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Grid Parity developments improve commercial partnerships:
DYE now has two Dye Solar Cell (DSC) options that
approach EU Grid Parity cost base with 8+% efficiency (solar
to electricity). On 8 May 2013 DYE announced a laboratory
Solid State DSC (Iodine based) with 11.3% efficiency vs. 5%
previously. Laboratory Liquid State DSC (ruthenium based)
efficiencies have moved to 11% in past few years. DYE is
confident of at least 10% efficiency with both solid and liquid
DSC at commercial scale after five years of trials with
“tougher to handle and control” liquid based DSC.
The UK Tata-Corus Roof Solar commercialisation and
marketing team in Shotton Wales is still 40 people. The Tata-
Corus/DYE leadership team has stayed together since project
inception in 2009 and has delivered on Welsh Government
Technology Milestones by early 2011.
Today DYE announced a successful long term high
temperature test with Liquid DSC, and over the past two
years Tata-Corus/DYE have run other successful external
and laboratory robustness tests with roof solar DSC.
The commercialisation path is now likely to bypass the “low
efficiency, short life” Roof Solar and concentrate on making
one step to “Grid Parity” with 8+% efficiency and 15 year life.
The US Pilkington Window project is catching up to Roof
Solar because: DYE already has 10 years of small scale
experience with Dye Solar Cells with window substrate; Ohio
State Government is a strong financial supporter; and,
Pilkington has a long track record in glass innovation. We
expect that 300x300mm prototypes (and possibly
1000x1000mm) will be demonstration scale phase in CY’13.
Roof Behind and Window Ahead: The one step move to
“Grid Parity” roof solar pushes out commissioning date for the
4m m2 rolling mill to Dec 2014. Whilst this is not ideal in the
publically listed arena, the changes are “normal” in technology
developments with large partners. Window Solar application
is probably a few years ahead of our 2017 expectation, and
we, as yet, have no value in our base valuation for DYE.
INVESTMENT VIEW - We believe DYE is well on the way to
being Investment Grade with: solid technology platform,
strong partners, cohesive board, and funding. DYE has
moved to within 20% of our DCF, and is thus rated a Hold.
Quelle:
www.dyesol.com/media/wysiwyg/Documents/...eport_DYE_300513.pdf
