Solar Power: Photovoltaic Technologies

Prepared by: Floyd Associates, Inc.

340 North Camden Drive, Suite 302 Beverly Hills, CA 90210 USA Phone: +1 (310) 300-0890 Fax: +1 (310) 273-2662 [email protected] www.floyd-associates.com

May 30, 2010 : Photovoltaic Technologies Floyd Associates, Inc. Solar Power: wafers.11 The sawn wafers of 1mm thickness are then placed between two plates, plane and parallel Solar power refers to the use of the sun’’s energy for to each other, which rotate in opposite directions production of electricity. It provides a viable alternative and adjust the thickness of the wafer to to fossil fuels for generating power. There are several 1/1000mm. From there, the wafers are cleaned, benefits to using instead of fossil fuels, diffused at a temperature of 800 degrees Celsius, which include: and covered witwithh oxygen plasma. Finally, the cellsllsce are sintered at a high temperature, completing the  Minimal negative environmental impact by cell production process. virtue of reduced air pollution and reduced emission of greenhouse gases 2.2. Amorphous Solar Cells: Amorphous ,  Relatively low operating and maintenance costs otherwise known as thin-film solar cell, is another  Minimal labor requirementsrequirements type of technology utilized to create PV modules.  Protection against volatile electricity prices First in the solar cell production process the glass  Stable and independent power source substrate is cleaned. Afterwards, a lower contact layer is applied. From there,there, the surface is divided Types of Solar Technologies: into bands and covecoveredred with a silsiliconicon layer. Lastly, the surface is re-banded and metal electrodes are 1.1. Photovoltaic Cells (PV) applied. PV technologies make use of silicon solar cells to convert sunlight directly to electricity. PV cells can 3.3. Other Solar Cells: Other solar cell technologies provide electric power to meet different needs - less frequently used are the EFG (Edge Defined from small devices such as watches or calculators, Film fed Growth) method and Apex solar cells from to local electric utilities. silicon, solar cells and copper- indium selenide (CIS). EFG monocrystalline solar 2.2. ConcentratinConcentratingg Solar Power (CSP) cells are produced directly from silicon melt, CSP technologies use reflectors to focus sunlight eliminating sawing to wafers, which results in onto receivers that collect sun’s’s heat. This thermal lower production costs and material savings due toto energy can then be used to produce electricity via reduced waste. a steam turbine or heat engine. Growing Photovoltaic Market: Previously, Floyd Associates published a research report on CSP and the major players within the Although electricity produced by PV systems is currently sector ((www.floyd-www.floyd-associates.com/solar2.pdf )).. more expensive than that produced by burning fossil fuels, significant breakthroughs and advancements are This report will focus on PV and its emergence as a being made on the research and development front viable and sustainable solar power solution. that are reducing the cost gap between the different technologietechnologies.s. For instance, in order to reach gridgrid parity PV Technologies: by 2015, the DOE is investing nearly 6 million dollars in projects relating to the development cycle of PV Photovoltaic modules that produce up to 100W or more systems, from basic cell technologies to manufacturing of power are constructed by bringing together and scale-up to total system development. connecting an ararrayray of solar cells. The properties of thehet module ddependepend on the type of solar cell used.used. The following list represents the three main technologies currently used to create solar cells: 11 Zuboy, J., Sczepanski, S., Moon, S., Gwinner, D., and Nahan, R. “DOE Solar EnerEnergygy Technologies Program: 1.1. Crystalline solar cells: The foundation for Overview and HighligHighlights.”hts.” US Department Of Energy crystalline solar cell production lies with a block of (DOE) May 2010. March 2010. silicon ingot, which is sawn into thin silicon http://www1.eere.energy.gov/solar/pdfs/39081.pdf

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. In addition, between 2001 and 2006, the U.S. grid-tied On the topic of how the thin film solar market can PV market had a 46 percent compound average rate continue to expand, Joe Armstrong, CTO of Ascent of growthgrowth..11 By 2011, the grid-tied PV market is Solar, says “technology must demonstrate comparable projected to reach a CAGR of 50 percentpercent..11 reliability and cost to c-Si and it must compete with established thin-film products and module costs. CIGS Internationally, the prospects for PV look very (Copper Indium-Gallium-Diselenide) must also achieve promising. In 2010, global cumulative installed PVPV high capacity and cost reductions to be competitive in 22 capacity is expected to grow by at least 40 percent..22 terms of efficiency, yield, and throughput.”.”

