Revolutionizing Wafer Production

NREL Industry Growth Forum / Emerging Markets Day

May 8–10, 2019

NexWafe – the most disruptive technology in photovoltaics

2

Background

› Spin-off from the Fraunhofer Institute for Solar Energy Systems

› Based on more than 15 years of R&D, EUR 20M invested

› Backed by Saudi Aramco Energy Ventures and Green Growth Fund 2

Market› Multi-billion dollar market for high-quality silicon wafers

› Monocrystalline wafer market growing over-proportionally

Business

model

› Scalable and highly profitable business

› Produce and sell high-quality mono-crystalline silicon wafers

› Provide fully compatible “drop-in” wafers

Financials› Revenues: EUR 32m in 2021 exceeding EUR 1bn in 2025

› Highly profitable from 2021 onwards

Team

› Highly experienced management team

› Track record in construction and operation of mass productions and

commercialization of new products

Technology

& Products

› Kerfless production of mono-crystalline silicon wafers at a fraction of

the cost and superior quality compared to conventional wafers

› Pilot line in operation, on fast track to mass production

Intellectual

Property

› 16 patent families built around the core technologies

› Substantial trade secrets

Revolutionary kerfless wafer technology

3

Highest-quality silicon wafers for PV cell manufacturers as drop-in

replacement for standard monocrystalline silicon wafers

A rapidly growing multi-billion dollar target market

4

Source: Apricum PV market forecast (Q2/2018, center scenario), PV Tech, ITRPV

Mono wafer demand grows with 26% CAGR to USD 13bn in 2022

Global PV market projections [GWp]

p-type

(multi)

5%

7%

41%

48%

5%

2019

6%

2020

18%

69%

7%

12313%

8%

77%

9%

2021

n-type

(mono)

37%

2018

7%3%

3%

Thin-film

2022

116

p-type

(mono)

90

77%

128

55%

4%

104

9.4%

Improvement lever

• Economies of scale

• Margin contraction

• Manufacturing process

improvements

• Gradual product performance

increases

• High-efficiency cell technologies

• New manufacturing paradigms

NexWafe – new levers for growth of the PV industry

5

PV learning curve

0.01

0.1

1

10

100

0 0 10 1,000 100,000

22.8% learning ratePast

Future

0.1 400

Cumulative PV module shipments [GWp]

Avera

ge m

odule

price [U

SD

2017/W

p]

Conventional wafer production is responsible for 40% of PV module

cost and has very limited cost reduction potential

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SawingIngotsPoly-

siliconRods

Squaring,

brickingCropping

Silane

gas

16 g polysilicon ~10 g wafer

High COGS

and capital

intensity

~40% material

loss

Energy waste

and CO2

Product with

quality

limitations

CO2

Gas

SawingIngotsPoly-

siliconRods

Squaring,

brickingCropping

NexWafe’s disruptive technology – improved wafer quality at

drastically reduced COGS, CAPEX, energy and material losses

7

Direct wafer growth from silane gas = drastically shorter value chain

Premium-

quality, drop-

in product

50% less

energy & CO2

> 50% lower

COGS and

CAPEX

>90% less

waste

Silane

gas

Gas

NexWafe’s proprietary high-throughput deposition

Kerfless wafer process for mass production

8

Unique patent protected technology to achieve low production cost:

✓ High-throughput in-line tools and processes

✓ Closed seed wafer loop an almost no kerf

EpiWafer

Re-use of seed wafer

EpiWafer

Release layer

formationDeposition Detachment Post treatment1 2 3 4

seed wafer seed wafer

silane gas

seed wafer

EpiWafer

Clear roadmap to exceed 30 GW production capacity

9

New

production

sites

1.25

GW

Multi

GW

2019

5

MW

2022 2023

Upgrade for

commercial

production

First large-

scale plant in

Bitterfeld

Bitterfeld

capacity

expansion

2020

250

MW

NexWafe’s production processes and equipment –

ready for large-scale EpiWafer production

10

Release

layer

formation

Detachment

Post

treatment

Wafer

packaging

Silicon layer

deposition

1 2

3

4

5

EpiWafer

seed wafer

seed wafer

seed wafer

EpiWafer

Construction of 1st fab with 250 MW capacity followed by fast ramp to

GW level starts mid 2019

Attractive site for first GW-scale manufacturing secured

11

Strong management team – proven track record in building

products, companies, process equipment and production facilities

12

Peter Pauli

(Chairman)

Recognized PV

industry leader and

ex-CEO of Meyer

Burger

Dr. Stefan Reber

(CEO, CTO)

Dr. Frank Siebke

(CFO)

Roy Segev

(CCO)

Karl Friedrich

Haarburger (COO)

Expert in

industrialization &

factory building

20 years

experience in

building companies

20 years in leading

operational roles

and venture capital

20 years in silicon

materials R&D

Scalable, high-margin business –

ideally positioned for a high-value exit

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• Scalable, capital efficient production

• High-margin business

• EBITDA-positive by 2021

0

2019 20222020 2021 20252023 2024

3 32116

215

703

1.178

Projected revenue

EUR million

Many potential strategic

acquirers

Polysilicon Ingot/Wafer

Cell/Module Other

NexWafe – Innovation, growth and competitiveness

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• NexWafe addresses a rapidly-growing multi-billion-

dollar solar photovoltaic business

• We own the most innovative disruptive PV technology

fundamentally changing the process and the cost of

wafer production

• Our product hits the sweet spot of customer demand:

high efficiency at low cost

• We will raise equity in our Series B round to help

finance our 250 MW production plant in Bitterfeld

• We create a highly profitable, rapidly-growing

business

Be part of it!