Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
PhotoSolar A/S Transparent architectural solar shading
Agenda
1.Introduction
2.The problem and products
3.MicroShade™
4.Market size and dynamics
5.Strategy
6.Management
7.Funding Requirements
Project Snow - strictly confidential - copy to Polaris Private Equity Cleantech Forum Munich, April 17 2012 Alistair Higgins CEO
MicroShade™: a transparent
high performance solar shading
film integrated inside glazed
facades
2. The problem and products
Overheating buildings
Solar shading essential in non-residential sector
For comfort
For energy saving
For compliance
Complex
Unattractive
Poor view out
Maintenance
Façade clutter
High winds
2. The problem and products
Existing Deficient Solutions
Complex
Dirt and damage
Maintenance
Cut the heat
Cut the light
Cut the view
Façade clutter
Wind damage
Simple
Modern and clean
No maintenance
Cut the heat
Keep 75% of light
Keep the view
Frees the façade
Immune to wind
3. MicroShade™
High performance transparent shading at a lower cost
Multiple Legacy
Systems
Project Snow - strictly confidential - copy to Polaris Private Equity
3. MicroShade™
Better and less expensive than conventional solutions
MicroShadeTM MicroShadeTM Coated glass + A/C Shades + coated glass
Embedded solar shading Coating on glass Exterior blind or screen
Thermal efficiency
Beam shading
Maintenance and cleaning
Wind stability
Simultaneous outlook and shading
G-value (typical range) 0.09 to 0.14 0. 26 to 0.42 0.10-0.20
Investment costs (€ per m2
glass unit)
Total investment costs 500 570 500
Total running costs (€ per year) 0 29 30
Total costs (5 years) (€/m2) 500 715 650
3. MicroShade™
How it works
Built into the insulating glazing
The strips consist of a large number of
small angled perforations
The strip is less than 0.2 mm thick steel
IP protection in place
A patented micro lamella structure ...ideal for all glazed façades
Unique
simultaneous
shading and
transparency
Clear view
Natural colours
Weather-resistant
No R&M
Architectural
freedom on facade
Solar irradiation from
high angle is
reflected
Irradiation from low
angle passes
through the
perforated film
Direct solar irradiation
is shaded
MicroShade™ layer
encapsulated between
glazing panes
3. MicroShade™ Power
Second generation with solar cells
MicroShadeTM Power PV layer on front and upside of the micro lamella structure
• Solar shading and photo voltaic power
generation with transparency
• Powers the air-conditioning
• Installed costs of MicroShade™ Power are
lower than other BIPV
• Electrical output is similar to current
solutions
• Marketable in 2016
• PV layer on 3 dimensions
• Photovoltaic modules are flexible in size
• Photovoltaic module assembly is
compatible with glazing technology
• MicroShade™ Power modules are
compatible with typical façade systems and
exterior cabling systems
• Strengthening of
sales and
support
• Sales team in
Germany
expanded
• New CEO
3. MicroShade™ Story
From scientific research to commercial breakthrough
Before 2003
• CTO heads up
the dye-
sensitized solar
cells (n-DSC)
R&D team at
DTI
• Basic patents
are filed
Ma
in e
ve
nts
R
efe
ren
ce
s
Research Foundation Prototype Launch Building platform for growth
2003 2004-2008 2009 2010 2011 Pe
rio
d
• PhotoSolar is
spun off as
independent
start-up
• Concept re-
worked for thin
film PV
• Switch from n-
