Best in Class Client Services - Broward County, Florida

Best in Class Client Services - Broward County, Florida

Photovoltaic Innovation Landscape: A Global and Local Perspective Fatima Toor, Ph.D. Research Analyst Lux Research Inc. June 6th, 2014 2014 Go SOLAR and Renewable Energy Fest Florida About Lux Research Helps clients find new business opportunities from emerging technologies in physical and life sciences Technology Solarcoverage Agricultural Innovation Energy Storage Offers ongoing technology and market intelligence, as well as market data and consulting services

Autonomous Systems Over 250 clients on six continents multinational corporations, investors, governments, and SMEs Food and Nutrition Global reach, with over 90 employees in Boston, New York, Amsterdam, Singapore, Shanghai, and Tokyo Combines deep technical expertise with business analysis to support strategic decisions Alternative Fuels Bio-based Materials & Chemicals Exploration and Production Water Advanced Materials Bioelectronics Energy Electronics Sustainable Building Materials Efficient Building Systems

Printed, Flexible, and Organic Electronics China Innovation 2014 Go SOLAR and Renewable Energy Fest Florida 2 Agenda Photovoltaic (PV) Market Trends Global PV Innovation Trends Near Term : Silevo & Solar Frontier Long Term: Solexel & Heliatek Florida PV Industry Landscape Research Institute: Florida Solar Energy Center Solar Initiatives by Florida Light & Power PV Industry Outlook 2014 Go SOLAR and Renewable Energy Fest Florida 3 100% Overcapacity in 2012..however 2015 will Bring Supply Constraint 80,000

70,000 60,000 Module 50,000 Supply/ Demand 40,000 (MW) 30,000 20,000 10,000 0 2008 2009 2010 Supply - Tier 3 2011 2012 2013 Supply - Tier 2

2014 2015 Supply - Tier 1 2016 2017 2018 Demand Source: Lux Research Q4 2013 Supply Tracker 2014 Go SOLAR and Renewable Energy Fest Florida 4 Global Trade Wars on the Rise U.S. Tariffs on Chinese Solar Cells EU Tariffs on Chinese Solar Panels

Chinese Tariffs on U.S. and South Korean Polysilicon Dumping 2014 Go SOLAR and Renewable Energy Fest Florida 5 Total Global PV Module Demand will be Dominated by Asia and Pacific Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 6 China, Japan, and U.S. Drive New Installations Today as Germany Dials Down Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 7

Within U.S., California will be the Largest Demand Market while Florida will Reach 400 MW/year of New Installations by 2018 Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 8 Crystalline Silicon Will Dominate the PV Module Demand Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 9 2013 Investor Presentations Indicate Return of Double Digit Margins for Tier 1 Module Manufacturers 2014 Go SOLAR and Renewable Energy Fest Florida

10 Agenda Photovoltaic (PV) Market Trends Global PV Innovation Trends Near Term : Silevo & Solar Frontier Long Term: Solexel & Heliatek Florida PV Industry Landscape Research Institute: Florida Solar Energy Center Solar Initiatives by Florida Light & Power PV Industry Outlook 2014 Go SOLAR and Renewable Energy Fest Florida 11 Cost, Efficiency, and Price are the Fundamental Drivers of the Photovoltaic Industry Price & Profit Margin Incentives & Demand

Cost & Module Efficiency Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 12 PV Modules in 2030 Will be More Technologically Diverse Than Today Energy revolution by accelerated [technology] evolution is needed because given the high storage costs, PV needs to be at least two to three times cheaper than where it is today, for solar electricity generation and storage to become cost competitive to traditional sources of energy J. Poortmans, IMEC Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida 13 Silevo Technology Small scale c-Si cell and module manufacturer

156 mm x 156 mm n-type c-Si highefficiency solar cells named Triex with electroplated Cu metallization and tunnel junction oxide Industrys first 72 cell module with 355 W output enables BOS and labor cost reductions of $0.37/W Module efficiency is 18% to 18.5%; production costs of $0.95/W at 32 MW capacity in Hangzhou, China Strategy and Markets Claims 100% capacity utilization in China Currently building a 200 MW cell and module facility in upstate New York, U.S. Triex Cells have Lower Temperature Coefficient than Conventional mc-Si Cells Lux Take: Positive 2014 Go SOLAR andtoRenewable Energy Fest Florida Silevo is a strong competitor