15From percentpercent.. there,22 annual growth is expected to increase by

Germany, the largest global PV market, is expected to reach a total installed capacity of 10 GW by the end of 20102010..22 Meanwhile, Italy’s market for PV is expected to improve its photovoltaic output from a total capacity of 730 MW in 2009 with the help of strong feed in tariffs established by the nations new Conto Energia LawLaw..22

Expert Opinions on the Future of PV:

Henning Wicht, Director and Principal Analyst for PV at iSuppli, Corp, believes the immediate future for PV installations is positive. Wicht says, “Reduced feed-in-in tariffs in are coming in July and consumers in that country will rush to install PV systems before that incentive becomes less compelling. A market correctcorrectionion will happen in the third quarter, leading to a huge fourth quarter due to the approach of other countries' feed in tariff deadlines in January 2011.”

Subhendu Guha, chairman of United Solar Ovonic, believes that in order for PV to achieve parity with CSP and other renewable energy sources, the government needs to take an even more active role by offering loan guarantees, feed in tariffs, removing barriers, and focusing on the cost of eneenergy.rgy. "We don't need anotherranothe revolution to reach grid parity; just continue to follow what we've been doing,”,” states Guha.

According to Brian Murphy, founder of Fulcrum Technologies, in order for the PV industry to continue moving forward, “consolidation; relentless pursuit of decreasing costs, including those for balance of system; standardization within and across technologies; and environmental responsibility” are necessary. 22 S. Price and R. Margolis. “2008 Solar Technology Market Report.” US Department OfOf Energy (DOE). January 2010. March 2010. http://www1.eere.energy.gov/solar/pdfs/46025.pdf Floyd Associates, Inc. Solar Power: Photovoltaic Technologies Page | 33

May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. Diagram of a Crystalline Solar Cell:

Diagram of a Thin-Film Solar Cell:

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. Government Initiatives: three main areas of research and development: Technology Pathway Partnerships, University PV The U.S. Department of Energy (DOE) has developed the Development, and the PV Supply Chain and Cross Solar Energy Technologies Program (SETP) to help Cutting Technologies. promote the research and development of solar technologies including Photovoltaic and Concentrated 1.1. Technology Pathway Partnerships Solar Power. Specifically, Specifically, for PV technologies, technologies, the purpose of the program is to help it reach grid parity Partnered with over 50 companies, 14 with CSP and othotherer energy sourcessources by 2015. In order to universities, 3 non-profit organizations, and 2 help PV technologies achieve grid parity, SETP has made national laboratories, Technology Pathway a commitment to the expansion of PV technologiestechnologies with Partnerships aim to bring quality, cost respect to three critical areas in the developmental competitive PV products to commercialization. process including new devices and processes, prototypeprototype By directing funds towards the development, design, and systems development and manufacturing. testing, demonstration, and interconnection of new PV components and systems, the New Devices and Processes: The Solar Energy government, through TPP, believes it can Technologies program emphasizes developing new positively impact the national energy demand. devices and processes that have relatively high cost and performance advantages. Specifically, Specifically, the program Projects that will lead to the expansion of invests capital to conduct preliminary science annual U.S. PV production capacity to a investigations or literature review without component projected 2,850MW by the end of 2010 will be or system prototype. From there, a commitment is led by various companies including Amonix, BP made to the design, development, and preliminary Solar, Boeing, Sunpower, Nanosolar and degradation ttestingesting of small,small, lab scale prototypes.prototypes. InIn Powerlight. addition, through laboratory investigations, extensive research is done on the process technology concepts of 2.2. University PV Development various prototypes. Other areas of interest include physics based modeling and parametric estimation.estimation. In the research and development process, the SETP uses the University Product and Process Prototype Design: After initial laboratory testing of Development system to help improve PV new processes, the program’s funding is directed products and processes and to make them towards prototype design. In particular, a strong market ready. Equipped with a solid emphasis is placed on creating a prototype design that understandinunderstandingg of lab processes and of materials is fully functional and comparable, in look and feel, to and device physics, universities provide unique already commercialized systems. value to the development and commercialization of near term PV systems. In order to accomplish this, testing is done to establish proof of concept for all new manufacturing processesprocesses in Universities that have been beneficiaries of the their initial “pilot” stagstage.e. In addition,addition, more testing is University Product and Process Development done to improve system design and to gather funding include Arizona State University with information on reliabilityreliability issues. Furthermore, Furthermore, lab SolFocus, Inc. and Soliant Energy, Inc., California testing is conducted to collect data, which is used to Institute of Technology with Spectrolab, Inc., gain insight on prototype efficiency. and University of Florida with Global Solar Energy Inc., International Solar Electric Systems Development and Manufacturing: Once Technology Inc., Nanosolar Inc. and Solyndra research and testing is completed on new prototypes, Inc. focus switches to system development and manufacturing of new prototypes in order to make them commercially available at competitive costs. ToTo make new prototypes competitive, the SETP targets

