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Solarvalue reorganizes planning cycle
Deferment in industrial production ramp up
Due to the current situation in the financial market and the deferments in production ramp up, Berlin based Solarvalue AG has to reorganize its future planning schedule.
Dr. Julio Bragagnolo, Chief Technology Officer of Solarvalue AG: It made sense to us to start building the industrial scale production equipment in Slovenia only after having final specifications from the laboratory scale production facility in the U.S. However, we had several unexpected issues in developing the laboratory size production. Today, we are well on our way to completing this development.
A severe problem was crucible breakage, which turned out to be a supplier issue, but took us several months to evaluate. To make sure that future industrial scale production will work efficiently and at moderate production cost we decided to build a test furnace that will give us the possibility to provide some hundred kilogram samples to potential customers. We expect the furnace to be built in the near future.
John Mott, Head of the Solarvalue laboratory size production facility in the U.S.: Since we started operations in April 2008 we made dozens of successful runs. All sample batches were analysed by two very reputable independent US laboratories: EAG and Balazs. Phosphorous and boron are the two most critical impurities in solar grade silicon. To reduce the phosphor level we use unidirectional solidification. To lower boron concentration we use a slagging technique. Both processes work properly, however, we did not achieve all target specifications yet.
Claudia Boehringer, CEO of Solarvalue AG: It is still our goal to produce solar grade silicon in our Slovenian production site. Fortunately we have acquired the property and the equipment in 2007. This makes us independent from the current situation at TDR Metalurgija d.d. that formerly owned the site and now fights with bankruptcy. However, due to the unexpected deferments we have to reschedule our ramp up plans. It is very unlikely that we will start industrial production in 2008. With our limited funds we are able to finance the planned test furnace. However, we are currently not able to finance the planned initial production capacity of 1,000 metric tons per year. The capital increase planned for 2008 could not be performed due to a law suit initiated by one shareholder with one share and the unexpected financial market crisis that significantly lowered the Solarvalue share price. Therefore we have to look for alternatives in financing the ramp up. We already decided on significant cost cutting measures that also include reduction of the monthly salary for the managing board members. Based on the adjusted monthly burn rate we expect to have sufficient liquidity until mid of 2009.
Despite all the issues Solarvalue currently has to face, the companys management is notwithstanding convinced to achieve the initial goal to produce solar grade silicon by refining metallurgical grade silicon in an appropriate time frame.
About Solarvalue:
The Solarvalue AG, based in Berlin, was founded in 2005. Nearest purpose of the company is the production of high purity solar grade silicon. The long term goal is the creation of an integrated photovoltaic group that covers the industrys value chain. Additional information is available on the Internet. Please visit: www.solarvalue.com.
About Evans Analytical Group® (EAG) (www.eaglabs.com):
EAG located in Sunnyvale, California, USA, is the world's leading, fully integrated and independent materials characterization lab network.
About Balazs Analytical Services (www.balazs.com):
Balazs located in Fremont, California, USA, is a division of Air Liquide Electronics U.S. LP, operates ISO 17025accredited laboratories that specialize in identifying ultra-trace level contamination.
Dr. Julio Bragagnolo, Chief Technology Officer of Solarvalue AG: It made sense to us to start building the industrial scale production equipment in Slovenia only after having final specifications from the laboratory scale production facility in the U.S. However, we had several unexpected issues in developing the laboratory size production. Today, we are well on our way to completing this development.
A severe problem was crucible breakage, which turned out to be a supplier issue, but took us several months to evaluate. To make sure that future industrial scale production will work efficiently and at moderate production cost we decided to build a test furnace that will give us the possibility to provide some hundred kilogram samples to potential customers. We expect the furnace to be built in the near future.
John Mott, Head of the Solarvalue laboratory size production facility in the U.S.: Since we started operations in April 2008 we made dozens of successful runs. All sample batches were analysed by two very reputable independent US laboratories: EAG and Balazs. Phosphorous and boron are the two most critical impurities in solar grade silicon. To reduce the phosphor level we use unidirectional solidification. To lower boron concentration we use a slagging technique. Both processes work properly, however, we did not achieve all target specifications yet.
Claudia Boehringer, CEO of Solarvalue AG: It is still our goal to produce solar grade silicon in our Slovenian production site. Fortunately we have acquired the property and the equipment in 2007. This makes us independent from the current situation at TDR Metalurgija d.d. that formerly owned the site and now fights with bankruptcy. However, due to the unexpected deferments we have to reschedule our ramp up plans. It is very unlikely that we will start industrial production in 2008. With our limited funds we are able to finance the planned test furnace. However, we are currently not able to finance the planned initial production capacity of 1,000 metric tons per year. The capital increase planned for 2008 could not be performed due to a law suit initiated by one shareholder with one share and the unexpected financial market crisis that significantly lowered the Solarvalue share price. Therefore we have to look for alternatives in financing the ramp up. We already decided on significant cost cutting measures that also include reduction of the monthly salary for the managing board members. Based on the adjusted monthly burn rate we expect to have sufficient liquidity until mid of 2009.
Despite all the issues Solarvalue currently has to face, the companys management is notwithstanding convinced to achieve the initial goal to produce solar grade silicon by refining metallurgical grade silicon in an appropriate time frame.
About Solarvalue:
The Solarvalue AG, based in Berlin, was founded in 2005. Nearest purpose of the company is the production of high purity solar grade silicon. The long term goal is the creation of an integrated photovoltaic group that covers the industrys value chain. Additional information is available on the Internet. Please visit: www.solarvalue.com.
About Evans Analytical Group® (EAG) (www.eaglabs.com):
EAG located in Sunnyvale, California, USA, is the world's leading, fully integrated and independent materials characterization lab network.
About Balazs Analytical Services (www.balazs.com):
Balazs located in Fremont, California, USA, is a division of Air Liquide Electronics U.S. LP, operates ISO 17025accredited laboratories that specialize in identifying ultra-trace level contamination.
Berlin, 09.10.2008
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Imprint | © 2009 Solarvalue AG
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