14 Solar Frontier Technology Develops sputtered copper indium gallium selenide (CIGS) modules with an efficiency of 13.8% for commercial modules and 14.6% champion efficiency; module manufacturing costs of $0.67/W Ultra-thin module with 2 mm thick glass, named Solacis neo, with a special mounting system, Cross One, for the residential market Research partnership with IBM for copper zinc tin sulfide (CZTS) solar cells Strategy and Markets Module capacity of 980 MW with expansions plans to go beyond 1 GW Solar Frontier/SUNY CNSE conducting feasibility study to build a CIGS module manufacturing facility in Buffalo, NY Innovation Partners Lux Take: Positive Solar Frontier is the only company that has been

able to successfully scale CIGS modules and will Go SOLAR Japanese and Renewable Energy benefit from2014 the booming as well as Fest Florida 15 Solexel Technology Develops thin-film superstrate (TFSS) epitaxial silicon (epi-Si) solar cells with 21.2% efficient 156 mm X 156 mm champion solar cell Expects module costs to reach $0.62/W at 100 MW of production and $0.42/ W long term at scale Solexels Epi-Si Module Manufacturing Proce Strategy and Markets Targeting lightweight and flexible

modules for initial penetration to maintain high margins Raised a total of $164 million; plans to ramp a pilot cell line in 2014, followed by a 100 MW cell facility in Malaysia while contracting out module assembly SunPower is a recent investor Lux Take: Wait and See Promising epitaxial silicon kerfless Flexible Epi-Si Cell wafer technology with reasonable 2014 Go SOLAR and Renewable Energy Fest Florida capex and low materials costs; will 16 Heliatek Technology Develops vacuum-deposited small

molecule bulk heterojunciton organic photovoltaic cells Verified 12% efficient cell at AM1.5 conditions with 1.1 cm2 area on glass substrate; claims 10.5% small cell efficiency on PET Claims manufacturing costs of $10/W to $20/W Strategy and Markets Targeting building integrated photovoltaics (BIPV), automobiles, and consumer electronics applications Company plans to sell semi-finished products to undisclosed partners who are glass, concrete, steel, polycarbonate, membrane, and car roof manufacturers Heliateks p-i-n tandem cell Innovation Partners Lux Take: Caution Costs are too high while efficiencies are 2014 Go to SOLAR

Renewable non-competitive otherand thin-film PV Energy Fest Florida 17 Agenda Photovoltaic (PV) Market Trends Global PV Innovation Trends Near Term : Silevo & Solar Frontier Long Term: Solexel & Heliatek Florida PV Industry Landscape Research Institute: Florida Solar Energy Center Solar Initiatives by Florida Light & Power PV Industry Outlook 2014 Go SOLAR and Renewable Energy Fest Florida 18 306 Solar Companies at Work Across the Value Chain in Florida 169

contractors/installers 46 manufacturers 29 distributors 21 project developers 41 engaged in other solar activities including financing, engineering and legal support Source: SEIA 2014 Go SOLAR and Renewable Energy Fest Florida 19 Florida Solar Energy Center Florida Solar Energy Center is a research institute of the University of Central Florida, located on a 20 acre research complex PV Materials Research FSEC faculty involved in research of low cost and high throughput production of CIGS modules on glass and stainless steel substrates for terrestrial and space applications PV and Concentrating Solar Power (CSP) Systems Testing

FSEC /UCF remains the only test facility in the U.S. capable of testing certain types of CSP system equipment FSEC/UCF partnered with Sandia National Laboratories (SNL), the Southwest Technical Development Institute (SWTDI), and the California Energy Commissions Public Interest Energy Research (CEC PIER) to characterize the performance of PV modules and inverters operating over extended periods of time 2014 Go SOLAR and Renewable Energy Fest Florida 20 M a n u fa c tu rin g C o s ts ( $ /W ) 2012-2017 Cost Trends Indicate that CIGS and mc-Si Manufacturing Costs will Converge $1.65 $1.45 $1.25 $1.05 $0.85 $0.65 $0.45 $0.25

2012 2013 2014 Coevap, Glass, Monolithic Ultrasonic Spray, Glass, Monolithic Nanoparticle, Glass, Monolithic Electrodep, Flexible, Discrete 2015 2016 2017 Sputtering, Glass, Monolithic Sputtering, Glass, Discrete Coevap, Flexible, Discrete mc-Si Source: Lux Research 2014 Go SOLAR and Renewable Energy Fest Florida

21 Net Present Value (NPV) Energy of PV Power Plants over 30 Years can Vary Significantly due to Module Quality Financial Metrics LCOE ($/kWh) NPV energy over 30 years ($) Loss ($) High Durability Module $0.115/kWh $17.57 million Low Durability Module $0.323/kWh $8.o4 million $9.53 million

Source: NREL 2014 Go SOLAR and Renewable Energy Fest Florida 22 Agenda Photovoltaic (PV) Market Trends Global PV Innovation Trends Near Term : Silevo & Solar Frontier Long Term: Solexel & Heliatek Florida PV Industry Landscape Research Institute: Florida Solar Energy Center Solar Initiatives by Florida Light & Power PV Industry Outlook 2014 Go SOLAR and Renewable Energy Fest Florida 23 Power Martin Next Generation Clean Energy Center Martin Next Generation Solar Energy

