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JET PRINTJET PRINT
April 25, 2007April 25, 2007
Spin-Off Company based on the printable electronics patent from OSU researcher Dr.
Chang
(3M) (3M) (JetPrint)(JetPrint) (Viracon) (Viracon)
Buy custom plastic substrate Buy custom plastic substrate ProcessProcess Sell transparent solar film Sell transparent solar film
OverviewOverview
TeamTeam ProblemProblem Current TechnologyCurrent Technology Competition Competition Jet Print AdvantageJet Print Advantage PaybackPayback MarketMarket Strategic PhasesStrategic Phases Financial ProjectionsFinancial Projections
TeamTeam
Inventors Inventors • Chih-hung ChangChih-hung Chang, , Associate Professor of Chemical Associate Professor of Chemical
Engineering at Oregon State University Engineering at Oregon State University
OSU StudentsOSU Students• Evan SekulicEvan Sekulic, , Construction Engineering Management Construction Engineering Management • Tim LoudenTim Louden, , Electrical and Computer Engineering Electrical and Computer Engineering • Nate EdwardsNate Edwards, ECE and Entrepreneurship , ECE and Entrepreneurship • Adam IveyAdam Ivey, Business Administration, Business Administration
MentorsMentors• Todd MillerTodd Miller, OSU, ONAMI, OSU, ONAMI• Chris OriakhiChris Oriakhi, , PhD Chemistry (1996) from OSU, MBA PhD Chemistry (1996) from OSU, MBA
Technology Management & Innovation (2004) from MIT Technology Management & Innovation (2004) from MIT Currently working at HPCurrently working at HP
ProblemProblem
Current EnergyCurrent Energy• Mostly non-renewableMostly non-renewable• Rising CostsRising Costs• Environmental IssuesEnvironmental Issues
Renewable EnergyRenewable Energy• More ExpensiveMore Expensive
Current PhotovoltaicsCurrent Photovoltaics• Mainly Rooftop ApplicationsMainly Rooftop Applications• Large panels needed to produce enough powerLarge panels needed to produce enough power
CurCurrent Technologyrent Technology
Wafer Based:Wafer Based:SpecificationsSpecifications
• Mostly high purity siliconMostly high purity silicon• 10-20% efficiency10-20% efficiency• 4.80 $/W retail4.80 $/W retail
DrawbacksDrawbacks• limited supply of siliconlimited supply of silicon• Higher efficiency is not space efficientHigher efficiency is not space efficient• Not flexible or transparentNot flexible or transparent
CurCurrent Technologyrent Technology
Thin Film:Thin Film:SpecificationsSpecifications
• Many compositionsMany compositions• Most do not use SiliconMost do not use Silicon• 13-30% efficiency13-30% efficiency• 3.00 $/Watt3.00 $/Watt
DrawbacksDrawbacks• Potentially hazardous materialsPotentially hazardous materials• Manufacturing difficultyManufacturing difficulty• NOT TRANSPARENTNOT TRANSPARENT
CompetitionCompetitionEvergreen SolarEvergreen Solar• Wafer Based PVWafer Based PV• Subject to Si price fluctuationsSubject to Si price fluctuations
NanoSolarNanoSolar• Thin Film PVThin Film PV• Roll to roll printingRoll to roll printing
HelioVoltHelioVolt• Thin Film PVThin Film PV
MiasoléMiasolé• Thin Film PVThin Film PV
JetPrint AdvantageJetPrint Advantage
Roll to roll printingRoll to roll printing Non-silicon processNon-silicon process Lower Cost per WattLower Cost per Watt
TRANSPARENTTRANSPARENT They may compete on They may compete on
the rooftops, but we the rooftops, but we will control the will control the windows!windows!
