Transcript
Introduction to Solar Energy
Technologies and Companies
For Strategy Managers, Investors & Entrepreneurs
Two main ways to harness Solar Power
• Concentrated Solar Power Technology – Solar energy is concentrated and used to produce thermal energy. – Thermal energy is then converted to electricity.
• Photovoltaic (PV) Technology – Electricity is produced directly from solar radiation.
• Concentrated Solar Power Technology – Solar energy is concentrated and used to produce thermal energy. – Thermal energy is then converted to electricity.
• Photovoltaic (PV) Technology – Electricity is produced directly from solar radiation.
Two ways to harness solar power
Solar Power is concentrated and converted to thermal energy which is converted to electric energy
P N P N
Solar Power is converted to electricity using PV (Photovoltaic) effect
How do PhotoVoltaics work? How is electricity generated?
When light shines on a PV cell, the energy of the absorbed light is transferred to electrons in the atoms of the PV cell.
These electrons escape from their normal positions in the atoms of the semiconductor PV material and become part of the electrical flow, or current, in an electrical circuit.
This is called the photoelectric effect.
What is a PV cell?
A PV cell consists of two thin layers of semi-conducting material. Each layer is "doped" or infused with a small amount of another material. One layer is doped (usually with phosphorus) so that it has slightly too many electrons. This is the “n-layer”. The other layer is doped (usually with boron) so that it has slightly too few electrons. This is the “p-type” layer.
This difference produces a small electric field between the two layers, which gives the “escaped” electrons (from the photoelectric effect) a direction to flow when they get knocked out of place.
Source: Abengoa Website
Silicon has been the traditional semiconductor used in PV applications
PV Efficiency
• Bandgap Energy– Amount of energy required to dislodge an electron. – The PV material bandgap energy is tuned to convert as much sunlight as
possible into electricity.– Crystalline silicon has a bandgap energy of 1.1 electron-volts (eV). – Bandgap energies of other PV semiconductors range from 1.0 to 1.6 eV.
• Other ways to increase PV efficiences:– Using multiple p/n junctions (multi-junction cells)– Use antireflective coating to capture as much light as possible.– Maximize the photons that are absorbed in the p-layer. – Minimize the electrons from meeting up with holes and recombining with
them before they can escape from the PV cell.
• Bandgap Energy– Amount of energy required to dislodge an electron. – The PV material bandgap energy is tuned to convert as much sunlight as
possible into electricity.– Crystalline silicon has a bandgap energy of 1.1 electron-volts (eV). – Bandgap energies of other PV semiconductors range from 1.0 to 1.6 eV.
• Other ways to increase PV efficiences:– Using multiple p/n junctions (multi-junction cells)– Use antireflective coating to capture as much light as possible.– Maximize the photons that are absorbed in the p-layer. – Minimize the electrons from meeting up with holes and recombining with
them before they can escape from the PV cell.
Semi Conductors used in PV Cells
• Crystalline Silicon - most common (1st generation) • Involves sawing wafers (~200 µm) from ingots– Single-Crystalline Si: highly purified silicon– Poly-Crystalline Si: silicon is of less purity– Ribbon Si: grown from molten silicon instead of an ingot.
• Thin film material (< 5 µm) – 2nd generation– The advantages are light weight and low cost and that they can be deposited
over large areas by chemical vapor deposition.
• Third Generation. Current research ongoing: – dye-sensitized titania solar cells – organic photovoltaics – Solar tandem cells– and …
• Crystalline Silicon - most common (1st generation) • Involves sawing wafers (~200 µm) from ingots– Single-Crystalline Si: highly purified silicon– Poly-Crystalline Si: silicon is of less purity– Ribbon Si: grown from molten silicon instead of an ingot.
• Thin film material (< 5 µm) – 2nd generation– The advantages are light weight and low cost and that they can be deposited
over large areas by chemical vapor deposition.
• Third Generation. Current research ongoing: – dye-sensitized titania solar cells – organic photovoltaics – Solar tandem cells– and …
Silicon PV: Value Chain
Solar ModulesSolar Cells Silicon Ingot Silicon Wafers
This part of the chain is Oligopolistic. Increase in the poly-silicon prices (200% in 2 years) has been a key issue in the industry.