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. 3.3. PV Supply Chain and Cross-Cutting Technologies Project  Photonic Glass Corp.: Reduce glass surface reflectance by ion beam surface modification to The PV Supply Chain and Cross-Cutting create a graded index of refraction. Technologies project focuses on the

development of unique PV products or  Solar Red: Develop an all-AC, building processes and helps make them commercially integrated, thin-film cadmium telluride PV viable as quickly as possible.possible. One way the system for asphalt shingled sloped roofs. This project does this is by identifying key non-solar plug-and-play AC PV system will significantly companies with technologies that can reduce installation costs. contribute to the PV manufacturing process. Examples include technologies that improve  Washington Technology Center: Develop nano- throughput, yield, reliability, and/or thermal imprinted diffraction gratings for light trapping performance. in crystal-silicon film PV to help reduce manufacturing costs. Gathered through the DOE, below is a list of companies, along with a brief description of the idea, funded by the PV Supply Chain and Cross- Cutting Technologies project that could potentially help make PV products and processes become more cost effective:

 Accustrata: Develop a real-time optical monitoring system based on fiber optic reflectance measurements optimized for use in a thin-film production environment to improve the process flow and reduce costs.

 Advanced Cooling: Develop new bonded copper thermal interface for high concentration PV that experiences rapid thermal cycles with a design that targets lower thermal stress and resistance.

 Optomec, Inc.: Enhance an existing non-contact printing mechanism to support fully printed, fine feature collector lines on the front surface of solar cells.

 PP G Industries, Inc.: Develop coatings that can be applied in a continuous automated process at a lower temperature and intensity than current PV protective materials like ethylene vinyl acetate.

 SiOnyx, Inc.: Develop a silicon surface treatment with femtosecond laser processing technology to enable increased light absorption and significantly larger spectral bandwidth for film silicon PV.

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. Major Photovoltaic Companies: According to the U.S. Department of Energy, UNI-SOLAR holds the current world records for conversion MORGAN SOLAR efficiency for both a-Si solar cells and modules.

