Solar | Semiconductor | · PDF file• ALD Al 2O 3 SOLAR Taking semiconductor technologies...
Transcript of Solar | Semiconductor | · PDF file• ALD Al 2O 3 SOLAR Taking semiconductor technologies...
This Presentation may contain certain statements or information that constitute “forward-looking statements” (as defined in
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended). In some but not all cases, forward-looking statements can be identified by terminology such as, for example,
“may,” “will,” “should,” “would,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,”
“continue,” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include
statements regarding Amtech System, Inc.’s (the “Company”) future financial results, operating results, business strategies,
projected costs, products under development, competitive positions and plans and objectives of the Company and its
management for future operations. Such forward-looking statements and information are provided by the Company based
on current expectations of the Company and reflect various assumptions of management concerning the future
performance of the Company, and are subject to significant business, economic and competitive risks, uncertainties and
contingencies, many of which are beyond the control of the Company. Accordingly, there can be no guarantee that such
forward-looking statements or information will be realized. Actual results may vary from any anticipated results included in
such forward-looking statements and information and such variations may be material. No representations or warranties are
made as to the accuracy or reasonableness of any expectations or assumptions or the forward-looking statements or
information based thereon. Only those representations and warranties that are made in a definitive written agreement
relating to a transaction, when and if executed, and subject to any limitations and restrictions as may be specified in such
definitive agreement, shall have any effect, legal or otherwise. Each recipient of forward-looking statements should make
an independent assessment of the merits of and should consult its own professional advisors. Except as required by law,
we undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future
events, or otherwise.
Safe Harbor Statement
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� Solar Growth Business
� Globalization of solar drives continued growth
� Reaching parity with conventional energy sources
� Recognized technology provider in solar market
� Major market share in top tier solar companies
� Expanded SAM 3x during solar market downturn through investments in� Expanded product offerings (PECVD, ALD)
� P and N-type cell technologies (PERC, n-PERT)
� Flexible manufacturing base to deal with market fluctuations
� Semi/LED Value Business
� Strong operational performance
� Positive earnings and cash-flow
� Leading market position in globally-served markets
� Asia-based manufacturing
Investment Highlights
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� Global supplier of solar, semiconductor, & electronics process equipment technology and automation systems
� Headquartered in Tempe, Arizona
� Global presence in:
North America, Europe, Asia
� Providing leading edge equipment provider driven by acquisition of technology and products
� Continuous innovation� Successful development of solar PECVD, high
density diffusion systems, n-PERT and PERC cell solutions
� Successful deployment of next generation solar N-type cell technologies
� Successful development of new generation reflow equipment and technologies
� Leading equipment and technology provider
AMTECH Group
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Amtech Group business model
Strategic Acquisition
2009 2012 2013 2014 20152010 2011
HD-POCl33200 w/h
production
Gen 1600MW n-PASHA
production
Batch PECVD1850w/h
Gen 2 100MW n-PASHA
production
Innovation
ALD/PECVD PERCPECVD 3600w/h
PID free PECVDLow cost
Ion implanter
1994 2007 2010 2014 20151996 2004
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LED | ElectronicsSolar
Spatial ALD for PERC
Amtech markets
LED templates and carriers
High TempCustom and Belt Systems
N-PERT / PERC Diffusion and PECVD Systems
Semiconductor
Furnace & Automation
Reflow ProductsSemi Packaging & SMT
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LED | ElectronicsSolar
Spatial ALD for PERC
Amtech Markets
LED templates and carriers
High TempCustom and Belt Systems
N-PERT / PERC Diffusion and PECVD Systems
Semiconductor
Furnace & Automation
Reflow ProductsSemi Packaging & SMT
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AMTECH integrated offering
Solar value chain
Solar CellSilicon Ingot / Wafer Module
Cleaning Texturing
Diffusion
Screen Printing Metallization
Edge IsolationTesting Sorting
PSG Etching Removal
PECVDCoating
AMTECH GROUP
Products
Integrated Offering
Partnerships
Tech
no
log
yALD - AL2O3
Passivation
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Solar technology approach
DIFFUSION• POCl3• BBr3• Annealing/Oxidation
DEPOSITION• PECVD ARC
Ox-Poly• ALD Al2O3
SO
LA
R
Taking semiconductor technologies and known-how
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in partnership with renowned solar institutes
to solar high volume manufacturing
DIFFUSION• Oxide• POCl3• BBr3• Solid source Doping• Sintering / Alloying• Annealing / Drive-In
DEPOSITION• Poly Silicon• SIPOS• PECVD Nitride, Oxy-Nitride• LPCVD, LS Nitride, Oxy-Nitride• TEOS• LTO• HTO• Ta2O5S
EM
ICO
ND
UC
TO
R
Amtech technology in solar production lineSAM increased from 12% to 55%
� Standard multi – cell efficiency 18%
inspection Texture POCl3 Single side etch PECVD Print/fire/Flash
� PERC – cell efficiency multi 19%, mono 21%
inspection Texture POCl3 Single side etch PECVDrear
Print/fire/FlashALD Al2O3 PECVD front
Laser
1. Innovation� wph increase� new product
2. Acquisition� Solaytec ALD
3. Technology� new flow
� N-type – cell efficiency 21 – 23%
inspection Texture BBr3 Single side etch PECVDfront
Print/fire/FlashImplant PECVD rear
ALD Al2O3Anneal ox
1800 ���� 4000wph
Amtech SAM=12% (2011) SAM=55% (2016)
� N-type – cell efficiency 21 – 23%
inspection Texture BBr3 Single side etch PECVDfront
Print/fire/FlashImplant PECVD rear
ALD Al2O3Anneal oxOx-Poly
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Global demand 2016 & 2017 forecast
IHSGTM
researchMercom
2015 59GW 59GW 58GW
2016 77GW 74GW 76GW
2017 79GW 69GW 70GW
DELTA +2GW -5GW -6GW
Highlights• 77 GW of global installations in 2016• China maintains position as largest end market• India set to become the 3rd largest market in 2017• European market stagnation• Strong demand supports new wave of expansions
� Each year since 2006 actual installations have been consistently higher than consensus forecasts, primarily driven by the globalization of solar
� Lower $/kWh solar prices will drive increased adoption in the future
Huge swings in forecasted numbers
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Solar market impact on PECVDStrong adoption of double-side PECVD based technology
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IHSGTMMercom
Market growth 2015 ���� 2020
Analyst more bullish than our modelOur mode: CAGR of 10 – 17%
Market growth 40GW; 10GW/year
Technology adoption
PERC and n-PERT are growing faster than market � large upgrade market
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Notes: Actual 2016 demand was 75GW; Demand increased an avg. of 20% per year for last 10 years.
