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Amg status of solar grade silicon industry
- 1. Company Confidential
Copyright © 2010 AMG
AMG Advanced Metallurgical
Group N.V.
Status of Solar Grade Silicon Industry
John R. Easoz
2010 China International Silicon Conference &
Photovoltaic Industrial Development Forum
Xuzhou, September 16, 2010
1
- 2. Disclaimer Company Confidential
Copyright © 2010 AMG
THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED
METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY
OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.
This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of
the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or
commitment whatsoever.
This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any
accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and
should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this
presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to
subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment
whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no
obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or
representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise
arising in connection with the presentation.
Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans
and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,”
“project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to
risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated
levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of competitive
pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely
affect the outcome and financial effects of the plans and events described herein.
Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the
forward-looking statements contained in this presentation.
The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.
This document has not been approved by any competent regulatory or supervisory authority.
2
- 3. Agenda Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
3
- 4. Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
4
- 5. Introduction to AMG Company Confidential
Copyright © 2010 AMG
Listed on NYSE-Euronext Amsterdam (Euronext: AMG)
2009E revenue of $0.9 billion (2008 revenue of $1.3 billion)
Products
High purity metals and complex metal products
Vacuum furnaces used to produce high purity metals
Global presence AMG
Europe
100.0% 100.0%
Germany, UK, France, Norway
Advanced Engineering Publicly Traded
Americas Materials Systems Investments
US, Canada, Mexico, Brazil Vanadium & Vacuum Furnaces 79.5%
Titanium Graphit Kropfmühl
Asia Tantalum & Titanium (GKR.DE)
Lithium Nuclear
China, Japan
Silicon Metal
Aluminium Solar Graphite
Chrome Superalloys
42.5%
Antimony Specialty Steel Timminco Ltd.
Coatings Heat Treatment (TIM.TO)
2,500 employees
Other Silicon Metal
Solar Grade Silicon
Technology-driven specialty metals company
5
- 6. Introduction to AMG (cont’d) Company Confidential
Copyright © 2010 AMG
AMG provides specialty metals and capital equipment to growing end markets
Advanced Materials Engineering Systems
AMG Materials AMG Engineering
High value alloys Capital equipment for high- performance
Essential raw materials materials
Wayne, PA headquarters Hanau, Germany headquarters
11 plants in 7 countries 8 facilities in 5 countries
4 mines in 4 countries
1,587 employees 684 employees
6
- 7. AMG Solar Activities Company Confidential
Copyright © 2010 AMG
Company Product Solar Use AMG
Ownership
Raw material for polysilicon, solar
Timminco Silicon metal1 42.5%
grade silicon
Timminco Solar grade silicon Raw material for silicon ingots 42.5%
Raw material for polysilicon, solar
Graphit Kropfmühl Silicon metal 80.5%
grade silicon
Equipment to produce silicon
ALD Vacuum Technologies DSS furnaces 100%
ingots
200 kW photovoltaic system
AMG Conversion (Ohio) Generation of electricity 100%
(under construction)
Zinc oxide /aluminum oxide Raw material for transparent
GfE 100%
sputtering targets conductive oxide layers for thin film
Solar grade silicon ingots, Raw material for silicon bricks,
AMG Conversion 100%
bricks, wafers wafers, cells
Timminco solar grade GK silicon metal chunks ALD DSS (SCU400plus) AMG Conversion 200 kW PV GfE AZOY® rotatable
silicon chunks System (Ohio) target
1On August 10, 2010, Timminco announced that it had agreed to form a joint venture with Dow Corning at its silicon metal production facilities in
Bécancour, Québec. Dow Corning will acquire a 49% equity interest in the joint venture that will own Timminco’s existing silicon metal operations.