DSC to silicon
thin film
technology
• Development of
MicroShadeTM
and
MicroShadeTM
Power products
• MicroShade™ is
launched in the
market
• Sales team in
Denmark
established
• Market
penetration and
product
development
• Sales team is
set up in
Germany
• Development of
design range
• Concept
development
• Test of
shading
performance
• Calculation
tools and
model
• Product
development
• Testing
phase
• Malling
School
• Datagraf
• Næstved
Swimming
Stadium
• Confederation
of Danish
Industries
• Wacker
Chemie
3. Reference installations
Confederation of Danish Industries, 1,800 m2 (MS-D, MS-A, MS-A Vertical)
•Modernise CPH HQ
•Effective solar shading was
needed to avoid
overheating and glare
Client
rationale
Conventional
solutions
• Silk screen print on glazing and internal roller
blinds were not an option due to the extensive
use of the roller blind that was needed to
maintain a comfortable indoor climate, and
consequently reduced daylight and view out most
of the time
Our solution
•MS-D in roof
•MS-A Vertical in façade
•MS-A at the end wall
Client
benefits
•Comfortable indoor climate
with view and daylight
•No movable parts
•No maintenance
Atrium and Installation in DI
•Print on glazing and
internal blinds were ruled
out due to reduced daylight
and view out
3. Reference installations
Næstved Swimming Stadium, 180 m2
•Existing shading blocked
view out and was damaged
with balls from a nearby
soccer stadium
Client
rationale
Client
benefits
•Smarter
•Zero repairs once installed
•Improved energy balance
•Light but shaded interior
Solution
-15
-10
-5
0
5
10
15
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Existing MicroShadeTM
Accumulated energy savings potential of
approx. 50 MWh a year
14
MWh
24
MWh
12
MWh
Estim
ate
d h
eat exchange
thro
ugh façade (
MW
h)
3. Reference installations
Malling School
•Existing school with
overheated classrooms Client
rationale
Conventional
solutions
•Exterior solutions were
ruled out due to
maintenance costs and
high risk of vandalism
Our solution
•Replacement of existing
insulated glazing panes
with new ones with
MicroShade™
Client
benefits
•Comfortable, concentrated
and productive children,
satisfied teachers
•No maintenance
Inspiration
“Users are experiencing a temperature reduction of
3-4 degrees during the warm season….the diffusion
of the inflowing light is making it possible to actually
see what is written on the blackboard.”
Gorm Albertsen
Building inspector, Municipality of Aarhus
20m m2 European glazing market for non-residential
buildings • >25% requires solar control, or 5m m2
Driven by: • Architectural trends for more glass and light
• Environmental pressure to reduce energy usage
• Legislative pressure to force energy efficiency
4. Market Size and Dynamics
Glazing and Solar Protection Markets
-
200
400
600
800
1,000
1,200
2009 2014 2019Flat glass demand for building construction
Flat glass demand for other purposes (automotive, solar, special apps.)
4. Market Size and Dynamics
Glazing and Solar Protection Markets
Architectural trends towards glass in Europe
Source: Pilkington, Freedonia Research and management information
4. Market Size and Dynamics
Glazing and Solar Protection Markets
World BIPV Installations forecast (2011-2021) BIPV
Installations (MW)
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Europe US Asia
Source: Lux Research, Inc.
