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=VgVaY SILVIA QUANDT RESEARCH GMBH Contents eV\Z%) T:mZXji^kZhjbbVgn eV\Z%* T>cigdYjXi^dcidcVcdiZX]cdad\n eV\Z&) TCVcd"bVcj[VXijg^c\VcYi]Z^cYjhig^VaVeea^XVi^dcd[cVcdiZX]cdad\^Zh eV\Z&. TCVcdiZX]cdad\nÄ[jcY^c\VcY^ckZhibZci eV\Z') TI]ZiZX]cdad\nWVhZ/eViZciVeea^XVi^dch eV\Z', T:ck^gdcbZciVaVheZXihd[cVcdiZX]cdad\n/gZhdjgXZbVcV\ZbZciVihiV`Z eV\Z() TCVcdiZX]cdad\nXVc]ZaegZYjXZ\gZZc]djhZ\VhZb^hh^dch eV\Z(+ T8dbWVi^c\XVcXZgl^i]ediZci^VacVcdiZX]igZVibZcih eV\Z)% TDjiadd`/adc\"iZgbX]VaaZc\ZhVcYk^h^dch eV\Z)( THLDIVcVanh^hcVcdiZX]cdad\n eV\Z)) T8VhZhijY^Zhd[ eV\Z-' T6eeZcY^m/cVcdiZX]\adhhVgn SECTOR . NANOTECHNOLOGY_3 SECTOR . NANOTECHNOLOGY Executive summary Nanotechnology market CVcdiZX]cdad\n^hZmeZXiZYidWZdcZd[i]Zbdhi^bedgiVciiZX]cdad\^Zhd[i]^h to reach up to XZcijgnWZXVjhZ^id[[Zghhdaji^dchidVkVg^Zind[]ZVai]VcYZck^gdcbZciVaegdWaZbh# US$ 2,600bn in 2014 BdgZdkZg!cZlcVcdbViZg^VahVcYcVcdYZk^XZhl^aa]VkZVbV_dg^beVXidcbVcn VgZVhd[i]Z\adWVaZXdcdbn#I]ZcVcdiddahd[cVcdhigjXijgZYbViZg^VahVgZjhZY idbV`Z^iZbha^`ZcVcdijWZh!cVcdZaZXigdc^Xh!cVcdXViVanhih!cVcde]didc^XYZk^XZh! cVcdhZchdghVcYdi]ZgcVcdYZk^XZh# I]ZhXVaZd[i]ZcVcdiZX]cdad\n"gZaViZY^cYjhignVcYbVg`Zi^hZmeZXiZYidjcYZg\d gVe^Y\gdli]Yjg^c\i]ZcZmi&%nZVgh!aZVY^c\i]Z\gZViZmeVch^dcd[\adWVabVg`Zi hXVaZ#>cYZZY!^i^hZhi^bViZY VXXdgY^c\idAjmGZhZVgX] i]Vii]ZbVg`Zi[dgcVcd" iZX]cdad\negdYjXihl^aa^cXgZVhZidJH'!+%%WcWn'%&)!VcYi]ViiZcb^aa^dccZl _dWhl^aaWZXgZViZY^cVgZVhd[bVcj[VXijg^c\gZaViZYidcVcdiZX]cdad\nWni]Zc# HdjcY\gdli]eZgheZXi^kZh[dgcVcdiZX]egdYjXih!Vai]dj\]]VgYid]Vgbdc^oZ Forecasted values of nanotechnology industry scale by major global organisations (US $ billion) Organisation 2002 2003 2004 2005 2006 2007 2008e 2009e 2010e 2011e 2012e 2013e 2014e 2015e WM Tech 86.4 95.4 106.2 118.7 134.9 Winter Green 0.572 1.467 4.388 8.175 12.78 21.44 37.29 Lux Research 13 292 2,600 Hitachi General Association 91 1,244 NSF (National Science Foundation) 1,000 Mitsubishi 70.88 159.3 NBA (Nano Business Alliance) 225 1,000 Source: KISTI HX^Zci^hih!gZhZVgX]Zgh!Wjh^cZhhbVcV\Zgh!^ckZhidgh![jcY^c\V\ZcX^ZhVcY\dkZgc" bZcihldgaYl^YZVaaVX`cdlaZY\Zi]Z]j\ZhdX^VaVcYZXdcdb^XediZci^Vad[cVcd" iZX]cdad\n!l]^X]^hl]nejWa^X[jcY^c\]Vh^cXgZVhZY[gdbJH*%%b^c&...id VcZhi^bViZYJH+Wc^c'%%,#I]ZhZVgZÒ\jgZhVahdgZedgiZYWnAjmGZhZVgX]VcY di]ZghdjgXZh!hjX]VhVodcVcd lll#VodcVcd#Xdb$cZlh#Vhe4cZlh>92,%() #HX^Zc" i^ÒXejWa^XVi^dch^ccVcdiZX]cdad\n]VkZ^cXgZVhZYWnV[VXidgd[h^mdkZgi]ZeVhiiZc nZVgh!VcYi]ZcjbWZgd[cVcdiZX]cdad\neViZcih]VhVahd^cXgZVhZYhjWhiVci^Vaan! lg^iZhAjmGZhZVgX]#=dlZkZg!i]ZgViZd[\gdli]]VhkVg^ZYVXgdhhi]Z\adWZ!VcYVahd WZilZZcY^[[ZgZciVgZVhd[cVcdhX^ZcXZVcYcVcdiZX]cdad\n# 4 _SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH Introduction to nanotechnology Nanotechnology L]Vi^hcVcdiZX]cdad\n4 is the architecture of ;dgdkZg&%%nZVgh!hX^Zci^hih^ci]ZY^hX^ea^cZhd[X]Zb^hign!e]nh^XhVcYW^dad\n]VkZ structures and systems hijY^ZYVcYldg`ZYl^i]dW_ZXihi]Vi]VkZcVcdhXVaZY^bZch^dch#CVcdiZX]cdad\n on the nanometre scale ^h i]Z bVc^ejaVi^dc dg hZa["VhhZbWan d[ ^cY^k^YjVa Vidbh! bdaZXjaZh! dg bdaZXjaVg XajhiZgh^cidhigjXijgZhidXgZViZbViZg^VahVcYYZk^XZhl^i]cZldgkVhianY^[[ZgZci egdeZgi^Zh#Dg!YZhXg^WZYY^[[ZgZcian!cVcdiZX]cdad\n^hi]ZX]VgVXiZg^hVi^dc!YZh^\c! egdYjXi^dcVcYjhZd[higjXijgZhVcYhnhiZbhi]VigZfj^gZZmVXiXdcigdad[h^oZVcY [dgbdci]ZcVcdbZigZhXVaZ# IgVY^i^dcVahX^ZcXZhbZZicVcdiZX]cdad\n Structure size Physics Electro Macro technology Electronics 0.1 mm Micro electronics Micro Biology Material Applications of design nanotechnology Cell biology 0.1 μm Molecular Integrated biology Electronic devices exploitation of Functional Photonic devices biological principles molecule design Nano Sensors physical laws Biochips chemical properties Complex Supramolecular Chemistry chemistry chemistry 0.1 nm 1960 1980today 2020 2040 Year Source: VDI-technology center Nanomaterials offer BViZg^Vahl^i]hjX]b^cjiZhigjXijgZhVgZd[iZc[djcYidZm]^W^iY^[[ZgZciegdeZg" properties not found in bulk i^ZhXdbeVgZYidÆigVY^i^dcVaWja`bViZg^VahÇbVYZ[gdbi]ZhVbZX]Zb^XVaXdbedh^" materials (for instance, used i^dc#;dgZmVbeaZ!cVcdbViZg^VahbVnd[[ZgY^[[ZgZcibZX]Vc^XVa!dei^XVa!X]Zb^XVa! by the chemicals industry) bV\cZi^XdgZaZXigdc^XegdeZgi^Zhcdi[djcY^ci]ZWja`bViZg^Vah#I]ZVW^a^inidhZaZX" i^kZanbVcV\Zi]Zh^oZd[cVcdhXVaZbViZg^VahcdlVaadlh![dg^chiVcXZ!i]ZX]Zb^XVa ^cYjhignidYZkZadebViZg^Vahl^i]cZlegdeZgi^Zhi]Vid[[Zgh^\c^ÒXVciVYkVciV\Zh^c djgbVXgdhXde^XldgaY# INTRODUCTION TO NANOTECHNOLOGY_ 5 SECTOR . NANOTECHNOLOGY US $ 3,000,000 US $ 2,500,000 US $ 2,000,000 US $ 1,500,000 US $ 1,000,000 US $ millions US $ 500,000 US $ 0 2004 2005 2006 2007 2008e 2009e 2010e 2011e 2012e 2013e 2014e Nanomaterials Nanointermediates Nano-enabled products Source: Lux Research CVcdiZX]cdad\^Zh l^aa [VX^a^iViZ i]Z YZkZadebZci d[ cdkZa Veea^XVi^dch [dg kZgn Y^[[ZgZciVheZXihd[djgYV^ana^kZh[gdbW^dbZY^XVaVYkVcXZhidVeea^XVi^dch^c^c[dg" bVi^dciZX]cdad\n#I]dj\]i]ZgZ^hcdXaZVgYZÒc^i^dc[dgi]ZiZgbcVcdiZX]cdad\n! Vh^igZ[ZghidVWgdVYgVc\Zd[bdaZXjaVgiZX]cdad\^Zh!^i^hVgZkdaji^dcVgniZX]cdad\n l^i]^bbZchZediZci^Vai]ViedgiZcYhidWZXdbZVeZgkVh^kZiZX]cdad\nWni]ZZVgan '%(%h# Nanotechnology is referring CVcdiZX]cdad\nV^bhVii]ZYZh^\cVcYXgZVi^dcd[[jcXi^dcVabViZg^Vah!higjXijgZh! to materials having sizes of YZk^XZhVcYhnhiZbhi]gdj\]Y^gZXiXdcigdad[bViiZgdci]ZcVcdbZigZaZc\i]hXVaZ 0.1 to 100 nanometres VcYZmead^iVi^dcd[cdkZae]ZcdbZcVVcYegdeZgi^Zhdci]^haZc\i]hXVaZ#I]ZldgY cVcdiZX]cdad\n^h\ZcZgVaanjhZYl]ZcgZ[Zgg^c\idbViZg^Vahl^i]i]Zh^oZd[%#&id &%%cVcdbZigZh0]dlZkZgi]ZhZbViZg^VahY^heaVn^c]ZgZcianY^[[ZgZciegdeZgi^Zh[gdb Wja` dgb^XgdbZig^XVcYaVg\Zg bViZg^VahVhVgZhjaid[i]Z^gh^oZ#I]ZhZY^[[ZgZcXZh ^cXajYZe]nh^XVahigZc\i]!X]Zb^XVagZVXi^k^in!ZaZXig^XVaXdcYjXiVcXZ!bV\cZi^hb!VcY dei^XVaZ[[ZXih# 6 _SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH AZc\i]hXVaZl^i]cVcdbZigZeji^cidXVciZmi 1 m 100 mm Humming bird 10 mm Top of a nail 1 mm 100 μm 10 μm Red blood cells 1 μm Wavelength visible light 100 nm Virus 10 nm DNA molecule 1 nm Atoms 1 Å Source: University of Twente, Netherlands CVcdiZX]cdad\ngZhZVgX]VcYYZkZadebZci^cXajYZhXdcigdaaZYbVc^ejaVi^dcd[i]Z cVcdhXVaZhigjXijgZhVcYi]Z^g^ciZ\gVi^dc^cidaVg\ZgbViZg^VaXdbedcZcih!hnhiZbh VcYVgX]^iZXijgZh#L^i]^ci]ZhZaVg\ZghXVaZVhhZbWa^Zh!i]ZXdcigdaVcYXdchigjXi^dc d[i]Z^ghigjXijgZhVcYXdbedcZcihgZbV^chVii]ZcVcdbZigZhXVaZ#>i^hZhhZci^Va^c cVcdiZX]cdad\nid]VkZVY^gZXiXdcigdad[bViiZgZ^i]ZgWZilZZcildcVcd"dW_ZXih! dgWZilZZcVb^Xgd dgbVXgd dW_ZXiVcYVcVcd"dW_ZXi# CVcdhXVaZYZk^XZhVgZdcZ]jcYgZYidiZci]djhVcYi^bZhhbVaaZgi]Vc]jbVcXZaah# I]ZnVgZh^b^aVg^ch^oZidaVg\ZW^dad\^XVabdaZXjaZh ÆW^dbdaZXjaZhÇ hjX]VhZconbZh VcYgZXZeidgh#6hVcZmVbeaZ!]VZbd\adW^c!i]ZbdaZXjaZi]ViXVgg^Zhdmn\Zc^cgZY WaddYXZaah!^hVeegdm^bViZan*cVcdbZigZh^cY^VbZiZg#CVcdhXVaZYZk^XZhhbVaaZg i]Vc*%cVcdbZigZhXVcZVh^anZciZgbdhiXZaah!l]^aZi]dhZhbVaaZgi]Vc'%cVcd" bZigZhXVcbdkZdjid[WaddYkZhhZahVhi]ZnX^gXjaViZi]gdj\]i]ZWdYn# INTRODUCTION TO NANOTECHNOLOGY_ 7 SECTOR . NANOTECHNOLOGY Nanoscale devices have 7ZXVjhZd[i]Z^ghbVaah^oZ!cVcdhXVaZYZk^XZhXVcgZVY^an^ciZgVXil^i]W^dbdaZXjaZh the potential to greatly dcWdi]i]Zhjg[VXZVcY^ch^YZXZaah#7n\V^c^c\VXXZhhidhdbVcnVgZVhd[i]ZWdYn! enhance transform curing i]Zn]VkZi]ZediZci^VaidYZiZXiY^hZVhZVcYYZa^kZgigZVibZci^clVnhegZk^djhan and treatment of deseases jc^bV\^cZY# CVcdiZX]cdad\neji^cidh^oZ Water Glucose Antibody Virus Bacteria Cancer cell A period Tennis ball 10-1 nm 1 nm 10 nm 102 nm 103 nm 104 nm 105 nm 106 nm Nanodevices Nanopores Dendrimers Nanotubes Quantum dots Nanoshells Source: NCI Nanoparticles exhibit high DcZ^bedgiVcidW_ZXi^kZd[cVcdiZX]cdad\n^hid]VgcZhhi]ZcZlegdeZgi^Zhi^cn surface-to-volume ratio which eVgi^XaZh Zm]^W^i Wn k^gijZ d[ i]Z^g ]^\] hjg[VXZ id kdajbZ gVi^d! dg i]Vi XVc WZ provide yet unimagined ^beVgiZY id i]Zb Wn X]Zb^XVaan ÈYZXdgVi^c\É i]Z^g hjg[VXZh l^i] di]Zg bdaZXjaZh# potential for new applications I]ZhZcZlegdeZgi^ZhXVcWZ^cXdgedgViZY^cidaVg\ZgYZk^XZhVcYhnhiZbh!hjX]Vh cZlhZchdghi]ViVgZVWaZidgVe^YanYZiZXiVcYbZVhjgZedaaji^dc^ci]ZV^gdglViZg dgVcVanhZWaddY#CVcdhjg[VXZhVgZVahd^bedgiVcil]Zc^i^hXdch^YZgZYi]Vibdhi egdeZgi^Zh d[ bViZg^Va VgZ gZh^YZci ^c i]Z hjg[VXZ aVnZg! VcY cZl bViZg^Vah XVc WZ bVYZ_jhiWngZYZh^\c^c\i]Z^ge]nh^XVaVcY$dgX]Zb^XVahigjXijgZVii]Zhjg[VXZ#;dg ZmVbeaZ!dcanVhbVaaeZgXZciV\Zd[cVcdeVgi^XjaViZXaVnb^cZgVah^cXdgedgViZY^c i]Zhjg[VXZd[VedanbZgXVcgZhjai^cZc]VcXZY^beZgbZVW^a^inVcY]ZVigZh^hiVcXZ! ZcVWa^c\i]ZYZkZadebZcid[cZl!a^\]ilZ^\]i!dYdjg"gZh^hiVci!hiVn"[gZh]eVX`V\" ^c\[dg[ddY#6cdi]ZgVeea^XVi^dcd[VbViZg^Va^ccVcdeVgi^XjaViZ[dgb^hcVcdh^a" kZg!l]^X]XVcWZ^cXdgedgViZY^cidiZmi^aZh!XdVi^c\hVcYldjcYYgZhh^c\h!egdk^Y^c\ gZbVg`VWaZVci^"WVXiZg^VaegdeZgi^Zhl^i]bVcn^bea^XVi^dch[dg]ZVai]XVgZ# 8 _SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH CVcdiZX]cdad\n/Zkdaji^dcVgndggZkdaji^dcVgn4 L]^aZ i]Z l^YZhegZVY k^Zl ^h i]Vi cVcdiZX]cdad\n ^h V ]da^hi^X ^cYjhign! ^i ^hcÉi# 6bdc\hi^cYjhigngZhZVgX]Zgh!hjX]VhAjmGZhZVgX]dgi]ZJH\dkZgcbZcihedchdgZY CVi^dcVaCVcdiZX]cdad\n>c^i^Vi^kZ CC> ^i^hXaZVgi]Vi^i^hZhhZci^VaanVcZcVWaZg i]Vil^aa^beVXiVaabVcj[VXijgZY\ddYh#=ZcXZ!WgdVYanheZV`^c\!cVcdiZX]cdad\n ^h Zkdaji^dcVgn gVi]Zg i]Vc WdVhi^c\ gZkdaji^dcVgn iZX]c^fjZh VcY bViZg^Vah# >ih gddihVgZ^cZhiVWa^h]ZYbViZg^VahVcYiZX]cdad\^Zh!Wjijh^c\i]Zb^cY^[[ZgZcii]Vc igVY^i^dcVa[dgbhVcYhigjXijgZh# KVajZXgZVi^dcYZeZcY^c\dci]ZZkdaji^dcd[cVcdiZX]egdXZhhZh Emerging nanotechnologies offer highest growth and Established nanotechnology Emerging nanotechnology margin potential – for those willing to accept the Processes Well-understood Poorly understood comparatively higher risk Growth rates Single-digit Double- to triple-digit Profit margins Set by entrenched competitors Set by new entrants Changes Incremental Disruptive Level of risk Low Very high Potential return Low Very high Nanomaterial Synthetic zeolites, naturally Nanotubes, quantum dots, examples occuring nanoparticles dendrimers Nanointermediate 90nm semiconductors, ferrofluids, Nano-coated fabrics, examples CMP slurries, GRM hard drive nanostructured steel, heads nanoscale drug delivery carriers Nano-enabled Ancient Eqyptian pottery Appliances with silver product example (naturally occuring nanoparticles), nanoparticle coatings, high-end audio speakers bicycle frames made from (ferrofluids) nanotube composites Source: Lux Research =dlZkZg!l]ZgZcVcdiZX]cdad\n[ZVijgZh^ccdkVi^kZVcYWgZV`"i]gdj\]Veea^XVi^dch There is no such single [dgi]Z^cYjhign^iXZgiV^can]Vhi]ZediZci^VaidigVch[dgbegdYjXihVcY^cYjhig^Va nanotechnology market, but egdXZhhZhYjZid^ihjc^fjZcZhh#7VhZYdci]ZÒcY^c\hd[AjmGZhZVgX]!i]Z[daadl^c\ adaptation with many i]gZZeg^cX^eaZhldjaYVeeanidcVcdiZX]cdad\n/ established industries T6hZ\gZ\ViZYVcY]dbd\ZcZcVcdiZX]cdad\nbVg`ZiYdZhcdiZm^hi#>chiZVY!i]ZgZVgZ Veea^XVi^dchViY^[[ZgZcihiV\Zhl^i]^cigVY^Y^dcVaegdYjXi^dcegdXZhhZh#I]ZgZ[dgZ! i]ZiZgbÈcVcdiZX]cdad\nkVajZX]V^cÉVeeZVghidVeegdeg^ViZanYZhXg^W^c\i]ZcVcd" iZX]cdad\nVXi^k^i^Zh#I]ZhZVgZ\d^c\[gdbcVcdbViZg^Vah Z#\#XaVncVcdeVgi^XaZh idcVcd^ciZgbZY^ViZh Z#\#Xdbedh^iZbViZg^VahbVYZ[gdbi]ZXaVncVcdeVgi^XaZh! hjX]VhJaigVYjg=^\]HeZZYbVYZWn76H;!egdk^Y^c\cdidcan\ddYÓdlVW^a^in idadlZgegdYjXi^dcXdhihd[^c_ZXi^dc"bdjaYZYeaVhi^XXdbedcZcihWji^cVYYi^i^dc ]ZaehhVkZZcZg\n!i]jhegdiZXi^c\i]ZZck^gdcbZci idcVcd"ZcVWaZYegdYjXih# INTRODUCTION TO NANOTECHNOLOGY_ 9 SECTOR . NANOTECHNOLOGY I]ZcVcdiZX]cdad\nkVajZX]V^c Nanomaterials Nanointermediates Nano-enabled products Nanoscale Intermediate Finished goods structures in products with incorporating unprocessed nanoscale nanotechnology form features Nanoparticles Coatings Cars Nanotubes Fabrics Clothing Quantum dots Memory & logic chips Airplanes Fullerenes Contrast media