Morgan Solar Inc., based in Recently, Energy Conversion Toronto, Canada, specializes Devices, Inc., announced it has in providing cost effective been selected by ProLogis and concentrated photovoltaic Portland General Electric (PGE) to solutions. In order to provideprovide deliver 2.4MWp of laminates for this low cost solar system, the installation in Portland, Gresham, company designed and and Clackamas in Oregon. InIn implemented a unique way to addition, United Solar confirmed capture, transport, and concentrate sunlight using a that it will supply up to 25 MW of photovoltaic light-guide solar optic (LSO). The LSO captures sunlight laminates to Enel Green Power for installation on a and transports it inside the optic to edge mounted high number of buildings owned in Italy. efficiency PV cells. From there, the PV cells convert the concentrated energy to electricity. Compared to other SOLYNDRA CPV solutions, Morgan Solars’ LSO technology is more cost effective, easier to manufacturer, lighter in weight, Solyndra, Inc., based in Fremont, CA, designs and yet durable and 100 percent recyclable. manufactures photovoltaic systems, comprised of panels and mounting hardware, for Recently, Morgan Solar completed the first part of their the commercial rooftop market. Round A investment securing $8.2 Million from a mix of Using proprietary cylindrical modules strategic investors and venture capital funds including and thin-film technology, Solyndra Iberdrola, the world’s largest new renewable energy systems are designed to be able to provider, Nypro Inc., a global leader in injection molding provide the lowest system and contract manufacturing and Turnerstone Capital installation costs on a per watt basis Management. In addition, Morgan Solar has been for the commercial rooftop market. awarded over USD $5 Million in government grants and tax subsidies. Solyndra's panels employ cylindrical modules which capture sunlight across a 360-degree photovoltaic UNI-SOLAR surface capable of converting direct, diffuse and reflected sunlight into electricity. Solyndra's panels Based in Michigan, UNI-SOLAR, a product innovation of achieve effective energy generation when mounted Energy Conversion Devices, Inc. specializes in building horizontally and spaced significantly closer together integrated rooftop . photovoltaics. UNI-SOLAR brand than conventional panels on a typical rooftop, thereby products are flexible, light weight, easy to install, enabling greater rooftop coverage and enhanced durable and provide real-world energy production. energy production over the system’s lifetime. UNI-SOLAR has been able to reduce the cost of solar cells by utilizing Amorphous silicon alloy thin film Using proprietary cylindrical CIGS modules and thin-filmthin-film technology. Since a-Si alloy absorbs light more technology, Solyndra systemsystemss are designed to be able to efficiently than crystalline, the a-Si solar cell thickness provide the lowest system installation costs on a per can be 100 times less than that of conventional cells, watt basis for the commercial rooftop market. which, in turn, reduces material cost. Recent developments for the Company include construction of its second (Fab 2), near To further reduce the manufacturing cost of PV Fremont, CA, that is designed to produce 500 modules, the Company has pioneered and patented the megawattmegawattss per year of power. development of a unique approach utilizing proprietary continuous roll-to-roll solar cell deposition process.

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. In addition, Solyndra, Inc., announced it has signed a new North America distribution agreement with DC FIRST SOLAR Power Systems, a full-service distributor of renewable energy products; Advanced Green Technologies, a Headquartered in Arizona, First Solar is the largest worldwide renewable energy solutions and building- manufacturer of thin film solarsolar PPVV modules.modules. The integrated solar energy products provider; and Allied Company has made significant strides in making cost of Building Products Corp, a leading national distributordistributor of solar electricity produced from their FS Series 2 PV roofing and solar materials. Modules comparable to that of traditional fossil fuel generation. To drive down the cost of solar electricielectricity,ty, SUNIVA First Solar made several innovations in the manufacturinmanufacturingg proceprocess.ss. First, Based in Georgia, Suniva Inc., in order to shorten the manufactures and markets manufacturing process to high-efficiency monocrystalline less than 2.5 hours per silicon solar cells. Suniva’s module, the Company’s’s all in Artisun solar cells are made of one process manufactured polysilicon. The polysilicon is the modules on automated refined and "grown" into lines from semiconductor extremely pure monocrystalline ingots where they are deposition to final assembly. then carefully slislicedced into thin wafers.wafers. From there,there, the monocrystalline wafers undergo processing steps which Secondly, First Solar replaced the semiconductor apply an electric field to them. A metal grid is then content found in crystalline silicon PV modules with attached, along with an application of aluminum cadmium telluride (CdTe). By doing so, the Company backing and an antiantireflectivereflective layer.layer. The solar cells arerea made it even more affordable to convert solar energyenergy to then used to create solar modules. usable electricity. These advancements have helped First Solar’s PV modules to become the first to reach Suniva’s solar cell technology has produced record-- 1GW in installations. setting 20%+ efficiencies in the lab, making it the world's lowest cost, highest cell efficiency commercially Recently, First Solar, Inc. announced it had sold a 30 available in full scale production. megawatt (AC) photovoltaic solar power project to Southern Company and Turner Renewable Energy. Also, Recently, Suniva, Inc. announced that its high- the Company announced a power purchase agreement performance solar cells are powering India’s first 1MW to supply Pacific Gas and Electric Company with rooftop solar plant. The CompanyCompany also announcedannounced the renewable electricity from a 300 megawatt utility-scale U.S. Department of Energy Loan Guarantee Program is photovoltaic solar power facility that First Solar is initiating discussions with Suniva under the DOE’s developing in Southern California. Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies SUNTECH Solicitation for a potential loan guarantee of approximatelapproximatelyy 141 million. Based in Wuxi, , Suntech is the world’s largest producer of On the international front, in 2009, Suniva Inc. led all crystalline silicon photovoltaic high-efficiency silicon cell manufacturers in America in modules and a worldwide leader exports with more than 90% of its production going to in the design and manufacture of Europe and Asia. innovative solar energy solutions. There products, which include HiPerforma, Reliathon, Thin Film, and Standard modules, generate electricielectricityty at an efficiency comparablecomparable to the top players in in the industry. For example, the Company’s