0
50
100
150
200
250
300
1 2 3
US
$ m
illi
on
s
Diffusion PECVD ALD
Tempress/SoLayTec Marketshare per SAM
Solar Marketshare$540 million SAM opportunity
35%
95%
5%
93%
7%
Strategy =ATTACK !Strategy =ATTACK !
Strategy =DEFEND !
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Tempress Diffusion
Tempress PECVDPECVD SiNx, SiO2
LPCVD Poly
HD POCL3
BBr3
Annealing, Oxidation
SoLayTec ALD
ALD Al2O3
Position in Serviceable Available Markets
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• POCl3 diffusion specialist
• Number 2 position; 35% market share
• Strong competition from Chinese with LP-POCl3 and lower CAPEX
• BBr3 position 1 with >90% market share
• Anneal/oxidation low market share
• PECVD launch SNEC May, 2016
• Number 5 position, 5% market share
• New platform Spectrum enables market share growth; strong adoption to >20% MS
• LP-Poly number 1 position
• N-PERT IP position enables larger market share
• ALD Al2O3 specialist
• Number 2 position, 7% market share
• ALD based PERC enables higher efficiencies
• PERC technology know-how enables larger market share
LED | ElectronicsSolar
Spatial ALD for PERC
Amtech Markets
LED templates and carriers
High TempCustom and Belt Systems
N-PERT / PERC Diffusion and PECVD Systems
Semiconductor
Furnace & Automation
Reflow ProductsSemi Packaging & SMT
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Electronics Value Chain – Where we Compete
AssemblyPackagingSemiconductor
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Wafer bumping
Solder reflow
Underfill and cure
fluxing
Solder reflow
Tech
no
log
yVision and placement
Screen print
Test & inspect
Placement
Solder reflow
Tech
no
log
y
AMTECH GROUP
Products
BTU Thermal Products
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Pyramax
� The world’s best performing reflow oven
� Thermal uniformity
� Atmosphere control
� Static pressure
� Top choice of semiconductor assembly and test subcontractors (SATS) companies
� Demanding thermal and atmosphere requirements
� Very high brand loyalty/reputation
� Thousands of systems installed worldwide
High temp, fast fire
� High volume continuous thermal processing experts
� Serving Electronics, Automotive, and Medical markets
� Broad process experience solving critical process problems
� Multiple heating technologies including: IR, convection (high and low temp)
Analog / Power Chip Sector
� Serve top players in Analog, Power Chip and Sensor Sectors, including #1 Infineon, Texas Instruments (including TI Aizu and Miho), Analog Devices (ADI), Samsung, UMC, Vanguard, SEH, SUMCO, Dongbu-ANAM, Soitec
� Potential migration from 6”(2/3rd) to 8”(1/3rd) to 12” wafers
� Future opportunities on fast growing Robotics and Automotive
LED & Optics
� LED consumable growth
� LED and Optics equipment opportunities
Semiconductor & LED
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Amtech Annual Order Trend
26 40 28 22 2757 62
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162
200
13 2234
5376
60
0
50
100
150
200
2010 2011 2012 2013 2014 2015 2016 2017
Solar
$61M
$188M
Fiscal Year (Oct. 1 – Sept. 30)
$240M
$41M
Semi / Electronics / LED
$44M
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$110M
$138M
$84M*
* Orders for first 4 mos. of FY 2017
December 31, 2016
(in millions)
Balance Sheet – Financial Strength
Total Cash $26.9
Working Capital $45.4
Total Assets $115.9
Long-term Debt $9.1
Total Liabilities $51.5
Stockholders’’’’ Equity $64.4
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Note: At the end of January 2017, cash balance was ~ $45.8M, due primarily to a large turn-key project deposit.
� Solar Growth Business
� Globalization of solar drives continued growth
� Reaching parity with conventional energy sources
� Recognized technology provider in solar market
� Major market share in top tier solar companies
� Expanded SAM 3x during solar market downturn through investments in� Expanded product offerings (PECVD, ALD)
� P and N-type cell technologies (PERC, n-PERT)
� Flexible manufacturing base to deal with market fluctuations
� Semi/LED Value Business
� Strong operational performance
� Positive earnings and cash-flow
� Leading market position in globally-served markets
� Asia-based manufacturing
Investment Highlights
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