Rec corporate presentation_nov_2010 - arnau planas
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Rec corporate presentation_nov_2010 - arnau planas
- 2. The world needs more energy Supply of different energy sources Exajoule 2,500 Nuclear 2,000 Renewables 1,500 1,000 Natural Gas 500 Oil 0 1990 Coal 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 Source: The Intergovernmental Panel on Climate Change (IPCC), SRES (Special Report on Emission Scenarios), Alt. 1 Definition: exajoule (EJ) is a unit of energy, 1018 joules, often used as unit of measure for world annual energy use 2 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 2100
- 3. The sun supplies “virtually” unlimited energy Equivalent stock of energy source Solar power Uranium Natural gas Oil Coal Annual energy demand Fact: There is more energy delivered by the sun in one hour than what is consumed by the world‟s population in one year 3 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 4. Solar energy payback time Payback time of around one year – Energy payback is the time it takes a solar panel to generate the same amount of energy that was used to produce it For the remaining 24 years of its guaranteed lifetime, a solar panel will be „energy positive‟ Energy payback time Number of Years 2.5 2 1.5 1 0.5 0 Mono 2005 Source: Alsema et al. (EU Crystal Clear project), 21st European PV Conference, Dresden, 2006 4 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 Multi 2005 REC 2007 REC today
- 5. REC - An integrated solar company from Norway Silicon Wafer Solar Cells Chemical process Casting and cutting Surface treatment Modules Assembly Systems Project development Renewable Energy Corporation ASA (REC) was established in 1996 REC is now the leading vertically integrated player in the solar industry REC has more than 4,000 employees in production units and offices worldwide. In 2009, REC had revenues in excess of about NOK 9 billion. 5 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 6. REC – A history of growth NOK million 10 000 Start production in ScanCell 9 000 Aquired ASiMI 8 000 7 000 Aquired SiTech Start production in ScanModule 6 000 5 000 Start production in ScanWafer 4 000 3 000 Established Solar Grade Silicon 2 000 1 000 0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Capacity expansions 6 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 7. Production facilities and capacity (including ongoing expansions) Narvik, NORWAY • Cell plant ~225 MW capacity Glomfjord, NORWAY • Multicrystalline wafer plant ~ 320 MW capacity • Monocrystalline and wafer plant Moses Lake, USA • Polysilicon (Siemens & FBR) plants ~13 500 MT capacity. • Silane gas capacity ~21 000 MT - ~300 MW capacity Butte, USA Glava, SWEDEN • Module plant ~150 MW capacity Herøya, NORWAY • Wafer plants – totalling ~1,1 GW capacity • Polysilicon (Siemens) capacity ~3 500 MT. Silane gas capacity ~7 500 MT Tuas SINGAPORE • Wafer plant ~740 MW capacity • Cell plant ~550 MW capacity • Module plant ~590 MW capacity 7 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 8. Silicon production REC Silicon REC Wafer REC Solar Cells Chemical process Casting and cutting Surface treatment Modules Assembly Systems Project development REC produces silicon materials for the electronics and the photovoltaic markets REC is a large player in the global silicon materials industry – Largest silane gas producer – Third largest polysilicon producer – Largest producer of high purity float zone (FZ) polysilicon 8 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 9. Polysilicon production process Mg-Si Silane Rods Silane sold to PV, LCD, thin film Rod pieces Most silane used for polysilicon 9 Siemens process at high temperature Loaded into crucibles Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 10. Wafer production REC Silicon REC Wafer REC Solar Cells Chemical process Casting and cutting Surface treatment Modules Assembly Systems Project development Monocrystalline Multicrystalline REC is a leading producer of