rec corporate presentation_nov_2010 - arnau planas
TRANSCRIPT
Renewable Energy
Corporation
RECGROUP
REC Corporate presentation
Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 20102
Source: The Intergovernmental Panel on Climate Change (IPCC), SRES (Special Report on Emission Scenarios), Alt. 1Definition: exajoule (EJ) is a unit of energy, 1018 joules, often used as unit of measure for world annual energy use
The world needs more energySupply of different energy sourcesExajoule
1990 2000 2010 2020 2030 2040 2050 2060 2070 2080 2090 21000
500
1,000
1,500
2,000
2,500
Nuclear
Renewables
Natural Gas
Oil
Coal
Business Confidential Copyright Renewable Energy Corporation ASA. All Rights Reserved 20103
The sun supplies “virtually” unlimited energyE
quiv
ale
nt s
tock
of
ener
gy
sour
ce 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
Solar power
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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 timeNumber of Years
Mono 2005 Multi 2005 REC 2007 REC today0
0.5
1
1.5
2
2.5
Source: Alsema et al. (EU Crystal Clear project), 21st European PV Conference, Dresden, 2006
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REC - An integrated solar company from Norway
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.
Silicon Wafer Solar
Cells Modules Systems
Chemical process Casting and cutting Surface treatment Assembly Project development
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REC – A history of growth
Start production in
ScanCell
Start production in ScanWafer
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Capacity expansions
Start production in ScanModule
Established Solar Grade
Silicon
Aquired ASiMI
AquiredSiTech
NOK million
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Production facilities and capacity (including ongoing expansions)
Moses Lake, USAMoses Lake, USA
Butte, USAButte, USA
Glava, SWEDENGlava, SWEDEN
Narvik, NORWAYNarvik, NORWAY
Tuas SINGAPORETuas SINGAPORE
• Polysilicon (Siemens & FBR) plants ~13 500 MT capacity.• Silane gas capacity ~21 000 MT
• Polysilicon (Siemens & FBR) plants ~13 500 MT capacity.• Silane gas capacity ~21 000 MT
• Polysilicon (Siemens) capacity ~3 500 MT. Silane gas capacity ~7 500 MT
• Polysilicon (Siemens) capacity ~3 500 MT. Silane gas capacity ~7 500 MT
• Cell plant ~225 MW capacity• Cell plant ~225 MW capacity
• Module plant ~150 MW capacity• Module plant ~150 MW capacity
Glomfjord, NORWAYGlomfjord, NORWAY
• Multicrystalline wafer plant ~ 320 MW capacity• Monocrystalline and wafer plant - ~300 MW capacity
• Multicrystalline wafer plant ~ 320 MW capacity• Monocrystalline and wafer plant - ~300 MW capacity
Herøya, NORWAYHerøya, NORWAY
• Wafer plants – totalling ~1,1 GW capacity• Wafer plants – totalling ~1,1 GW capacity
• Wafer plant ~740 MW capacity• Cell plant ~550 MW capacity• Module plant ~590 MW capacity
• Wafer plant ~740 MW capacity• Cell plant ~550 MW capacity• Module plant ~590 MW capacity
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Silicon production
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
REC Silicon REC Wafer REC Solar
Cells Modules Systems
Chemical process Casting and cutting Surface treatment Assembly Project development
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Polysilicon production process
Silane sold to PV, LCD, thin film
Silane
Mg-Si
Most silane used for polysilicon
Siemens process at high temperature
Rod pieces
Loaded into crucibles
Rods
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REC Silicon REC Wafer REC Solar
Cells Modules Systems
Chemical process Casting and cutting Surface treatment Assembly Project development
Monocrystalline
Multicrystalline
Wafer production
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
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From silicon to multicrystalline wafers…
It is then cooled from the bottom, crystallization begins...
...and melted in special furnaces
Solar grade silicon is first put in crucibles…
...and multicrystalline silicon is formed
The resulting massive ingot is cut into 16 blocks...
Each block is prepared for…
...slicing into leaf-thin wafers…
…and washed, separated from each other and dried
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Cells, modules and systems integration
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.
REC Silicon REC Wafer REC Solar
Cells Modules Systems
Chemical process Casting and cutting Surface treatment Assembly Project development
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Doping
Anti-reflective coating
Soldering
Screen printing
Encapsulation and testing
Distribution
Wafer
Wet chemistry
From wafers to modules… and into the market
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Cost reduction Profitable growth
Technological advances
Organizational development
Market and customer focus
CORPORATE GOALS
Renewable Energy
Corporation
RECGROUP
Cost-reductionCost reduction
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The only relevant issue...