CA0
5
10
15
20
25
Payback
Current
New @ 100%
New @ 30%
Technology
Years
Example BuildingExample Building
Window Area Window Area (200X100X2sides)(200X100X2sides) 40,000 40,000 sqftsqft
Incremental costs:Incremental costs: $384,000$384,000 Payback = Payback = <10 YRS<10 YRS Cal energy price ($0.12/kWh)Cal energy price ($0.12/kWh) Cal solar radiation (medium)Cal solar radiation (medium) Cal tax incentives (average)Cal tax incentives (average)
Market Market
World Solar Energy $7B IndustryWorld Solar Energy $7B Industry
• $1.7B for thin film organic for 2006$1.7B for thin film organic for 2006
• World Solar Cell Production reached World Solar Cell Production reached 2,204 MW in 20062,204 MW in 2006
Annual Photovoltaic Domestic Annual Photovoltaic Domestic Shipments, 1996-2005Shipments, 1996-2005
-www.eia.doe.gov
Photovoltaic Cells and Modules (Peak Kilowatts)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
Pe
ak
Kil
ow
att
s
MarketMarket
Thin Film and Organic Market to reach Thin Film and Organic Market to reach $2.3B by 2011$2.3B by 2011
““Integrated building and construction Integrated building and construction products such as PV enabled roofing and products such as PV enabled roofing and window materials are projected to be window materials are projected to be the largest market opportunity the largest market opportunity measuring $800 million ($US) in 2011”measuring $800 million ($US) in 2011”
Nanomarket.net Nanomarket.net
Market Share of Crystalline Silicon Market Share of Crystalline Silicon Shipments, 1996-2005 Shipments, 1996-2005
www.eia.doe.gov
Market Share of Crystalline Silicon Shipments
50
60
70
80
90
100
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
Per
cen
t
Market Share of Thin-Film Market Share of Thin-Film Shipments, 1996-2005 Shipments, 1996-2005
www.eia.doe.gov
Market Share of Thin-Film Shipments
0
5
10
15
20
25
30
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
Per
cen
t
Photovoltaic Cell and Module Photovoltaic Cell and Module Shipments by Type, 2003-2005Shipments by Type, 2003-2005
Shipments (Peak kilowatts) Percent of Total
Type 2003 2004 2005p 2003 2004 2005p
Crystalline Silicon
Single-Crystal 59,379 94,899 71,901 54 52 32
Cast and Ribbon 38,561 64,239 101,065 35 35 45
Subtotal 97,940 159,138 172,965 90 88 76
Thin-Film 10,966 21,978 53,826 10 12 24
Concentrator 452 0 125 * 0 *
Othera 0 0 0 0 0 0
Total 109,357 181,116 226,916 100 100 100
a Includes categories not identified by reporting companies.
*= Less than 0.5 percent.
P = Preliminary.
Strategic Business PhasesStrategic Business Phases
Phase A: Develop PrototypePhase A: Develop Prototype
Phase B: Testing and ShowcasePhase B: Testing and Showcase
Phase C: Full scale application Phase C: Full scale application
Phase D: Self Manufacturing ExpansionPhase D: Self Manufacturing Expansion
Phase E: Industry LeaderPhase E: Industry Leader
A) Develop A) Develop PrototypePrototype
develop transparent solar cell prototype on develop transparent solar cell prototype on flexible substrate with acceptable power flexible substrate with acceptable power
generation generation
Duration: 12 Months with two research assistantsDuration: 12 Months with two research assistants
Cost: $100,000Cost: $100,000
Funding Source: ONAMIFunding Source: ONAMI
Printing done in current OSU LabPrinting done in current OSU Lab NO office spaceNO office space
B) Testing and ShowcaseB) Testing and Showcase
High tech building integration will provide High tech building integration will provide data and a showcase for the technologydata and a showcase for the technology
Duration: 6 MonthsDuration: 6 MonthsCost: $150,000Cost: $150,000Funding Source: SB research grants and Angel investmentsFunding Source: SB research grants and Angel investments