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. HiPerforma line of monocrystalline modules reaches efficiency of over 19% through protracted and conversion efficiencies of 10 to 15 percent greater than unremitting efforts. conventional modules. In 2009, the sales of JASO reached 3.8 billion RMB and Likewise, Suntech’s Reliathon module, over a 25 year annual shipments achieved 509MW, which made JASO period, warrants 2% degradation in year 1 and 1% rank in the world's top six and China's top three degradation in year 2. For the following 23 years, the manufacturemanufacturersrs of solar cells. By 2010, growth isis module warrants a 0.5% yearly reduction. Overall, the expected to exceed 900MW. new terms warrant an industry-leading 85.5% power output level at year 25 compared to 80% for MOTECH INDUSTRIES conventional modules. Based in Taiwan, Motech Industries Inc. was founded in On March 17, 2010 Suntech agreed to supply solar 1981 and entered into solar cell production in 1999. papanels to Taiwan’s biggest solar power plant, a 4.7MW The Company manufactures and markets high-quality solar pplantlant in Young'an, Kaohsiung. Additionally, inin mono and multi-crystalline silicon solar cells. February, Suntech announced it will be involved in the largest ever solar initiative when it supplies solar panels Motech has improved the cell- for 19 remote schools in Lebanon working with local module efficiency ratio to 0.2. partner and Lebanese integrator Asaco General Trade & The Company’s solar cells offer Contracting. high shunt resistance, which helps produce higher energy JA SOLAR output even during lowlight hours. In addition, Motech’s Based in Shanghai, JA Solar Holdings, specializes in the solar cells feature low reverse design, development, production and sales of high- current at both -10V or -12V. performance solar energy products. The Company currently has five commercialized PV The Company utilizes crystalline modules; a 200 watt module for 600 volt applications, a based solar cells to manufacture 205 watt module for 600 volt applications, 200 watt their unique products. They offer module for 1,000 volt applications, 205 watt module for both mono and multi-crystalline 1,000 volt applications and 66 watt Roof Integrated modules, ranging in power from module, specifically designed for residential applicationapplication 155w - 240w. Solar Modules are in a variety of concrete tile roofs. provided for off-grid systems, commercial use to industrial use, in addition to Today, Motech is the largest solar cell manufacturer in residence, buildings and public utility. Currently, JAJA Taiwan and one of the top ten manufacturers Solar's solar module annual capacity is 300MW. worldwide in terms of production capacity and output. In addition, Motech is also Taiwan’s leading provider of JA Solar has built two main solar cell manufacturing photovoltaic systems and photovoltaic inverters. facilities in Ningjin, Hebei Province and Yangzhou, Jiangsu Province with a total capacitycapacity of 1GW. InIn Recently, Motech Industries Inc. announced its addition, the Company established its 300MW PV subsidiary, AE Polysilicon Corporation, has been module factory in Fengxian, Shanghai. The current awarded a tax credit of 44.85 million for Phase I under capacity of multi-crystalline silicon wafer factory in section 48C of the IRS Tax Code by the U.S. Department Donghai, Jiangsu Province is over 100MW. of Energy (DOE).