New EU
regulations
favouring BIPV
take effect
5. Strategy
Strategic objectives by 2016
Activity Objectives 2012-2016
• Achieve volume sales and market
share of 4% across selected
territories
• MicroShade™ INSIDE established as
a component brand
Initiatives
• 12 employed salespeople by 2016 to
get MicroShade™ specified with
architects
• Build on existing network of approved
glazing integrators
• Continuously monitor the availability of
alternative competitive supply partners
• Establish logistics function to handle
product flow through the value chain
• Continuous optimisation and
development of MicroShade™
• MicroShade™ Power ready for
market launch
Sales and
marketing
Research and
development
Manufacturing
and logistics
Organisation
• A dynamic and professional working
environment
A
B
C
D • Build capability in key areas
• Recruitment will be made slowly in the
early years, growing to 17 by the end of
2012 and 47 by 2015
• Stable manufacturing with identified
back-up partners
• Reduce unit costs
• Build strong capabilities within
logistics
• Milestone plan for developing
MicroShade™ Power with market
launch in 2016
• Scale-up research and development
team
5. Strategy
Business Model
PhotoSolar
• Develops solar shading and BIPV products & retains control of IP
• In-house Sales and Marketing
• Project Management • Logistics
Suppliers
• Subcontract high-quality manufacturing
• Scalable
Direct Customers
• Glazing manufacturers • Multi-site networks
(e.g. Saint-Gobain) • Project specialist
plants • World-wide supply
• All customers are accredited by PhotoSolar
Indirect Customers
• Architects; façade engineers; building owners; façade installers
• Promote and explain MicroShade™ to these players to achieve specifications
Specification Selling
• Be present in 5 key architectural markets by end of 2013
• Network of employed salesmen
• Supported by promotional activity
5. Strategy
Partner agreements already in place with high quality glass processors
• Flachglas Wernberg is a leading European
glass processor
• Revenue: €124.7m
• Glas Wagener specialises in glass for
window manufacturers
• Revenue: €24.3m
• Bischoff Glastechnik AG
• BGT is active in construction
• Revenue: €35m
Top-level architectural glass manufacturers
• Saint-Gobain designs, manufactures and
distributes building materials
• Revenue: €42,116m
• HansenGroup is North European group of
building materials
companies, including Hansen Glass
• Revenue: €98.3m
• Flachglas MarkenKreis is a network of more
than 20 high-performance glass
manufacturers and traders
7 in sales and sales support (strong glazing experience, supported by consulting engineer)
3 in research (including two PhD in micro and nano technology)
1 in quality control
6. Management
Team
CEO Founder and CTO
Alistair Higgins
PhotoSolar since 2011
Graduate, University of Cambridge
Eik Bezzel
PhotoSolar since 2003
MSc Engineering, DTU (Technical University
of Denmark)
• 11 years Saint-Gobain Glass in the UK
−Country Manager (6 years) for €270m
manufacturing, distribution and installation
−Divisional MD for €90m façade manufacture
and installation business (3 years)
−Led two start-ups in façade design and
manufacture
−Group FD for all €375m UK glass activities
• Trained as ACA by PwC, London
• Founder and first CEO of PhotoSolar (2003-2009)
• 12 years with DTI (the Danish Technological
Institute)
− Head of R&D section, PEC Group (5 years)
− Section Manager, Energy Technology (2 years)
− Project Engineer (5 years)
Employees
Cash Flow Statement
EURm FY11E FY12E FY13E FY14E FY15E FY16E
Cash flow s from operating activities (0.0) (2.2) (2.7) (2.7) 1.8 11.3
Liquidity at the end of the period 0.6 (2.3) (6.1) (8.8) (7.1) 4.2
Additional MS-P Development cost (option 2013) (2.8) (1.4) (1.4)
Liquidity at the end of the period with extra MS-P cost 0.6 (2.3) (6.1) (11.7) (11.3) (1.5)
Source: M anagement information
M S-P: M icroShadeTM
EOP: End of period
7. Funding Requirements
Summarised P&L
€9m sought
Profit and loss statementEURm FY11E FY12E FY13E FY14E FY15E FY16E
Revenue 0.6 1.1 3.6 10.4 21.6 38.5
EBIT (1.7) (1.8) (2.4) (0.3) 3.9 14.4
Source: M anagement information
Existing shareholders (Chrysalix SET and
Vaekstfonden) intend to participate
€9m will fund:
the operating business through to cash flow break-
even
the continuing MicroShade Power™ R&D
programme until the end of 2013
Final MicroShade Power™ funding of <€3m will be
required by 2014 to complete the programme through
to market launch
7. Funding Requirements
Series C Funding Sought for €9m
Alistair Higgins, CEO [email protected]
Tel Dir: +45 28 30 93 63
PhotoSolar A/S Gregersensvej 1
DK-2630 Taastrup
Tel: +45 72 14 48 48
Fax: +45 72 20 35 50
www.photosolar.dk