Printing done by PicoJETPrinting done by PicoJET Applied to exterior of skylight glassApplied to exterior of skylight glass Small temporary office spaceSmall temporary office space
Analyze Licensing PotentialAnalyze Licensing Potential
Build Business:
Capitol investment in printer
Lease office and manufacturing site
Licensing IP:
Identify potential companies
Leverage IP with successful tests
C) Full Scale ApplicationC) Full Scale Application
Find interested owner for 1 full scale Find interested owner for 1 full scale commercial building commercial building
Duration: 6 MonthsDuration: 6 MonthsFunding Cost: $200,000Funding Cost: $200,000Funding Sources: private investment and VCFunding Sources: private investment and VC
Printing done by PicoJETPrinting done by PicoJET Integrated into commercial windowsIntegrated into commercial windows Small temporary office spaceSmall temporary office space
D) Self Manufacturing ExpansionD) Self Manufacturing Expansion
Expand facilities and equipment capabilities Expand facilities and equipment capabilities so that product can be manufactured in-so that product can be manufactured in-
househouse
Duration: 6 MonthsDuration: 6 Months
Funding Cost: $ 500,000Funding Cost: $ 500,000
Funding Sources: VCFunding Sources: VC
Move to larger Office and Manufacturing SiteMove to larger Office and Manufacturing Site Buy Printer and Post Processing EquipmentBuy Printer and Post Processing Equipment
E) Industry LeaderE) Industry Leader
Increase production and business Increase production and business infrastructureinfrastructure
Funding Source: Self FundedFunding Source: Self Funded
Multiple Printers & Post ProcessorsMultiple Printers & Post Processors Large office and manufacturing facilityLarge office and manufacturing facility Explore other product opportunitiesExplore other product opportunities
Business BasicsBusiness BasicsBuy custom plastic substrate Buy custom plastic substrate ProcessProcess Sell transparent solar film Sell transparent solar film
(3M) (3M) (JetPrint)(JetPrint) (Viracon)(Viracon)
SF materials costSF materials cost $0.50 /SF $0.50 /SF SF selling price to window manufacturersSF selling price to window manufacturers $4.00 /SF $4.00 /SF Printer and post processor cost $300,000Printer and post processor cost $300,000
*Increase team size and equipment as production expands**Increase team size and equipment as production expands*
Financial SummaryFinancial Summary Square FTSquare FT BuildingsBuildings EBTEBT
YR 0) YR 0) 00 00 (10,000)(10,000)
YR 1)YR 1) 40,00040,000 11 (164,600)(164,600)
YR 2)YR 2) 480,000480,000 1212 687,400687,400
YR 3)YR 3) 480,000480,000 1212 795,900795,900
YR 4)YR 4) 960,000960,000 2424 1,668,5001,668,500
YR 5)YR 5) 2,880,0002,880,000 7272 8,542,6508,542,650
Management Team Management Team
CEOCEO• Local expert Local expert • Previous start up experiencePrevious start up experience• Part time consultantPart time consultant
Student TeamStudent Team• Currently 4 studentsCurrently 4 students• Technology and Business BackgroundsTechnology and Business Backgrounds• Add 2 graduate research assistantsAdd 2 graduate research assistants
Head ResearcherHead Researcher• Dr. ChangDr. Chang
Questions?Questions?
Energy And Atmosphere: on-site renewable energy 3 points
Environmental Quality: daylight and views 2 points
Technical DetailsTechnical Details
Wafer-based PVWafer-based PV• c-Si and mc-Sic-Si and mc-Si
Si with dopant from Group III (B) and Group V (P)Si with dopant from Group III (B) and Group V (P)
• mc-Simc-Si High efficiency due to purityHigh efficiency due to purity Circular cell results in wasted space in square panelsCircular cell results in wasted space in square panels
Thin Film PVThin Film PV• CdTe, CuInGaSe (CIGS), GaAs, CuInSe (CIS)CdTe, CuInGaSe (CIGS), GaAs, CuInSe (CIS)
Technical DetailsTechnical Details