7
- 8. Introduction to AMG Conversion Company Confidential
Copyright © 2010 AMG
AMG Conversion produces multicrystalline silicon ingots, bricks, and wafers for the
solar industry
Metallurgical Solar Grade Cells &
Ingots Bricks Wafers
Silicon Silicon Modules
AMG Conversion’s goal is to accelerate the development of solar grade silicon to enable
customers to manufacture solar cells using solar grade silicon that are indistinguishable from
those made with polysilicon
8
- 9. AMG Conversion – Products Company Confidential
Copyright © 2010 AMG
Ingots Bricks Wafers
835 x 835 x 250 ±5 mm 157 x 157 ±0.5 mm 156 x 156 ±0.5 mm
400 ±10 kg Height based on customers 200 ±20 μm
specifications
9
- 10. Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
10
- 11. Silicon & Impurity Contents Company Confidential
Copyright © 2010 AMG
Silicon Product Category Impurity Content
Semiconductor Grade
Solar Grade (SoG Si) /
Upgraded Metallurgical Grade (UMG Si)
High Purity Grade
Metallurgical Grade (MG Si)
ppmw 104 102 1 10-2 10-4
Based on information gathered on PV industry…
Semiconductor Grade Silicon Solar Grade Silicon
High investment costs Low investment costs (1/10th to 1/5th of poly)
Long construction lead times Shorter construction lead times (1/4th to 1/3rd of poly)
High electricity consumption Low electricity consumption (1/4th to 1/2 of poly)
Well-known material and manufacturing processes New material not yet fully adopted by market
Low impurities lead to high ingot yields and high cell Higher impurities, yet cell efficiencies >16% can be
efficiencies achieved
Prices can be very volatile
11
- 12. Silicon Production & Purification Company Confidential
Copyright © 2010 AMG
Traditional /
Siemens Trichlorosilane Chemical Vapor
HSiCl3 Deposition Polysilicon
(TCS) (CVD)
Fluidized
Bed Fluidized Bed
Metallurgical Silane
SiH4
Deposition Polysilicon
Silicon (FBD)
Metallurgical
Refining Various Processes:
Solar Grade
Slag Treatment, Leaching,
Oxidation, Casting Silicon
12
- 13. Solar Grade Silicon Purification Techniques Company Confidential
Copyright © 2010 AMG
Acid Leaching Directional Solidification
Treating of metallurgical grade silicon with acids (HF, Segregate impurities in the melt during crystallization
HCl) to dissolve metal clusters based on segregation coefficients
Effective on metals but not on dopants (boron and Impurities accumulate at the top of the ingot thus
phosphorus) purifying the bottom
Calcium Leaching or “Slagging” Oxidation
Addition of calcium to silicon to bind and separate Melt metallurgical grade silicon at high temperatures to
impurities in the slag separate impurities in the slag or as gases
The slag phase can be separated from the “clean” molten Effective with boron removal
silicon phase
Reduction of High Purity Silica by High Gas Blowing Through Melt
Purity Carbon
Similar process used for standard metallurgical grade Blow gases (O2, Cl2, CO2) through the melt to react with
silicon in arc furnaces dissolved impurities
Requires clean silica (naturally clean or purified by Volatile compounds are formed and removed from the
leaching), high purity carbon, purified electrodes melt
13
- 14. Selected Solar Grade Silicon Manufacturing Processes Company Confidential
Copyright © 2010 AMG
Metallurgical Slag Solidification/ Post
Leaching
Silicon Treatment Segregation Treatment
In-house 3 sequential purification steps to reduce impurities Ingot cleaned/sawed
Metallurgical
Dissolution Crystallization Washing Growing
Silicon
Al/Si Melt Water + Acid Gas