JA Solar continues to make breakthroughs in conversionconversion SUNPOWER efficiencies, highlighted by the Company’s recent development of a new type of solar cell that has an Founded in the 1970’s, San Jose, CA based SunPower has been one of the major pioneers in the research,

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. development and commercial production of to modules, kits and systems. In 2007, SolarWorld photovoltaic technologies. The Company’s continuing acquired the Komatsu silicon wafer production facilityfacility in success in breaking solar efficiency ratings has made HillsboroHillsboro,, Oregon for $40 million. Afterwards, thehet them an industry leader. Company invested about $500 million to renovate the 480,000-square-foot facility into a world-class The SunPower solar cell has an manufacturinmanufacturingg plant that will convert raw silicon into up efficiency rating of 22% compared to 500 megawatts worth of photovoltaic wafers and to 15% of a conventional solar cells a year. In addition, construction of a module cell. These ratings translate into assembly factory started in 2009 and will begin 50% more energy production than production in the second half of 2010. conventional PV and four times more power than thin-film SolarWorld is responsible for several breakthroughs in technology. In the long run, the PV sector. The Company not only developeddeveloped the SunPower cells will produce 43% more total energy first grid-connected PV systems in the world, but they than comparable photovoltaic systems and about 105% were also the first to offer UL-listed modules. more than thin-film solar systems. Furthermore, in 2001, SolarWorld founded SolarMaterials, a recycling subsidiary, making the In 2004, SunPower built the first solar PV power plant in Company the very first to recycle whole obsolete the world, a 10-megawatt Bavaria Solarpark, which modules. generates enough energy to power 9000 homes. The Company constructed the largest domestic power plant, SolarWorld offers products ranging from wafers and a 14-megawatt plant at Nellis Air Force Base in Nevada. cells to PV modules for grid-coupled and grid- Currently, the Company provides operations and independent power generation to complete solar power maintenance for more than 265MW of solar for power kits and systems. The Company’s SunModules produce plants in the U.S., Germany Portugal, Spain and Korea. more energy per rated kilowatt than other major In addition, Sunpower is working on a project for Florida brands. Power & Light, which will replace Nellis as the largest power plant in North America. Recently, SolarWorld announced the Company is acquiring a 29 percent stake in the newly founded Joint In 2008, SunPower signed an agreement with PG&E to Venture Qatar Solar Technologies headquartered in build the world’s largest (250MW) photovoltaic power Qatar. plant, set to begin energy delivery in 2010. Florida Power & Light Co. also contracted with us to provide 25 According to an independent survey conducted by high- MW of electricity in 2009 and another 10 MW by the technology watchdog group Silicon Valley Toxics end of 2010. Coalition, SolarWorld performed best among makers of conventional solar modules in an evaluation of PV Also, on May 11, 2010, SunPower announced its new manufacturing companies’ performance on SunPower Oasis Power Plant, the industry's first environmenenvironmentaltal and social responsibilities. modular solar power block that scales from 1MW distributed installations to large central station power MITSUBISHI ELECTRIC plants. Headquartered in Cypress, CA, SOLARWORLD Mitsubishi Electric’s Solar Photovoltaic Division started Based in Camarillo, CA, SolarWorld research and development in has been a manufacture of 1974. Over the course of their 35 photovoltaic systems since 1996. years in the industry, the Vertically integrated, the Company is Company has achieved several key responsible for all steps in the milestones, including establishing production process from raw silicon the first shipments of industrial use photovoltaic