Thin film PV material (2nd Generation PV)
A-Si CIGS (TeCd) Micro Si Titanium dioxide (TiO2)
Amorphous SiliconNon –crystalline allotropic from of silicon
Copper Indium gallium (di) selenide
Cadmium Telluride
Absorbs light more effectively than crystalline silicon.
The band gap energy can be tuned between 1.1 eV and 1.75 eV.
a-Si can also be deposited on plastic and stainless substrates (not only glass)Lowering costs and increasing flexibility and durability.
Absorbs light very effectively. The band gap can be tuned between 1.02 eV and 1.68 eV.
High efficiency and low material cost are the key advantages.
The drawbacks are complicated and capital intensive manufacturing methods.
Diverse manufacturing techniques are available for large scale production.
Drawbacks are cost and potential health concerns.
Reported high efficiencies and negligible degradation.
Use a dye-impregnated layer of titanium dioxide to generate voltage. Cost is the key advantage.
Concentrating Solar
• Focussing sunlight into a beam • Uses lenses or mirrors and tracking systems.• Key technology issues:
– Parabolic Trough – Tower
• Two key ways to use:– Generate Electricity allowing sun beam to fall on a photovoltaic cell (CPV)– Generate Electricity/Heat thru the use of steam (CSP/Solar Heat)
• Focussing sunlight into a beam • Uses lenses or mirrors and tracking systems.• Key technology issues:
– Parabolic Trough – Tower
• Two key ways to use:– Generate Electricity allowing sun beam to fall on a photovoltaic cell (CPV)– Generate Electricity/Heat thru the use of steam (CSP/Solar Heat)
Concentrating Technology: Parabolic Trough
The main components of parabolic trough technology are:
The parabolic trough reflector: Reflects sunlight onto the receiver at the focal point. Typically, the reflector is made of thick glass silver mirrors formed into the shape of a parabola.
The receiver tube or heat collection element: Collects/Absorbs the solar energy.Consists of a metal absorber surrounded by a glass envelope.
The suntracking system: Tracks & focusses the reflector onto the sun.
The support structure: Holds the mirrors in accurate alignment and resistis the effects of the wind.
Source: Abengoa Site
Concentrating Technology: Tower
The main components of parabolic trough technology are:
Heliostats Capture solar radiation and direct it to the receiver. They are composed of a reflective surfaces (glass mirrors), a supporting structure and mechanisms used to orientate them, following the sun’s movement
The receiver Transfers received heat to an operating fluid (which could be water, molten salts, etc.). This fluid transmits heat to another part of the plant where steam is produced.
The tower Acts as support for the receiver which should be located at a certain height above the heliostats level to avoid, or at least reduce, shades and blockings.
Source: Abengoa Site
Concentrated Technology: Fresnel lens
• The lens is broken into a set of concentric annular sections. • This allows reduction in thickness (and thus weight and
volume of material) of the lens. • ….at the expense of reducing the imaging quality.
• The lens is broken into a set of concentric annular sections. • This allows reduction in thickness (and thus weight and
volume of material) of the lens. • ….at the expense of reducing the imaging quality.
Solar Technology Applications
• Utility-scale plants • Commercial Systems • Residential systems• Building Integrated Modules• Rural Electrifications
• Utility-scale plants • Commercial Systems • Residential systems• Building Integrated Modules• Rural Electrifications
May be either Off –grid/connected to grid
The Solar Map – Companies and Technologies
Concentrated Solar
CSP CPV
Building utility scale plantsUS: Ausra, Solar Reserve US/Israel: BrightSource:LuzII
Building Utility scale plantsUS: Energy Innovations, SolFocus, Green Volts
PV Traditional Silicon based Innovations on Silicon Thin Film & 3rd Gen.
