Stion Update: Delivering Simply Better Cost and Performance · 2016/04/18 · © 2015 stion...

Stion Update: Delivering "SimplyBetter" Cost and Performance

2016

© 2015 STION CONFIDENTIAL AND PROPRIETARY | 2

AGENDA

• Stion Introduction

• Cost and Production

• Field data

© 2016 STION


STION OVERVIEW

720,000 sq.ft. factory Hattiesburg, MS

Monolithically-integrated

CIGSS panel

• Founded in 2006 with goal to produce highest-efficiency, lowest-cost solar PV modules

• Khosla Ventures backed; largest cleantech investor ($2.8B AUM)

• Utilize 30 year old PV technology and manufacturing processes

• 150 MW production capacity in 2016

• Shipping 14% Gen 1 product to 20 countries world wide

• Gen 1 technology roadmap to 16+% & disruptive Gen 2 tandem in R&D

• Raising small incremental capex to get 150MW ($20M)

• EBITDA positive in Q4 2016

© 2016 STION© 2016 STION


PROJECT HIGHLIGHTS

India:• Initial project with Tata

Mauritius:• 4 MW project sold & under construction• Financed by Mauritius Commercial Bank

Singapore:• 1 MW Housing

Dev Board project• Sold to Sunseap

(Developer backed by Goldman Sachs)

Australia:• Selling to #1

Distributor: RFI

South East US:• 5 x 1 MW projects in Georgia • Financed by Washington Gas

• 3 500kW turnkey projects developed by Stion in for MS Utility Entergy

Puerto Rico:• 1 MW shipped and 1 MW in

backlog • Financed by Banco Popular

West US:• Stion turnkey projects:

• 250kW Project for Kern County Sanitation Authority

• 170 kW project at SFO Airport

The Netherlands:• Selling to distributors:

Shipped over 2MW to date

Turkey:• Supplied 1st MW of

4MW portfolio


AGENDA



• Field data

© 2016 STION


10%

11%

12%

13%

14%

15%

16%

17%

2011 2012 2013 2014 2015 2016 2017

Mod

ule

Effic

ienc

yTECHNOLOGY ROADMAP

Elevation 1SN (framed)

100‐120 W‐0.39%/oC600V UL1000V IEC

Elevation 2STN (framed)

120‐130 W‐0.34%/oC600V UL1000V IEC

Elevation 3STO (framed)STL(frameless)130‐150 W‐0.26%/oC1000V UL1000V IEC

Elevation 4STL (frameless)

135‐155W‐0.26%/oC1000V UL1000V IEC

Elevation 5STL‐A (frameless)

145‐170W‐0.26%/oC1500V UL1500V IECAR Glass

Latest

152W

Latest avg. efficiency: 152W


NARROW BIN DISTRIBUTION

0%

10%

20%

30%

40%

50%

60%

70%

135W 140W 145W 150W 155W 160W

HMS ‐ Trailing 4‐week Bin Distribution

WW19 WW20 WW21 WW22

80% >150Wp


INDUSTRY LEADING COST @ 1/10 THE SCALE

Stion existing 150MW Crystalline Silicon 2+GW

Stion expansion300MW

First Solar 2+ GW

Cost of Goods Sold ($/W)

SS4

Folie 8

SS4 Adjust Colors and perhaps put graph on right side Seth Stulgis; 18.04.2016


LOWEST CAPEX COST FOR EXPANSION ($/W)

c‐Si Polysilicon Stion 150MW Original Stion Expansion FSLR Malaysia

Total Capex ($/W)

SS5

Folie 9

SS5 Adjust Colors and perhaps put graph on right side Seth Stulgis; 18.04.2016


Total Units ROY

2016 PRODUCTION RAMP

*June, September, and December = 5 week fiscal months

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

17,000WW19

WW20

WW21

WW22

WW23

WW24

WW25

WW26

WW27

WW28

WW29

WW30

WW31

WW32

WW33

WW34

WW35

WW36

WW37

WW38

WW39

WW40

WW41

WW42

WW43

WW44

WW45

WW46

WW47

WW48

WW49

WW50

WW51

WW52

Outs ‐

# of Pan

els P

rodu

ced

Ramp Plan for Weekly Production(Week 19 ‐Week 52)

10MW/10MW/monthproduction in

Q4/16


ROADMAP FOR SUSTAINED LEADERSHIP

High Low

Low

High

PRODUCTION COST

EFFI

CIE

NC

Y

High Efficiency c-Si

Amorphous Si

c-Si Tier 1

CDTE thin-filmCIGS thin-film

© 2016 STION© 2016 STION


AGENDA



• Field data

© 2016 STION


PV SYST SIMULATIONS SHOW HIGHER YIELDS AGAINST C-SI

3-7% MORE

ENERGY

CityStion Yield Advantage

vs. c‐Si1 MW

Phoenix 6.7%Las Vegas 6.1%Honolulu 5.5%

St. Petersburg 5.2%Austin 5.0%

New Orleans 4.6%Los Angeles 4.4%Atlanta 4.0%St Louis 3.4%Newark 2.8%Boston 2.6%

Mineapolis 2.5%Boulder 2.5%

PVsyst: Estimates are conservative. Stion systems consistently outperform PVsyst.