Oxidation in Solidification
Metallurgical with
Rotary Electromagnetic
Filtration Cleaning
Silicon
Furnace Stirring
In-house 3x oxidation/solidification sequence
Sources:
- Elkem Solar: Status and future outlook, 6th Solar Silicon Conference, Munich, 2008
- 6N Silicon: Solar Silicon in a Dynamic Market!, 7th Solar Silicon Conference, Munich, 2009
- Timminco: Public presentations, 2009-2010
14
- 15. Impurities in Silicon Company Confidential
Copyright © 2010 AMG
Category Example Impact
Dopants Boron, Resistivity
Phosphorus, Important to have n, p dopants well controlled to maximize ingot resistivity
Gallium yield (net carrier concentration determines resistivity)
Light-induced degradation
Need to minimize boron
No detrimental effects on LID or lifetime due to gallium
Metals Iron, Copper, Metallic impurities can limit cell efficiency by recombination
Nickel, Bulk metal concentration inversely proportional to minority carrier lifetime
Aluminum High metal impurities can decrease breakdown voltage and ohmic shunting
High iron concentrations can contribute to LID
Alkali-Metals Lithium, Corrosion of crucibles during crystallization
Sodium, Crucibles integrity becomes compromised – can lead to run outs
Potassium Primarily problem with slag treatments where AM > 10 ppmw
Other Carbon, Inclusions
Oxygen, High carbon and nitrogen concentrations will lead to SiC/SiN inclusions
Nitrogen that will reduce yield because of non-waferability (can cause wire breaks)
Inclusions/precipitates can cause breakdown voltage issues and result in
module hot spots during shaded conditions
Light-induced degradation
Need to minimize oxygen diffusion into melt during casting
Need to maximize oxygen removal through mixing during casting
15
- 16. Impact of Dopant Concentration/Compensation1 Company Confidential
Copyright © 2010 AMG
6.0 4.00 6.0 4.00
B (ppma) B (ppma)
5.5 5.5
P (ppma) P (ppma)
3.50 3.50
5.0 Resistivity 5.0 Resistivity
4.5 3.00 4.5 3.00
B and P Concentration (ppma)
B and P Concentration (ppma)
4.0 4.0
64% 84%
Resistivity (ohm cm)
Resistivity (ohm cm)
2.50 2.50
3.5 3.5
3.0 2.00 3.0 2.00
2.5 2.5
1.50 1.50
2.0 2.0
1.5 1.00 1.5 1.00
1.0 1.0
0.50 0.50
0.5 0.5
- 0.00 - 0.00
- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 - 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00
Fraction Solid Fraction Solid
B = 0.6 ppmw B = 0.6 ppmw
P= 1.8 ppmw P= 1.4 ppmw
64% yield 84% yield
→ Decreasing phosphorus from 1.8 to 1.4 ppmw increased yield from 64% to 84%
→ Average resistivity decreased
1 Theoretical example for illustration purposes
16
- 17. Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
17
- 18. Quality Improvements Company Confidential
Copyright © 2010 AMG
Areas of focus for quality improvements with SoG Si / UMG:
1. Ingot yield (p-type resistivity and lifetime)
2. Cell efficiency
3. Inclusions
4. Breakdown voltage (cells)
5. Light-induced degradation (cells)
Understanding of downstream processing in the rush to market the material in times
of high polysilicon prices
In 2009 and 2010, polysilicon prices returned to “normal” levels and SoG Si demand
crashed
→ Forced SoG Si manufacturers to focus on more clearly defining customer
specifications and quality parameters
→ Significant quality improvements have been made to date
18
- 19. Focus Area #1: Ingot Yield Company Confidential
Copyright © 2010 AMG
Goal: Obtain SoG Si ingot yield1 comparable to that of ingot made with
polysilicon
Proper management of dopant levels in starting material, use of secondary dopant (i.e.