Computers Dendrimers Optical components Consumer electronic devices Nanoporous materials Orthopedic materials Pharmaceuticals etc. Superconducting wire Processed food etc. Plastic containers Appliances etc. Source: Lux Research Commodity nanotechnology T6h ^aajhigViZY ^c i]Z X]Vgi VWdkZ! cVcdiZX]cdad\n ^h cdi ValVnhVcZlXgZVi^dc# is similar to speciality :bZg\^c\cVcdiZX]cdad\n^hYZkZade^c\V\V^chiZhiVWa^h]ZYcVcdiZX]cdad\n#:mVb" chemicals’ profitability eaZhd[i]ZaViiZg^cXajYZhnci]Zi^XoZda^iZhVhlZaaVhXjggZcianh]^ee^c\b^XgdX]^eh l^i][ZVijgZh^oZhjcYZg+*bc 6B9+)M'X]^eh![dgZmVbeaZ TBVcn egdYjXih ^cXdgedgVi^c\ cVcdiZX]cdad\n l^aa cdi VX]^ZkZ e^dcZZg egdÒi bVg\^ch#I]ZgZVhdc^hi]VicVcdbViZg^VaVgZfj^X`anWZXdb^c\XdbbdY^i^Zh!Vhi]Z^g egdYjXi^dcegdXZhh^hZVh^anVYdeiVWaZ!WZ^c\WVhZYdcZm^hi^c\bViZg^Vah#I]ZgZ[dgZ! ^i^h[V^gidVhhjbZi]VicVcdbViZg^VahÉbVg\^chb^\gViZidaZkZahine^XVa[dgheZX^Vain CVcd"^ciZgbZY^ViZhd[[Zg]^\]Zhi\gdli]!bVg\^chVbdc\cVcdiZX]egdYjXih in US $ million 2004 2006 2008 2010e 2012e 2014e CAGR Nanomaterials 134 288 1,304 2,784 5,947 12,892 58 % Nano-intermediates products 851 7,888 37,890 160,750 442,020 741,864 97 % Total 12,001 43,455 110,944 344,204 962,511 1,818,126 65 % 12,986 51,031 150,138 507,738 1,410,479 2,572,883 70 % Nanomaterials 3.4 % 2.7 % 3.9 % 7.5 % 8.6 % 8.6 % Nano-intermediates 5.0 % 10.0 % 13.7 % 15.9 % 17.2 % 16.5 % Nano-enabled products 4.3 % 4.8 % 5.0 % 5.0 % 4.8 % 4.9 % Note: Column values may not add to total due to rounding. Source: Lux Research 10_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH Production of nanotech X]Zb^XVaegdYjXih# CVcdiZX]cdad\nXVcldg`[gdbi]ZideYdlc l]^X]bZVchgZYjX^c\i]Zh^oZd[i]Z hbVaaZhihigjXijgZhidi]ZcVcdhXVaZZ#\#e]didc^XhVeea^XVi^dch^ccVcd"ZaZXigdc^Xh Medicine set to become an VcY cVcd"Zc\^cZZg^c\ dg i]Z Wdiidb je l]^X] ^ckdakZh bVc^ejaVi^c\ ^cY^k^YjVa important area of application Vidbh VcY bdaZXjaZh ^cid cVcdhigjXijgZh VcY bdgZ XadhZan gZhZbWaZh X]Zb^hign that will benefit from dgW^dad\n #I]ZYZÒc^i^dcd[cVcdiZX]cdad\n^hWVhZYdci]ZegZÒmÆcVcdÇl]^X] nanotechnology ^h[gdbi]Z I]ZCC>YZÒcZhcVcVdiZX]cdad\nVhÈjcYZghiVcY^c\VcYXdcigdad[bViiZgViY^bZc" h^dchd[gdj\]an&id&%%cVcdbZiZgh cb !l]ZgZjc^fjZe]ZcdbZc^VZcVWaZcdkZa Veea^XVi^dch#½É# CVcdbViZg^Vah[dgcVcd"ZaZXigdc^Xh Nanomaterials for electronics Catalysts Coatings Designer molecules Dielectrics Engineered substrates Fullerenes/Nanotubes Nano composites Nano particles Clusters Nano wires Crystalline materials Precursors Functionalized particles Slurries Quantum dots Source: electronics.ca publications INTRODUCTION TO NANOTECHNOLOGY_11 SECTOR . NANOTECHNOLOGY I]ZWgdVYgVc\Zd[Veea^XVi^dchi]Vil^aaZbeadnVcYWZcZÒi[gdbcVcdiZX]cdad\n ^cXajYZhXdbbjc^XVi^dch!i]ZVjidbdi^kZ^cYjhign!VcYbZY^X^cZ#=dlZkZg!VhlVhi]Z eViiZgc^ci]ZhZb^XdcYjXidg^cYjhign!Xdbeji^c\YZk^XZhl^aaWZi]ZÒghiidgZVa^hZ XdbbZgX^Va^hVi^dcd[cVcdiZX]cdad\n#CVcdiZX]cdad\nl^aabV`Zedhh^WaZi]ZXgZVi^dc d[b^c^Vijg^hZYX]^eh!YZk^XZh[dgXdbbjc^XVi^dc!VcYXdbeji^c\#>c'%%(!b^XgdX]^eh jhZY.%cbiZX]cdad\n ViWZhi !^ci]ZbZVci^bZ!hiVcYVgYVeea^XVi^dc^hV+*cbiZX]" cdad\n!l^i]^cY^XVi^dchi]Vii]ZcZmihiZeidV)*$(*cbiZX]cdad\n^hcdi[Vg#HbVaaZg Besides medical applications, h^oZhZcVWaZadlZgkdaiV\Z!]ZcXZadlZgiZbeZgVijgZl^i]^ci]Zb^XgdX]^e# other areas to benefit from nanotechnology are defence, CVcdiZX]cdad\nl^aabV`Z^ik^VWaZidZbWZYZcdgbdjhegdXZhh^c\VW^a^inVcYkVajVWaZ avionics and automotives [jcXi^dcVa^in^cidVhbVaaX]^edgYZk^XZ!i]jhZc]VcX^c\i]ZeZg[dgbVcXZYZa^kZgZY# (for instance, nano-coatings) CVcdiZX]cdad\n^hWZa^ZkZYid]VkZ^bbZchZ^beVXicdidcandci]ZÒZaYhd[ZaZX" igdc^XhVcYXdbeji^c\!Wji^hZmeZXiZYidjh]Zg^cVcZlaZkZad[^ciZaa^\ZcXZ^ci]Z ÒZaYd[bZY^X^cZ# I]ZXgZVi^dcd[cVcdhXVaZX]^ehZbWZYYZYl^i]^ciZaa^\ZcXZl^aa^bbZchZanhjeedgi i]Z Y^V\cdh^h d[ kVg^djh Y^hZVhZh# I]Z VYkVcXZbZcih ^c bZY^XVa ^bV\^c\ XdjeaZY l^i] cVcdiZX]cdad\n VgZ a^`Zan id [VX^a^iViZ i]Z ZVgan Y^hXdkZgn d[ cjbZgdjh a^[Z" i]gZViZc^c\Y^hZVhZhVcY]Zae^YZci^[nVYkVcXZYcdc^cigjh^kZigZVibZcibZX]Vc^hbh# I]ZXgZVi^dcd[cVcdgdWdihi]ViXVcZVh^ancVk^\ViZi]gdj\]i]Z]jbVcX^gXjaVidgn hnhiZbVcYVhh^hi^cZ[[ZXi^kZeVi^Zcibdc^idg^c\^hcdadc\ZgVY^hiVciedhh^W^a^in# 7Zh^YZhbZY^X^cZ!i]Zdi]ZgVeea^XVi^dcVgZVhi]ViVgZa^`ZanidegdÒi[gdbi]ZWZcZÒih d[cVcdiZX]cdad\nVgZYZ[ZcXZ!Vk^dc^XhVcYVjidbdi^kZh#6\gdl^c\igZcYidlVgYh i]ZYZkZadebZcid[hde]^hi^XViZY!XdbeVXiVcY]^\]anVXXjgViZZfj^ebZciWdi]^c i]Z ÒZaYh d[ YZ[ZcXZ VcY Vk^dc^Xh ^h WZ^c\ l^icZhhZY# I]Z \gdl^c\ eZcZigVi^dc d[ ZaZXigdc^Xh^cVjidbdW^aZh!^c^i^ViZYWni]ZcZZYid^cXgZVhZXdb[dgiVcYhV[Zin^c VjidbdW^aZh!^hVcdi]ZgYg^k^c\[VXidg[dgcVcdiZX]cdad\ni]Vil^aabZZii]ZgZfj^gZ" bZcih^ci]ZhZVeea^XVi^dcbVg`Zih# ;daadl^c\i]ZgZkdaji^dcXgZViZYWnB:BHiZX]cdad\n B:BHegdb^hZhidgZkdaj" i^dc^hZcZVganZkZgnegdYjXiXViZ\dgnWnWg^c\^c\id\Zi]Zgh^a^Xdc"WVhZYb^XgdZaZX" igdc^Xhl^i]b^XgdbVX]^c^c\iZX]cdad\n!bV`^c\edhh^WaZi]ZgZVa^hVi^dcd[XdbeaZiZ hnhiZbh"dc"V"X]^e ! CVcdZaZXigdc^Xh ^h Vahd WZa^ZkZY id XgZViZ h^b^aVg g^eeaZh Vh ^i edgiZcYhidd[[Zgjc^fjZWZcZÒihcdidcan^ciZgbhd[hbVaa[dgb[VXidgidi]ZÒcVa YZk^XZh!WjiVahdXdbeZiZciXdhiVYkVciV\ZhVcYeZg[dgbVcXZZc]VcXZbZcih#I]Z kVhiÒZaYd[cVcdiZX]cdad\n^hVcZkZgZkdak^c\dcZl^i]Xdci^cjdjhVYkVcXZbZcih WZ^c\bVYZZkZgnYVnidlVgYXdbbZgX^Va^hVi^dc#CjbZgdjhXdbeVc^Zh!Wdi]lZaa ZhiVWa^h]ZY \adWVa Xdc\adbZgViZh Vh lZaa Vh hbVaa hiVgi"jeh! VgZ ^ckZhi^c\ aVg\Z Vbdjcih^cgZhZVgX]VcYYZkZadebZcid[cVcdijWZh!cVcdÒWgZh!VcYcVcdl^gZh!Vaad[ l]^X]VgZY^[[ZgZcibVc^[ZhiVi^dchd[cVcdiZX]cdad\n# CVcdiZX]cdad\n^hi]jhVigjan\gdjcY"WgZV`^c\^cYjhignYZkZadebZcii]Vi^hVcY l^aagZkdaji^dc^hZcdidcani]ZZaZXigdc^XhVcYhZb^XdcYjXidg^cYjhignWjil^aa]VkZ V]j\Z^beVXidccjbZgdjh^cYjhig^Zh!i]ZZ[[ZXid[l]^X]lZVgZ_jhiWZ\^cc^c\id hZZ#L^i]Vhigdc\[djcYVi^dcaV^Y^ciZgbhd[nZVghd[jcYZiZggZYgZhZVgX]!^i^hcdl i^bZ[dgi]ZVYkVciV\ZdjhigVch^i^dcd[i]ZiZX]cdad\n[gdbi]ZaVWidi]ZbVg`Zi! VcYdcXZi]^h^hVX]^ZkZY!i]ZWZcZÒihd[cVcdiZX]cdad\nXVcWZgZVeZY!l]^X]l^aa aZVYidVbdgZhde]^hi^XViZYlVnd[a^k^c\# 12_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH Deedgijc^i^Zhl^i]cVcdiZX]cdad\n Example opportunities for materials company Product Nanocomposite Nano-enabled structural material functional “smart material” Process Forward osmosis Biosynthesized water purification inorganic nanofilms using magnetoferritin nanoparticles Evolutionary Revolutionary Example opportunities for consumer electronics manufacturer Product Flexible solar cell Carbon nanotube field recharger emission display Process Nano-enabled Nanoimprint microprocessor heat lithography sink adhesive Evolutionary Revolutionary Revolutions possible Example opportunities for pharmaceutical manufacturer in pharmaceuticals Product Nanoparticulate Novel therapeutic reformulation of agents (gold nanoshells, existing drug fullerenes) Process Quantum dot Four-dimensional biological labels elastic light scattering fingerprinting Evolutionary Revolutionary Source: Lux Research INTRODUCTION TO NANOTECHNOLOGY_13 SECTOR . NANOTECHNOLOGY Nano-manufacturing & the industrial application of nanotechnologies Key in production of I]Z`ZnidhjXXZhh[jaanbV`^c\jhZd[i]ZcVcdiZX]bZg^ih^hid]VkZi]Z`cdl"]dlid nanoparticles is to prevent egZkZciÆV\\gZ\Vi^dcÇ^ci]ZegdYjXi^dcd[cVcdeVgi^XaZh!l]^X]bVnaZVYidi]Zadhh “aggregation”, to allow d[i]Z^gjc^fjZegdeZgi^Zh#I]ZVW^a^ind[VcVcdiZX]cdad\nXdbeVcnidXdcigdai]Z controlled design of properties h^oZd[i]ZcVcdeVgi^XaZhVaadlh^iid\^kZi]Zbi]ZYZh^gZYegdeZgi^Zh# I]Zig^X`^hidVkd^YÆV\\gZ\Vi^dcÇ Source: ItN Nanovation I]gdj\]jcYZghiVcY^c\i]ZegdeZgi^Zhd[bViZg^Vahdci]ZcVcdhXVaZ!^i^h^cXgZVh" ^c\anedhh^WaZidYZh^\cVcYbV`ZZci^gZancZlbViZg^Vah#I]Z\gdli]d[X^k^a^hVi^dc ]VhWZZc[djcYZYdci]Z^ccdkVi^kZYZkZadebZciVcYjhZd[bViZg^Vah![gdbWgdcoZ VcY\aVhhidi^c!XdcXgZiZVcY\jcedlYZgÄidcVbZdcanV[Zl#6iÒghi!hZgZcY^e^in aZYidi]ZYZkZadebZcid[cZlbViZg^Vah!i]ZcVc^cXgZVh^c\`cdlaZY\Zd[X]Zb^hign ZcVWaZYVWZiiZgjcYZghiVcY^c\d[i]Zdg^\^chd[i]Z^gegdeZgi^Zh#CVcdiZX]cdad\n ]VhiV`Zci]^hVhiZe[jgi]ZgVcY^h\^k^c\jhVcZkZcbdgZegd[djcYXdbegZ]Zch^dc d[]dlbViZg^VahYZg^kZi]Z^gViig^WjiZh!VcYi]ZVW^a^inidYZh^\ccZlbViZg^Vah[gdb i]ZhXgViX]#>i^hZhi^bViZYi]Vii]ZgZbVnWZV]j\ZVbdjcid[WgVcYcZlbViZg^Vah edhh^WaZ!VcYcVcdiZX]cdad\n^hdeZc^c\i]ZYddgidi]Zedhh^W^a^ind[Zmead^i^c\i]^h igZVhjgZX]Zhid[Vabdhi^cÒc^iZediZci^Va# CVcdiZX]cdad\nl^aaYZkZade^c\ZcZgVi^dch Nanotechnology develops HnhiZbVi^XXdcigdaVcYbVcj[VXijgZVii]ZcVcdhXVaZ^ha^`ZanidZkdakZ^cdkZgaVee^c\ in generations, going from \ZcZgVi^dchd[cZlcVcdiZX]cdad\negdYjXiineZhi]VihiVgil^i]cVcdhXVaZWj^aY^c\ product types to product WadX`hVcYZkdakZdkZgi^bZ^cidXdbeaZm]ZiZgd\ZcZdjhhnhiZbh#:VX]Vci^X^eViZY types etc \ZcZgVi^dcd[egdYjXihl^aaegdk^YZVcVcdiZX]cdad\nWVhZ[dg[jgi]Zg^ccdkVi^dc! aZVY^c\idhjXXZZY^c\\ZcZgVi^dchd[egdYjXihd[^cXgZVh^c\XdbeaZm^in&[jcXi^dcVa^in/ 14_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH A^`ZanZkdaji^dcd[cVcdiZX]cdad\n 1st generation Passive nanostructures, Nanoparticles (from 2000) i.e. nanostructured coatings, (i.e. automotive industry - body nanoparticles, mouldings, timing belts, dispersion of nanoparticles, engine covers etc, nanocomposites, and bulk packaging industry, cosmetics) nanostructured materials; Flat panel displays, coatings, nanostructures made of metals, CNT-Based probes polymers, ceramics; in semiconductor metrology, bio-building blocks catalysts (extension of existing market) Examples: sunscreens (zinc oxide, titanium oxide), golf balls (carbon nanotubes) 2nd generation Active nanostructures, Memory devices, fuel cells, (from 2005) i.e.transistors, amplifiers, batteries, biosensors targeted drugs and chemicals, (CNT, molecular, qD based). biological and non-biological biomedical devices, sensors, actuators, advances in gene sequencing, and adaptive structures advances in lighting 3rd generation Three-dimensional nanosystems Nanoelectronics (CNT), (from 2010) and systems of nanosystems molecular electronics, using various synthesis and routine use of new composites assembly techniques, in aerospace and the auto- i.e.bio-assembly, networking on motive industry (risk-averse a nanoscale, and multiscale industries) architectures Materials by design and heterogeneous molecular nanosystems, where each molecule in the nanosystem has a specific structure and plays a different role Molecules will be used as devices, and fundamentally new functions will emerge from their engineered structures and architectures Source: Silvia Quandt Research GmbH NANO-MANUFACTURING AND THE INDUSTRIAL APPLICATION OF NANOTECHNOLOGIES_15 SECTOR . NANOTECHNOLOGY 6gZXjggZcicVcdiZX]kVajVi^dchZmXZhh^kZ4 Nanotech far from having >ci]ZeVhinZVgh!bZY^VXdkZgV\ZdccVcdiZX]cdad\n^cXgZVhZYYgVbVi^XVaan#=dlZkZg! reached excessive valuation ^ckZhibZcih^ci]ZVgZV]VYaV\\ZYi]ZbZY^VViiZci^dc!bV^canWZXVjhZ^ckZhibZcih status, only approx. $ 650m ^cdi]ZgZbZg\^c\^cYjhig^ZhVeeZVgZYidVX]^ZkZ[VhiZggZlVgYh#=ZcXZ!kZcijgZXVe^" of venture capital invested in iVa^ckZhibZcihlVhb^c^hXjaZ^cgZaVi^dcidi]ZcVcdiZX]ediZci^Va#6XXdgY^c\idi]Z this sector in 2006 JHCH; B#GdXd !dcan(d[kZcijgZXVe^iVa^ckZhibZcihlZgZViig^WjiZYidi]Z cVcdiZX]^cYjhign#AjmGZhZVgX]hj\\Zhihi]Vi+*%bd[K8^ckZhihlZgZbVYZ^c '%%+#I]^hgVi]ZghbVaaVbdjcihj\\Zhii]Vi^ckZhidghVgZcdiXgdl^c\ZVX]di]Zgdji ^ci]^hWjh^cZhhhZ\bZci#=ZcXZ!eg^XZhVgZ[Vg[gdbWZ^c\ZmXZhh^kZ# 8jggZciÒcVcX^VabVg`ZiXdcY^i^dchYdcdi[Vkdjgg^h`n^ckZhibZcihdg^ckZhibZcih l^i] adc\ eVn"WVX` eZg^dYh# =ZcXZ! kVajVi^dch [dg ^ckZhibZcih ^c i]Z cVcdiZX] hZ\bZciVeeZVgidgZbV^cViigVXi^kZ[dgadc\iZgb^ckZhidgh# I]ZcVcdiZX]]neZXjgkZ Cell & Gene targeting systems VISIBILITY Cartilage self regeneration Bio-engineered treatment for osteoarthritis viruses and bacteria Intelligent biomaterials Biomimetic sensors Anti for in situ regeneration of bone Clinical cameras for cancer whole body images vaccines Delivery Transfection of systems of nanodevices therapeutic Implantable device biopharma- for continuous ceutics In vitro engineered measurements Quantum dots skin, bone and cartilage of blood markers Cell & Gene for molecular targeting diagnostics Point of care systems and imaging analytical device Polymeric Combined nanocapsules therapy In vitro engineered for drug and medical Carbon bone delivery imaging tubes Nerve Multifunctional Regeneration nanoparticles for Nano gene for spinal and drug release and imaging therapy limb repair Nano- bots Seed Series A/B Series C/D “late stage” TIME Technology Peak of inflated Trough of Slope of Plateau of trigger expectations disillusionment enlightenment productivity Key: Time to plateau Less than two years Two to five years Five to ten years More than ten years Source: Gartner 16_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH CVcdiZX]cdad\n/VeaVi[dgbiZX]cdad\n CVcdiZX]cdad\n^hcdiVc^cYjhign!cdg^h^iVh^c\aZiZX]cdad\ndgVh^c\aZÒZaYd[ gZhZVgX]#H^beanheZV`^c\!cVcdiZX]cdad\nXdch^hihd[hZihd[ZcVWa^c\iZX]cdad\^Zh i]ViVgZVeea^XVWaZidbVcnigVY^i^dcVa^cYjhig^Zh#=ZcXZ!