Flexible solar cells production cig slim 2012 05-28

Development of SIGSlim™ flexible solar

cells production

www.ucapital.by www.izovac.com

Investment project

Trends Reduction of fossil fuels reserves and of the problem

of nuclear power safety leads to growth of the share of renewable power generation including solar power.

The continuously growing global market of solar power is estimated at 16 GW in 2010 and at 26 GW in 2011. The market is expected to grow up to 37.5 GW by 2016. The market value is expected to grow from USD 32.1 bln in 2010 to USD 44 bln in 2011, and up to

USD 56.9 bln in 2012. The tendency of power network growth is observed

on the principle of downsizing. A residential house with a roof-top solar panel, a business center, an industrial facility become elements of a distributed power system.

2010 2011 2012F0

102030405060

SC market, USD bln

BIPVwww.izovac.com www.ucapital.by

Problem and solution

Conventional solar panels: are very heavy

require special structures

have large wind resistance

alter (often worsen) appearance of a building

are not protected from vandalism and hail

Solution: roof- and building-integrated photovoltaics

(RIPV, BIPV)

photovoltaic roofing and wall materials

www.izovac.com www.ucapital.by

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Competitors’ offersCompany Product Advantages Disadvantages

Global Solar PowerFLEX Efficiency 10.5% (CIGS technology)

Sophisticated production technology => higher cost (USD 9.00/W)

United Solar PowerBond Relatively lower price: USD 2.60/W

a-Si technology => lower efficiency (6.7%)

Ascent Solar WaveSol Light Medium price (USD 5.8/W), medium efficiency (8.5%)

Leading producers of flexible solar cells are to choose between high efficiency of solar power generation (and consequently high price!) and price reduction due to the choice of a less efficient technology.

A product featuring low cost at high efficiency will rapidly win the market!


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Technology Sunlight absorbent – CIGS

Monolithically integrated module

Know-How of the deposition process

13%!$0.50/W!

hi efficiency

low cost


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ProductOur product will be a solar cell in the form of flexible, thin, light and extremely strong film.Our customers are manufacturers of roofing materials, charging devices, tourist duffel and mobile devices.

• We think that strategic partnership with a manufacturer of roofing materials (flexible roof tile or metal tile) will provide the basis for sustainable business growth.• Today similar products are offered by some competitors:


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Who we are? IZOVACThe project is realized by IZOVAC Ltd (www.izovac.com). IZOVAC is a leader in the design and manufacture of vacuum process equipment. IZOVAC is also a leader in thin film coverage engineering in semiconductor, display, optic and other fields. The company has a design and engineering development centre in Minsk and in-line assembly plants for vacuum equipment production in Taiwan and in Belarus.


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By now the volume of own investments in the development has made $1.7 mln.

http://www.izovac.com/

Project

We invite investors to participate in the investment project for creation of production of flexible solar cells with the annual output of 25 MW per year minimum.The project will be implemented in three stages:

Project stage Production capacity Time Investments Funding

source 1. Development and

adjustment of technology 0,5 MWper year

12 months $1.33 mln Joint-stock

capital2. Building up the first stage

of the factory 5 MW per year

11 months $5.67 mln Joint-stock

capital

3. Expansion of production capacity

25 MW per year

19 (31)* months $13,8 mln Borrowed

funds


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Project

12 months 11 months 19 months

$ 1.33 M$ 5.67 M $ 13.8 M

(Borrowed Funds)

R&DMass

production 5 MW / year

Expansion to25 MW / year

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Private Equity

Investment offer

The objective of this offer is to attract step-by-step financing of the first and the second project stages in the total amount of $7 mln in exchange for the share of the ownership in the SPV being set up for this project purposes. The SPV will be the rightholder of all know-how obtained throughout the project.

The initial output will be 5 MW per year. Expansion of production up to 25 MW and over will be financed through borrowed funds in the amount of $13.8 mln.


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Business financial statements

• Annual sales by full capacity operation (after one year upon the production start) will make USD 25 mln.

• The enterprise returns to profitability in the end of the second project year. Net income will make USD 9.7 mln per year, starting from the third year from the production commissioning.

• The investments payback period by 12% discount rate makes 5.8 years (including R&D stage).

• According to 7 year cash flow projection NPV = USD 8.5 mln; IRR = 39% annum.


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Learn more about the project

If you are interested in the project, please contact the authorized investment agent:

Victor Stepanov, Managing Partner of United Capital company.

E-mail: [email protected].: +375 29 632-21-42

We provide investment offer and investment business plan upon request.

Flexible solar cells production cig slim 2012 05-28

Investor Relations

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