Printable PVPrintable PV• Groups II-VI and Groups I-III-VI are being Groups II-VI and Groups I-III-VI are being
investigatedinvestigated• Inorganic materials are printed using ink Inorganic materials are printed using ink
jet technology with solvent based 'inks'jet technology with solvent based 'inks' This allows semi-transparent printing be This allows semi-transparent printing be
varying the densityvarying the density Efficiency is inversely proportional to Efficiency is inversely proportional to
transparencytransparency
Technical DetailsTechnical Details
Customer PaybackCustomer Payback• Solar radiation varies from 4 to 10 Solar radiation varies from 4 to 10
kWh/m^2/day in the USkWh/m^2/day in the US Europe is similarEurope is similar Developing countries have higher levels of Developing countries have higher levels of
radiationradiation
• Grid electricity in the US averages Grid electricity in the US averages $0.08/kWh$0.08/kWh
State prices exceeding $0.11/kWh are not State prices exceeding $0.11/kWh are not uncommonuncommon
(Phase A)(Phase A) (Phase B&C)(Phase B&C) (Phase D&E)(Phase D&E) (Phase E)(Phase E)
Year 0Year 0 Year 1Year 1 Year 2 Year 2 Year 3Year 3 Year 4Year 4 Year 5Year 5
Beginning Cash BalanceBeginning Cash Balance 0 0 ($10,000)($10,000) ($164,600)($164,600) $687,400$687,400 $795,900$795,900 $1,668,650$1,668,650
Cash Inflows (Income):Cash Inflows (Income):
GrantsGrants 100,000100,000 150,000150,000
VC & investmentVC & investment 200,000 200,000 500,000 500,000
Sales & ReceiptsSales & Receipts 40,000 40,000 1,920,000 1,920,000 $1,920,000$1,920,000 $3,840,000$3,840,000 $11,520,000$11,520,000
Total Cash InflowsTotal Cash Inflows $100,000 $100,000 $390,000 $390,000 $2,420,000 $2,420,000 $1,920,000$1,920,000 $3,840,000$3,840,000 $11,520,000$11,520,000
Available Cash BalanceAvailable Cash Balance $100,000 $100,000 $380,000 $380,000 $2,255,400 $2,255,400 $2,607,400$2,607,400 $4,635,900$4,635,900 $13,188,650$13,188,650
Cash Outflows (Expenses):Cash Outflows (Expenses):
AdvertisingAdvertising 0 0 40,000 40,000 192,000 192,000 192,000 192,000 384,000 384,000 1,152,000 1,152,000
shippingshipping 0 0 1,500 1,500 12,000 12,000 $12,000$12,000 $24,000$24,000 $72,000$72,000
InsuranceInsurance 0 0 5,000 5,000 10,000 10,000 $15,000$15,000 $30,000$30,000 $60,000$60,000
MaterialsMaterials 10,000 10,000 10,100 10,100 240,000 240,000 $240,000$240,000 $480,000$480,000 $1,440,000$1,440,000
R & DR & D 100,000 100,000 70,00070,000 140,000140,000 $210,000$210,000 $210,000$210,000 $210,000$210,000
PayrollPayroll 0 0 0 0 100,000 100,000 $150,000$150,000 $200,000$200,000 $250,000$250,000
management salarymanagement salary 0 0 310,000 310,000 390,000 390,000 $570,000$570,000 $790,000$790,000 $1,010,000$1,010,000
Professional Professional ConsultingConsulting 0 0 40,000 40,000 40,000 40,000 $60,000$60,000 $80,000$80,000 $100,000$100,000
Rent or LeaseRent or Lease 0 0 60,000 60,000 120,000 120,000 $120,000$120,000 $120,000$120,000 $120,000$120,000
office Suppliesoffice Supplies 0 0 3,000 3,000 6,000 6,000 $8,000$8,000 $8,000$8,000 $10,000$10,000
Utilities & TelephoneUtilities & Telephone 0 0 5,000 5,000 8,000 8,000 $10,000$10,000 $10,000$10,000 $12,000$12,000
Loan RepayLoan Repay $264,500$264,500 $661,250$661,250 $0$0
SubtotalSubtotal $110,000 $110,000 $544,600 $544,600 $1,258,000 $1,258,000 $1,851,500$1,851,500 $2,997,250$2,997,250 $4,436,000$4,436,000
Other Cash Out Flows:Other Cash Out Flows:
Capital PurchasesCapital Purchases 300,000 300,000 $250,000$250,000
depreciationdepreciation $50,000$50,000 $50,000$50,000 $100,000$100,000
equipment parts maintenanceequipment parts maintenance 10,000 10,000 $10,000$10,000 $20,000$20,000 $60,000$60,000
Total Cash Total Cash OutflowsOutflows $110,000 $110,000 $544,600 $544,600 $1,568,000 $1,568,000 $1,811,500$1,811,500 $2,967,250$2,967,250 $4,646,000$4,646,000