^i^hi]jh[V^gidhVni]VidcZ h]djaYiVa`VWdjicVcdiZX]cad\^ZhgVi]Zgi]Vcjh^c\^i^ci]Zh^c\jaVg[dgb!cVcd" iZX]cdad\n# Nanotechnology a >cYjhigngZhZVgX]ZghVcYcVcdiZX]cdad\n^chi^ijiZhYZhXg^WZcVcdiZX]cdad\^ZhVhV springboard or platform for eaVi[dgbiZX]cdad\n#I]ZhZVgZiZX]cdad\^Zhi]ViVgZhdeZgkVh^kZi]Vii]ZnhZgkZVh other technologies heg^c\WdVgYh[dgdi]ZgiZX]cdad\^ZhVcYVh[djcYVi^dch[dgbVcnY^kZghZVeea^XVi^dch# I]ZnVgZVahdgZ\VgYZYVhZhhZci^Va[dgegd\gZhh^cbjai^eaZÒZaYh#8dbejiZgdeZgVi^c\ hnhiZbhVgZV\ddYZmVbeaZd[VeaVi[dgbiZX]cdad\n#GVi]Zgi]Vc]Vk^c\idYZVal^i] XdbejiZg]VgYlVgZY^gZXian!egd\gVbbZghldg`l^i]VcVWhigVXi^dcd[i]ZjcYZg" an^c\]VgYlVgZ i]ZdeZgVi^c\hnhiZbh idWj^aYY^kZghZVeea^XVi^dch[gdb\VbZhid Xdcigdahd[ilVgZ[dgcjXaZVgedlZgeaVcih# AjmGZhZVgX]hj\\Zhihi]ViXdbeVc^ZhcZZYidiV`ZVbdgZhnhiZbVi^XVeegdVX]^c dgYZgidXVeijgZkVajZ[gdbcVcdiZX]cdad\n#HjXXZZY^c\XdbeVc^ZhcZZYidhZeVgViZ gZkdaji^dcVgn^ccdkVi^dch XdjeaZYl^i]]^\]YZkZadebZciXdhihVcYYZkZadebZci g^h`h [gdbZkdaji^dcVgnegdXZhhZc]VcXZbZcih#EgdYjXi^ccdkVi^dchbjhiWZgZXd\" c^oVWaZWnXjhidbZgh^cdgYZgidVX]^ZkZ]^\]Zgeg^XZhVcYbVg\^ch#IdXVe^iVa^oZ[gdb deedgijc^i^ZhAjmGZhZVgX]hj\\Zhihi]VidcZd[i]Z[daadl^c\[djgÈdei^bVaÉdg\Vc^" oVi^dcVaVeegdVX]Zhh]djaYWZVeegdeg^ViZ/ Example: pharma companies T:kdaji^dcVgnegdXZhhdeedgijc^i^Zhh]djaYWZZbWZYYZY^cidZm^hi^c\G&9dg\Vc^" using nano-enabled biological hVi^dch#Ine^XVaZmVbeaZ/Ve]VgbVXdbeVcnjh^c\cVcd"ZcVWaZYW^dad\^XVaaVWZah^c labels in drug discovery Ygj\YZkZadebZciVcYYgj\XgZVi^dc# TI]^h^bea^Zhi]ViZkdaji^dcVgnegdYjXideedgijc^i^Zhh]djaYWZdlcZYWnZm^hi^c\ a^cZ"d["Wjh^cZhhbVcV\ZbZci#I]ZhZZm^hi^c\bVcV\ZbZciaVnZgh`cdlWZhi!l]ZgZ ida^c`i]Z^gZ[[dgihl^i]Zm^hi^c\Z[[dgihl^i]^ci]ZZci^gZdg\Vc^hVi^dc#I]^hhigjXijgZ ldjaYi]ZgZ[dgZZcVWaZhl^[iVcY[jaan^ciZ\gViZYG&9VXi^k^i^Zh#:mVbeaZh/ÓZm^WaZ hdaVgXZaagZ"X]Vg\Zgh[dgbdW^aZe]dcZhVcYcVcdXdbedh^iZW^XnXaZ[gVbZh# T>chiVg`XdcigVhiidi]ZZkdaji^dcVgnegdXZhh!gZkdaji^dcVgnegdXZhhdeedgijc^i^Zh YZbVcY Y^[[ZgZci id Zm^hi^c\ G&9 higjXijgZh# I]Z g^h` l^i] jh^c\ Zm^hi^c\ G&9 dg\Vc^hVi^dcha^Zh^ci]Z[VXii]Vii]ZhZjhjVaanYdcdiÈadd`djih^YZi]ZWdmÉ!a^b^i^c\ ediZci^VahjXXZhh#:mVbeaZ/cVcd"^beg^cia^i]d\gVe]n^ci]ZhZb^XdcYjXidgÒZaY# TGZkdaji^dcVgn egdYjXi deedgijc^i^Zh ^beV^g i]Z Wjh^cZhh higjXijgZh d[ ine^XVa G&9 a^cZ"d["Wjh^cZhh bVcV\ZbZci! 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NANOTECHNOLOGY K8kVajZhcVcdiZX]^ckZhibZcideedgijc^i^Zh]^\]an Nanotechnolgy in healthcare increasingly attracting VC funds 600 500 400 300 200 100 Value ofValue deals (US $ millions) 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005e Electronic & IT Healthcare and life sciences Manufacturing and materials Nanotools Source: Lux Research 6cdi]Zg [dgXZ hjhiV^c^c\ cVcdiZX]cdad\n XdbZh [gdb i]Z YZY^XViZY gZhZVgX] VcY YZkZadebZci egd\gVbh ^c eaVXZ ^c bVcn bV_dg hZb^XdcYjXidg Ògbh hjX] Vh >7B! >ciZa!C:8:aZXigdc^Xh!>cÒcZdcIZX]cdad\^Zh!HIB^XgdZaZXigdc^Xh!VcYBdidgdaV!id cVbZV[Zl#I]ZhZXdbeVc^ZhVgZVXi^kZan^ckdakZY^ci]ZXdbbZgX^Va^oVi^dcd[cVcd YZk^XZh!l]^X]^hcdlVgZVa^in hZZ>7BÉh^ckZci^dcd[hZa["VhhZbWa^c\higjXijgZh^c i]Z^gV^g\VeegdXZhhdgh^c'%%, # I]ZgZ l^aa! ]dlZkZg! Vahd WZ kZgn gZVa egdYjXih! 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NANOTECHNOLOGY 6[iZgkZcijgZXVe^iVa[jcY^c\!i]ZcZmifjZhi^dcidVg^hZ^hl]ZcXdbeVc^Zhl^aaWZ gZVYn[dgi]Z>EDbVg`Zi#BdbZcijb^ckZhidgh!l]dWdj\]i^cV[ZlnZVghV\d!l]Zc cVcdiZX] ]neZ lVh g^h^c\! ]VkZ WZZc hdbZl]Vi Y^hVeed^ciZY# I]Zn ZmeZXiZY W^\ cZVg"iZgbgZijgchdcanidÒcYi]VicVcdiZX]"gZaViZYVeea^XVi^dchldjaYiV`Zadc\Zg idYZkZadeVcYXdbeVc^Zhadc\ZgidbVijgZ#I]Z>ciZgcZiWddb!l]ZgZVXdbeVcn XdjaYbdkZ[gdbhiVgi"jeid>ED^c&-bdci]h!bVn]VkZh]^[iZYZmeZXiVi^dchjc" gZVa^hi^XVaan# KVaj^c\cVcdiZX]XdbeVc^Zh!ZheZX^VaandcZhl^i]bdgZheZXjaVi^kZWjh^cZhhbdYZah! ^hY^[ÒXjai#6ai]dj\]cVcdiZX]cdad\nVcYcVcdhXVaZ^ccdkVi^dch]VkZ\gZViediZci^Va idX]Vc\ZZm^hi^c\bVg`Zih!VcYi]ZgZ[dgZ\gZVideedgijc^in[dg\gdli]!Y^hi^c\j^h]^c\ WZilZZccVcdiZX]cdad\nhidX`h^hhdbZi^bZhY^[ÒXjai#LZWZa^ZkZi]VidcZ]Vhid jcYZghiVcYWdi]i]ZhX^ZcXZVcYi]ZWjh^cZhheaVc^cdgYZgidkVajZi]ZhZXdbeVc^Zh# ;dgZXVhi^c\ZhiVWa^h]ZYXVh]ÓdlVcYZVgc^c\hbZig^Xh^hhdbZi^bZhY^[ÒXjaiYjZid iZX]c^XVaXdbeaZm^inVcYegdYjXijcXZgiV^cin# Id kVajZ cVcdiZX] XdbeVc^Zh egdeZgan! lZ hj\\Zhi hZeVgVi^c\ cVcdiZX]"gZaViZY XdbeVc^Zh ^cid ild \gdjeh/ h^c\aZ"[dXjh XdbeVc^Zh VcY eajg^ediZci XdbeVc^Zh# KVajVi^dch[dgh^c\aZ"[dXjhXdbeVc^ZhVgZWVhZYdcbdgZhiVcYVgYbZVhjgZhjhZY [dg XdbeVc^Zh l^i] egdYjXih VcY higViZ\^Zh iVg\Zi^c\ V heZX^ÒX ^cYjhign# EaVi[dgb iZX]cdad\n!dgeajg^ediZci!XdbeVc^Zh]VkZi]ZediZci^Vaid^beVXibVcnhZXidghVcY gZfj^gZVbdgZXdbea^XViZYVcVanh^h#L]^aZd[[Zg^c\bdgZjeh^YZediZci^Va!i]ZnVahd egZhZci\gZViZg^ckZhibZcig^h`# I]Z ÒcVcX^Va [jijgZ d[ cVcdiZX]"gZaViZY XdbeVc^Zh ]^c\Zh dc bVg`Zi XnXaZh! >ED l^cYdlh!^ckZhidg^ciZgZhi!VcYi]ZÓdld[gZhjaihdjid[gZhZVgX]VcYegdYjXiYZkZade" bZciVcY^cidi]ZbVg`ZieaVXZ#6ai]dj\]^ckZhidghidYVnWZa^ZkZi]ViZmeZXiVi^dch VgZbdgZgZVa^hi^X!kVajVi^dchbdgZhZch^WaZ!VcYVcVanhZhbdgZ\gdjcYZY!i]Znhi^aa lVciidVkd^Y]Vk^c\VWjWWaZ[dgbVcYi]ZcWjghi# The technology base: patent applications Patents best indicator for EViZcihgZÓZXii]ZVW^a^ind[XdbeVc^ZhVcYcVi^dchidXdckZgihX^Zci^ÒXgZhjaih^cid most sizable economic or iZX]cdad\^XVaVeea^XVi^dchVcYZXdcdb^XYZkZadebZci#7nVcVanh^c\YViV[gdbeViZci commercial impact of d[ÒXZhVgdjcYi]ZldgaY!^i^hi]ZgZ[dgZedhh^WaZid^YZci^[ni]dhZVgZVhd[cVcdiZX]" business model cdad\n i]Vi VgZ bdhi a^`Zan id ]VkZ V ZXdcdb^X dg XdbbZgX^Va ^beVXi! VcY i]dhZ ^cY^k^YjVah!dg\Vc^oVi^dchVcYcVi^dchi]Vil^aaWZcZÒii]Zbdhi# J#H#cVcdiZX]cdad\neViZcihWddb^c\ 2.0 1.5 1.0 0.5 in thousands 0 Nanotechnology patents 1997 1999 2001 2003 2005 Source: Lux Research, “The Nanotech Report, 5th edition” 24_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH I]Z :jgdeZVc EViZci D[ÒXZ :ED ]Vh YZkZadeZY V bZi]dYdad\n id ^YZci^[n VcY XaVhh^[n ÈiV\É cVcdiZX]cdad\n eViZcih VcY eViZci [Vb^a^Zh# I]Z [daadl^c\ X]Vgi gZÓZXih ]dl i]Z cjbWZg d[ cVcdiZX]cdad\n eViZcih X]Vc\ZY WZilZZc &..* VcY '%%(#>iVahdh]dlhi]VicVcd"ZaZXigdc^XhVcYcVcdbViZg^VahlZgZi]ZildbdhiVXi^kZ VgZVh^ciZgbhd[eViZcih!VXXdjci^c\[dgbdgZi]Vc]Va[i]ZidiVacjbWZgd[eViZci Veea^XVi^dch#I]Zdi]Zg[djgVgZVh^ci]Z:EDXaVhh^ÒXVi^dchX]ZbZVgZcVcdbV\cZi^Xh! cVcd"dei^Xh!cVcdW^diZX]cdad\nVcYcVcdYZk^XZh# EViZciVeea^XVi^dcWnineZd[cVcdiZX]cdad\n 6bZg^XVhbdhiegd\gZhh^kZ 3,000 Nanobiotech (Y01n2) 2,500 Nanoelectronics (Y01n4) Nanomaterials (Y01n6) 2,000 Nanodevices (Y01n8) Nano-optics (Y01n10) 1,500 Nanomagnetics (Y01n12) 14 % 11 % 1,000 14 % 29 % No. ofNo. patent applications 7 % 500 25 % 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 1,400 Americas 1,200 Asia 1,000 Europe 800 600 400 No. ofNo. patent applications 200 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 Source: Nature Nanotechnology THE TECHNOLOGY BASE: PATENT APPLICATIONS_25 SECTOR . NANOTECHNOLOGY Americas feature most I]ZcjbWZgd[cVcdiZX]cdad\neViZcihbdgZi]VcYdjWaZYWZilZZc&..*VcY'%%(! progressive accumulation of Wjii]Z\gdli]]VhcdiWZZcVhheZXiVXjaVgVhdcZb^\]iZmeZXi!l^i]i]ZeZV`d[ patent applications &...WZ^c\[daadlZYWnV[Vaa^ccjbWZgh!VcYVnZVgd[oZgd\gdli][daadl^c\i]ZeZV` d['%%'# >i ^h dWk^djh i]Vi i]Z 6bZg^XVh ^h Wn [Vg i]Z bdhi VXi^kZ gZ\^dc ^c i]Z ldgaY [dg gZ\^hiZg^c\ eViZcih ^c cVcdiZX]cdad\n! VXXdjci^c\ [dg ]Va[ i]Z eViZci Veea^XVi^dch ZVX] nZVg Yjg^c\ i]Z eZg^dY XdkZgZY! VcY Vahd WZ^c\ gZhedch^WaZ [dg i]Z eZV`h ^c \adWVa eViZci Veea^XVi^dch l^icZhhZY ^c &... VcY '%%'# >c i]Z hVbZ i^bZ eZg^dY! :jgdeZÉhh]VgZcZkZgZmXZZYZY'%#L]Zci]ZYViV^hVcVanhZYWncVi^dc!gVi]Zgi]Vc gZ\^dc!i]ZJHXdbZhdjiidedkZgVaa!VcYVahd^cZVX]d[i]Zh^mhjWÒZaYh![daadlZY Wn ?VeVc! JH6!:Vhi6h^V! Japan Germany South France UK Korea Nanotech activity China Taiwan Canada Israel Australia Singapore India Russia Niche Low Low Technology development strenght High Source: Nanotech’s shifting Global Leaders, Lux Research 26_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH I]ZcjbWZgd[eViZciVeea^XVi^dch^cXgZVhZY!dcVkZgV\Z!Wn&)eZgnZVgWZilZZc &..*VcY'%%(!l^i]i]Z\gdli]WZ^c\[VhiZg^ci]ZÒghi]Va[d[i]^heZg^dY#I]ZgZ lZgZ!]dlZkZg!]j\ZY^[[ZgZcXZhWZilZZci]Zh^mY^[[ZgZcihjWÒZaYh#CVcd"ZaZXigdc^Xh! cVcdbViZg^Vah!cVcdYZk^XZhVcYcVcdbV\cZi^Xh]VYi]Z]^\]Zhi\gdli]gViZh^ci]Z &..%h!Wji\gdli]hadlZYYdlcWZilZZc&...VcY'%%(ÅVcYZkZcWZXVbZcZ\V" i^kZ[dgcVcdYZk^XZh#>cXdcigVhi!cVcdW^diZX]cdad\nVcYcVcd"dei^XhWdi]ZmeZg^ZcXZY cZ\Vi^kZ\gdli]^ci]ZaViZ&..%h!Wjii]ZgViZ^cXgZVhZYidVgdjcY'%eZgnZVg V[iZg'%%%#=dlZkZg!^cVWhdajiZiZgbh!Wdi]i]ZhZVgZVhgZbV^cbjX]hbVaaZgi]Vc cVcd"ZaZXigdc^XhVcYcVcdbViZg^Vah# Environmental aspects of nanotechnology: resource management at stake :ck^gdcbZciVaanWZcZÒX^VacVcdiZX]cdad\^Zh Regulation Research funding Demonstration Procurement Economic Standards / Market Awaremess amd and diffusion instruments transformation communication Hydrogen Develop high level Expand the economy links with the hydrogen bus automotive sector and demonstration research into hydrogen projects storage techniques Electricity Engage on Enable long term Encourage large Fiscal incentives Engage with storage issues of end of research projects fleet procurement for vehicle stakeholders for life vehicles of battery ownership (such electric vehicles powered vehicles as congestion infrastructure charges) Photovoltaics Develop centre of Use energy Revise taxation Ensure that new- excellence for PV efficient stand regime to level builds obtain certain Develop funding for alone products micro generation percentage of power pre-commercialisation playing field from renewables Insulation Research novel Advanced Increase insultation insultants call through window requirements for Part the DTI-TP procurement for L - windows on new governmental builds offices Engine Research into Use DTI/EPSRC Trial of fuel efficiency toxicity of funding for catalytic additives airborne converters nanomaterials Source: Oakdene Hollins Ltd. Nanotechnology among future I]ZeaVcZi^hdcVcVXXZaZgVi^c\XdjghZidiZgb^cVaZXdad\^XVaY^hVhiZgVh\adWValVgb" key technologies to cope with ^c\YjZidZmXZhh\gZZc]djhZ\VhZb^hh^dc^hi]gZViZc^c\bVc#L]^aZcVcdiZX]cda" environmental problems d\n^hXdch^YZgZYWnJ#@#XdchjaiVcXnDV`YZcZ=daa^c\hcdii]ZXjgZ"Vaa!