Solar Cell ManufacturingJapan: Sharp, Sanyo, US: First Solar, SunPowerEurope: Qcells, REC SolarChina: SunTech,Solarfun
Reducing amount of siliconUS: OptiSolar, Evergreen Solar
Non silicon based PVUS: Opti Solar, Stion, Nano Solar, AvaSolar, SoloPower
Residential & Comercial Utility Rural
BIPV and Heating applicationsTypically smaller cos in respective markets US: Meridian Solar, Open Energy
Larger plantsUS: Solar Power, SunPowerEurope: Conergy,AbenGoa
Street lighting, lanterns, refrigeratorIndia: SELCOUS/India: Promethean
Smaller financiers like Mondial Energy
Larger partners like GE Energy
Aryabhatt Gramin Bank,
Not featured subsequently in this analysis
PV: Cos in the Value Chain
Solar Module Maunufacture
Solar Cell Maunfacture
PolySilicon Manufacturers
Silicon Wafer Manufacturers
Dominated by large semi conductor cos.
Fragmented
Q Cells Sharp SolarKyocera BP SolarSunTech Motech….
Oligpolistic
Top 5 control 85% of market
FragmentedFragmentedConcentrated
Top 10 control 70% of market
Hemlock TokyuamaWacker ChemieRECMEMC
Shinetsu SUMCOWackerMEMCKomatsu
Solar System Developer
Localized
Top Solar PV cos.
Cos Location Capacity (MW) - 2007
Sharp Electronics Japan 725
Q Cells Germany 547
SunTech Power China 320
First Solar USA 317
SolarWorld Germany 280
Sanyo Japan 270
BP Solar UK 257
Kyocera Japan 250
Motech Taiwan 240
Solarfun China 240
SunPower USA 214
Source: CIOL
Chinese PV Manufacturers: Just a sample!
Yingli Canadian Solar
LDK Solar JA Solar SunTech Power
Solarfun
Business PV modules PV modulesSilicon reclaiming
Wafer PV Cells PV Modules Cells and modules
Capacity 200 MW 250 MW(2008)
580 MW (2008)
25 – plant under construction
540 MW 240 MW
Revenues (USD million) – FY 07
556 608 1.03 B NA 1.7 B 81
Location Near Beijing Ontario, Canada/Jiangsu
Jiangxi, China Sunnyvale, CA
Shanghai, ChinaMilipitas, CA
Jiangsu, China/SFO, USA
Jiangsu, China
Listed on NYSE NASDAQ NYSE NASDAQ NYSE NASDAQ
Integration (forward/backward)
16 000 MT Polysilicon manufacturie
Global expanstion in sales & service
Caveat: I have tried to collect this data from the site and annual reports. But I am not sure I have read all of the data off accurately!
Indian PV Manufacturers
Comany Moser Baer Photo Voltaic Limited Tata BP Solar
Business Cells and Modules Solar Products with a focus on developing cos applications (street lighting, heating systems, lanterns…)
Capacity 120 MW 180 MW
Revenues (USD million) – FY 07
Not Available Not available
Location New Delhi, India Bangalore
Investors Subsidiary of Moser Baer India Ltd JV between BP and Tatas
Management Ravi Khanna, CEO Syamal Gupta, Chairman , K.Subramanya, CEO
Investments Solaria & Stion (Thin film technology), SolFocus (CPV)
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Traditional PV- Innovative Manufacturing
Business Solaria Evergreen Solar
Technology Proprietary manufacturing process to reduce the amount of silicon required in cells.
Proprietary String Ribbon TM manufacturing technology to reduce the amount of polysilicon
Investors Sigma Partners, NGen Partners, Q Cells, Moser Baer,
Total Investment Amount
USD 77 million over three rounds NASDAQ (ESLR) – 2007 revenues (including EverQ) was USD 252 million
Management Suvi Sharma (CEO), Leslie Danziger (Founder), Alelie Funcell (COO)
Richard M. Feldt (President & CEO), Rodolfo Archbold (VP – Operations)
Location Fremont, CA /manufacturing in Phillipines Marlbaro, MA/production in Germany thru EverQ a JV between Q Cells AG, Renewable Energy Corp ASA and Evergreen
Commercial Systems Range
Minimum power output 50kW/ 1 MW plant under construction
3-100kW
Thinfilm & 3rd Generation PVOptiSolar Stion Corporation NanoSolar
Business/Products Panel Manufacturer/Solar Plant Operator
Module manufacturer Panel Manufacturer
Technology Thin film amorphous silicon panels
High efficiency thin film modules based on the work of Howard Lee
Manufacturing innovations: 1) semiconductor ink 2)roll printing 3) conductive substrate. Uses CIGS.
