier concentration determines resistivity)  Light-induced degradation  Need to minimize boron  No detrimental effects on LID or lifetime due to gallium Metals Iron, Copper,  Metallic impurities can limit cell efficiency by recombination Nickel,  Bulk metal concentration inversely proportional to minority carrier lifetime Aluminum  High metal impurities can decrease breakdown voltage and ohmic shunting  High iron concentrations can contribute to LID Alkali-Metals Lithium,  Corrosion of crucibles during crystallization Sodium,  Crucibles integrity becomes compromised – can lead to run outs Potassium  Primarily problem with slag treatments where AM > 10 ppmw Other Carbon,  Inclusions Oxygen,  High carbon and nitrogen concentrations will lead to SiC/SiN inclusions Nitrogen that will reduce yield because of non-waferability (can cause wire breaks)  Inclusions/precipitates can cause breakdown voltage issues and result in module hot spots during shaded conditions  Light-induced degradation  Need to minimize oxygen diffusion into melt during casting  Need to maximize oxygen removal through mixing during casting 15
    • Impact of Dopant Concentration/Compensation1 Company Confidential Copyright © 2010 AMG 6.0 4.00 6.0 4.00 B (ppma) B (ppma) 5.5 5.5 P (ppma) P (ppma) 3.50 3.50 5.0 Resistivity 5.0 Resistivity 4.5 3.00 4.5 3.00 B and P Concentration (ppma) B and P Concentration (ppma) 4.0 4.0 64% 84% Resistivity (ohm cm) Resistivity (ohm cm) 2.50 2.50 3.5 3.5 3.0 2.00 3.0 2.00 2.5 2.5 1.50 1.50 2.0 2.0 1.5 1.00 1.5 1.00 1.0 1.0 0.50 0.50 0.5 0.5 - 0.00 - 0.00 - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 Fraction Solid Fraction Solid B = 0.6 ppmw B = 0.6 ppmw P= 1.8 ppmw P= 1.4 ppmw 64% yield 84% yield → Decreasing phosphorus from 1.8 to 1.4 ppmw increased yield from 64% to 84% → Average resistivity decreased 1 Theoretical example for illustration purposes 16
    • Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 17
    • Quality Improvements Company Confidential Copyright © 2010 AMG Areas of focus for quality improvements with SoG Si / UMG: 1. Ingot yield (p-type resistivity and lifetime) 2. Cell efficiency 3. Inclusions 4. Breakdown voltage (cells) 5. Light-induced degradation (cells)  Understanding of downstream processing in the rush to market the material in times of high polysilicon prices  In 2009 and 2010, polysilicon prices returned to “normal” levels and SoG Si demand crashed → Forced SoG Si manufacturers to focus on more clearly defining customer specifications and quality parameters → Significant quality improvements have been made to date 18
    • Focus Area #1: Ingot Yield Company Confidential Copyright © 2010 AMG Goal: Obtain SoG Si ingot yield1 comparable to that of ingot made with polysilicon  Proper management of dopant levels in starting material, use of secondary dopant (i.e. gallium), and optimized crystallization methods can be used to maximize ingot yield  Typical ingot yield with polysilicon is 85% for 400 kg ingots  AMG Conversion has achieved yields above 80% with 100% SoG Si 2.8 3.0 3.0 3.0 2.8 0.6 Ω-cm 2.4Ω-cm 0.6 Ω-cm Top cut Bottom cut 1.8 Ω-cm Bottom cut Top cut 0.6 Ω-cm 1.8 Ω-cm Bottom cut Top cut Boron 2.4 2.5 Boron 2.5 1.8 2.5 Phosphorus Phosphorus 0.6 ohm-cm 0.6 ohm-cm Resistivity (Ω-cm) 1.75 2.0 2.0 2.0 B & P (ppmw) B & P (ppmw) 1.5 1.5 1.5 1.2 1.2 1.2 1.2 1.0 1.0 1.0 0.870.60 0.850.58 1.10 1.10 1.06 1.06 0.87 0.85 0.5 0.5 0.5 0.0 0.0 0.0 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 Solidified fraction Solidified fraction 1 Ingot yield is defined as waferable ingot height (based on resistivity and lifetime) / original ingot height 19
    • Focus Area #2: Cell Efficiency Company Confidential Copyright © 2010 AMG Goal: Produce SoG Si cells with cell efficiency comparable to that of cells made with polysilicon  Several cell process modifications have been explored to improve efficiency  Phosphorus gettering (during standard diffusion) remains the most effective  With extended gettering processes, cell efficiencies comparable to those made with polysilicon with identical processes  Extended diffusion can be performed in standard cell lines with minimal impact on cost  AMG Conversion has achieved cell efficiencies over 16% using 100% SoG Si from Timminco, comparable with polysilicon cell efficiency performance in the same cell lines 16.1% 15.9% Average cell efficiency at AMG Conversion1 Standard Extended 1Cells made at International Solar Energy Research Center Konstanz (ISC) from AMG Conversion wafers Gettering Gettering 20
    • Focus Area #3: Inclusions Company Confidential Copyright © 2010 AMG Goal: Produce SoG Si ingots with inclusion concentration comparable to that of ingots made with polysilicon  High concentrations of C and N in the feedstock can lead to the formation of SiC and SiN inclusions  Inclusions cause electrical breakdown and losses in slicing due to wire breaks/saw marks  SoG Si manufacturers must either reduce carbon in their source material, or remove contaminants with methods such as oxidation, or filtration  Filtration techniques have been utilized to reduce carbon impurities  Casting techniques to improve impurity segregation, and vacuum removal during ingot crystallization are very effective  AMG Conversion has successfully achieved inclusion free ingots using 100% SoG Si, resulting in slicing yields comparable to those obtained with polysilicon feedstock IR image of IR image of brick showing brick showing a high number no inclusions of inclusions 21