^ibVnd[[Zg hdbZhdaji^dchidÒcY^c\VhjhiV^cVWaZa^[ZhinaZ[dgi]Z[jijgZ#<^kZci]Vii]ZgZVgZ jg\Zci^hhjZhd[\adWVa^bedgiVcXZidWZVYYgZhhZY!ZheZX^Vaan^cgZaVi^dcidZcZg\n! [ddYVcYlViZg!VhVgZhjaid[\adWValVgb^c\VcYVbVhh^kZgZYjXi^dc^cVkV^aVWaZ V\g^XjaijgVaaVcY!i]ZgZVgZbVcnX]VaaZc\Zh!l^i]^cY^XVi^dchd[VgZVhl]ZgZcVcdiZ" X]cdad\nbVnaZVYidhdaji^dchi]Vi]VkZVbdgZeaVcZi"[g^ZcYan^beVXi# ENVIRONMENTAL ASPECTS OF NANOTECHNOLOGY: RESOURCE MANAGEMENT AT STAKE_27 SECTOR . NANOTECHNOLOGY 7ZcZÒihd[cVcdiZX]cdad\^Zhdc8D' Application Impact of nanao- Infrastructural Benefit Timescale for 1 2 3 4 tech in area changes (Mte CO2 p.a.) implementation (years) Fuel efficiency Critical Low <3 < 5 Insultation Moderate Low <3 3 - 8 Photovoltaics High Moderate c. 6 > 5 Electricity storage High High 10 - 42 10 - 40 Hydrogen economy Critical Very high 29 - 120 20 - 40 1) Impact of nanotechnology describes the effect nanotechnology is likely to have in the area compared to other technologies; 2) Infrastructural changes indicate the effort bring the nanotechnology to market; 3) Benefit is the estimate of the maximum potential CO2 savings by implementing the technology; 4) Timescale for implementation is the projected time period (in years) before the technology will be fully implemented Source: Oakdene Hollins Ltd. 6WdkZVaa!egZXdcY^i^dch[dgYZeadn^c\cVcdiZX]cdad\^Zh[dgZck^gdcbZciVaXjgZhVgZ i]VicVcdiZX]cdad\n"WVhZYegdYjXihl^aaWZ TX]ZVeidegdYjXZ TaZhhgZhdjgXZ^ciZch^kZ TVcY]^\]anVYVei^kZ^ci]Z^ggZhedchZidi]ZYZbVcYh d[i]Z^g^bbZY^ViZZck^gdcbZci# Nanotechnology plus solar power crucial for global :cZg\n energy supply >cdgYZgidgZYjXZi]ZYZbVcY[dg]nYgdXVgWdc"WVhZYcdc"gZcZlVWaZZcZg\n!cZl iZX]c^fjZh [dg \ZcZgVi^c\ gZcZlVWaZ ZcZg\n! 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NANOTECHNOLOGY TCdkZa XViVanhih [dg ZmigVXi^c\ ]Vgb[ja Zm]Vjhi X]Zb^XVah [gdb XVgh! V^gXgV[i VcY edlZghiVi^dch hjX]Vhi]dhZegdYjXZYWn76H; # LVhiZ LVhiZ gZYjXi^dc ^h k^iVa id hVk^c\ ZcZg\n VcY gZhdjgXZh! ^cXajY^c\ lViZg# CVcd" ZcVWaZYegdYjXihYd!dcWVaVcXZ!gZfj^gZaZhhZcZg\nVcYbViZg^VahidegdYjXZ# TGZXnXaVWaZ!b^c^bVa^hiÈhbVgiÉeVX`V\^c\i]VijhZhaZhhgZhdjgXZhWjid[[ZghbdgZ Viig^WjiZh# TBdc^idg^c\VcY^YZci^[n^c\XdciZcih!egdk^Y^c\YViVdcZcZg\nidegdYjXZVcYigVch" edgi!VcYh^\cVaa^c\^ihadXVi^dcViVcni^bZ ^bedgiVci[dggZYjX^c\lVhiZ[ddY # Nanotech-based treatment =ZVai]XVgZ!V\Z^c\edejaVi^dc!Y^hZVhZh^ci]ZjcYZgYZkZadeZYcVi^dch and therapy of deseases GZhdjgXZ"^ciZch^kZ!^cXgZVhZY]ZVai]XVgZYZbVcYhVgZ^bedh^c\VhZkZgZhigV^cdci]Z meeting increased healthcare ZXdcdb^Zhd[bdhiXdjcig^Zh# demand of nations, especially those of T;Vhi VcVanh^h d[ \ZcZi^X egZY^hedh^i^dch id ^aacZhh aZVY^c\ id \ZcdbZ"WVhZY underdeveloped countries i]ZgVeZji^Xh# TCVcd"WVhZY ^bV\^c\ VcY Ygj\ iVg\Zi^c\ VcY YZa^kZgn [dg ZVgan ^YZci^ÒXVi^dc VcY b^c^bVaan idm^X igZVibZci d[ Y^hZVhZ a^`Z BV\;dgXZÉh XVcXZg igZVibZci jh^c\ bV\cZi^XeVgi^XaZhidigZViijbdjghl^i]b^c^bVah^YZZ[[ZXih # TEVi^Zci"[g^ZcYan!ÈhbVgiÉXdX]aZVgVcYgZi^cVa^beaVcih# TBZY^XVa iZmi^aZh! l^i] ]ZVai] bdc^idg^c\! igVchb^hh^dc d[ ^c[dgbVi^dc VcY i]ZgV" eZji^XXVeVW^a^i^Zh# TCVcdhigjXijgZYWVcYV\Zhi]ViZcXdjgV\ZXZaa\gdli]# T>c[ZXi^dcgZYjXi^dci]gdj\]Vci^"WVXiZg^VaYgZhh^c\h!hjg[VXZhVcYiZmi^aZh# TGZ\ZcZgVi^dc d[ dg\Vc [jcXi^dc Wn jh^c\ cVcd"hXV[[daY^c\ l^i] XZaa"[g^ZcYan hjg" [VXZh!VcYjh^c\cVcdbViZg^Vahi]ViY^[[jhZX]Zb^XVahi]Vi[VX^a^iViZXZaa\gdli]VcY Y^[[ZgZci^Vi^dc#I]ZhZXVcWZ^beaVciZY^cidi]ZWdYnVcYegdk^YZVhigjXijgZVgdjcY l]^X]XZaahl^aa\gdlid[dgbVcZl![jaan^ciZ\gViZYdg\Vcdgi^hhjZh# ;ddY HijY^Zhh]dlZYi]ViVh^oZVWaZeVgid[Vaa[ddYegdYjXZY ^#Z#Veegdm#dcZi]^gY^ci]Z J@ \dZhidlVhiZ!Xdchjb^c\]j\ZgZhdjgXZhd[lViZgVcYZcZg\n#:medgi^c\VcY ^bedgi^c\bZVi![gj^i!kZ\ZiVWaZhVcYÓdlZghdjid[hZVhdcedaajiZhi]ZV^g!hZVVcY aVcY#I]ZZmXZhh^kZjhZd[egZX^djhadXValViZggZhdjgXZhhegZVYheVi]d\ZchVcYXdc" ig^WjiZhidi]ZedkZgind[Xdjcig^ZhegdYjX^c\XVh]Xgdeh# 30_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH TAZhhlVhiZ[ja![ZVijgZ"g^X]eVX`V\^c\ i]ViXVcYZiZXieZhi^X^YZhdghed^aV\Z!^c[dgb VWdjidg^\^cZiX# # T6ci^WVXiZg^Va eVX`V\^c\ VcY [ddY egZeVgVi^dc hjg[VXZh Z#\# jh^c\ cVcdeVgi^XjaViZ h^akZg# Securing sufficient nutrition 6\g^XjaijgZ of fast growing population 9^b^c^h]^c\[ddYVcYlViZggZhdjgXZhVgZejii^c\egZhhjgZdci]ZgZbV^c^c\V\g^Xja" calls for precise farming and ijgVaaVcY#HijY^ZhVahdh]dli]Vihd^a"YlZaa^c\WVXiZg^VVgZXg^i^XVaidZfj^a^WgVi^c\i]Z “smart” agriculture – dmn\Zc$XVgWdcY^dm^YZWVaVcXZ^ciZgbhd[i]ZheZZYd[gZhedchZ# nanotechnology provides solutions like molecular TcVcdhZchdgh[dgbdc^idg^c\hd^a]ZVai] treatment of plant diseases etc. 7n'%&%i]ZedejaVi^dc^hZmeZXiZYidgZVX],W^aa^dc#Egdk^Y^c\Vcni]^c\XadhZid i]ZegZhZcihiVcYVgYd[Xdchjbei^dc[dgi]ZVeegdm^bViZan&W^aa^dc^c]VW^iVcihd[ i]Z^cYjhig^Va^hZYcVi^dch^hiVm^c\i]ZeaVcZiÉhgZhdjgXZhidi]ZWgZV`^c\ed^ci#>iXVc WZXdcXajYZYi]Vii]ZegZhZciZbe]Vh^hWncVi^dchdcÈ\gdli]ÉVcYÈXdbeZi^i^kZ" cZhhÉ^hcdl^cVeegdeg^ViZ#EgZkZci^dcd[XdaaVehZd[i]ZZXdhnhiZb]VhcdlWZXdbZ i]Z dkZgl]Zab^c\ ^hhjZ! 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NANOTECHNOLOGY Di]Zg gZhZVgX] Vi i]Z 8ZcigZ [dg 7^dad\^XVa VcY :ck^gdcbZciVa CVcdiZX]cdad\n 87:C ]Vh h]dlc i]Vi cVcdhXVaZ ^gdc dm^YZ eVgi^XaZh VgZ ZmigZbZan Z[[ZXi^kZ Vi W^cY^c\VcYgZbdk^c\VghZc^X[gdb\gdjcYlViZg!hdbZi]^c\l]^X]V [ [ Z X i h i ] Z l V i Z g hjeeand[b^aa^dchd[eZdeaZ^ci]ZYZkZade^c\ldgaY!VcY[dgl]^X]i]ZgZ^hXjggZcian cdZ[[ZXi^kZhdaji^dc# Nanotechnology can help reduce greenhouse gas emissions Hdaji^dchVgZedhh^WaZ!^[Xa^bViZX]Vc\Z^hiV`ZchZg^djhan#HijY^Zhhj\\Zhii]Vi\gZZc" Nanotechnology as a weapon ]djhZ \Vh Zb^hh^dch XdjaY WZ gZYjXZY Wn Veean^c\ cVcdhX^ZcXZ ^c ÒkZ `Zn VgZVh/ against greenhouse emissions ^chjaVi^dc! e]didkdaiV^Xh! ZaZXig^X^in hidgV\Z! Zc\^cZ Z[ÒX^ZcXn VcY i]Z ]nYgd\Zc ZXdcdbn#6eean^c\cVcdiZX]cdad\n^ci]ZhZÒkZ`ZnVgZVhXdjaYXdcig^WjiZidgZYjX^c\ \gZZc]djhZ\VhZb^hh^dchWnjeid'^ci]Zh]dgiiZgbVcYjeid'%Wn'%*%! l^i]h^b^aVggZYjXi^dch^cV^gedaaji^dc# 6XXdgY^c\idXdchjaiVcXnDV`YVcZ=daa^chCVcdiZX]cdad\^Zh]VkZi]ZediZci^Vad[ gZYjX^c\ \gZZc]djhZ \VhZh VcY i]jh gZYjX^c\ i]Z hZkZg^in d[ Xa^bViZX]Vc\Z#I]Z HiZgcGZk^Zl l]^X]Xdch^YZghZm^hi^c\Zk^YZcXZdci]ZZXdcdb^X^beVXihd[Xa^bViZ X]Vc\Z^ihZa[!VcYi]ZZXdcdb^Xhd[hiVW^a^h^c\\gZZc]djhZ\VhZh^ci]ZVibdhe]ZgZ YZiV^ah^begdkZbZcih VcY[V^ajgZh ^cZcVWa^c\i]ZYZa^kZgnd[adlXVgWdciZX]cdad\^" XVaVYkVcXZh#I]Z[daadl^c\iVWaZegdk^YZhVYZiV^aZYhZaZXi^dcd[gZXdbbZcYVi^dch [gdbi]ZHiZgcGZk^ZlVcYi]Z^ggZaZkVcXZidVgZedgiejWa^h]ZYWnDV`YZcZ=daa^ch# 8dbeVg^hdcWZilZZcHiZgcGZk^ZlXdbbZcih VcYZck^gdcbZciVaanWZcZÒX^VacVcdiZX]cdad\^Zh Stern Comments Relevance to environmentally beneficial nanotechnologies The global budget for research It is clear that further fundamental and applied research into nanotechnologies and development in energy is required to deliver the benefits outlined in the report. For example there is a should be doubled. need for fundamental research into the development of solid wall insultation. The public should be engaged Toxicological studies into the effects of (for example) fuel additives is and informed about imperative if the public`s fears are to be allayed. environmentally beneficial technologies. Development incentives should The subsidy for carbon intensive electricity generation approximately increase five fold to allow new US $ 150-250bn world-wide. Reallocation of these subsidies would low carbon technologies to be enable systems such as nano-enabled photovoltaics in a distributed grid competitive. to be more widely implemented. Global pricing of carbon and Within Europe, investors in new battery technology are reputedly energy is uncertain, which unwilling to commit to long range projects. The uncertainty in regulation results in under-investment and post-Kyoto targets are probably compounding their lack of in low carbon technology. enthusiasm to invest. In the absence of a niche Most of the technologies described within the report are competing with market, the research costs are low cost, high carbon alternatives. Intervention will probably be required to borne by innovators, who are enable the deployment of these technologies. competing with established high carbon alternatives. The electricity infrastructure This is a barrier for all microgeneration technologies. favours centralised plant. Source: Oakdene Hollins Ltd. 34_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH Stern Comments Relevance to environmentally beneficial nanotechnologies New vehicle networks (namely The move to zero carbon transport is likely to involve the use of nano- hydrogen and electric refuelling technology. However, at present there is very little market pull to invest points) are unlikely to be in the infrastructure (refuelling stations) to make zero emission developed without government transportation attractive to the public. intervention. There is a need to develop new This is the key to the development of hydrogen as an alternative engergy methods of hydrogen storage store. Nanotechnology is seen as the front runner is developing these and generation. technologies. Hydrogen bus demonstration Until the issues surrounding storage are resolved the most practical use of projects are a promising method hydrogen power is in busses where space limitations are reduced. The for utilising hydrogen. efficiency of the fuel cells can be improved in these studies. A portfolio of technologies This nanotechnology report outlines several technologies which are should be developed; although competing within the same area. The ranking methodology has given some there is inherently a higher cost, indication of the feasibility of the technologies, however, it would be the overall risks of developing a dangerous to focus on a small selection of technologies. successful solution are minimised. Incremental changes in efficiency Simple free nanoparticles are examples of near term technologies which do not usually require support may offer incremental improvements in efficiency. Barriers facing their for deployment (other than entry are common to other product developments and launches, however, institutional barriers). these substances may pose health risks. More engineers and scientist This is crucial in nanotechnology, which uses expertise from chemistry, will be required as the develop- physics and engineering. These subjects have seen declining percentage ment of low carbon technologies of graduates in the UK in recent years. increase. The funding of demonstration Hydrogen bus demonstration projects should be maintained and expanded. projects should be used to Fuel additives demonstration project should be carried out. develop new low carbon techno- logies. Further research is required into The development of hydrogen fuel cells and new battery technologies energy storage technologies to will contribute to this area. allow the use of low carbon electricity in transport. Source: Oakdene Hollins Ltd. Nanotechnology could play a >ci]Zh]dgiiZgb!cVcdiZX]cdad\n]Vhi]ZediZci^Vaid^begdkZ[jZaZ[ÒX^ZcXnVcY key role in developing renew- Za^b^cViZ8D'Zb^hh^dch[gdbigVchedgi#6YY^c\cVcdeVgi^XaZhVhV[jZaVYY^i^kZid able hydrogen, supporting the Y^ZhZa Zc\^cZh XdjaY gZYjXZ Zb^hh^dch Wn '#& b^aa^dc idccZh l^i] a^iiaZ ^c[gVhigjX" efficiency of fueld cells etc. ijgZ X]Vc\Z# CVcdbViZg^Vah XdjaY ^begdkZ i]Z Z[ÒX^ZcXn d[ [jZah XZaah! 