Investors Not Disclosed Khosla Ventures, Braemar Energy Ventures, Moser Baer Photovoltaic , Lightspeed Venture Partners, General Catalyst Partners
VCs (Benchmark Capital, MDV), Corporations (AES, EDF, Energy Capital Partners, Swiss Re, Riverstone Capital, Mitsui), Founders of Google, eBay, SAP
Total Investment Amount
Not Discolosed USD 15 million in Series B USD 300 million
Management Randy Goldstein (CEO), Marv Keshner (Chief Scientist)
Chet Farris (President & CEO), Vineet Dharmadhikari (SVP – Eng, COO)
Martin Roscheisen (CEO), Brian Sager (VP – Corporate Development)
Location Hayward, CA/manufacturing in Phillipines
San Jose, CA San Jose, CA
Thinfilm PV & 3rd Generation PV….contdAva Solar SoloPower Konarka Technologies
Business/Products Modules Cells and Modules Modules
Technology Cadmium telluride (CdTe) thin-film technology
Copper-Indium-Gallium-Selenide (CIGS) thin film technology.
Polymer-based, organic photovoltaic (OPV) technology
Investors Invus LP, DCM, Technology Partners, GLG Partners, Bohemian Companies, LLC
Crosslink Capital , Firsthand Capital Management, Convexa Capital and Alf Bjørseth, co-founder of REC Group.
3i, Draper Fisher Jurvetson, New Enterprise Associates, Good Energies, Vanguard Ventures, Partech International , Chevron Technology Ventures, Asenqua Ventures, Massachusetts Green Energy Fund, NGEN Partners and Angeleno Group
Total Investment Amount
USD 104+ million USD 30 million in second round
USD 125 million in multiple rounds (since 2001)
Management Dr. Pascal Noronha, CEO of AVA Solar, Dr. Neil Morris (Sr. VP Engineering)
Homayoun Talieh, CEO, President , Dr. Bulent Basol, CTO, Dr. Jay Ashjaee, Vice President of Engineering
Howard Berke (Founder), Rick Hess (CEO), Dr. Christoph Brabec (CTO)
Location Fort Collins, CO San Jose, CA Nuremberg, Germany
Thinfilm PV & 3rd Generation PV….contdSolyndra United Solar Ovonics Oerlikon Solar
Business/Products Roof Top Modules (BIPV)
Roof Top Modules (BIPV)
Technology CIGS thin film PV cells in glass sealed cylindrical modules
Triple junction thin film a– si technology
A-Si and micromorph solar cells with ability to absorb infra red as well as visible light
Investors Artis, Argonaut Private Equity, CMEA Ventures, Rockport Capital, US Venture partners, Masdar , Madrone Capital Partners, Redpoint Ventures
Subsidiary of Energy Conversion Devices (NADAQ:ENER)
Business Unit of the Oerlikon Group
Total Investment Amount
USD 600 million (!!!!) _ _
Management Dr. Chris Gronet (CEO),
Mark Morelli, CEO, Subhendu Guha (Chairman and SVP, ECD)
Location Fremont, CA Michigan, USA Switzerland
Thin Film based Utility Scale Plants
Project Name (all OptiSolar)
Operator Plant Location Utility Capacity Status/Expected
Topaz Opti Solar San Luis Obispo County, CA
PG&E 550 MW In the 2011-2013 time
Sarnia Opti Solar Ontario, Canada Ontario Power Authority