THE PRICE OFPV ELECTRICITY
THE PRICE OF GRID ELECTRICITY
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The concept of grid parity
Source: BP Solar
Time
Pric
e
GRID PARITY
Renewable electricity
Grid electricity
2010
Approximately 2,000 sunhours
Approximately 1,000 sunhours
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The cost of solar energy is consistently decreasing
Historical module learning curve
1
10
100
0 10 1001 1,000 10,000 100,000
PV
Mod
ule
pri
ces
US
D/W
p
Cumulative Module Production (MWp)
1980
1990
2000
2006
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REC is cutting cost with technology
The 2010 Cost roadmap
0 %
10 %
20 %
30 %
40 %
50 %
60 %
70 %
80 %
90 %
100 %
World 2005 Polysilicon Wafer Cell Module REC 2010
• Granular polysilicon (FBR>)
• Thinner wafers
• Thinner sawing wire
• New furnace technology
• Increasing conversion efficiency
• Process technology
• Sourcing
* Definition: Watt-peak (Wp) is a measure of power output, most often used in relation to photovoltaic solar energy devices
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REC is cutting cost with technology
Renewable Energy
Corporation
RECGROUPProfitable growth
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Close to NOK 30 billion in expansionsSilicon 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
550 + 590 MW
* In addition: 2,300 MT silane gas allocated to the merchant market
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The silicon plants in Moses Lake, US
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The integrated production facility in Singapore
24
Cell
Module
Wafer
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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 ~550 MW
– Solar modules ~590 MW
The project was finalized about 20 percent lower than the original estimate of NOK 14 billion.
Space for further development
Phase I
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Growth in year-end capacity
Poly and sale of Silane gas*
(MT)
Wafers
(MW)
Modules
(MW)
CAGR = ~40% CAGR = ~60% CAGR = ~95%
Capacity
Production
Capacity
Production
Capacity
Production
Renewable Energy
Corporation
RECGROUPTechnological advances
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Innovation secures leadership
Leading expertise in PV
Further development of technologies and processes
Uniquely positioned to realize innovations across the value chain
More than 200 patents granted and pending
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REC Silicon: Proprietary deposition technology – Fluidized Bed Reactor (FBR)
Siemens Reactors:+ Silane based proven technology
+ Produces ultra-pure polysilicon
+ Meets a specific set of market needs
– High energy consumption
– Batch process
– Needs additional product finishing to be usable
FBR Technology:+ Proprietary REC technology
+ Energy efficient
+ Continuous production
+ Lower cost
+ Logistics friendly product
– Ramping to commercial scale
Siemens reactor schematic FBR reactor schematic
Silane
Cooling medium
Cooling medium
Reactor outletReactor inlet
Electrical contact
Polysilicon rods
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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
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Cell and module production: Investing in proprietary technology and process improvements
Highly automated processes
Increasing conversion efficiency
Operational excellence
Economies of scale
Renewable Energy
Corporation
RECGROUPMarket and customer focus
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Current status in key solar markets
2005
2006
2007
2008
2009
0
1,000
2,000
3,000
4,000
2005
2006
2007
2008
2009
0
1,000
2,000
3,000
2005
2006
2007
2008
2009
0
1,000
2,000
3,000
2005
2006
2007
2008
2009
0
1,000
2,000
3,000
USA (MW)
Germany (MW)
Spain (MW) Italy (MW)
Japan (MW)
Source: EPIA Global Market Outlook 2014
20
05
20
06
20
07
20
08
20
09 0
1 000
2 000
3 000
Chart Title
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Two main market segments
Source: Marketbuzz, 2009
Grid connected
Off grid
Residential buildings Commercial buildings Power plants
Home systems Water pumping Telecom Space
96 percent of market
4 percent of market
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Grid connected – residential
The Monterey property, USA
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.
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Grid connected – commercial
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.
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Grid connected – power plants/systems
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.
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Strengthening the sales & marketing organization in Oslo
Expanding the sales & marketing organization
REC Solar established in California. 20% shareholding in Mainstream Energy
REC Solar, France, established in Paris
REC Solar Italy established in Milan
REC Solar Spain established in Barcelona
REC Solar Germany established in Munich
REC Silicon’s presence in Shanghai will be strengthened
REC Silicon has had a customer support and sales office in Tokyo for more than 15 years
REC Systems established in Singapore
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REC Group executive managent
REC SILICONTore Torvund
REC SILICONTore Torvund
REC GROUPOle Enger
REC GROUPOle Enger
REC WAFER/SOLARJohn Andersen Jr.
REC WAFER/SOLARJohn Andersen Jr.
TECHNOLOGYErik Sauar
TECHNOLOGYErik Sauar
IRMikkel Tørud
IRMikkel Tørud
FINANCE &ADMINISTRATION
Bjørn Brenna
FINANCE &ADMINISTRATION
Bjørn Brenna
LEGALKristine Ryssdal
LEGALKristine Ryssdal
ORGANIZATION & COMMUNICATION
Øyvind Hasaas
ORGANIZATION & COMMUNICATION
Øyvind Hasaas
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“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)
Renewable Energy
Corporation
RECGROUP
Smart energy for a cleaner future