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NANOTECHNOLOGY CVcdhXVaZXVci^aZkZgh Cantilevers detect Cancer cell blomarkers of cancer Proteins Antibodies Binding events change cantilever conductance Source: NCI 6h V XVcXZg XZaa hZXgZiZh ^ih bdaZXjaVg egdYjXih! i]Z Vci^WdY^Zh XdViZY dc i]Z XVci^aZkZgÒc\ZghhZaZXi^kZanW^cYidi]ZhZhZXgZiZYegdiZ^ch!X]Vc\^c\i]Ze]nh^XVa egdeZgi^Zhd[i]ZXVci^aZkZgVcYh^\cVaa^c\i]ZegZhZcXZd[XVcXZg#GZhZVgX]ZghXVc gZVYi]^hX]Vc\Z^cgZVai^bZVcYegdk^YZ^c[dgbVi^dcdci]ZegZhZcXZdgVWhZcXZ! VhlZaaVhXdcXZcigVi^dcd[Y^[[ZgZcibdaZXjaVgZmegZhh^dch#CVcdhXVaZXVci^aZkZgh! XdchigjXiZYVheVgid[VaVg\ZgY^V\cdhi^XYZk^XZ!XVcegdk^YZgVe^YVcYhZch^i^kZYZ" iZXi^dcd[XVcXZg"gZaViZYbdaZXjaZh# CVcdh]Zaah CVcdh]Zaah ]VkZ V XdgZ d[ h^a^XV VcY V bZiVaa^X djiZg aVnZg# HX^Zci^hih XVc a^c` i]Z cVcdh]ZaahidVci^WdY^Zhi]VigZXd\c^oZijbdjgXZaah#DcXZi]ZXVcXZgXZaahViiVX]id i]Zb!hX^Zci^hihVeeancZVg"^c[gVgZYa^\]ii]Vi^hVWhdgWZYWni]ZcVcdh]Zaah!XgZVi^c\ Vc^ciZchZ]ZVii]VihZaZXi^kZan`^aahi]ZijbdjgXZaahVcYcdicZ^\]Wdjg^c\]ZVai]n XZaah# CVcdh]Zaah Cancer cell Nanoshells kill tumor cells selectively Source: NCI 38_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH I]Z gZhjai ^h \gZViZg Z[ÒX^ZcXn d[ i]Z i]ZgVeZji^X igZVibZci VcY V h^\c^ÒXVci gZYjXi^dc^ci]ZcjbWZgd[h^YZZ[[ZXih# CVcdeVgi^XaZh CVcdeVgi^XaZhXVcWZZc\^cZZgZYidiVg\ZiXVcXZgXZaah^cdgYZgidZcVWaZbdaZXjaVg ^bV\^c\d[VbVa^\cVciaZh^dc#AVg\ZcjbWZghd[cVcdeVgi^XaZhVgZhV[Zan^c_ZXiZY^cid i]ZWdYnVcYegZ[ZgVWanW^cYidi]ZXVcXZgXZaa!YZÒc^c\i]ZVcVidb^XVaXdcidjgd[ i]ZaZh^dcVcYbV`^c\^ik^h^WaZ# CVcdeVgi^XaZh Nanoparticles used for molecular imaging of malignant lesions Cancer cell Source: NCI I]ZhZ cVcdeVgi^XaZh \^kZ jh i]Z VW^a^in id hZZ XZaah VcY bdaZXjaZh i]Vi lZ di]Zg" l^hZXdjaYcdiYZiZXii]gdj\]XdckZci^dcVa^bV\^c\#I]ZVW^a^inidYZiZXil]Vi^h ]VeeZc^c\^ci]ZXZaaÄidbdc^idgi]ZgVeZji^X^ciZgkZci^dcVcYhZZl]ZcVXVcXZgXZaa ^hbdgiVaanldjcYZYdg^hVXijVaanVXi^kViZYÄ^hXg^i^XVaidi]ZhjXXZhh[jaY^V\cdh^hVcY igZVibZcid[i]ZY^hZVhZ# Nanoparticulate technology CVcdeVgi^XjaViZ iZX]cdad\n XdjaY egdkZ id WZ kZgn jhZ[ja ^c XVcX Z g i ] Z g V e n W n could prove very useful in Vaadl^c\[dgZ[[ZXi^kZVcYiVg\ZiZYYgj\YZa^kZgni]VidkZgXdbZhi]ZbVcnW^dad\^XVa! cancer therapy W^de]nh^XVaVcYW^dbZY^XVaWVgg^Zghi]ZWdYnXgZViZh[dghiVcYVgY^ciZgkZci^dch!hjX] Vhi]ZVYb^c^higVi^dcd[Ygj\hdgXdcigVhiV\Zcih# I]Z COMBATING CANCER WITH POTENTIAL NANOTECH TREATMENTS_39 SECTOR . NANOTECHNOLOGY BV\;dgXZÉhcVcdXVcXZgi]ZgVen Brain tumor Esophageal and other local magforce tumors Prostate and gynecological tumors Core Coating Functional surface Source: MagForce 8dbeVgZYidi]ZBV\;dgXZÉhegdeg^ZiVgniZX]cdad\n!VaiZgcVi^kZbZi]dYhd[i]Zgbd" i]ZgVenZ^i]ZgegdYjXZiZbeZgVijgZhl^i]^ci]Zijbdjgi]ViVgZcdihj[ÒX^Zcian]^\] dgXVjhZh^\c^ÒXVciYVbV\Zid]ZVai]ni^hhjZ#I]ZXdbbZgX^Va^oVi^dcd[cVcdXVcXZg i]ZgVenl^aaWZ\^c^c'%&%#EVi^Zciig^VahidYViZ]VkZh]dlcedh^i^kZiZhigZhjaih [dg i]ZigZVibZcid[\a^dWaVhidbV # FjVcijbYdih FYdih FjVcijb Ydih VgZ cVcdbZigZ"h^oZY hZb^XdcYjXidg eVgi^XaZh bVYZ d[ XVYb^jb hZaZc^YZ 8YHZ !XVYb^jbhjaÒYZ 8YH dgXVYb^jbiZaajg^YZ 8YIZ !l^i]Vc^cZgi edanbZgXdVi^c\#I]ZhZb^XdcYjXidgbViZg^VajhZY[dgi]ZXdgZ^hX]dhZcWVhZYjedc i]ZZb^hh^dclVkZaZc\i]gVc\ZWZ^c\iVg\ZiZY/8YH[dgJKWajZ!8YHZ[dgi]ZWja`d[ i]Zk^h^WaZheZXigjb!8YIZ[dgi]Z[VggZYVcYcZVg"^c[gVgZY!l^i]i]ZeVgi^XaZÉhh^oZ YZiZgb^c^c\i]ZZmVXiXdadjgd[V\^kZcfjVcijbYdi#I]ZedanbZgXdVi^c\egdiZXih XZaah[gdbXVYb^jbidm^X^in!l]^aZVahdV[[dgY^c\i]Zdeedgijc^inidViiVX]VkVg^Zin d[ iVg\Zi^c\ bdaZXjaZh! ^cXajY^c\ bdcdXadcVa Vci^WdY^Zh V^bZY Vi ijbdjg"heZX^ÒX W^dbVg`Zgh#7ZXVjhZd[i]Z^ghbVaah^oZ!fjVcijbYdihXVc[jcXi^dcVhXZaa"heZX^ÒX VcYZkZcbdaZXjaZ"heZX^ÒXbVg`Zghi]ViYdcdi^ciZg[ZgZl^i]i]ZcdgbVadeZgVi^dc d[VXZaa#>cVYY^i^dc!i]ZVkV^aVW^a^ind[fjVcijbYdihd[Y^[[ZgZciXdadjghegdk^YZhV edlZg[jaidda[dg[daadl^c\i]ZVXi^k^ind[bjai^eaZXZaahVcYbdaZXjaZhh^bjaiVcZ" djhan# Outlook: long-term challenges and visions Ultimate goals for nano-tech- Add`^c\[dglVgY nology products are using CVcdiZX]cdad\n^hdcZ]^\]an^bedgiVci[VXZid[VheZXigjbd[iZX]cdad\^Zhi]Vi fewer valuable, scarce, and bVnd[[Zghdaji^dch[dgVhjhiV^cVWaZ[jijgZ#>ih`ZnhZaa^c\ed^ci]VhWZZcegdXaV^bZY unsustainable resources, and Vhd[[Zg^c\ÈbdgZ[dgaZhhÉ!i]ZgZWnWZcZÒi^c\i]ZZck^gdcbZci0i]ZXdcXZeid[WZ^c\ being more energy efficient. VWaZidÒibdgZ[ZVijgZh^cidhbVaaZg!hbVgiZgegdYjXih#I]^hh]djaYigVchaViZ^cid 40_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH egdYjXihi]VijhZ[ZlZggZhdjgXZhidegdYjXZ gZYjX^c\lVhiZVcYedaaji^dc !VcYVgZ bdgZZcZg\nZ[ÒX^Zci#>cXdc_jcXi^dcl^i]di]ZgiZX]cdad\^Zh!cVcdiZX]cdad\nbVn egdk^YZVaiZgcVi^kZhidgZhdjgXZ"^ciZch^kZVXi^k^i^Zh!VcYbVnVahdd[[ZgcZldeedgijc^i^Zh l^i]dji_ZdeVgY^o^c\i]ZZck^gdcbZci# I]Z^cXdgedgVi^dcd[cVcdiZX]cdad\n^cidaVg\ZghnhiZbhbVnVahdWZVbV_dgWVgg^Zg ^ci]ZYZkZadebZcid[cZlegdYjXih#>i^hegZY^XiZYi]VicVcdiZX]cdad\nl^aaWZXdbZ jW^fj^idjh^cXdb^c\YZXVYZh!VcYgZkdaji^dc^hZi]Z[jcXi^dcVa^ind[egdYjXih#I]Z cZVg"iZgbZ[[ZXihd[cVcdiZX]cdad\nVgZh^\c^ÒXVci!nZi^cXgZbZciVa#I]Zadc\"iZgb egZY^Xi^dch[dghdbZd[i]ZiZX]cdad\^ZhVgZbdgZh^\c^ÒXVci!WjiegdWVWanjcYZg" Zhi^bViZ iZX]cdad\^XVa VYkVcXZh ^c cdc"cVcdiZX]cdad\^XVa ^ccdkVi^dch# >c dkZgVaa iZgbh!]dlZkZg!i]ZediZci^VaVYkVcXZhWgdj\]iWncVcdiZX]cdad\n_jhi^[nXdci^cjZY ^ciZgZhiVcY^ckZhibZcih^ci]ZVgZV# I]ZgZaVi^kZan]^\]aZkZad[ejWa^X[jcY^c\[dgcVcdiZX]cdad\n^c:jgdeZYdZh!]dl" ZkZg! ]VkZ Vc VYkVciV\Z ^c i]Vi ^i \^kZh i]Z ejWa^X Å XdchjbZgh! egZhhjgZ \gdjeh! gZ\jaVidgnV\ZcX^Zh!VcYWdi]:jgdeZVcVcYcVi^dcVa[jcY^c\V\ZcX^ZhÅhdbZ^cÓj" ZcXZ^chZii^c\eg^dg^i^Zh[dgcVcdiZX]cdad\ngZhZVgX]#6eegdeg^ViZ^c[gVhigjXijgZVcY ZYjXVi^dcVaegd\gVbh!XddgY^cViZYVXi^k^i^Zh^cbZigdad\n!hiVcYVgY^oVi^dcVcYgZ\j" aVi^dc!VcYi]Z^ciZ\gVi^dcd[cVcdiZX]cdad\n^cidhbVaa"VcYbZY^jb"h^oZYZciZg" eg^hZhl^aaVaaXdcig^WjiZYZX^h^kZanidi]ZYZkZadebZcid[cVcdiZX]cdad\n^c:jgdeZ# L]ncVcdcdl4 L]n]VhcVcdiZX]cdad\nhegjc\^cidegdb^cZcXZcdl47ZXVjhZhX^Zci^ÒXVYkVcXZh ^ci]ZaVhii]^ginnZVgh hjX]Vhi]ZhXVcc^c\egdWZb^XgdhXdeZ ]VkZ\gVYjVaanVaadlZY jhidÈhZZÉVidbhVcYbdaZXjaZh!VcYidbVc^ejaViZi]Zb^cVXdcigdaaZY[Vh]^dc#I]^h ]VhaZYidcdidcanVbdgZegd[djcYjcYZghiVcY^c\d[i]ZegdeZgi^Zhd[bViZg^Vah Wji!ZkZcbdgZ^bedgiVcian!idi]ZVW^a^inidYZh^\cbViZg^Vahl^i]cZlegdeZgi^Zh! VcYZkZcXgZViZZci^gZancZlbViZg^VahegZk^djhanjc`cdlc^ccVijgZ!hjX]VhXVgWdc cVcdijWZh# Nanotechnologies worth of CVcdiZX]cdad\nVhVhdjgXZd[egdYjXihVcYbViZg^Vah]VhgZVX]ZYVaZkZal]^X]ZcVWaZh products could reach 15% of bdgZVcYbdgZ^cYjhignhZ\bZcihidbV`ZjhZd[i]ZVYkVciV\Zhd[[ZgZY#=ZcXZ!^i^h global manufacturing output l^YZanZmeZXiZYi]VihVaZh\gdli]d[cVcdiZX]cdad\nl^aaVXXZaZgViZYgVbVi^XVaan^c in 2014, compared with a i]ZcZmi+nZVgh#6hbZci^dcZYZVga^Zg!AjmGZhZVgX]hV^Yi]VidcanJH&(Wcldgi]d[ mere 1 % share in 2004 egdYjXih^cXdgedgViZYZbZg\^c\cVcdiZX]cdad\nlZgZhdaY^c'%%)#I]^hgZegZhZciZY Vii]Vii^bZVeegdm#%#&d[idiVa\adWVabVcj[VXijg^c\djieji#7n'%&)!^#Z#&%nZVgh [gdb'%%)VcY+nZVgh[gdbidYVn!AjmGZhZVgX]WZa^kZhi]VicVcdiZX]cdad\nhVaZh h]djaY]VkZgZVX]ZYJH'#+ig^aa^dcÄ'%%i^bZhi]Z'%%)hVaZhkdajbZ#CVcdiZX]cda" d\nldjaYi]ZcVbdjciidViaZVhi&*d[\adWVabVcj[VXijg^c\djieji# 6h ValVnh! ^ccdkVi^dc ^h Yg^kZc Wn ÒcVcX^Va \V^c! jcYZge^ccZY Wn XdchjbZg^hb! aZ\^haVi^dcVcYXdci^c\ZcXn!hjX]VhlVgdgeaV\jZ#I]ZVjidbdi^kZVcYVZgdheVXZ ^cYjhig^Zh!^ceVgVaaZal^i]i]Zb^a^iVgn!VgZZVganVYdeiZgh#E]VgbVXZji^XVaVcYbZY^XVa ÒgbhVgZ\gVYjVaanhiVgi^c\[daadl^c\hj^i!Vai]dj\]i]ZegdXZhh^hhi^aahadl#I]ZgZ ^h!]dlZkZg!\gZViediZci^Va^ci]Zi]ZgVenVcYigZVibZcid[XVcXZg!l]^X]]Vhcdl eVhhZYXVgY^dkVhXjaVgY^hZVhZidWZXdbZi]ZcjbWZgdcZi]gZViid]jbVc]ZVai]dc i]ZeaVcZi# OUTLOOK: LONG-TERM CHALLENGES AND VISIONS_41 SECTOR . NANOTECHNOLOGY CVcd"ZcVWaZY egdYjXih l^aa Ydb^cViZ gZkZcjZh! Wji cVcd"^ciZgbZY^ViZh! l]dhZ bVg\^chVgZbdgZi]Vci]gZZi^bZh]^\]Zg!l^aaVXXdjci[dgi]Z\gZViZhih]VgZd[egdÒi# 6XXdgY^c\ i]Z Ajm GZhZVgX] hZkZgVa fjVcijb aZVeh ^c cVcdiZX]cdad\n egd\gZhh VgZ ZmeZXiZYdkZgi^bZ/ TAjm GZhZVgX] lg^iZh! Æ7ZilZZc '%%* VcY '%%.! XdbbZgX^Va WgZV`i]gdj\]h l^aa jcadX` bVg`Zih [dg ZbZg\^c\ cVcdiZX]cdad\n# =^\]"kdajbZ! ]^\]"bVg\^c Veea^XV" i^dchl^aaYg^kZYdlci]ZXdhid[cVcdbViZg^Vah#CVcd^ciZgbZY^ViZhl^aaiV`Zd[[^c ZaZXigdc^XhVcY^c[dgbVi^dciZX]cdad\n >I !Yg^kZcWnb^XgdX]^eheViiZgcZYjh^c\ cZlcVcda^i]d\gVe]niZX]c^fjZh#CVcd"ZcVWaZYegdYjXihl^aaVeeZVg^cVjidbdW^aZh! edgiVWaZZaZXigdc^XhegdYjXih!VcYYgj\gZ[dgbjaVi^dch#>c'%%.!gZkZcjZhVXgdhhi]Z kVajZX]V^cl^aagZVX]JH',-WcÇ# T6ahd!Ajm GZhZVgX] lg^iZh! Æ7ZilZZc '%&% VcY '%&)! ZbZg\^c\ cVcdiZX]cdad\n l^aa WZXdbZ XdbbdceaVXZ# CVcdbViZg^Vah l^aa ÒcY cZl ]dbZh! Wdi]VhgZeaVXZ" bZci bViZg^Vah VcY Vh ZcVWaZgh d[ cZl egdYjXih# CVcd"^ciZgbZY^ViZ egdYjXih ^c ZaZXigdc^XhVcY>Il^aaWZ_d^cZYWngVe^YanZmeVcY^c\Veea^XVi^dch^cdi]ZgegdYjXi XViZ\dg^Zh![gdbhigjXijgVabZiVaiddgi]deVZY^X^beaVcih#>c'%&)!bVcj[VXijg^c\ djieji^cXdgedgVi^c\ZbZg\^c\cVcd"iZX]cdad\nl^aaidiVaJH'!+%%WcÄ&*d[ dkZgVaabVcj[VXijg^c\djieji!*%d[ZaZXigdc^XhVcY>IegdYjXi^dc!VcY&+d[ ]ZVai]XVgZVcYa^[ZhX^ZcXZhÇ# THVaZh d[ egdYjXih! l]^X] ZbWZY cVcdiZX]cdad\n! ldjaY gZVX] gZkZcjZ aZkZah d[ ZhiVWa^h]ZYWj^cZhhhZ\bZcih!hjX]Vh>IVcYiZaZXdbbjc^XVi^dc#I]^h^h^ciZgZhi" ^c\^chd[Vg!Vh>I^ceVgi^XjaVg^hdcZd[i]ZbV^cjhZgh ZaZXigdc^Xh^c\ZcZgVa d[ cVcdiZX]cdad\^XVabViZg^VahVcYegdYjXih#I]Z\gdli]gViZldjaYWZhj[ÒX^Zciid djieVXZi]ZVci^X^eViZYhVaZhd[W^diZX]egdYjXihÄVcdi]Zghigdc\an\gdl^c\ÈcZl iZX]cad\nÉegdYjXiÒZaYÄWn&%i^bZh# 42_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH SWOT analysis nanotechnology SWOT nanotechnology Strengths Opportunities Weaknesses are mostly Strong basic research Diverse, more efficient materials: dealing with funding New properties and functions for traditional problems of new companies materials and start-up risks of emerging Elaborate research landscape: New diversity of application: technologies Strong involvement by universi- Materials with tailored properties, particularly ties, departmental and industry as a result of self-organisation processes But opportunities justify more researchers investments into this sector Good industrial base: Competitive advantages: International companies taking Nanotechnological innovations are possible in opportunities offered by nano- all sectors technology serious (BASF, Dow Chemical etc.) Good climate for innovation: The community is involved in discussions on opportunities and risks Potential for investor interest: High potential for nanotechnology Weaknesses Challenges Difficulties for start-ups: Ensuring the quick conversion of research Insufficient risk capital provided, results into products bureaucratic obstacles Commercial information deficits : Scientific risk assessment: Potential investors currently The potential toxic effects of nanoparticles have lack a clear picture of the not been investigated sufficiently opportunities offered by nanotechnology Risk communication: Safe, responsible handling of nanotechnology: The establishment of a dialogue Consumer advice, consumer protection, process that includes all groups occupational health and safety of society Source: Silvia Quandt Research GmbH SWOT ANALYSIS NANOTECHNOLOGY_43 SECTOR . NANOTECHNOLOGY Case studies of German nanotechnology companies 76H; Eg^XZiVg\Zi )<'HF ½P 2006 2007 2008e 2009e ô)-#%% EgdÒiadhh GVi^c\ Sales 52,610 57,951 60,020 62,278 CZjigVa y-o-y 23.1 % 10.2 % 3.6 % 3.8 % EBITDA 9,465 9,964 9,724 9,927 =ZVYfjVgiZgh EBIT pre except. 7121 7,491 7160 7293 EBIT margin 12.8 % 12.6 % OD>"9&%% 11.9 % 11.7 % Net income 3,215 4,065 3760 3843 +,%*+AjYl^\h]V[Zc EPS 6.37 8.32 8.6 8.24 55 ;gZZÓdVi 50 DE; BASX &%% 45 40 8adh^c\eg^XZ 35 ô(.#+ 30 25 2006 2007 2008 60 DE; BASX Volume 40 Share price development 20 Millions 0 2006 2007 2008 Source: Reuters 44_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 8dbeVcnegdÒaZ 76H;^hdcZd[i]ZldgaYÉhaVg\Zhi^ciZ\gViZYX]Zb^XVahXdbeVc^Zhl^i]Vedgi[da^d gVc\^c\ [gdb X]Zb^XVah! eaVhi^Xh! eZg[dgbVcXZ egdYjXih! V\g^XjaijgVa egdYjXih VcY ÒcZX]Zb^XVahidXgjYZd^aVcYcVijgVa\Vh# I]ZXdbeVcnÉhXdcXZeiid^ciZ\gViZ^ihWjh^cZhhZh^hjc^fjZVbdc\X]Zb^XVaXdb" eVc^ZhldgaYl^YZVh^i[ZVijgZhVk^gijVaanXdbeaZiZXdkZgV\Zd[i]Zl]daZX]Zb^XVah kVajZX]V^c#I]Vc`hidi]ZkZgn]^\]YZ\gZZd[deZgVi^dchi]ZVccjVahncZg\^Zh[gdbhjX] higjXijgZVbdjcihidVeegdm#ô&Wc!]ZaeZYWnadllVhiZd[WnegdYjXih WnegdYjXih h]VaaWZjhZYZ^i]Zg^cdi]ZgegdYjXi^dcdgWZ^c\hdaYdci]ZbZgX]VcibVg`Zi l]^X] ZchjgZhV]^\]YZ\gZZd[deZgVi^dcVaZ[ÒX^ZcXn# I]ZbZg^ihd[i]ZÆKZgWjcYÇl^i]^c76H;\gdje The BASF Verbund-Concept Plastics & Agro- Oil & Base Inter- Performance Chemicals Gas Chemicals mediates Chemicals & Nutrition Integrated production Secured raw material supply Common infrastructure Combined logistics Integral research platforms Integral customer interaction Implemented in all major regions Source: BASF I]ZXdbbZgX^VaWZcZÒihd[i]^hÆKZgWjcYÇhnhiZbVgZ T=^\]anZ[ÒX^ZciegdYjXi^dc2XdhiaZVYZgh]^e T=^\]gZhdjgXZZ[ÒX^ZcXnVcYadllVhiZgZYjXi^dc TAZVYZgh]^e^chjhiV^cVW^a^ingZaVi^kZideZZgh T>ciZ\gVa`cdlaZY\ZbVcV\ZbZci2aZVYZgh]^e^c^ccdkVi^dch 3&!