6*10 MW 2010
Tilbury Opti Solar Ontario, Canada Ontario Power Authority
2*10MW 2010
Petrolia Opti Solar Ontario, Canada Ontario Power Authority
1*10MW 2010
CSPSolar Reserve Ausra BrightSource/Luz II
Technology CSP with Power Towers and molten salt storage
Compact Linear Fresnel Reflector
CSP
Investors Citi Alternate Investments, Sustainable Development Initiatives, Good Energies, US Renewables Group, PCG CETF, Argonaut Private Equity, Nimes Capital Credit Suisse
Khosla Ventures and Kleiner Perkins Caufield & Byers, Starfish Ventures (Australia), Generation Investment Management (London) and KERN Partners, Canada
VantagePoint Venture Partners, BP Alternate Energy, Google.org, MorganStanley, DFJ, Chevron Technology Ventures, StatOil Hydro Venture, Black River
Investment Amount
USD 280 million in two rounds USD 100 million over two rounds
USD 160 million over 3 rounds
Management Terry Murphy (CEO), Kevin Smith (COO), William R. Gould (CTO)
Robert E Fishman (President, CEO & Chairman) , Dr David Mills (Chief Scientific Officer and Founder)
John Woolard (CEO – Brightsource)Arnold Goldman (Chairman – Brightsource)Israel Kroizer – President LuzII
Location Santa Monica, CA Palo Alto, CA BrightSource – Oakland, CALuzII – Isreal
Plant Details Not Available Bakersfield, CA 5 MW –under constructionCarrizo Plains : 177 MW with PG&E – under plan
Negev Desert, Israel – 20 MW (completed)Ivanpah, California - 500 MW (first phase 100 MW to come up in 2011)
CSP…contdeSolar
Technology CSP plants with dual axis heliostat mirrors, pre-fab technology and modular construction.
Investors Google.org, Oak Investment Partners, IdeaLab
Investment Amount USD 110 million in one round
Management Asif Ansari (CEO),
Location Pasadena, CA
Plant Details 245 MW plant in Antelope Valley, California
Concentrated PVEnergy Innovations SolFocus Green Volts
Technology Tight integration of High efficiency triple-junction cells, proprietary Fresnel lens and tracking system.
Multi –junction solar cells and the optical design of the concentrator
2 Axis solar tracker. Allows plants to be built near communities, saving n transmission lines.
Investors IdeaLab, MDV-Mohr Davidow Ventures
New Enterprise Associates (NEA), Moser Baer, Metasystem Group, NGEN Partners, Yellowstone Capital, David Gelbaum
Avista Corporation, Greenlight Energy Resources, Oak Investment Partners
Total Investment Amount
USD 15 million in Series B USD 92 million since 2005 USD 40 million in 2 rounds
Management Bill Gross (Founder & CEO), Mark Henderson, Gregg Bone
Gary D. Conley (CEO & Chairman), Mark Crowley (President)
Bob Cart (Chairman & CE0), Birute Adams (COO)
Location Pasadena, CA Mt. View, CA/Europe – Spain/Moser-Baer manufacturing partner
SFO, CA
Plants Minimum power output 50kW/ 1 MW plant under construction – commercial systems shipping in 2009
