presentation plus mat

Resource from Waste

PV-Silicon recovery from wafer sawing process

Plus MAT team

Höheweg 55, 3054 Schüpfen (BE), Switzerland

Plus MAT sustaining values

www.plusmat.ch [email protected]

� Provider of system (equipment & process technology) to recover

from

� Core team of record-proven experience in PV and related industry

Plus MAT AG Höheweg 55, CH-3054 Schüpfen, Switzerland

Resource (PV-grade Silicon) Waste (wafer sawing slurry)

Plus MAT AG

Sand Silicon Ingot WafersSolar cells

Solar modules

PV system

Current

Silicon− most precious material in PV − ∼∼∼∼20% of total module cost

Problem: 40% - 50% of Si is lost during wafer wire-sawing process

Plus MAT offers system to recover the lost Si back to production- Cost effective (<10$/kg instead of 20$/kg Si market price)- Independent equipment unit from present production line


Silicon (Si) – precious value in PV

Si recovery process at Plus MAT

Slurry composition after sawingPatented Si recovery process:

surface treatment + micro-bubble floatation

Ready-to-be-used Si feedstock

USP of plus MAT’s technology:Cost-effective solution for long-lasting market demand.


IP protection strategies:- Patents- Continuous innovation to be technology leader- Collaboration with local governmental organisations


Product distribution model

Significant profit for customers

Significant cost saving potential in a PV production line


- Si technology will stay as dominant technology for strongly growing PV market

- Market volume and value of Si recovery will increase by 20-30% per year (>20B$ in 2016)

Market demand of Si in PV industry grows strongly from 2014

Market of Si and its recovery


- Bottom-up approach- The only theoretical limit is global

market volume- Market share will grow exponential

after technology & market maturity- Global sales with focus on Europe,

China and America

Market expectation of Plus MAT


Year 1(2014)

Year 2(2015)

Year 3(2016)

Year 4(2017)

No. of sold equipment 1 2 5 13

Sales (kCHF) 1’000 2’000 5’000 13’000

Technology development- Team complete- Process development ready- Small-scale prototype ready- Sub-contractors for equipment

construction identified

Market development- Team complete - First positive feedback received- LOI for first customer signed- Support from local Swiss

organizations close to customers

Next steps:- Kick-off industrial upscaling and equipment

assembly- Commissioning of a 25MW PV Si recovery

system to first customer in 2014.- Establish more market visibility in Europe,

China and US

Present commercialization status


� Equipment producers in PV value chain

� Supporting organizations from Swiss confederation

� Research partners

� Financially supporting organisations

Product and market development partners


SWOT analyses


Landscape of competitors


− Italian company, formerly a subsidiary of SiC-processing GmbH, specialized in recycling of diamond wire sawing coolant.

− R&D on Si recovery from diamond wire sawing waste, based on chemical washing. A newly kick-off EU project SiKELOR to reduce impurities in recovered Si by electromagnetic field.

− Prof. C.W. Lan @ National Taiwan University− Close relation with Sino-American Silicon Products Inc. − R&D on Si recovery from slurry sawing waste, based on

electromagnetic separation and high temperature treatment.

Process advantages from Plus MAT:- World-leading technical results on purity and yield of recovered Silicon (source from publication,

conference and private communications)- Universal for both slurry and diamond wire sawing technologies- Cost-effective: Process at room temperature and ambient pressure without energy-intensive

steps

Year 1 Year 2 Year 3 Year 4 Comment

Sales (kCHF) 1’000 2’000 5’000 13’000 - recovery unit price of 1’000kCHF

- customers’ payback time is 1 year

No. of sold equipment 1 2 5 13

Recovery volume (MW) 25 50 125 325 recovery system unit volume of 25MW

Gross margin without salary 21.5% 30% 37% 42%

Wages and social cost (kCHF) 300 700 1’500 3’000 100kCHF as average personnel cost

Personnel (FTE at the end of the year) 3 7 15 30

Expenses 715 1’400 3’150 7’500

Materials & Production (kCHF) 500 1’000 2’500 6’500

Invest. in WC & fixed assets (kCHF) 215 400 650 1’000

Highest cumulated FCF on a monthly

basis (kCHF) -500 -700 -900 -1’500

payment model:

- 40%/50%/10% on account receivable

- 60 days on account payable

Net profit (kCHF) -15 -100 350 2’500

Net profit margin -1.5% -5% 7% 20%

− Seed fund to date has been by founders, STI foundation, CTI-project, and Bern Economic Development Agency in the amount of 790kCHF.

− Application of project from Swiss Federal Office of Energy to co-finance the Y1 upscaling expenses.

− Break-even is expected from year 3 of operation.− Series A fundraising to cover negative cash flow.

Financial plan


Phase 1 (year 1) Phase 2 (year 2-4)

Fund raising target (CHF) 500’000 1’000’000

Pre-money evaluation 2’500’000 4’000’000

Post-money evaluation 3’000’000 5’000’000

% of stakes for investors 16.67% 20%

... as well as to seek experience in � international business:

- Plus MAT produces equipment in Switzerland and sells to global customers.� strategic planning:

- Balance of continuous innovation in technology and market development is the base for the sustainability of Plus MAT.

Series A fundraising target


Year 1 Year 2 Year 3 Year 4

Sales (kCHF) 1’000 2’000 5’000 13’000

Net profit (kCHF) -15 -100 350 2’500

Net profit margin -1.5% -5% 7% 20%

Exit plan


Exit strategy:� Scenario 1:

− Trade sale or technology alone exclusively to a partner or a customer with large profit potential (e.g., a saw producer, a slurry recovery company, or a wafering company).

− Possible from Year 1.� Scenario 2:

− Non-exclusive offering of the technology and IP to all the relevant players (sawing equipment producers, slurry recycle companies, wafering companies).

− Possible from Year 2-3.� Scenario 3:

− Public offering.− Not earlier than Year 5.

Sustaining Values by Recovering from

Plus MAT

Resource Waste

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