PROVEN PERFORMANCE WORLDWIDE

Michigan (vs. mono c-Si) 1st year = 8% more 2nd year = 12% more

Florida (vs c-Si) 30% more kWh

NY (PVMC) (vs. CdTe) 1st year = 7% more 2nd year = 12% more 3rd year = 18%

Belgium (vs c-Si) 1st year = 2% more 2nd year = 10% more

Colorado (NREL) Zero Degradation Outperforming c-Si

California Outperforming LG

by 6%

Singapore (vs c-Si) 3% more

©2016 STION


STION OUTPERFORMING AT NREL

• System size = 1.82 kW

• Installed in Aug 2012

• Stion system performing above median of 13 PV technologies

• Zero Degradation

GOLDEN, CO Historical Performance Ratio

Stion Historical Performance Ratio (gold) compared to the median of all systems (blue) at the OTF.

http://maps.nrel.gov/pvdaq[1289] NREL CIS

0,76

0,78

0,8

0,82

0,84

0,86

0,88

0,9

0,92

0,94

0,96

10.1.2012

12.1.2012

2.1.2013

4.1.2013

6.1.2013

8.1.2013

10.1.2013

12.1.2013

2.1.2014

4.1.2014

6.1.2014

8.1.2014

10.1.2014

12.1.2014

2.1.2015

4.1.2015

6.1.2015

8.1.2015

10.1.2015

12.1.2015

2.1.2016

Stion PR Average PR for non‐Stion

©2016 STION


CIGS TECHNOLOGY OVER 10 YEARS AT NREL WITH ZERO DEGRADATION

• System size = 1.12 kW

• Installed in Jan 2006

• Shell CIGS technology

• Zero Degradation

GOLDEN, CO

http://maps.nrel.gov/pvdaq[10] NREL CIS #1

0

50

100

150

200

250

Historical Yield

Stion Stion Average Yield

* Dashed line represents missing data points

©2016 STION


OUTPERFORMING MONO c-Si SE US

• PVSyst predictions:

• Stion system will outperform all year due to temperature coefficient

• Stion = ‐0.26%/oC

• Suniva = ‐0.45%/oC

• Stion system will outperform in winter months due to greater tilt angle

• PVSyst predicts 8.3% performance advantage (Jan through Mar)

• Actual performance advantage = 30%*

SEMINOLE, FLORIDA

‐ 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000

Jan14

Mrz14

Mai14

Jul 14 Sep14

Nov14

Jan15

Mrz15

Mai15

Jul 15 Sep15

Nov15

Jan16

Mrz16

kWh

Stion vs Suniva

Stion Suniva

Stion Suniva

Total Module Power Rating (kW‐dc) 49.88 50.49

Module Stion STO‐145 Suniva MVX60 255

Tilt 15o 7o

Azimuth 23o SE 0o S

Total Lifetime Energy (MWh) 154.6 118

MoreEnergy

*Data based on actual production of arrays. Does not account for irradiance, or inverter down time.

©2016 STION

Stion 1MW system in Georgia performing above expectations as of Jan 2016


OUTPERFORMING c-Si in California

LIVERMORE, CA

• System size = 3.36 KW• Commission date = Feb

2014• Customer home• Module Type: STO 140• Outperforming LG Mono

X 290 over 18 months ‐

100

200

300

400

500

600

700

Mrz14

Mai14

Jul 14 Sep14

Nov14

Jan15

Mrz15

Mai15

Jul 15 Sep15

Nov15

Jan16

Mrz16

kWh Prod

uctio

n

Monthly System Performance Comparison

Stion LG Mono X 290

Date Stion kWh Competitor kWh Stion Performance Benefit

Year 1 5,471 5,272 4%Year 2 5,392 5,048 7%Year 3 1,460 1,343 9%Total 12,323 11,663 6%

©2016 STION


ACHIEVING PV SYST SIMULATIONS

• 255kW System• Year 1 Production: 99.44%

compared to PVSYST• Year 2 Production: 99.8%

compared to PVSYST

• BAKERSFIELD, CA

0

50

100

150

200

250

300

350

400

450

500

0

10

20

30

40

50

60

70

80

90

100

Irrad

iance W/m

2

kWh Prod

uctio

n

Stion Production vs Irradiance

Stion Irradiance

©2016 STION


REFERENCES

Stion Update: Delivering Simply Better Cost and Performance · 2016/04/18 · © 2015 stion...

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