200 KW installed in Spain/Plants of 3 MW & 10 MW in progress (Spain)
2 MW plant under construction.
Solar Plant Operator – US (a sample) Solar Power Partners SunPower Corp Solel
Technology Works across all solar energies Manufactures and installs: Technology USPs: 1. High efficiency panels 2. Single axis solar tracker
CSP & Concentrated PV
Investors United Commercial Bank, Globespan Capital Partners, the Enlightened World Foundation, Carrelton Asset Management, Dry Creek Ventures, Silicon Valley Technology Group, Energy Investors Fund
Listed on NASDAQ (SPWRA and SPWRB)
Not Available
Total Investment Amount
USD 160 million of equity, debt and project finance
NA Not Available
Management Alexander v. Welczeck (President & CEO), Hugh Kuhn (VP – Operations & Technology)
Thomas Werner (CEO), Marty T Neese (COO), Surinder S Bedi (VP-Quality), Thomas Dinwoodie , Founder
Not Available
Location Mill Valley, CAs San Jose , CA/manufacturing in Phillipines
Israel and US
Commercial Systems Range
37 kW – 2 MW (about 15 projects completed till date)
200KW to 3 MW Solar cooling/heating – 2-3MW
Solar Plant Operator - Europe
Company AbenGoa Conergy AG
Focus on Solar PV Also finances and operates projects in other renewable energies
Technology R&D in both CSP, Photovoltaic systems & Storage
Management Santiago Seage (Chairman & CEO), Pedro Robles Sánchez (MD-Spain), Scott Frier (COO – USA)
Dieter Ammer (CEO), Nikolaus Krane (project business )
HeadQuarters Spain/operations across the world Germany/operations across world
Commercial Systems Range
Solar Heat – 2-3MWCSP – 20MW
Utility Level Plants…samplePlant Location Operator Capacity SolarPark
areaFinancing partner
Status/Expected
Bavaria, Germany
SunPower 10 MW 100 acres Deutshe Structured Finance
110% util in last 2 yrs
Serpa, Portugal SunPower 11MW 130 acres GE Energy Financial Services
102% in last two areas
Air Force Base, Las Vegas
SunPower 14MW 140 acres NA
Plant Location Operator Capacity Technology Status/Expected
Mojave Desert, California
Solel 553 MW CSP Construction On
Lebrija, Andalusia, Spain
Solel 3*50 MW CSP & PV Construction On
Utility Level Plants …sample
Plant Location Operator Capacity Land Technology Status/Expected
Phoenix, Arizona
Abengoa 280 MW 100 acres
CSP Construction On
Sanlucar la Mayor, Spain
Abengoa 300 MW 1600 acres
CSP & PV 16 MW commissioned/rest 2013
Pennsylvania Conergy 3 MW 16 acres PV Commissioned
South Korea Conergy 25 MW 144 acres
PV 20 MW commissioned
Bavaria, Germany
Conergy 6 MW Thin film Commissioned
Rural Applications
Promethean Power Systems SELCO
Business/Products
Solar Power Refrigerator Solar Lighting and Solar Heating. Finances the products too.
Innovation Innovations that allow solar power to be used for thermoelectric cooling (when a current is passed through a circuit of two dissimilar conductors, there will be a rise or fall in temperature at the junction depending on the direction of the current flow).
In the application space:Silkworm farmers Street Hawkers
Investors Quercus Trust
Investment Amount
Undisclosed
Management Sorin Grama, Sam White Dr H Harish Hande
Location Cambridge, CA with field trials in India Bangalore
System Power Range
Summary: The Solar Map – Trends & Opportunities
Concentrated Solar
CSP CPV
Plants are still under constructionNew Plants may not come up till 2010Costs will come down depending on which technology works
PV Traditional Silicon based Innovations on Silicon Thin Film & 3rd Gen.
Solar Cell Manufacturers are all sold out for the next two years Developments in PV technology is expected to bring down costs to grid parity levels
Residential & Comercial Utility Rural
This market will grow with consumer awareness and government subsidies
Plants are still under construction.Scalability yet to be proved.
This market is likely to grow quickly as often there is no alternate power if infrastructure (incl. financing) is made available.
License
• Author: Sanjoy Sanyal (sanjoysanyal@gmail.com) • Attributions:
– Specific diagrams and tables have been attributed to their source – For all cos. specific information I have largely depended on website material – For all industry data :Wikipedia and the US DOE site on Renewable energy
• Copyright (c) 2008 Sanjoy Sanyal. Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.3 or any later version published by the Free Software Foundation; with no Invariant Sections, no Front-Cover Texts, and no Back-Cover Texts. A copy of the license is included in the section entitled "GNU Free Documentation License".
• Author: Sanjoy Sanyal (sanjoysanyal@gmail.com) • Attributions:
– Specific diagrams and tables have been attributed to their source – For all cos. specific information I have largely depended on website material – For all industry data :Wikipedia and the US DOE site on Renewable energy
• Copyright (c) 2008 Sanjoy Sanyal. Permission is granted to copy, distribute and/or modify this document under the terms of the GNU Free Documentation License, Version 1.3 or any later version published by the Free Software Foundation; with no Invariant Sections, no Front-Cover Texts, and no Back-Cover Texts. A copy of the license is included in the section entitled "GNU Free Documentation License".
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