multicrystalline wafers for the PV industry Aiming to strengthen the position in the monocrystalline wafer segment Industrialized mass production according to lean manufacturing principles 10 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 11. From silicon to multicrystalline wafers… Solar grade silicon is first put in crucibles… ...and melted in special furnaces It is then cooled from the bottom, crystallization begins... ...and multicrystalline silicon is formed 11 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 The resulting massive ingot is cut into 16 blocks... Each block is prepared for… ...slicing into leafthin wafers… …and washed, separated from each other and dried
- 12. Cells, modules and systems integration REC Silicon REC Wafer REC Solar Cells Chemical process Casting and cutting Surface treatment Modules Assembly Systems Project development REC is a fast-growing producer of solar cells and solar modules. REC is involved in solar systems integration in selected segments of the market. Strategic ambition is to develop into a leading, global solar cell and module manufacturer, as well as a project developer within selected segments of PV systems. 12 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 13. From wafers to modules… and into the market Wafer Wet chemistry Soldering Doping Encapsulation and testing Anti-reflective coating 13 Screen printing Distribution Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 14. CORPORATE GOALS Cost reduction Technological advances 14 Business Confidential Profitable growth Market and customer focus Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 Organizational development
- 16. The only relevant issue... THE PRICE OF PV ELECTRICITY 16 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 THE PRICE OF GRID ELECTRICITY
- 17. Price The concept of grid parity GRID PARITY 2010 Source: BP Solar 17 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 Time
- 18. The cost of solar energy is consistently decreasing Historical module learning curve PV Module prices USD/Wp 100 1980 1990 10 2000 2006 1 0 1 10 100 1,000 Cumulative Module Production (MWp) 18 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 10,000 100,000
- 19. REC is cutting cost with technology The 2010 Cost roadmap 100 % 90 % • Granular polysilicon (FBR>) 80 % • Thinner wafers • Thinner sawing wire • New furnace technology 70 % 60 % 50 % • Increasing conversion efficiency • Process technology • Sourcing 40 % 30 % 20 % 10 % 0% World 2005 Polysilicon Wafer Cell Module * Definition: Watt-peak (Wp) is a measure of power output, most often used in relation to photovoltaic solar energy devices 19 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 REC 2010
- 20. REC is cutting cost with technology 20 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 22. Close to NOK 30 billion in expansions Silicon Capacity increase + Moses Lake (Silicon III) 6,500 MT + Moses Lake (Silicon IV)* 4,000 MT = Sum 10,500 MT Wafer + Herøya III + IV 650 MW + Glomfjord (multi) 100 MW + Glomfjord (mono) 275 MW + Singapore 740 MW = Sum 1,875 MW Solar + Singapore (cell) 550 MW + Singapore (module) 590 MW * In addition: 2,300 MT silane gas allocated to the merchant market 22 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 550 + 590 MW
- 23. The silicon plants in Moses Lake, US 23 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 24. The integrated production facility in Singapore Module Cell Wafer 24 24 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 25. Growth beyond 2010 will come from Singapore The construction of REC's integrated manufacturing complex in Singapore is now complete. The plant was officially opened by Prime Minister Lee on Nov 3, 2010. Singapore production capacity (est): – Wafers ~740 MW – Solar cells Phase I ~550 MW – Solar modules ~590 MW Space for further development 25 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 The project was finalized about 20 percent lower than the original estimate of NOK 14 billion.