gallium), and optimized crystallization methods can be used to maximize ingot yield
Typical ingot yield with polysilicon is 85% for 400 kg ingots
AMG Conversion has achieved yields above 80% with 100% SoG Si
2.8
3.0 3.0
3.0 2.8
0.6 Ω-cm
2.4Ω-cm
0.6 Ω-cm
Top cut
Bottom cut
1.8 Ω-cm
Bottom cut
Top cut
0.6 Ω-cm
1.8 Ω-cm
Bottom cut
Top cut
Boron
2.4
2.5 Boron 2.5
1.8
2.5 Phosphorus Phosphorus
0.6 ohm-cm 0.6 ohm-cm
Resistivity (Ω-cm)
1.75
2.0
2.0 2.0
B & P (ppmw)
B & P (ppmw)
1.5
1.5 1.5
1.2
1.2
1.2
1.2
1.0
1.0 1.0
0.870.60
0.850.58
1.10
1.10
1.06
1.06
0.87
0.85
0.5
0.5 0.5
0.0
0.0 0.0
0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00
Solidified fraction Solidified fraction
1 Ingot yield is defined as waferable ingot height (based on resistivity and lifetime) / original ingot height
19
- 20. Focus Area #2: Cell Efficiency Company Confidential
Copyright © 2010 AMG
Goal: Produce SoG Si cells with cell efficiency comparable to that of cells
made with polysilicon
Several cell process modifications have been explored to improve efficiency
Phosphorus gettering (during standard diffusion) remains the most effective
With extended gettering processes, cell efficiencies comparable to those made with
polysilicon with identical processes
Extended diffusion can be performed in standard cell lines with minimal impact on cost
AMG Conversion has achieved cell efficiencies over 16% using 100% SoG Si from
Timminco, comparable with polysilicon cell efficiency performance in the same cell
lines
16.1%
15.9%
Average cell
efficiency at AMG
Conversion1
Standard Extended
1Cells made at International Solar Energy Research
Center Konstanz (ISC) from AMG Conversion wafers
Gettering Gettering 20
- 21. Focus Area #3: Inclusions Company Confidential
Copyright © 2010 AMG
Goal: Produce SoG Si ingots with inclusion concentration comparable to
that of ingots made with polysilicon
High concentrations of C and N in the feedstock can lead to the formation of SiC and SiN inclusions
Inclusions cause electrical breakdown and losses in slicing due to wire breaks/saw marks
SoG Si manufacturers must either reduce carbon in their source material, or remove contaminants
with methods such as oxidation, or filtration
Filtration techniques have been utilized to reduce carbon impurities
Casting techniques to improve impurity segregation, and vacuum removal during ingot crystallization are
very effective
AMG Conversion has successfully achieved inclusion free ingots using 100% SoG Si,
resulting in slicing yields comparable to those obtained with polysilicon feedstock
IR image of IR image of
brick showing brick showing
a high number no inclusions
of inclusions
21
- 22. Focus Area #4: Breakdown Voltage Company Confidential
Copyright © 2010 AMG
Goal: Produce SoG Si cells with breakdown voltage comparable to that of
cells made with polysilicon
As ingot yield and resistivity are tradeoffs with SoG Si material, users tended to push
resistivity to lower levels <0.5 ohm-cm to increase yield
While reasonable cell efficiencies were obtained, breakdown voltage issues arose due to
higher impurity concentrations in the base material.
Module/cell producers compensated for the breakdown voltage problem by adding diodes
to modules to prevent overheating in partially shaded conditions.