%%%eViZcihe#V# T8jhidbZgdg^ZciVi^dc2hjeea^Zgd[X]d^XZVcY[VhiVYVeiVi^dcidX]VaaZc\ZhVcY X]Vc\Zh CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . BASF_45 SECTOR . NANOTECHNOLOGY 76H;ÉhY^k^h^dchVgZ/ T8]Zb^XVahd[[ZgegdYjXih[dge]VgbVXZji^XVah!XdchigjXi^dc!iZmi^aZVcYVjidbdi^kZ ^cYjhig^Zh!hjX]VhWVh^XeZigdX]Zb^XVah!^cdg\Vc^XX]Zb^XVah!^ciZgbZY^ViZhVcYheZ" X^Vai^Zh# TEaVhi^Xhegdk^YZhZc\^cZZg^c\eaVhi^Xh eZg[dgbVcXZedanbZgh [dgeaVhi^XbdaYZgh VcY bVcj[VXijgZgh ^c kVg^djh ^cYjhig^Zh! Vh lZaa Vh edanjgZi]VcZh [dg Y^[[ZgZci Veea^XVi^dch# TEZg[dgbVcXZEgdYjXihbVcj[VXijgZhVXgna^Xh&Y^heZgh^dch!XVgZX]Zb^XVah!VcYeZg" [dgbVcXZX]Zb^XVah![dgi]ZVjidbdi^kZ!d^a!eVeZg!eVX`V\^c\!iZmi^aZ!hVc^iVgnXVgZ! 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HigViZ\n >cgZXZcinZVgh!76H;]VhXdci^cjdjhanhigZVba^cZY^ihWjh^cZhhedgi[da^d!YZeVgi^c\ i]Ze]VgVbVXZji^XVaWjh^cZhh^c'%%&i]gdj\]hZaa^c\^ih@cdaahjWh^Y^VgnVcYXdc" i^cj^c\i]ZgZV[iZgl^i]hZaa^c\cdc"XdgZWjh^cZhhZha^`ZXdbbdY^ineaVhi^Xh JHedan" hingZcZ!edanZi]naZcZjc^i7VhZaa #I]Z[dXjh]VhWZZcdcÆegdÒiVWaZ\gdli]Çl]^X] bZVchi]Z76H;]Vhhdj\]iiddei^b^hZ^ihXdgZh`^aahcVbZan^cX]Zb^XVahVcYVYY^c\ ViigVXi^kZcZlWjh^cZhhZh!a^`Z^c'%%+:c\Za]VgY!i]ZJHXViVanhiegdYjXZg!VcYi]Z 46_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH XdchigjXi^dcX]Zb^XVahWjh^cZhhd[[dgbZg9Z\jhhV!VhlZaaVh?d]chdcEdanbZg!V gZh^cegdYjXZg#I]Z^ciZ\gVi^dcd[i]ZcZlWjh^cZhhZhlZci[VhiVcYlVhXdbeaZiZY ^c'%%,# L^i]i]ZcZlVXfj^h^i^dch76H;]VhbdkZYXadhZgidXjhidbZgh!]VhWZXdbZ^ccd"kV" i^kZVcYVcYVhVgZhjaid[^cXgZVhZYÓZm^W^a^inVcYh]dgiZggZVXi^dci^bZhidVYVeiid cZlX]VaaZc\Zh!bdgZgZh^a^ZciidZXdcdb^XÓjXijVi^dch# 76H; ]Vh ^beaZbZciZY i]Z [daadl^c\ `Zn higViZ\^X ed^cih i]Vi ^i hVnh l^aa Va^\c ^ih Wjh^cZhhVXi^k^i^Zh^c'%%,!i]ZhZ^cXajYZ/ THigViZ\^Zh [dg kVajZ"VYY^c\ \gdli] 76H; l^aa Xdci^cjZ id YZkZade ^ih higZc\i]h i]gdj\]^ccdkVi^dchVcYVXfj^h^i^dch!l^i]hjhiV^cVW^a^inWZ^c\V`Zn[VXidg^cejghj^c\ i]^h\dVa!Z#\#VXXdgY^c\idi]ZbVcV\ZbZciWjh^cZhhXVccdiWZhjXXZhh[ja^ci]Zadc\ iZgb^[^iYdZhcdiVXigZhedch^WanidlVgYi]ZZck^gdcbZciVcYhdX^Zin# T T CVcdiZX]cad\nVi76H; CVcdiZX]cdad\n ^h dcZ d[ i]Z `Zn iZX]cdad\n"Yg^kZc bZ\VigZcYh h^c\aZY dji [dg heZX^VaYZkZadebZciWn76H;#I]ZXdbeVcn]VhWjY\ZiZYô&-%b[dg^ckZhibZci^c cVcdiZX]cdad\n[gdb'%%+jci^ai]ZZcYd['%%-#76H;^h[dXjh^c\G&9VXi^k^i^Zh^c i]Zi]gZZiZX]cdad\nVgZVhcVcdhigjXijgZYbViZg^Vah!cVcdhigjXijgZYhjg[VXZhVcY cVcdeVgi^XaZh# >cDXidWZg'%%,!76H;VcY=VgkVgYJc^kZgh^inVccdjcXZYVcV\gZZbZciid_d^cian ZhiVWa^h]i]Z76H;6YkVcXZYGZhZVgX]>c^i^Vi^kZ#I]Z_d^cigZhZVgX]egd_ZXih[dXjhdc jcYZghiVcY^c\egdXZhhZhVii]ZbdaZXjaVgVcYhjegVbdaZXjaVgaZkZa!^#Z#!dcVcVcd" bZiZghXVaZ# CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . BASF_47 SECTOR . NANOTECHNOLOGY Bjai^Y^hXa^cVgncVijgZd[cVcdiZX]cdad\n! bVcnbVg`ZihidadX`76H;dcid Chemistry/ Chemistry Catalysts Physics Optics/precision Analytics engineering nanotech Consumer Material products sciences Automotive/ Biology coatings Computer Electronics/ICT sciences Medicine/biology Source: BASF >cVYY^i^dc!76H;deZgViZhV\adWVagZhZVgX]XZciZg^cH^c\VedgZ#I]ZXdbeVcnWZcZÒih ^ci]^hlVn[gdbi]ZZmXZaaZciadXVagZhZVgX]^c[gVhigjXijgZVcYhigZc\i]Zch^ih6h^Vc gZhZVgX]cZildg`#I]ZXZciZgÉh)%ZbeadnZZh^ckZhi^\ViZcVcdhigjXijgZYXdVi^c\h[dg h]^e]jaahi]ViXVcegZkZcii]ZWj^aYjed[bVg^cZdg\Vc^hbYZedh^ih#CVcdiZX]cdad\n XVci]jh]Zaeidb^i^\ViZZck^gdcbZciVaedaaji^dcdcVhjhiV^cVWaZWVh^h!Vhi]ZhZ Vci^[dja^c\XdVi^c\hYdVlVnl^i]i]ZcZZY[dgW^dX^YZh![dgZmVbeaZ^ci]Z[dgbd[ ]ZVknbZiVah^ceV^cih#H]^ehl^i]cdW^d[dja^c\XVcgZYjXZi]Z^g[jZaXdchjbei^dc Wnjeid)%#6hlZaaVh^ckZhi^\Vi^c\cVcdhigjXijgZYhjg[VXZh!i]ZH^c\VedgZXZciZg ^hldg`^c\dcdg\Vc^XbViZg^Vah[dgeg^ciZYZaZXigdc^XhVcY^h^ckZhi^\Vi^c\cZlVcY ^begdkZYhZb^XdcYjXidgbViZg^Vah[dgi]ZegdYjXi^dcd[igVch^hidgX^gXj^ih# 6hdcZd[i]ZldgaYÉhaZVY^c\XdbeVc^Zh^ci]ZÒZaYd[X]Zb^XVacVcdiZX]cdad\n! 76H;^hVagZVYnVeean^c\i]^hZmeZgi^hZ^cbVcnZhiVWa^h]ZYVgZVhd[VXi^k^in#>ci]Z XdhbZi^Xh hZXidg [dg ZmVbeaZ! 76H; ]Vh [dg hZkZgVa nZVgh WZZc Vbdc\ i]Z aZVY^c\ hjeea^Zghd[JKVWhdgWZghWVhZYdccVcdeVgi^XjaViZo^cXdm^YZVcYi^iVc^jbY^dm^YZ# >cXdgedgViZY^chjciVcadi^dch!i]ZhbVaaeVgi^XaZhVgZeVgi^XjaVganZ[[ZXi^kZ^cÒaiZg^c\ i]Z]^\]"ZcZg\ngVY^Vi^dcdjid[hjca^\]i#7ZXVjhZd[i]Z^gi^cnh^oZi]ZngZbV^c^ck^h" ^WaZidi]ZjcV^YZYZnZ#I]^h^hl]ni]ZXgZVb^higVcheVgZcidci]Zh`^c# 48_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 8DA#.^hVcZl\ZcZgVi^dcd[W^cYZgh[dg[VXVYZXdVi^c\h#>ci]ZhZW^cYZgh!^cdg\Vc^X cVcdeVgi^XaZh VgZ ]dbd\ZcZdjhan ^cXdgedgViZY ^cid dg\Vc^X edanbZg eVgi^XaZh d[ lViZg"WVhZYY^heZgh^dch#6[iZgVeea^XVi^dcVcYYgn^c\!i]Z^cdg\Vc^XeVgi^XaZh[dgb V]dbd\ZcZdjhi]gZZ"Y^bZch^dcVacZildg`higjXijgZ#6hVgZhjai!i]ZXdVi^c\hVgZ ZmigZbZangZh^hiVciidY^giVcYY^heaVn]^\]XdadgidcZhiVW^a^in# 76H;WdVhihi]ZZc\^cZZg^c\eaVhi^XJaigVYjg=^\]HeZZY#>ihÓdlVW^a^in]VhWZZc \gZVian ^begdkZY Wn ^cXajY^c\ V cVcdVYY^i^kZ l]^aZ bV^ciV^c^c\ i]Z bZX]Vc^XVa egdeZgi^Zh d[ i]Z eaVhi^X# I]^h cdi dcan bV`Zh egdYjXi^dc bdgZ Xdhi"Z[[ZXi^kZ! ^i VahdhVkZhZcZg\nVcYXdchZgkZhgZhdjgXZhÄidi]ZWZcZÒi[dgXjhidbZghVcYi]Z Zck^gdcbZci# CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . BASF_49 SECTOR . NANOTECHNOLOGY CVcdhiVgi Eg^XZiVg\Zi )<'HF ½P 2006 2007 2008e 2009e ô,*#%% EgdÒiadhh GVi^c\ Sales 0.6 0.4 0.5 0.6 7jn y-o-y N/A -40.0 % 38.9 % 20.0 % EBITDA 1.5 1.5 1.6 1.8 =ZVYfjVgiZgh EBIT 1.5 1.5 1.6 1.8 EBIT margin 320.0 % 300.0 % 0 Thousands 2006 2007 2008 Source: Bloomberg, Silvia Quandt Research GmbH 50_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 8dbeVcnegdÒaZ CVcdhiVgi6<^hV\adWVaaZVYZg^ckZcijgZXVe^iVa^ckZhibZcihheZX^Va^h^c\^chiVgi"je cVcdiZX]cdad\nXdbeVc^Zh#6hVkZcijgZXVe^iVaXdbeVcn!i]ZXdbeVcn^ckZhih^c VcYegdk^YZhbVcV\Zg^VaVhh^hiVcXZid^ihedgi[da^dXdbeVc^Zh!l]^X]]VkZediZci^Va [dg\gdli]# L]^aZ i]ZgZ VgZ V [Zl di]Zg XdbeVc^Zh [ZVijg^c\ V h^b^aVg Wjh^cZhh bdYZa Vh CVcdhiVgi!dcanJHÒgb=Vgg^h&=Vgg^h^h!^cdjgk^Zl!XdbeVgVWaZid^i#=dlZkZg! dcan CVcdhiVgi ]Vh hd [Vg V igVX` gZXdgY l]Zc ^i XdbZh id hjXXZhh[ja Zm^ih! 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NANOTECHNOLOGY I]ZXjggZciedgi[da^d^cXajYZhhZkZccVcdiZX]cdad\nXdbeVc^ZhVXi^kZ^c[Vhian\gdl" ^c\bVg`Zih# CVcdhiVgiÉh^ckZhibZciedgi[da^d Company Sector Year of Nanostart`s investment investment (US $ m) BioMicro Life sciences/diagnostics 2004 1,0 MagForce Healthcare/medical technology2004 12,7 Naturalnano New materials 2004 0,5 Lumiphore Life sciences/diagnostics 2005 0,8 ItN Nanovation New materials/chemicals 2005 10,6 Nanodynamics New materials/cleantech 2006 2,0 Nanosys New materials/cleantech 2006 1,0 Holmenkol Sports products2007 5,2 CurioX Life science/diagnostics2007 0,6 NanoGram New materials/cleantech 2007 1,0 Namos New materials/cleantech 2007 0,6 Source: Nanostart 6\\gZ\ViZ^ckZhibZcih^ccVcdiZX]XdbeVc^Zh!Vhh]dlc^ci]ZiVWaZ!hd[VgVbdjci idVeegdm#JH(+b#KVaj^c\i]ZhZ^ckZhibZcihVibVg`Zi!Z#\#iV`^c\bVg`ZiXVe^iVa^" oVi^dchVcY!^cXVhZd[jca^hiZYXdbeVc^Zh!Wdd`kVajZh!^cidVXXdjci\^kZhidiVacZi VhhZikVajZd[gdj\]anJH'.%b#I]^hXdcigVhihl^i]CVcdhiVgi6<ÉhbVg`ZikVajZ l]^X]^hXjggZcian^cY^XVi^c\hdbZ+)Y^hXdjciidi]ZÒgbÉhC6K# 52_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH CVcdhiVgiÉh^ckZhibZci[dXjh^hdchedii^c\XdbeVc^Zhl^i]^ccdkVi^kZVcYZbZg\^c\ cVcdiZX]cdad\^Zh!a^`ZBV\;dgXZÉhcVcdXVcXZgigZVibZcidg>iCCVcdkVi^dcÉhcVcd" XZgVb^XXdVi^c\hegdYjXih#6hlZ]VkZed^ciZYdjiWZ[dgZ^ci]^hgZedgi!ediZci^Va gZijgch[gdbi]ZhZXdbeVc^ZhXVcWZkZgn]^\]VcYi]ZaZkZad[egdÒibVg\^ch^hdcan hZiWni]Z^ccdkVidg# CVcdhiVgiedgi[da^dXdbeVc^ZhViV\aVcXZ 7^dB^XgdHnhiZbh!>cX TI]ZXdbeVcnegdYjXZhVcYbVg`ZihcVcdiZX]"WVhZYVcVanh^hiddah[dga^[ZhX^ZcXZ bVg`Zih!Z#\#Veea^XVi^dch^chiVcYVgYb^XgdVggVngZhZVgX] [dg^chiVcXZ!]nWg^Y^oV" i^dceaVi[dgbhVcYY^hedhVWaZh!XdbeaZbZciVgn]VgYlVgZ # T7^dB^XgdHnhiZbh]VYJH*bhVaZh^c'%%,# T8dbeVcn^h^ci]ZaViZhiV\Z# TGZXZcibV_dgXdbeVcnYZkZadebZcilVhVcD:BXddeZgVi^dcl^i]C^bWaZ\Zc$ GdX]Z0bdgZi]Vc)*%hnhiZbhhdaY^ci]ZbZVci^bZ# 8jg^dM TI]ZÒghihe^c"d[[d[H^c\VedgZÉhldgaY"gZcdlcZY>chi^ijiZd[7^dZc\^cZZg^c\VcY CVcdiZX]cdad\n >7C # TI]ZXdbeVcnYZkZadeh!egdYjXZhVcYbVg`ZihCVcdiZX]"WVhZYVcVanh^hiddah[dg a^[ZhX^ZcXZbVg`Zih!Z#\#Veea^XVi^dch^cVaa`^cYhd[W^dVhhVnh a^`Z[jaanVjidbViZY lVh]^c\hiVi^dch # T 8jg^dM WdVhih V eViZciZY iZX]cdad\n eaVi[dgb [dg XdckZc^Zci VcY ]^\]an Xdhi" Z[[ZXi^kZ VcVanh^h d[ VfjZdjh W^dVhhVnh l]^X] aZVYh id h^\c^ÒXVci Xdhi gZYjXi^dc i]gdj\]ZcdgbdjhgZYjXi^dcd[egdXZhh^c\i^bZVcYVbdjcid[gZV\ZcihVcYbV" iZg^VajhZY# T8dbeVcn^h^ci]Z\gdli]ÒcVcX^c\hiViZ# TI]Z9gde6ggVnAIiZX]cdad\neaVi[dgb^hgZVYn[dgbVg`Zi0ilddi]ZgeaVi[dgbhVgZ ^cVegdidineZhiV\ZVcYdcZVYY^i^dcVaeaVi[dgb^ci]ZYZkZadebZcihiV\Z# CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . NANOSTART_53 SECTOR . 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NANOSTART_57 SECTOR . NANOTECHNOLOGY Yg^kZg[dgi]^hineZd[XdbeVcn![gdbVk^Zled^cid[^ckZhidgh^ci]dhZhidX`h #Dc i]dhZkVajVi^dc\gdjcYhCVcdhiVgi^higVY^c\ViVhjWhiVci^VaY^hXdjciid=Vgg^h& =Vgg^h! l]^X] lZ Xdch^YZg jc_jhi^ÒZY# 6eean^c\ i]Z hVbZ E$C6K bjai^eaZ Vh ^h gZÓZXiZYWni]ZXdchZchjhk^Zl!^#Z#&#')m'%%-Z!CVcdhiVgiÉh^bea^ZYkVajZldjaYWZ (#*m]^\]Zgi]Vc^ihXjggZcigVi^c\#6hVgZhjai!i]Z^cig^ch^XkVajZ^hVeegdm#ô,*eZg h]VgZ#I]^hÒcY^c\Xd^cX^YZhXdb[dgiVWanl^i]djghjb"d[eVgihVcVanh^h!iV`^c\^cid VXXdjciildd[CVcdhiVgiÉhbdhi^bedgiVci^ckZhibZcih# 8dbeVgVi^kZkVajVi^dc CVcdhiVgikZghjh=Vgg^h&=Vgg^hdcE$C6K\gdjcYh Company Current share price NAV per share 2008e P/NAV Nanostart ½ ½ 0.36 x Harris & Harris US $ 7.99 US $ 6.45 1.24 x Source: Silvia Quandt Research GmbH; Reuters consensus Hi^aa!lZldjaYXdch^YZghjX]Veg^XZiVg\ZiidWZgZVX]ZYdkZgi]ZbZY^jbidadc\" iZgb \^kZc i]Z jcXZgiV^ci^Zh gZ\VgY^c\ edhh^WaZ Zm^i kVajZh [dg ^ckZhibZcih! l]^X] eVgi^XjaVgan]daY^ci]ZcVcdiZX]cdad\nVgZV# 58_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH BV\;dgXZ Eg^XZiVg\Zi )<'HF ½P 2008e 2009e 2010e 2011e ô((*#%% EgdÒiadhh GVi^c\ Sales 0.0 0.0 0.6 0.7 7jn y-o-y N/A N/A N/A 17.1 % EBITDA -4.0 -6.0 -6.0 4.0 =ZVYfjVgiZgh EBIT -4.5 -6.6 -6.5 2.9 HeVcYVjZg9Vbb&(% EBIT margin N/A N/A -979.0 489.3 % Net income -5.0 -7.0 -7.0 2.0 &)%*%7Zga^c EPS -1.3 -1.8 -1.8 0.6 (#(, 70 DE; MF6X 65 8adh^c\eg^XZ 60 ô)+#,( 55 50 45 2006 2007 2008 15 DE; MF6X Volume 10 Share price development 5 0 Thousands 2006 2007 2008 Source: Reuters, Silvia Quandt Research CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . 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MAGFORCE_61 SECTOR . NANOTECHNOLOGY TFjVa^ind[a^[Z^cXajYZhdkZgVaafjVa^ind[a^[Z!VhlZaaVh^ihe]nh^XVa!ehnX]dad\^XVa!VcY hdX^VaY^bZch^dch#IdWZVcdjiXdbZd[XVcXZgigZVibZci!fjVa^in"d["a^[ZbZVhjgZh bjhiWZhZch^i^kZidXa^c^XVaanbZVc^c\[jaX]Vc\ZhegdYjXZYWnigZVibZci# TIdm^X^in! Wdi] h]dgi VcY adc\ iZgb! ^h k^iVaan ^bedgiVci! l^i] i]Z aViiZg WZ^c\ eVgi^XjaVganXg^i^XVa^cX]^aYgZc WZXVjhZd[i]ZZ[[ZXihd[igZVibZcidc\gdli]VcY YZkZadebZci # TBZVhjgZhd[XVcXZggZhedchZ^cXajYZbZVhjgZhd[ijbdjggZhedchZ ^#Z#XdbeaZiZ gZhedchZ!eVgi^VagZhedchZ!gZhedchZYjgVi^dc!VcYi^bZidegd\gZhh^dc !W^dbVg`Zgh! VcYXVcXZg"^cYjXZYVWcdgbVa^i^Zh^cXdbbdcWaddYiZhih#I]ZijbdjggZhedchZ^h a^`ZanidWZedh^i^kZanXdggZaViZYl^i]^begdkZbZci^cfjVa^ind[a^[Zl]ZcVeVi^Zci ^hhnbeidbVi^X[gdbi]ZXVcXZgWZ[dgZigZVibZci!i]ZXdbeaZiZgZhedchZgViZd[i]Z ijbdjg^hgZaVi^kZan]^\]!VcYi]ZigZVibZciidm^X^in^hbdYZhi# T8dhi":[[ZXi^kZcZhh^hVlVnidZkVajViZXVcXZgigZVibZciVcYVahdidXdbeVgZi]Z WZcZÒihd[XVcXZgigZVibZcil^i]i]ZWZcZÒihd[di]Zg`^cYhd[bZY^XVaigZVibZci Z#\#Y^Vanh^h i]ViVgZXdbeZi^c\[dgi]ZhVbZ]ZVai]XVgZbdcZn#8dhi"XdchX^djhcZhh h]djaYWZeVgid[iZX]cdad\nVhhZhhbZciVcY\j^YZa^cZYZkZadebZci#;dgZmVbeaZ! ^[ildX]Zbdi]ZgVengZ\^bZchegdYjXZi]ZhVbZeVi^ZcidjiXdbZhWjidcZXdhih bdgZi]Vci]Zdi]Zg!i]ZaZhhXdhiangZ\^bZch]djaYWZegZ[ZggZY#=dlZkZg!VXdhi XdbeVg^hdc^hbdgZi]VcVh^beaZXdbeVg^hdcd[i]ZX]Vg\Zh[dgi]ZYgj\hVcYi]Z^g VYb^c^higVi^dc#8dhihVhhdX^ViZYl^i]i]ZZVhZdgY^[ÒXjaind[VYb^c^higVi^dc!i]Z igZVibZci[VX^a^in!