Center was completed in 2010 by Florida Power and Light First hybrid combined cycle natural gas + concentrating solar power (CSP) plant to be developed in the U.S. Hybrid CSP plant includes a field of 190,000 parabolic mirrors that heat a synthetic oil thermal fluid to temperatures of 398 oC Superheated thermal fluid is run through a heat exchange system and used to generate steam to supplement the existing natural gas/ oil plants (4) combined-cycle steam turbine units Capacity of 75 MW of parabolic trough CSP is enough to power over 11,000 Florida homes 2014 Go SOLAR and Renewable Energy Fest Florida 24 with 14 hours of Thermal Energy Storage (TES) will be Competitive to mc-Si with singleaxis PV Plants by 2020 $0.20 $0.18

$0.16 Parabolic trough Power tower Linear Fresnel reflector Parabolic dish $0.14 $0.12 $0.10 Potential LCOE $0.08 in 2020($/kWh) $0.06 $0.04 $0.02 $0.00

an t S r da d s TF H t al an t S r da d al

c iti r rc am e st Br a on t y ca i t ri rc n r

Ai te l o pe M e u p S 0 hrs TES Su Mc-Si single-axis tracked (without storage) O lC 2 an t S r da

d s TF H t al an t S r da d Br on t ay n r Ai

te l o M 14 hrs TES Mc-Si fixed (without storage) Source: Lux Research Report, Dec 2013, Turning up the heat on advanced concentrating solar power components 25 Power DeSoto Next Generation Solar Energy Center DeSoto Next Generation Solar Energy Center is among the largest PV solar installations in Florida and was completed in 2009 by SunPower Power plant consists of 90,000 SunPower PV modules with SunPowers single-axis T-zero (T0) trackers To trackers enable minimized shading while grouping the trackers closer together resulting in 20% less land than

conventional crystalline silicon fixed tilt systems and 60% less than thin-film modules At 25 MW capacity, this PV project has enough electric capacity to power more than 2,500 Florida homes 2014 Go SOLAR and Renewable Energy Fest Florida 26 Power Space Coast Next Generation Solar Energy Center Space Coast Next Generation Solar Energy Center is located at NASAs Kennedy Space Center which was completed in 2010 as a partnership between NASA and Florida Power & Light. Location of Space Coast Next Generation Solar Energy Center Power plant consists of over 35,000 SunPower PV modules with

SunPowers single-axis T0 trackers The plant provides slightly less than 1% of the Kennedy Space Centers electricity needs At 10 MW capacity, this PV project has enough electric capacity to power more than 1,1 00 Florida homes 2014 Go SOLAR and Renewable Energy Fest Florida 27 Solar Initiatives by Florida Light and Power Rebate Programs Residential Customer Rebates Residential customers may receive a rebate of up to $20,000 for installing a photovoltaic (PV) system and interconnecting to FPL's grid Business Customer Rebates Business customers may receive rebates up to $50,000 per site for installing a PV system and interconnecting to FPL's grid PV for Schools

FPL will install the systems in at least one school in each of the 28 districts, up to 81 schools over 5 years; FPL will own and maintain the PV systems for the first 5 years and then transfer ownership and maintenance to the school districts; FPL also will provide teacher training and classroom materials. 2014 Go SOLAR and Renewable Energy Fest Florida 28 2.2% of Floridas total net electricity generation in 2013 was from renewable energy and the state ranked 7th in the nation in net generation from utility-scale solar energy Source: U.S. EIA 2014 Go SOLAR and Renewable Energy Fest Florida Agenda Photovoltaic (PV) Market Trends Global PV Innovation Trends Near Term : Silevo & Solar Frontier

Long Term: Solexel & Heliatek Florida PV Industry Landscape Research Institute: Florida Solar Energy Center Solar Initiatives by Florida Light & Power PV Industry Outlook 2014 Go SOLAR and Renewable Energy Fest Florida 30 Outlook Solar PV demand will continue to grow with U.S., Japan, and China as the leading demand markets PV innovation across the value chain is necessary for i. module manufacturers to differentiate products and maintain sustainable profit margins ii. solar electricity to become cost competitive to coal and natural gas Florida research institutes will play an important role in the PV innovation landscape by developing low cost and/or high efficiency solar technologies Florida utilities will also play an important role to grow the local solar energy economy through solar rebates, leasing, and 2014 Go SOLAR and Renewable Energy Fest Florida

31 Thank you Fatima Toor, Ph.D. Research Analyst Lux Research Inc. +1 (617) 502-5318 [email protected] m

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