0
AMG Conversion can reduce metallic -2
impurities, SiC precipitates, and net dopant -4 wafer no 082
Reverse Current [A]
concentration and achieve acceptable -6 wafer no 110
breakdown characteristics, while -8
wafer no 116
wafer no 128
maintaining high ingot yield -10
wafer no 132
-12
-14
No module design changes should be -16
required -20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0
Reverse voltage [V]
22
- 23. Focus Area #5: Light-Induced Degradation (LID) Company Confidential
Copyright © 2010 AMG
Goal: Produce SoG Si cells with LID comparable to that of cells made with
polysilicon
LID is roughly proportional to [boron] and [oxygen]2
LID can be improved by:
Reducing boron and oxygen contents in feedstock
Limiting oxygen diffusion in melt during casting
Using a proper casting technique to remove oxygen during crystallization
LID in multicrystalline polysilicon wafers vary from 0.1 to 0.4% relative
LID in monocrystalline polysilicon wafers typically 0.5 to 0.6% relative
AMG Conversion can achieve LID of 0.2-0.3% relative, comparable to multi poly
0.8-1.8% Feedstock
LID improvements Purity
at AMG Conversion 0.5-0.8% Casting
Technique 0.5-0.6%
0.2-0.3% 0.1-0.4%
3Q 2009 1Q 2010 2Q 2010 Multi Mono
Source: Management 23
- 24. Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
24
- 25. Manufacturing Costs Company Confidential
Copyright © 2010 AMG
Polysilicon production costs using Siemens process vary with:
Manufacturer experience
Equipment quality
Process quality
SoG Si production costs vary with:
Process types
Impurity levels
→ SoG Si typically holds a cost advantage…
…but only if the material can produce cells of equivalent quality!
→ Most customers will require an economic incentive to adopt a new product
$80
Indicative
Industry $60
Manufacturing
Costs1 $40
($/kg)
$20
$0
Polysilicon SoG Si
1 Based on Management’s knowledge of the industry participants. Manufacturing costs can vary widely based on capacity utilization and yields.
25
- 26. Electricity Consumption Company Confidential
Copyright © 2010 AMG
In March 2010, the Chinese government announced (No. 38, State Council):
Steel, cement, glass, chemical, and polysilicon industries are suffering from overcapacity
and must reduce energy consumption
New polysilicon projects with less than 3,000 mt annual capacity have been targeted
New energy consumption standard of less than 200 kWh/kg (for comprehensive energy
consumption) and 60 kWh/kg (for reduction process) to be issued by end of 2010
The new standard would eliminate many small inefficient polysilicon plants
200-250
110-130
Indicative
Electricity
Consumption1 40-70
(kWh/kg)
Polysilicon Polysilicon SoG Si
“Low Yield” “Best in Class”
1 Based on Management’s knowledge of the industry participants. Electricity consumption can vary widely based on yields.
26
- 27. Potential Partnerships in China Company Confidential
Copyright © 2010 AMG
AMG Conversion is looking for partners to:
Provide wafer tolling services
Establish cell production capability by testing and development of cost effective
processes for cell and modules made with SoG Si
Develop alternative crystallization techniques to further improve material performance
Develop customer relationships for high efficiency/low cost cell products
Inclusions
27
- 28. Company Confidential
Copyright © 2010 AMG
Introduction
AMG Advanced Metallurgical Group
AMG Conversion
Solar grade silicon
Introduction
Silicon purification techniques
Manufacturing processes (Elkem, 6N Silicon, Timminco)
Impact of impurities
Quality improvements
Ingot yield
Cell efficiency
Inclusions
Breakdown voltage
Light-induced degradation
Manufacturing costs & electricity consumption
Conclusions
28
- 29. Conclusions Company Confidential
Copyright © 2010 AMG
SoG Si manufacturers have made several improvements to address customer concerns
Today’s best SoG Si has the following characteristics:
Low boron and phosphorus concentrations in the proper ratios to produce high ingot
resistivity yields
Carbon contents low enough to eliminate inclusion formation and have no negative
impact on cell breakdown voltage or slicing yield
Oxygen contents low enough to not cause atypical LID
Metals contents low enough to not cause lifetime/cell efficiency/breakdown issues
While some companies are making good progress, quality differs widely among producers
Market acceptance is possible, but remains an issue due to historical perspectives
Continued cost reduction and quality improvement is necessary to drive market penetration
→ Low-cost and high quality SoG Si is an attractive alternative to polysilicon even
under current poly pricing conditions
→ In the event of higher material silicon demand, SoG Si will continue to drive lower
cost photovoltaics
29