Tag Archives: Amonix

GreenVolts crumbles and questions about the future of HCPV emerge from the rubble

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The high concentrating PV (HCPV) company, GreenVolts, is officially selling its assets after its primary investor, ABB, pulled support from the startup. GreenVolts outsourced its manufacturing to contractors such as Foxconn, so assets up for sale will largely be intellectual property.

GreenVolts obtained exactly what many small solar manufacturers are looking for: a large, well-positioned, strategic investor to add bankability and take responsibility for driving growth. Semprius found that in Seimens, and Miasolé had been looking for a buyer and recently closed with Hanergy. While the advantages of this gaining significant support from a strategic investor are numerous, there is also an inherent risk, as became apparent with GreenVolts and ABB. If the investor proves fickle and decides to cut losses, the solar company will not be able to survive. Strategic investors that invest in solar need to be willing to take a short-term loss for long-term gain.

For the broader HCPV industry, GreenVolts’ failure adds to concern surrounding the industry that has been growing since Amonix shut down its Las Vegas manufacturing facility (client registration required). We expect the situation to get worse before it gets better, but our favorites – Soitec, SolFocus, and Suncore as outlined in the Lux Research report, “Putting High-Concentrating Photovoltaics into Focus” (client registration required) – are still moving forward on capacity and installation targets, and can easily satisfy our 700 MW HCPV demand forecast in 2017.

As hype for HCPV dwindles, companies are starting to look into low concentrating PV (LCPV) as an intermediate technology between expensive, highly efficiency HCPV and cheap, less efficient flat panel PV. SunPower’s C7 product aims to do just that with reflectors that concentrate sunlight 7X onto SunPower’s interdigitated back contact (IBC) solar cells with 22.8% cell efficiency under 7X concentration. The company has an agreement with Tucson Electric Power to install 6 MW of the LCPV product. Low concentration allows for a broader range of reflector options as long as they are cheap and limit optical losses. SunPower’s C7 system uses parabolic trough glass mirrors, but startups like TenKsolar and Absolicon use 3M reflector films, Solaria uses patterned glass, and Cool Earth Solar uses a proprietary refractive film co-developed with Avery Dennison.

Monocrystalline silicon (c-Si) solar cells used in LCPV modules are many times cheaper on a per area basis than multijunction cells used in HCPV modules; however, c-Si cells are more susceptible to heat and UV degradation, and benefits from increased encapsulant transparency will multiply under concentration, which can translate to interesting opportunities for innovative material suppliers. Material and chemical companies may want to look to LCPV as a potential new market for innovative optical or encapsulation materials.

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Early-stage solar deal values fell in 2009 as VCs doubled down in late-stage investments

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Graphic of the Week 06-27

Since 2000, solar technology has attracted enthusiastic support from venture capitalists (VCs), who have cumulatively invested over $7.5 billion. However, 2009 was a harrowing year for the solar industry and for its VC backers. In a recent Lux report, we observed that VC funding for solar firms had dropped 55% in 2009 to $1.52 billion. Deal sizes were down across the spectrum of products and technologies. The exception was late-stage deals (Series D and later).

For solar firms of every size, 2009 was not just a difficult year, it was an outright fight for survival. As we outlined in recent reports (e.g. Finding the Solar Market’s Nadir and Solar’s Impending Shakeout: Europe Loses Leadership as China Rises – client registration required)  solar companies looking to “break out” in 2009 saw their plans delayed or squashed, while early start-ups unable to raise cash were forced to hunker down to wait out the storm. In reviewing VC funding by stage, M&A activity, and IPO data, we found that the overall deal value of early-stage deals fell more than 65% across Series A, B, and C investments. However, a select few companies – including Amonix, Solyndra, Siliken, and Innovalight – pulled in large sums during D series and subsequent rounds. Just as in 2008, select investors in these firms built on earlier investments, racing time and start-up costs en route to fully scaled production.

Consequently, late-stage rounds ballooned in 2009 as investors “doubled down” on their investments. In 2009, Series D or later investments garnered 43% of the total deal value, up from just 11% in 2008. Moving forward, the largest solar VC deals will be directed at late-stage rounds for cell and module companies as investors concentrate on their existing portfolios.

Source: Lux Research report “2009 Solar Financing: Double or Nothing.” 

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View from Solar Power International in Anaheim is positive headed into 2010

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The mood was decidedly upbeat at the Solar Power International conference in Anaheim, Calif. The crowd – mostly downstream installers and developers – was preparing for a boost in U.S. subsidies in 2010, which will likely lead to a surge in new projects. In addition, module manufacturers said that they have been seeing significant price stabilization, and even some price increases thanks to year-end demand from Germany before that country steps down feed-in tariffs early next year.

Some players – typically second-tier Chinese manufacturers such as Hareon Solar, Wangxiang Solar, and ENN Solar – spoke of price stabilization as justification for further capacity expansions, most were more cautious. For instance, Moser Baer is continuing to hold off expansion on its 40 MW TF-Si line from Applied Materials until it is more comfortable with the direction of market demand and pricing. It thinks the current surge in demand and pricing is only temporary. Even so, the company plans on ramping its crystalline silicon (x-Si) cell and module facilities from 80 MW today to 180 MW by mid 2010, a clear statement that the company expects x-Si to outperform TF-Si in the short term.

In addition to these developments, we picked up news of expansions and new products from a number of other companies.

Amonix recently expanded its facility in Seal Beach, Calif., to 30 MW for trackers and module pre-assemblies. The company also expects to close “any day” on a new round of financing that will enable it to add another 300 MW by 2012 in two “satellite” manufacturing facilities. They’ll likely to be located close to the point of installation. Investors were not disclosed, but expect existing investors MissionPoint and Kleiner Perkins to top the list.

Tigo Energy released a new series-level maximum power point tracking (MPPT) management unit for residential systems. By enabling higher voltages, the device can interface with more efficient inverters. With its older parallel structure, the MPPT solution limited voltages and thus reduced inverter efficiency. VP of Marketing Jeff Krisa noted this problem still plagues Tigo competitors by limiting system efficiency (inverter plus MPPT) to the low 90% range. Tigo received UL certification for its new MPPT device in September, and plans a smaller form-factor version that can be integrated into module framing during manufacturing to allow panels to be mounted flush to the roof. The company also has plans to develop a maximizer that can be built into the junction box of a module, likely in collaboration with Tyco. But this product will come out later in 2010. Another important point Jeff shared was that Tigo expects long-term revenue to come not through device sales, but rather through sales of micro-level production data from modules and systems to utilities. Such data would enable utilities to balance load and generation effectively in their smart-grid infrastructures.

Infinia, a developer of Stirling solar thermal dish systems for utility applications, unveiled its 3 kW engine to significant interest. Its system was much more compact and simple than Stirling Energy Systems’ competing 25 kW engine, which occupied the next booth. Stirling Energy’s engine stood over eight feet high, and in direct contrast to Infinia’s two-foot-high design. Plus, with multiple vents and exposed components, Stirling’s engine was much more open to the elements. Infinia reported that its system must covert AC power from the engine to DC and then invert back to grid-friendly AC. This essentially doubles the number of power converters per MW. However, the company said pilot installations have not shown inverter failure – likely due to the sterilized DC power fed into the inverter. The company hopes to have some new announcements soon on the financing and project development front.

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