    • Focus Area #4: Breakdown Voltage Company Confidential Copyright © 2010 AMG Goal: Produce SoG Si cells with breakdown voltage comparable to that of cells made with polysilicon  As ingot yield and resistivity are tradeoffs with SoG Si material, users tended to push resistivity to lower levels <0.5 ohm-cm to increase yield  While reasonable cell efficiencies were obtained, breakdown voltage issues arose due to higher impurity concentrations in the base material.  Module/cell producers compensated for the breakdown voltage problem by adding diodes to modules to prevent overheating in partially shaded conditions. 0  AMG Conversion can reduce metallic -2 impurities, SiC precipitates, and net dopant -4 wafer no 082 Reverse Current [A] concentration and achieve acceptable -6 wafer no 110 breakdown characteristics, while -8 wafer no 116 wafer no 128 maintaining high ingot yield -10 wafer no 132 -12 -14  No module design changes should be -16 required -20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0 Reverse voltage [V] 22
    • Focus Area #5: Light-Induced Degradation (LID) Company Confidential Copyright © 2010 AMG Goal: Produce SoG Si cells with LID comparable to that of cells made with polysilicon  LID is roughly proportional to [boron] and [oxygen]2  LID can be improved by:  Reducing boron and oxygen contents in feedstock  Limiting oxygen diffusion in melt during casting  Using a proper casting technique to remove oxygen during crystallization  LID in multicrystalline polysilicon wafers vary from 0.1 to 0.4% relative  LID in monocrystalline polysilicon wafers typically 0.5 to 0.6% relative  AMG Conversion can achieve LID of 0.2-0.3% relative, comparable to multi poly 0.8-1.8% Feedstock LID improvements Purity at AMG Conversion 0.5-0.8% Casting Technique 0.5-0.6% 0.2-0.3% 0.1-0.4% 3Q 2009 1Q 2010 2Q 2010 Multi Mono Source: Management 23
    • Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 24
    • Manufacturing Costs Company Confidential Copyright © 2010 AMG  Polysilicon production costs using Siemens process vary with:  Manufacturer experience  Equipment quality  Process quality  SoG Si production costs vary with:  Process types  Impurity levels → SoG Si typically holds a cost advantage… …but only if the material can produce cells of equivalent quality! → Most customers will require an economic incentive to adopt a new product $80 Indicative Industry $60 Manufacturing Costs1 $40 ($/kg) $20 $0 Polysilicon SoG Si 1 Based on Management’s knowledge of the industry participants. Manufacturing costs can vary widely based on capacity utilization and yields. 25
    • Electricity Consumption Company Confidential Copyright © 2010 AMG  In March 2010, the Chinese government announced (No. 38, State Council):  Steel, cement, glass, chemical, and polysilicon industries are suffering from overcapacity and must reduce energy consumption  New polysilicon projects with less than 3,000 mt annual capacity have been targeted  New energy consumption standard of less than 200 kWh/kg (for comprehensive energy consumption) and 60 kWh/kg (for reduction process) to be issued by end of 2010  The new standard would eliminate many small inefficient polysilicon plants 200-250 110-130 Indicative Electricity Consumption1 40-70 (kWh/kg) Polysilicon Polysilicon SoG Si “Low Yield” “Best in Class” 1 Based on Management’s knowledge of the industry participants. Electricity consumption can vary widely based on yields. 26
    • Potential Partnerships in China Company Confidential Copyright © 2010 AMG  AMG Conversion is looking for partners to:  Provide wafer tolling services  Establish cell production capability by testing and development of cost effective processes for cell and modules made with SoG Si  Develop alternative crystallization techniques to further improve material performance  Develop customer relationships for high efficiency/low cost cell products Inclusions 27
    • Company Confidential Copyright © 2010 AMG  Introduction  AMG Advanced Metallurgical Group  AMG Conversion  Solar grade silicon  Introduction  Silicon purification techniques  Manufacturing processes (Elkem, 6N Silicon, Timminco)  Impact of impurities  Quality improvements  Ingot yield  Cell efficiency  Inclusions  Breakdown voltage  Light-induced degradation  Manufacturing costs & electricity consumption  Conclusions 28
    • Conclusions Company Confidential Copyright © 2010 AMG  SoG Si manufacturers have made several improvements to address customer concerns  Today’s best SoG Si has the following characteristics:  Low boron and phosphorus concentrations in the proper ratios to produce high ingot resistivity yields  Carbon contents low enough to eliminate inclusion formation and have no negative impact on cell breakdown voltage or slicing yield  Oxygen contents low enough to not cause atypical LID  Metals contents low enough to not cause lifetime/cell efficiency/breakdown issues  While some companies are making good progress, quality differs widely among producers  Market acceptance is possible, but remains an issue due to historical perspectives  Continued cost reduction and quality improvement is necessary to drive market penetration → Low-cost and high quality SoG Si is an attractive alternative to polysilicon even under current poly pricing conditions → In the event of higher material silicon demand, SoG Si will continue to drive lower cost photovoltaics 29
    • Company Confidential Copyright © 2010 AMG 30