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc. inverters in 1982, delivering a 750kW system to Mikayo commercializes its products in various Island, Okinawa Prefecture in 1993 and expanding European countries, with a focus on countries where production capacity of solar cells to 135MW in April of government incentives make solar power more 2005. profitable, such as Germany, Spain, Italy, the NetherlandsNetherlands,, France and Belgium. Additionally, Additionally, the Mitsubishi Electric has made innovations in the Company is targeting emerging PV markets, such as the manufacturing process and developed products that United States, , India, Australia, China and have resulted in more efficient solar cells and modules. Mongolia. TThe Company created a “derating” design concept that reduces the electrical stress of each electrical Trina Solar Energy announced that it signed a strategic component based on actual use time, thus making the partnership agreement with TUV Rheinland Group, product mmoreore dependable in the long run. To further Underwriters Laboratories Inc. and China General ensure long term efficiency, the Company developed Certification Centre at its recent 2010 global customer straight tabs that reduce or even eliminate stress on the conference held on May 19thth.. solar cell’s tab wiring. SUNEDISON Also, Mitsubishi Electric has developed fine grid electrodes for the solar cell manufacturing process. HeadquarterHeadquartereded in Maryland, SunEdison develops, This innovation has successfully expanded the solar cell finances, and operates solar plants across the globglobe.e. light receiving area to realize high-efficiency cells. The Company does not utilize one specific technology, as they look at projects on a case by case basis andand Recently, Mitsubishi Electric’s solar division broke their own record with a world’s highest conversion efficiency apply the technology, whether it is thin film or rate of 18.9 percent for multi-crystalline silicon crystallinecrystalline,, that yields the highest return for the photovoltaic cells. consumer.

In January of 2010, Mitsubishi Electric concluded, after As North America’s largest solar energy provider, months of factory testing, that the Company’s UD5 and SunEdison delivers more usable energy from their solar UJ6 photovoltaic modules can be installed near salt systems than does any other commercialized solar water, a finding that expands the market for their company. The Company currently manages more than products. 100.6 MW of photovoltaic solar power plants in North America and has developed TRINA SOLAR 6.2 MW of photovoltaic Based in Changzhou, China, solar power plants in Trina Solar, is a manufacturerrmanufacture Europe. In addition,addition, thehet of mono and multi-crystalline Company was the first to photovoltaic PV modules introduce the innovative with power outputs ranging Solar Power Purchase from 165W to 230W. Agreement. Trina Solar conducts their Recently, SunEdison announced an agreement with First research and development, as well as the Reserve Corporation to establish a joint venture which manufacturing of their ingots, wafers, cells and solar could provide up to 1.5 billion in current and future modules in its facilities in Changzhou, China. The SunEdison solar photovoltaic energy projects. First Company plans to add approximately 161,475 square Reserve Corporation is one of the largest private equity feet to its existing 152,526 square feet facilities to investors in the world with 20 billion under expand business and increase production. management.

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May 30, 2010 Solar Power: Photovoltaic Technologies Floyd Associates, Inc.

F L O Y D A S S O C I A T E S GROWTH CAPITAL . GLOBAL PRESENCE . OPTIMAL RESULTS

Floyd Associates, Inc. is a privately held consulting firm with expertise in corporate finance, business strategy, and mergers and acquisitions. Our expert team advises companies of various sizes on capital raising instruments, optimal capital structures, and formation of strategic alliances. The Company offers complete solutions customized to meet the specific needs of each of its clients. Solutions include equity financing, business expansion plans, global corporate finance solutions, and international trade strategies.

FORWARD LOOKING STATEMENTS

Except for historical information contained herein, the statements in this report are forward-looking statements that involve known and unknown risks and uncertainties, which may cause any or all actual results, performances and achievements in the future to differ materially from forecasted results, performances, and achievements. Floyd Associates undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events or changes in the Company’s plans or expectations.

Floyd Associates, Inc. 340 N. Camden Drive, Suite 302 Beverly Hills, CA 90210, USA Phone: +1 (310) 300-0890 Fax: +1 (310) 273-2662 [email protected] www.floyd-associates.com

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