_d^cibZY^XVi^dch!VcYVYkZghZZkZcihbjhiVahdWZXdch^YZgZY# >ckZhibZcihjbbVgnVcYWjaaZied^cih DkZgVaalZXdch^YZgi]ZXdbeVcnÉhWjh^cZhheaVcVcYVhhjbei^dchbVYZi]ZgZ^cid WZWVhZYdcgVi]ZgegjYZciVhhjbei^dch#LZWZa^ZkZi]ZgZ^hhjWhiVci^Va]ZVYgddb i]ViBV\;dgXZl^aaZkZcijVaanZmXZZY^ihWjh^cZhheaVchVh^ihiVcYhg^\]icdl#;dg ^chiVcXZ! &#EZgXZciV\Zd[igZVibZcid[XVcXZgl^i]BV\;dgXZÉhegdYjXi^heaVccZYWnbVcV\Z" bZciid\gdl[gdbVc^c^i^VagViZ ^#Z#^ci]ZnZVgd[ZciZg^c\i]ZdcXdad\nbVg`Zi d['d[idiVaeVi^Zcih^cY^XViZYidXVcXZg VcYigZViZY ideZV`Vi-^c'%&- VXXdgY^c\idBV\;dgXZÉhWjh^cZhheaVc #Hi^aa!^cdjgVeegV^hVad[i]ZXdbeVcnÉh [jijgZXVh]Ódlh\ZcZgViZY[gdbhZaa^c\i]Z^gegdYjXilZ]VkZhiVgiZYl^i]&#' bVg`Zih]VgZ^c'%&%Xa^bW^c\id)#-VieZV` '%&- #?jY\ZY[gdbgZXZcia^[Z" XnXaZhd[a^[Z"hVk^c\ XdckZci^dcVa Ygj\h[gdb^ckZci^dcidgZVX]^c\bVijg^indg [VX^c\XdbeZi^i^dcd[\ZcZg^XYgj\h!i]^hk^ZlVeeZVghidWZiddXdchZgkVi^kZ!]ZcXZ aZVk^c\hjWhiVci^Vajeh^YZZc]VcXZbZciediZci^Va[dgZVgc^c\h\gdli]# 62_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 6XXjbjaViZYgZkZcjZh '%&%"'%&. WnXdjcign$gZ\^dc 5 % 24 % Germany UK France 44 % 8 % Rest of Europe USA Japan 9 % 10 % Source: MagForce, Silvia Quandt Research GmbH estimates '#7diidb"jeV\\gZ\Vi^dcd[XVgX^cdbV^cX^YZcXZh^cdjgk^Zladd`hkZgngZhig^Xi^kZ# (#I]ZXdbeVcnÉhdlc98;kVajVi^dcWVhZYdci]Zadc\"iZgbWjh^cZhheaVcadd`h!lZ ÒgbanWZa^ZkZ!kZgnegjYZci# )#BV\;dgXZ^hcdii]gZViZcZYViVaa[gdbdi]ZgXdbeVc^Zhign^c\id^ckZcih^b^aVg egdYjXih hZZiVWaZeV\Z+* #6hVgjaZd[i]jbW!aZVYi^bZ^ci]ZYgj\^cYjhign ediZci^VaanhZXjgZhVegdadc\ZYeZg^dYd[i^bZ[dg]^\]bVg\^chidWZ\ZcZgViZY# *#;jijgZ Veea^XVi^dc d[ BV\;dgXZÉh egdYjXi V^b id ZcVWaZ Ygj\ YZa^kZgn [jcXi^d" cVa^ini]gdj\]i]ZWaddYhigZVb#>[i]ZXdbeVcnXdjaYe^dcZZgi]^h!i]^hldjaYbVg` VWgZV`i]gdj\]^cXVcXZgigZVibZci VcYedhh^Wan[dgdi]Zg^cY^XVi^dchidd VcY ldjaYXgZViZV]j\ZbVg`Zi[dgBV\;dgXZ# +#I]Z\adWVaXVcXZgbVg`Zi]VhcZVganYdjWaZY^ci]ZaVhi[djgnZVghVcY^h[dgZXVhiid WZldgi]JH+*WcWn'%&'!l]^aZh]dgiandkZg"iV`^c\XVgY^dkVhXjaVgYgj\hVhi]Z cjbWZgdcZYgj\hhZ\bZcihl^i]^ci]Z^cYjhign# ,#BV\;dgXZ^heaVcc^c\idXdkZgVaabV_dg^cX^YZcXZhd[XVcXZg!VXXdgY^c\idi]ZXdb" eVcnÉheaVcc^c\[dgi]ZeZg^dY'%&%!i]ZnZVgd[aVjcX]c^c\i]ZÒghiigZVibZcid[ \a^dWaVhidbV!i]gdj\]'%&.Wnl]Zci]Z^ciZcYZYXdkZgV\ZVhh]dlc^ci]ZcZmi X]Vgil^aaWZXdbeaZiZY# CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . MAGFORCE_63 SECTOR . NANOTECHNOLOGY EaVccZYXdkZgV\Zd[ineZhd[XVcXZgh VXXjbjaViZYgZkZcjZh'%&%"'%&. 1 % 4 % 16 % Glioblastoma Liver cancer Prostate cancer Esophageal cancer 36 % Cervical cancer 26 % Bladder cancer Pancreatic cancer Mammory cancer Lung cancer 6 % 7 % 2 % 2 % Source: MagForce, Silvia Quandt Research GmbH estimates -#I]Z XdbeVcn XjggZcian XdchjbZh XVh] heZci dc ig^Vah! eZghdccZa! [ZZh eV^Y id bZY^XVa^chi^iji^dchZiX#! Wjii]Zi^bZidbVg`Zi^hh]dgiZgi]Vc[dgXdckZci^dcVa Ygj\hWZXVjhZi]ZBV\;dgXZegdYjXi^hXaVhh^ÒZYVbZY^XVa"iZX]c^XVaYZk^XZ!]ZcXZ gZfj^g^c\dcan'^chiZVYd[(e]VhZhd[iZhi^c"k^kdVcY^c"k^igd l^i]dji\ZcZgVi^c\ VcngZkZcjZh#I]^h^hgZfj^g^c\[gZh]bdcZn^ci]ZXdb^c\bdci]hidegdXZZYl^i] ig^VahdceaVc#Hi^aa!lZhigdc\angZXdbbZcY^ckZhidghadd`^c\[dgediZci^Vaan]^\] gZijgchdc^ckZhibZcih]djaYXdch^YZg^c_ZXi^c\XVh]k^VeVgi^X^eVi^dc^ci]ZXdb" eVcnVii]^hhiV\ZWZXVjhZlZ_jY\ZWjh^cZhhegdheZXihd[BV\;dgXZidWZhdjcY# 6hbVg`Zi^c\hiVgi"jed[i]Z^gXVcXZgigZVibZciegdYjXi^hcdiiddgZbdiZ '%&% ! k^h^W^a^ind[egdÒiVcYXVh]\ZcZgVi^dc^h^cdjgk^Zlhj[ÒX^ZcianaVg\Z# .#B^aZhidcZeVnbZcihh]djaYVbdjciidô'*bjci^a'%&&l]ZcBV\;dgXZZmeZXih gZhjaihidWZXdbZWaVX`"^c`ZY!l]^X]VXXdgY^c\idi]ZXdbeVcnldjaYa^b^ii]Z ^cXgZbZciVaXVh]gZfj^gZbZcihidhdbZô&*b# 8dbeVgZYidi]Zegdeg^ZiVgniZX]cdad\nYZeadnZYWnBV\;dgXZ!VaiZgcVi^kZbZi]dYh d[i]Zgbdi]ZgVenZ^i]ZgegdYjXZ^chj[ÒX^Zcian]^\]iZbeZgVijgZhl^i]^ci]Zijbdg dgXVjhZh^\c^ÒXVciYVbV\Zid]ZVai]ni^hhjZ# 64_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH CVcdXVcXZgi]ZgVe^ZhXdbeVgZY Surgery Radiation Chemotherapy Nanotherapy Side effects moderate high high minimal Precision of targeting any body region limited limited no yes Treatment may be repeated as often as necessary until tumor is destroyed no no no yes Treatment of large tumors (>5 cm diameter) yes yes yes no (e.g. not yet) The therapy can differentiate between tumor tissue and healthy tissue limited no limited yes Source: MagForce EdiZci^VaXdbeZi^idg! WjicdcZidWZVhegd\gZhhZYdgZ[[ZXi^kZVhBV\;dgXZ Country Company Method Status Comments Germany MagForce Minimally invasive Phase II Over 100 patients treated introduction of nanoparticles USA Tritron Antibody-coated Preclinical Insufficient nanoparticle Biosystems nanoparticles concentration to produce heat Australia Magnetic Preclinical European patent was revoked microparticles in its entirety Netherlands Philips Coil-based thermal Preclinical No expertise in nanoparticles therapy systems Source: MagForce KVajVi^dc LZXdch^YZgY^hXdjciZYXVh]ÓdlkVajVi^dcidWZi]ZVeegdeg^ViZbdYZaidZkVajViZ BV\;dgXZ"dchjX]\gdjcYhlZVgg^kZVii]Z[V^gkVajZd[ô((*#)eZgh]VgZdgVeegdm# ô'#%+Wc^ccdb^cVaiZgbh#EaV^can!h]dgi"iZgbh]VgZeg^XZZc]VcXZbZci^ha^`Zanid [Vaah]dgid[hjX]ViVg\Zieg^XZ!YjZidi]Zi^bZaZ[ijci^a'%&% l]Zci]ZXdbeVcn ZmeZXihidgZXZ^kZgZ\^higVi^dc[dg^ihigZVibZcid[ kZgV\Z,#+L688 V[iZgiVm [dgi]Z[dgZXVhieZg^dY'%%-"&. CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . MAGFORCE_65 SECTOR . NANOTECHNOLOGY '#6kZgV\ZGD>8(*#& V[iZgiVm [dgi]Z[dgZXVhieZg^dY'%%-"&. (#:fj^ing^h`egZb^jb dkZg&%"ngWdcYh d[)i]gdj\]dji[dgZXVhieZg^dY )#Adc\"iZgb\gdli]d[VhhZih Z#\#^ciVc\^WaZ$iVc\^WaZVhhZih d['#)eV^c'%%-"&. *#HZaa^c\eg^XZ[dgCVcdi]Zgbd[ô)!*%% kZghjhBV\;dgXZVhhjbZhô+!%%% +#6h^hXdbbdcl^i]a^[Z"hVk^c\Ygj\h ^#Z#dge]VcYgj\h l]^X]YdcÉi[VXZXdbeZ" i^i^dcVhVgZhjaid[i]Z^ghjeZg^dghjb"d["bZg^ihegdÒaZ!^#Z#]^\]Z[ÒXVXneajhadl h^YZZ[[ZXih!BV\;dgXZ^hXVeVWaZ!lZWZa^ZkZ!d[gZVX]^c\+,:7>IgZijgcdchVaZh Vii]Z]Z^\]id[egdYjXiÉha^[ZXnXaZ!Z#\#'%&.VXXdgY^c\iddjgZhi^bViZh!l]Zc VaaineZhd[XVcXZgigZVibZcihVXXdgY^c\idi]ZÒgbÉheaVcc^c\VgZgdaaZYdji#I]Z XdbeVcnZmeZXiheZV`bVg\^ch!VXXdgY^c\idi]Z^gWjh^cZhheaVc!cdiidbViZg^Va^hZ WZ[dgZ'%&.!l]^X]add`heaVjh^WaZYjZidi]ZkVa^Y^ini^bZd[eViZcih#=ZcXZ!cd \ZcZg^XXdbeZi^idcZmeZXiZYjci^ai]VinZVg#6hVgZhjai!lZ]VkZVhhjbZYhiZVYn egd\gZhh^dc^cgZkZcjZhVcYegdÒihjci^ai]ZZcYd[djg[dgZXVhieZg^dY!Z#\#'%&.# 98;BV\;dgXZ 2008 2009e 2010e 2011e 2012e 2013e 2014e 2015e 2016e 2017e 2018e 2019e EBIT -4.5 -6.6 -6.5 2.9 3.1 -5.5 16.0 46.7 82.6 104.5 125.4 140.4 Effective tax rate for EBIT 0 % 0 % 0 % 15 % 10 % 0 % 15 % 36 % 38 % 38 % 38 % 38 % Depreciation 0.6 0.7 0.5 0.6 0.8 0.8 0.8 0.8 1.1 1.0 0.9 0.9 Additional investment – FA 3.0 1.7 1.3 1.5 3.2 1.6 1.2 3.5 5.3 5.6 3.7 1.9 Additional investment – NWC 0.0 0.00.1 0.0 0.6 1.6 6.8 9.7 10.6 3.1 3.9 2.3 Opening capital employed (2007) Fixed assets 2.1 WACC 7.6 % Avg. 2008-2019 Net working capital 0.0 Long term growth 2.4 % CAGR 2008-2019 fixed assets 2.1 Incremental ROIC 35.1 % Avg. 2008-2019 2008 2009e 2010e 2011e 2012e 2013e 2014e 2015e 2016e 2017e 2018e 2019e TV EBIT -4.5 -6.6 -6.5 2.9 3.1 -5.5 16.0 46.7 82.6 104.5 125.4 140.4 143.7 Tax on EBIT 0.0 0.0 0.0 -0.4 -0.3 0.0 -2.4 -16.8 -31.5 -39.8 -47.7 -53.4 0.0 NOPLAT -4.5 -6.6 -6.5 2.5 2.8 -5.5 13.7 29.9 51.1 64.7 77.7 87.0 143.7 Depreciation 0.6 0.7 0.5 0.6 0.8 0.8 0.8 0.8 1.1 1.0 0.9 0.9 0.9 Additional investment – FA -3.0 -1.7-1.3 -1.5 -3.2 -1.6 -1.2 -3.5 -5.3 -5.6 -3.7 -1.9 2.0 Additional investment – NWC 0.0 0.0-0.1 0.0 -0.6 -1.6 -6.8 -9.7 -10.6 -3.1 -3.9 -2.3 2.3 Enterprise cash flow -7.0 -7.6-7.4 1.6 -0.3 -7.9 6.5 17.5 36.3 57.0 71.0 83.7 148.9 PV of enterprise free cash flow -6.5 -6.5-6.0 1.2 -0.2 -5.1 3.9 9.7 18.7 27.3 31.6 34.6 2,821.6 PV cash flow in years 2008-19 102.8 PV of terminal value 1,167.2 Less: minorities 07e 0.0 Less: net (debt)/cash 08e -5.6 Adjusted equity value 1,264.5 No. of shares outstanding (m) 3.77 DCF (CHF) 335.4 Source: Silvia Quandt Research GmbH 66_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH HZch^i^k^inidXVe^iVaXdhihVhhjbei^dch^haVg\Z#;dg^chiVcXZ!Vi&&#*L688!i]Z ^bea^ZY 98; eZg h]VgZ ldjaY WZ ô &((! ^c a^cZ l^i] VeegdVX]^c\ BV\;dgXZÉh [V^g kVajZ[gdbi]ZK8Vc\aZ VhYZhXg^WZYWZ[dgZ #;VXidg^c\^c&)[dgL688ldjaY n^ZaY98;eZgh]VgZd[Veegdm#ô-'Ähi^aaVabdhi,%VWdkZi]ZXjggZcih]VgZeg^XZ# >i [daadlh! i]Vi g^h`"VkZghZ ^ckZhidgh bVn lVci id Veean V aVg\Z hV[Zin bVg\^c id BV\;dgXZÉh98;VeegV^hVa#7jiZkZci]Zci]ZhidX`add`hhjWhiVci^VaanjcYZgkVajZY _jY\^c\i]Z^gZ[[dgihVcYegd\gZhh^ce^dcZZg^c\i]ZÒghiZ[[ZXi^kZcVcdXVcXZgigZVi" bZciZkZgaVjcX]ZYidi]ZbVg`Zi# :fjVaan!Vci^X^eViZYXVh]ÓdlhVcY98;kVajZhVgZkZgnhZch^i^kZidVhhjbei^dchbVYZ [dgWdi]XdhiheZgigZVibZcieZgeVi^ZciVcYi]ZaZkZad[bVg`Zih]VgZh#I]^h^hh]dlc ^ci]ZcZmiiVWaZ/ 98;hZch^k^inidigZVibZciXdhihVcYbVg`Zih]VgZ ½'&)VKDUH Costs per treatment per patient 335.4 1,000 2,000 3,000 4,000 5,000 6,000 1.0 % 44 110 176 241 307 373 1.2 % 60 139 217 296 375 455 1.4 % 78 170 261 354 446 540 1.6 % 95 199 304 410 516 566 1.8 % 111 229 347 467 548 629 2.0 % 128 259 390 523 585 704 2.2 % 145 289 434 550 646 782 Market share platform 2008 2.4 % 161 318 477 567 710 860 Source: Silvia Quandt Research GmbH 6hhjbei^dch[dgbVg`Zih]VgZhVgZbVYZdci]ZegZb^hZi]VihjWhZfjZcii]ZnZVg d[aVjcX] Z#\#'%&%[dgigZVibZcid[ 6XXdgY^c\ id BV\;dgXZÉh Wjh^cZhh eaVc bVg`Zi h]VgZ [dg ^ih XVcXZg igZVibZci l^aa eZV`^c'%&-gZVX]^c\-![gdbl]ZgZfjdiZhl^aahbddi]anYZXa^cZ#L]^aZlZXdc" h^YZgi]^hVhhjbei^dc!Z#\#bVg`Zih]VgZidXa^bW[gdbVc^c^i^Va'id-VieZV`id WZgZVa^hi^X\^kZci]ZYncVb^Xhd[i]ZXVcXZgigZVibZcibVg`ZihVcYi]ZZmXZei^dcVa egdheZXih[dgaVjcX]^c\^ccdkVi^kZigZVibZcih[dgi]Vi^cY^XVi^dc!lZ]VkZhi^aaVYdei" ZYVgVi]ZgegjYZcihiVcXZ^cbdYZaa^c\i]ZXdbeVcnÉhWjh^cZhheZg[dgbVcXZ# 6XXdgY^c\iddjgVhhjbei^dch!lZcdidcanVhhjbZVeg^XZeZgigZVibZcieZgeVi^Zci d[ô)!*%%XdbeVgZYidBV\;dgZÉhô+!%%%eg^XZiV\Veea^ZY^ci]Z^gÒcVcX^VaeaVc" c^c\WjilZVahd[VXidgZY^cVhiVgi"jebVg`Zih]VgZd[&#'!VWdji]Va[d[i]ZÒgbÉh eVgVbZiZg!Z#\#'#hi^aahi^X`^c\idi]Z[VY^c\igZcY[dggZaVi^kZbVg`Zih]VgZ\V^ch VhhjbZYWni]ZXdbeVcn!VXXdgY^c\iddjgbdYZabVg`Zih]VgZl^aaeZV`Vi)#-^c '%&-!XdbeVgZYidi]Z^geaVcc^c\!Z#\#-# CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . MAGFORCE_67 SECTOR . NANOTECHNOLOGY 8ZcigdHdaVg Eg^XZiVg\Zi )<'HF ½P 2006 2007 2008e 2009e ô(%#%% EgdÒiadhh GVi^c\ Sales 174.5 220.3 315.0 370.0 7jn y-o-y 26.2 % 43.0 % 17.5 % EBITDA 9.8 15.0 23.0 30.0 =ZVYfjVgiZgh EBIT 8.9 13.4 15.0 22.0 4.8 % 5.9 % LVaiZg" 25 DE; C30X ;gZZÓdVi 20 *& 15 10 8adh^c\eg^XZ 5 ô-#+ 2006 2007 2008 900 DE; C30X Volume 600 Share price development 300 0 Thousands 2006 2007 2008 Source: Bloomberg, Silvia Quandt Research GmbH 68_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 8dbeVcnegdÒaZ 6hVhnhiZbh^ciZ\gVidg!i]ZXdbeVcnegdYjXZheaj\VcYeaVne]didkdaiV^XhnhiZbh [dgeg^kViZ]djhZhVcY^cYjhig^VaegdeZgi^Zh#>i^haZVY^c\^cHdaVgGdd[HnhiZbhVcY @Zn8dbedcZcih# 8ZcigdhdaVgWjh^cZhhZhViV\aVcXZ Solar integrated systems Strong product and geographical growth Unique position with roof systems To benefit from assumed cyclical price drop of crystalline solar cells from 2009 Large synergies from venture with Quimonda improves value creation along the solar business chain and stabilises future margin development Solar key components Global leader in nanocoated solar glass manufacturing High margin patented niche products in photovoltaic area Source: Centrosolar businesses at a glance 8ZcigdhdaVg I]ZXdbeVcndlcheViZcih[dgbdhid[^ihVXXZhhdg^Zh#I]^h^cXajYZh^ihbdjci^c\ hnhiZbh[dgÓVigdd[hVcY^ihcVcdXdVi^c\iZX]cdad\n[dghdaVg\aVhhl]^X]gZYjXZh hjca^\]igZÓZXi^dc#I]Zbdhi^bedgiVcihZ\bZci^hi]Z^ciZ\gViZYhdaVghnhiZbh# CVcd"Vci^"gZÓZXi^kZXdVi^c\ 6eViZci]VhVagZVYnWZZc\gVciZY^c >c hdaVg iZX]cdad\n e]didkdaiV^X! i]ZgbVa hdaVg \aVhh! \gZZc]djhZh Z[ÒXVXn gViZh VgZ i]Z bdhi ^bedgiVci gVi^dh id XdbeVgZ ^cY^kjVa eZg[dgbVcXZh# :[ÒXVXn gViZh YZeZcY dc i]Z eZgXZciV\Z d[ ]^\] a^\]i id igVchb^i i]Z \aVhh hjg[VXZ id \ZcZgViZ ZcZg\n#I]^h]VeeZchi]gdj\]XdckZgi^c\hdaVgZcZg\n^cidZaZXig^X^inWni]Ze]didkda" CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . CENTROSOLAR_69 SECTOR . 