- 26. Growth in year-end capacity Poly and sale of Silane gas* Wafers Modules (MT) (MW) (MW) Production Production Production Capacity Capacity Capacity CAGR = ~40% 26 Business Confidential CAGR = ~60% Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 CAGR = ~95%
- 28. Innovation secures leadership Further development of technologies and processes Uniquely positioned to realize innovations across the value chain 28 Leading expertise in PV More than 200 patents granted and pending Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 29. REC Silicon: Proprietary deposition technology – Fluidized Bed Reactor (FBR) Siemens reactor schematic FBR reactor schematic Cooling medium Polysilicon rods Cooling medium Electrical contact Reactor inlet Silane Reactor outlet Siemens Reactors: FBR Technology: + Silane based proven technology + Produces ultra-pure polysilicon + Energy efficient + Meets a specific set of market needs + Continuous production – High energy consumption + Lower cost – Batch process + Logistics friendly product – Needs additional product finishing to be usable 29 + Proprietary REC technology – Ramping to commercial scale Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 30. Wafer production: Lowering our silicon consumption and improving the solar efficiency of our products Thinner wafers Thinner sawing wire New furnace technology Proprietary technology in each process step 30 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 31. Cell and module production: Investing in proprietary technology and process improvements Highly automated processes Increasing conversion efficiency Operational excellence Economies of scale 31 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 33. Current status in key solar markets Germany (MW) 4,000 USA (MW) 3,000 Japan (MW) 2,000 3 000 1,000 2 000 3,000 2009 2008 2,000 1,000 2009 3,000 3,000 Source: EPIA Global Market Outlook 2014 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 2009 2008 2007 2006 0 2009 0 2008 1,000 2007 1,000 2006 2,000 2005 2,000 2009 2008 2007 2006 Italy (MW) Spain (MW) 33 2005 0 2005 2008 2007 2006 2005 0 2007 2005 1 000 2006 0
- 34. Two main market segments Grid connected 96 percent of market Residential buildings Commercial buildings Power plants Off grid 4 percent of market Home systems Water pumping Source: Marketbuzz, 2009 34 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 Telecom Space
- 35. Grid connected – residential The Monterey property, USA 35 Family residence in California USA: This residential Roof-mounted installation has a system size of 13.4 kW and utilizes REC 220 AE-US solar modules. The owners see it as a solid investment in their property. Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 36. Grid connected – commercial 36 Hugo Boss logistics center, Germany: More than 4 500 REC modules have been installed on what is among the largest roof-top PV plants in Germany, providing one million kWh of solar energy annually. Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 37. Grid connected – power plants/systems 37 Parque Metropolitano power plant, Spain: The plant has a total capacity of 4,6 megawatts, utilizing the REC A-Series and REC-AE series modules, with rated output ranging from 210 to 225 watts. Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 38. Expanding the sales & marketing organization Strengthening the sales & marketing organization in Oslo REC Systems established in Singapore REC Solar established in California. 20% shareholding in Mainstream Energy REC Silicon has had a customer support and sales office in Tokyo for more than 15 years REC Solar Spain established in Barcelona REC Solar Italy established in Milan 38 Business Confidential REC Silicon’s presence in Shanghai will be strengthened REC Solar, France, establishe d in Paris Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010 REC Solar Germany established in Munich
- 39. REC Group executive managent REC GROUP Ole Enger LEGAL REC SILICON REC WAFER/SOLAR Tore Torvund John Andersen Jr. Kristine Ryssdal ORGANIZATION & COMMUNICATION Øyvind Hasaas TECHNOLOGY Erik Sauar FINANCE & ADMINISTRATION Bjørn Brenna IR Mikkel Tørud 39 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 40. “I'd put my money on the sun and solar energy. What a source of power! I hope we don't have to wait till oil and coal run out before we tackle that.” Thomas Edison to his friends Henry Ford and Harvey Firestone (1931) 40 Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 2010
- 41. Renewable Energy Corporation Smart REC energy for GROUP a cleaner future
Editor's Notes
- Siemens is the industry standard for polysilicon production and all new industry capacity coming on line is based on this manufacturing technology. Today all of REC Silicon’s existing capacity is based on SiemensThe main characteristics of Siemens technology are:Silane or TCS based proven technologyProduces ultra-pure polysiliconMeets a specific set of market needs. However, this technology hasHigher energy consumptionIt is a batch process, andNeeds additional product finishing to be usableREC’s vision is to find a cheaper way to supply polysilicon for the PV industry, which is why we decided to invest in the FBR technology and build Silicon III. The main characteristics of the FBR manufacturing process are:Proprietary REC technologyEnergy efficientContinuous production process, which all result inLower costGranular polysilicon is easy to handleWe are now ramping the FBR process to commercial scaleThe FBR technology is an important step toward REC’s goal, which is to supply cost-efficient PV solutions to the market to reach grid parity