Ending Cash BalanceEnding Cash Balance ($10,000)($10,000) ($164,600)($164,600) $687,400 $687,400 $795,900$795,900 $1,668,650$1,668,650 $8,542,650$8,542,650
BREAK EVEN BREAK EVEN ANALYSISANALYSIS material cost of .5$/SFmaterial cost of .5$/SF
Year 2Year 2 selling price of 4$/SFselling price of 4$/SF
# Buildings/Year# Buildings/Year SF productSF product Gross RevenueGross Revenue Variable CostVariable Cost Fixed OH & Capital ExpFixed OH & Capital Exp ProfitProfit
00 00 $0$0 $0$0 $1,550,000$1,550,000 -$1,550,000-$1,550,000
11 4000040000 $160,000$160,000 $20,000$20,000 $1,550,000$1,550,000 -$1,410,000-$1,410,000
22 8000080000 $320,000$320,000 $40,000$40,000 $1,550,000$1,550,000 -$1,270,000-$1,270,000
33 120000120000 $480,000$480,000 $60,000$60,000 $1,550,000$1,550,000 -$1,130,000-$1,130,000
44 160000160000 $640,000$640,000 $80,000$80,000 $1,550,000$1,550,000 -$990,000-$990,000
55 200000200000 $800,000$800,000 $100,000$100,000 $1,550,000$1,550,000 -$850,000-$850,000
66 240000240000 $960,000$960,000 $120,000$120,000 $1,550,000$1,550,000 -$710,000-$710,000
77 280000280000 $1,120,000$1,120,000 $140,000$140,000 $1,550,000$1,550,000 -$570,000-$570,000
88 320000320000 $1,280,000$1,280,000 $160,000$160,000 $1,550,000$1,550,000 -$430,000-$430,000
99 360000360000 $1,440,000$1,440,000 $180,000$180,000 $1,550,000$1,550,000 -$290,000-$290,000
1010 400000400000 $1,600,000$1,600,000 $200,000$200,000 $1,550,000$1,550,000 -$150,000-$150,000
1111 440000440000 $1,760,000$1,760,000 $220,000$220,000 $1,550,000$1,550,000 -$10,000-$10,000
1212 480000480000 $1,920,000$1,920,000 $240,000$240,000 $1,550,000$1,550,000 $130,000$130,000
1313 520000520000 $2,080,000$2,080,000 $260,000$260,000 $1,550,000$1,550,000 $270,000$270,000
1414 560000560000 $2,240,000$2,240,000 $280,000$280,000 $1,550,000$1,550,000 $410,000$410,000
1515 600000600000 $2,400,000$2,400,000 $300,000$300,000 $1,550,000$1,550,000 $550,000$550,000
1616 640000640000 $2,560,000$2,560,000 $320,000$320,000 $1,550,000$1,550,000 $690,000$690,000
1717 680000680000 $2,720,000$2,720,000 $340,000$340,000 $1,550,000$1,550,000 $830,000$830,000
1818 720000720000 $2,880,000$2,880,000 $360,000$360,000 $1,550,000$1,550,000 $970,000$970,000
00 11 22 33 44 55
A A B B C C D D EE EE EE
2 research 2 research assistantassistant
1 head 1 head researcherresearcher
1 head 1 head researcherresearcher
3 head 3 head researcherresearcher
3 head 3 head researcherresearcher 3 head researcher3 head researcher
3 head 3 head researcherresearcher
2 skilled 2 skilled workersworkers
2 skilled 2 skilled workersworkers 3 skilled workers3 skilled workers 4 skilled workers4 skilled workers 5 skilled workers5 skilled workers
3 team 3 team membersmembers
3 team 3 team membersmembers
3 team 3 team membersmembers 3 team members3 team members 3 team members3 team members 3 team members3 team members
2 consultants2 consultants 2 consultants2 consultants 2 consultants2 consultants 3 consultants3 consultants 4 consultants4 consultants 5 consultants5 consultants
5 board of 5 board of directorsdirectors
5 board of 5 board of directorsdirectors 5 board of directors5 board of directors
5 board of 5 board of directorsdirectors
1 Executive 1 Executive ManagerManager
1 Executive 1 Executive ManagerManager
1 Executive 1 Executive ManagerManager
4 business staff4 business staff 6 business staff6 business staff 8 business staff8 business staff
Preliminary Staffing Plan
5.5 6.5 7.5 8.5 9.5
0
5
10
15
20
25
30
35
40
45
50
Payback (no incentives)
Current
New @ 100%
New @ 30%
kWh/m^2/day
year
s
5.5 6.5 7.5 8.5 9.5
0
5
10
15
20
25
30
35
40
45
Payback ($1.00/Wp)
Current
New @ 100%
New @ 30%
kWh/m^2/day
year
s
5.5 6.5 7.5 8.5 9.5
0
5
10
15
20
25
30
35
Payback ($2.50/Wp)
Current
New @ 100%
New @ 30%
kWh/m^2/day
year
s
5.5 6.5 7.5 8.5 9.5
0
5
10
15
20
25
Payback ($5.00/Wp)
Current
New @ 100%
New @ 30%
kWh/m^2/day
year
s