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Z#\# cVcdXdViZY \aVhhZh VgZ hZa["XaZVc^c\! ]ZcXZ eZg[dgbVcXZ^hZkZcWZiiZgidigVY^i^dcVahdaVg\aVhhZh# I]ZcVcdiZX]cdad\^XVaegdYjXi^dc^h^ciZaaZXijVaegdeZgind[8ZcigdhdaVg!Z#\#eViZciZY# I]ZcVcdaVnZg^hdcan&*%cbi]^c# ?d^cikZcijgZl^i]F^bdcYV idhdakZadc\"iZgbh^a^Xdc[ZZYhidX`egdWaZbh 8ZcigdhdaVgaViZanVccdjcXZYidXd"^ckZhil^i]hZb^XdcYjXidgXdbeVcnF^bdcYV ^cidVcZlhdaVgXZaaegdYjXi^dceaVci!adXViZY^cEdgij\Va#8ZcigdhdaVgiV`ZhV). h]VgZ^ci]Vi_d^ciXdbeVcn!^cgZijgchZXjg^c\XdkZgV\Zd[Veegdm#'*d[^ihidiVa bdYjaZbVcj[VXijg^c\XVeVX^inl^i]i]^hhjeean#>c^i^Vaani]ZegdYjXi^dceaVcil^aa egdYjXZVeegdm#&%%BLeWni]ZZcYd['%%.VcY^ieaVccZYidegdYjXZYdjWaZd[ i]VidjiejidgbdgZl]Zcgjcc^c\Vi[jaaXVeVX^in#I]ZidiVaXVeZmcZZYZYid[jcY i]VikZcijgZh]VaaWZô,%b# I]ZgVi^dcVaZ[dg8ZcigdhdaVgidiZVbjel^i]F^bdcYV^h THZXjg^c\ Veegdm# '* d[ ^ih VccjVa bdYjaZ egdYjXi^dc XVeVX^in Zhi^bViZY &.* BLe^c'%&% VibjX]bdgZ[VkdjgVWaZiZgbhi]VcXdbeVgVWaZadc\"iZgbXdc" igVXih[gdbXZaabVcj[VXijgZgh# T;jgi]Zg ZmeVch^dch d[ i]Z kZcijgZ XdbeVcn id [ZZY 8ZcigdhdaVgÉh VXXZaZgVi^c\ \gdli]^ci]Z[jijgZ# 70_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH TJh^c\i]ZXgnhiVaa^cZh^a^XdciZX]cdad\n^heaVccZYidWZaZkZgV\ZYidVX]^ZkZZaZXig^" XVaZ[ÒX^ZcXn^chdaVgbdYjaZhd[bdgZi]Vc&+!XdbeVgZYidi]ZXdbeZi^idgh&( gVi^dh[dgXgnhiVaa^cZbdYjaZhVcYaZhhi]Vc&%[dgi]^c"ÒabXdViZYhdaVgbdYjaZh# TF^bdcYV XVc egdk^YZ VXXZhh id [jgi]Zg h^a^Xdc hjeea^Zh Vh lZaa Vh egdk^Y^c\ G&9 edlZgVcYegdYjXi^dcVcYXdchigjXi^dc`cdl"]dll]Zc^iXdbZhidh^a^XdcegdYjX" i^dc[VX^a^i^Zh# HigViZ\n 7gVcY^c\VcYiZX]cdad\nZY\ZVgZeaVn^c\V`ZngdaZ^ci]Z[jijgZd[8ZcigdhdaVg#I]Zn VgZbVg`ZiaZVYZg^ccVcdXdViZYhdaVg\aVhh0i]ZnVgZXadhZidi]ZXjhidbZgigdj\]V hZgk^XZdg^ZciZYWjh^cZhhbdYZa#I]Zn\diVaZVY^c\edh^i^dc^chdaVggdd[hnhiZbhVcY `ZnXdbedcZcih#I]ZZmeVch^dcd[hZgk^XZh^cYZ[ZcYVWaZbVg`ZihZ\bZcih Ægdd[ ZmeZgihÇ ^h[dXjhZY[dgi]ZnZVghidXdbZ#;jgi]Zg^hi]ZWgdVYZc^c\^c^ciZgcVi^dcVa gZVX]ViVg\Zi!i]ZgZÉhbjX]gddb[dg[jgi]Zg\gdli]ZheZX^Vaan^chdji]Zgc:jgdeZVc Xdjcig^Zh#Dci]ZÒcVcX^Vah^YZXdci^cj^c\egdÒi^begdkZbZcihVcYVWdkZbVg`Zi idea^cZ\gdli]^hZmeZXiZY# '%%,VcY'%%-djiadd` 8ZcigdhdaVg LZZmeZXi:7>I96idgZVX]ô'(b!i]ZdeZgVi^c\gZhjai^h[dgZXVhiidg^hZWnV[VhiZg gViZd[Veegdm#*%#I]Vc`hid[Vaa^c\YZegZX^Vi^dcVcYVbdgi^oVi^dc!:7>IVcY:EH VgZZkZcZmeZXiZYid^cXgZVhZbjai^"[daY#AVhinZVghdcZ"d[[X]Vg\ZgZaViZYidi]Z ^c" iZgcVa bZg\Zgd[i]Z^ciZ\gViZYhnhiZbhhjeea^ZghHdaVghidXX!7^d]VjhVcYHdaVgV! gZYjX^c\i]ZdeZgVi^c\gZhjaiWnVgdjcYô'b!ldcigZXjgi]^hnZVg#:Vgc^c\hVgZi]jh ZmeZXiZYidXdci^cjZg^h^c\dkZgegdedgi^dcVaan^c'%%-VcYWZndcY# >ci]Z^ciZ\gViZYhnhiZbhY^k^h^dc\gdli]Yg^kZghl^aaWZ& ZmeVch^dc^c,Xdjcig^Zh ^h\ZcZgVi^c\hjWhiVci^Vaan]^\]ZggZkZcjZhigZVbh[gdb^ciZgcVi^dcVaWjh^cZhh!VWdkZ Vaa^cHdji]Zgc:jgdeZ!' 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NANOTECHNOLOGY LZ ]VkZ VeegV^hZY 8ZcigdhdaVgÉh ^cig^ch^X kVajZ dc ild \gdjcYh! :K6 VcY 98; bdYZaa^c\#;dg98;eZgh]VgZlZ]VkZYZg^kZYV[V^gkVajZd[ô'.#+[dgi]ZhidX`#LZ Xdch^YZgi]Z:K6igZcYhVhZkVajViZY^cdjgbdYZaVhV[V^g\j^YVcXZ[dgb^Yidadc\" iZgbh]VgZeg^XZZc]VcXZbZci#?jY\ZY[gdbi]Zedh^i^kZ:K6egd\gZhh^dcVhhjbZY ^ci]ZXdb^c\nZVghi]Zh]VgZeg^XZXdjaYigZcYjeidlVgYhi]Zô'%")%eZgh]VgZ gVc\Z# 98;8ZcigdHdaVg 2008 2009e 2010e 2011e 2012e EBIT 15 22 28 32 36 Effective tax rate for EBIT 28 % 28 % 28 % 28 % 28 % Depreciation 8 5 54 5 Additional investment – FA 20 15 10 10 13 Additional investment – NWC 21 5 25 15 10 Opening capital employed (2007) Fixed assets 75 WACC 8.3 % Net working capital 54 Long term growth 5.8 % 129 Incremental ROIC 17.4 % 2008 2009e 2010e 2011e 2012e TV EBIT 22 28 32 36 38 Tax on EBIT -4 -6 -8 -9 -10 -11 NOPLAT 11 16 20 23 26 27 Depreciation 8 88888 Additional investment – FA -20 -15 -15 -30 -7 -7 Additional investment – NWC -21 -5 -25 -15 -10 -11 Enterprise cash flow -22 1 -12 3 17 18 PV of enterprise free cash flow -21 3 -9 2 12 745 PV cash flow in years 2008-12 -13 PV of terminal value 501 Estimated equity value 489 Less: minorities 08e 0 Less: net (debt)/cash 07 -57 Adjusted equity value 431 No. of shares outstanding (m) 14.6 DCF 29.6 Source: Silvia Quandt Research GmbH 72_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH ;dgi]Z98;VcVanh^hlZ]VkZVhhjbZYhigdc\ZmeVch^dcd[i]ZVhhZiWVhZi]Vc`hid ZciZg^c\^cidi]ZkZcijgZ[dgi]ZegdYjXi^dcd[XgnhiVaa^cZhdaVgXZaah!id\Zi]Zgl^i] F^bdcYV#6adc\l^i]bVg\^cZmeVch^dcYjZidadlZgh^a^Xdceg^XZh^ci]Zadc\"gjcid [ZZYi]ZhdaVgXZaaegdYjXi^dcd[8ZcigdhdaVgi]ZVci^X^eViZYY^hegdedgi^dcVaZmeVc" h^dcd[cVcdXdViZYhdaVg\aVhhWjh^cZhhh]djaYVYYkZgnhigdc\anidegdÒi\gdli]^c i]ZXdb^c\nZVg#=ZcXZ!gZijgcdc^ckZhibZcicjbWZghh]djaYXdch^YZgVWan^begdkZ ^cdjgk^Zl!l]^aZXVe^iVaXdhihh]djaYWZ`ZeiViaZVhihiVWaZdkZgi^bZ# :K6edgiZcYhh]VgZeg^XZZc]VcXZbZci 50 15 40 10 30 5 20 0 6KDUHSULFH LQ½ (9$DEVROXWH LQ½P 10 -5 0 -10 2006 2007 2008e 2009e 2010e 2011e 2012e Share price (LS) EVA absolute (RS) Source: Silvia Quandt Research GmbH CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . CENTROSOLAR_73 SECTOR . NANOTECHNOLOGY >iCCVcdkVi^dc Eg^XZiVg\Zi )<'HF ½P 2006 2007 2008e 2009e ô&.#%% EgdÒiadhh GVi^c\ Sales 5.8 4.8 10.9 19.3 7jn y-o-y N/A -17.3 % 127.0 % 77.1 % EBITDA -3.9 -6.3 -0.6 3.4 =ZVYfjVgiZgh EBIT pre except. -4.4 -7.0 -1.2 2.8 JciZgig`]Z^bZgHigVZ'* EBIT margin -76.3 -146 % -10.6 % 10.5 % Net income -5.95 -8.23 -1.73 1.92 9"++&&,HVVgWgX`Zc EPS -1.36 -1.54 -0.32 0.36 30 ;gZZÓdVi 25 DE; 17NX Veegdm#( 20 15 8adh^c\eg^XZ 10 ô+#+* 5 2006 2007 2008 100 DE; 17NX Volume Share price development 50 0 Thousands 2006 2007 2008 Source: Bloomberg, Silvia Quandt Research GmbH 74_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 8dbeVcnegdÒaZ >iC CVcdkVi^dc ^h V cVcdiZX]cdad\n XdbeVcn# I]Z XdbeVcnÉh hjXXZhh ^h [djcYZY dcVcZmiZch^kZeViZciedgi[da^d!XdbW^cZYl^i]XdbegZ]Zch^kZYZkZadebZciVcY Veea^XVi^dc`cdl"]dl#I]ZXdbeVcnlVh[djcYZY^c'%%%VcYXjggZcian]VhdkZg&%% ZbeadnZZh#;gZZÓdVihd[Vg^hi^cn!Z#\#Veegdm#(!]dlZkZg![gZZÓdVi^ha^`Zanidg^hZ higdc\an^ci]Z[jijgZVhi]ZXdbeVcn^hhZZ`^c\WgdVYZc^c\^ihhiV`Z]daYZghWVhZ# I]Z 8dbeVcnÉh bV^c VXi^k^in ^h i]Z YZkZadebZci d[ XZgVb^X egdYjXih! hjX] Vh ÒaigVi^dc hnhiZbh VcY XdVi^c\h! 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ITN NANOVATION_77 SECTOR . NANOTECHNOLOGY eVgi^XjaVghZch^WaZeVgi^c![dgZmVbeaZ!Zi]naZcZXgVX`Zgh#I]Zh^\c^c\d[i]ZYZValVh egZXZYZYWnV'"nZVghiZhi^c\e]VhZVcYi]ZV\gZZbZcicdl^hXdkZg^c\i]ZcZmiÒkZ nZVgh#I]ZÒghiijgcdkZgidWZ\ZcZgViZYl^i]76H;^heaVccZY[dg'%%-# I]Z V\gZZbZci ^h Wn XdcigVXi id WZ ZmiZcYZY id d^a & \Vh [VX^a^i^Zh d[ 76H; hjWhZfjZcian# LZ WZa^ZkZ i]^h ZmiZch^dc ldjaY bVg` Vcdi]Zg fjVcijb aZVe [dg >iCCVcdkVi^dc\^kZci]ZXdbeVcnÉhkVhiVbdjcid[\VhVcYd^ae^eZa^cZhVcYi]Z Y^hegdedgi^dcVa\gdli]egdk^YZYWni]Z76H;$ DkZgVaa!djgZhi^bViZh[dggZkZcjZ\gdli]^ci]ZXdVi^c\hY^k^h^dc!Z#\#86 KVajVi^dc/[V^gkVajZô''#(dc98;\gdjcYhWjiVhhjbZY:K6igZcY h^\cVahh]VgZeg^XZZc]VcXZbZciWZndcYi]ViaZkZa LZ]VkZVeegV^hZY>iCCVckVi^dcÉhediZci^Va[dg[jijgZh]VgZeg^XZZc]VcXZbZcidc i]Z\gdjcYhd[98;VcY:K6bdYZa^c\#Dci]^hWVh^hlZ]VkZYZg^kZYVh]dgi"iZgb iVg\Zi eg^XZ d[ ô''#(l]^aZ lZ Vci^X^eViZ higdc\ Zc]VcXZbZci d[ i]Z h]VgZ eg^XZ WZndcYi]ViaZkZa^ci]ZbZY^jbidadc\"iZgb^[:K6bZig^XhVgZXdch^YZgZY#I]Z aViiZgl^aabViZg^Va^oZdkZgi^bZ!lZWZa^ZkZ!^[i]ZXdbeVcnXVchjXXZZYidhigdc\an XVe^iVa^oZdci]Z^gWjh^cZhhZhl^i]^cYjhignbV_dghGL:VcY76H;# H]dgiiZgb/[V^gkVajZô&. h]dgiiZgb H]dgiiZgb!>iCCVcdkVi^dc^hldgi]ô&.eZgh]VgZ!d[[Zg^c\bdgZi]VcYdjWaZjeh^YZ XdbeVgZYl^i]i]ZXjggZcieg^XZ#LZWZa^ZkZi]ZhidX`l^aagZVX]i]^hiVg\Zieg^XZ^c i]Zh]dgi"iZgb!Z#\#l^i]^ci]ZcZmi+"&'bdci]h#Ig^\\ZghidXVjhZi]ZVhXZcYh]djaY WZ i]Z XdbeVcnÉh [dg\i]Xdb^c\ Y^hXadhjgZh [dg ^ciZg^b gZhjaih Vh lZaa Vh edh^i^kZ hiViZbZcihgZ\VgY^c\i]ZGL:VcY76H;"gZaViZYWjh^cZhhZh# 98; kVajVi^dc ^h fj^iZ hZch^i^kZ eVgi^XjaVgan id i]Z aZkZa d[ XVe^iVa Xdhih L688 \ZcZgVaanjhZYidY^hXdjci[jijgZXVh]Ódlh #LZVg\jZi]ViVhhddcVhi]ZXdbeVcn 78_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH 98;VeegV^hVa>iCCVcdkVi^dcÄ[V^gkVajZô&. 2008 2009e 2010e 2011e 2012e EBIT -4 -7 -1 3 8 Effective tax rate for EBIT 0 % 0 % 0 % 37 % 37 % Depreciation 1 1 11 2 Additional investment – FA 1 2132 Additional investment – NWC 0-10 11 Opening capital employed (2007) Fixed assets 9 WACC 8.2 % Net working capital 1 Long term growth 5.7 % 10 Incremental ROIC 23.8 % 2008 2009e 2010e 2011e 2012e TV EBIT -4 -7 -1 3 7 8 Tax on EBIT 0 00-1 -3 -3 NOPLAT -4 -7 -1 2 6 Depreciation 1 11122 Additional investment – FA -1 -2 -1 -3 -2 -2 Additional investment – NWC 010-1-1-1 Enterprise cash flow -5 -8 -2 -1 4 4 PV of enterprise free cash flow -5 -7 -1 -1 3 172 PV cash flow in years 2008-12 -11 PV of terminal value 116 Estimated equity value 105 Less: minorities 08e 0 Less: net (debt)/cash 07 14 Adjusted equity value 119 No. of shares outstanding (m) 5.3 DCF 22.3 Source: Silvia Quandt Research GmbH l^aa[VXZcZZYhidZmeVcY^ihegdYjXi^dcXVeVX^in!i]ZgZh]djaYVahdWZVYZWi$Zfj^in b^m^ceaVXZidÒcVcXZVhhZiZmeVch^dc#>ci]^hZkZci^i^ha^`Zani]ViL688l^aa[VaaYjZ idVXZgiV^cVbdjcid[YZWii]ZcVhhjbZY!\^kZci]Vi^ciZgZhidcYZWi^hWVh^XVaan iVm"YZYjXiVWaZl]^aZZfj^in^hcdi#6XXdgY^c\id>iCCVcdkVi^dcjeidVhVaZhaZkZa d[hdbZô'*bcdXVeZm^hgZfj^gZY!]dlZkZg!dcdjg[dgZXVhii]ZXdbeVcnh]djaY hjgeVhhi]ViaZkZa^c'%&%ig^\\Zg^c\bdgZ^ckZhibZcih^ccZlegdYjXi^dc[VX^a^i^Zh# LZWZa^ZkZi]^hadd`h[V^gk^ZlZheZX^Vaan^ci]Za^\]id[>iCÉhbV_dgYZVahl^i]GL: VcY 76H; l]^X]! ^c i]Z bZY^jb id adc\"iZgb! egZhjbVWan YZbVcY Xdch^YZgVWan aVg\ZgXVeVX^i^ZhidXdeZl^i]i]ZZmigVdgYZgÓdlh# :K6kVajVi^dc/h]VgZeg^XZidigVX`egd\gZhh^c:K6!d[[Zg^c\ LZVgZVgg^k^c\Vicdi^XZVWan]^\]ZgiVg\Zieg^XZhhZi[dgi]ZbZY^jbidadc\ZgiZgb CASE STUDIES OF GERMAN NANOTECHNOLOGY COMPANY . ITN NANOVATION_79 SECTOR . NANOTECHNOLOGY 98;kVajZkZgnhZch^i^kZidXVe^iVaXdhih WACC 16.7 6.0 % 7.0 % 8.0 % 9.0 % 10.0 % 11.0 % 10.0 % 89.2 20.1 11.0 7.5 5.6 4.4 12.0 % 108.9 24.5 13.4 9.1 6.8 5.4 14.0 % 123.0 27.7 15.1 10.2 7.7 6.1 16.0 % 133.5 30.0 16.4 11.1 8.3 6.6 18.0 % 141.7 31.9 17.4 11.8 8.8 7.0 20.0 % 148.3 33.4 18.3 12.3 9.2 7.3 ROIC 22.0 % 153.7 34.6 18.9 12.8 9.5 7.5 24.0 % 158.1 35.6 19.5 13.1 9.8 7.7 26.0 % 161.9 36.4 19.9 13.5 10.0 7.9 28.0 % 165.2 37.2 20.3 13.7 10.2 8.1 30.0 % 168.0 37.8 20.7 14.0 10.4 8.2 Source: Silvia Quandt Research GmbH [dg>iCCVcdkVi^dcYZg^kZY[gdbVc:K6VcVanh^h#<^kZcdjgZbe^g^XVaÒcY^c\hl^i] :K6YZkZadebZci^cXdggZaVi^dcl^i]h]VgZeg^XZigZcYhlZ[djcYi]Vii]ZegZb^jbV XdbeVcnZVgchdkZg^ihXVe^iVaXdhih!Z#\#GD>8b^cjhL688!egZiin\ddYYZiZgb^cZh VÒgbÉh^cig^ch^XkVajZl]^X]!i]ZgZ[dgZ!h]djaYWZb^ggdgZY^c^ihh]VgZeg^XZ# <^kZci]^hlZVg\jZi]Vi>iCCVcdkVi^dcÉhh]VgZeg^XZh]djaY^cXgZVhZ\gVYjVaan^c i]ZXdb^c\nZVghVhi]ZXdbeVcn^cdjgk^Zll^aahiV\ZkZgnYncVb^X:K6egd\gZhh^c [jijgZ#LZZmeZXi:K6idWZXdbZedh^i^kZcZminZVgl]^X]^cdjgk^Zlh]djaYWZ a^c`ZYl^i]i]ZVci^X^eViZYhigdc\gZkZcjZVcYegdÒi\gdli]idWZ\ZcZgViZYeVgi^Xj" aVgan^ci]ZWjh^cZhhZhdg^\^cViZYl^i]GL: CVcdXdbeEE VcY76H; CVcdXdbe 6; # :K6egd\gZhhedgiZcYhh]VgZeg^XZZc]VcXZbZci 60 10 50 5 40 0 30 -5 20 -10 6KDUHSULFH LQ½ (9$DEVROXWH LQ½P 10 -15 0 -20 2005 2006 2007 2008e 2009e 2010e 2011e Share price (LS) EVA absolute (RS) Source: Silvia Quandt Research GmbH 80_SILVIA QUANDT RESEARCH GMBH SILVIA QUANDT RESEARCH GMBH APPENDIX . NANOTECH GLOSSARY_81 SECTOR . NANOTECHNOLOGY Appendix: nanotech glossary 6Yhdgei^dc 6Yhdgei^dc^hVegdXZhhi]VidXXjghl]ZcV\Vhdga^fj^YhdajiZVXXjbjaViZhdci]Z hjg[VXZd[Vhda^Ydg!bdgZgVgZan!Va^fj^Y VYhdgWZci ![dgb^c\VbdaZXjaVgdgVidb^X Òab i]ZVYhdgWViZ # 6hhZbWaZg 6\ZcZgVa"ejgedhZYZk^XZ[dgbdaZXjaVgbVcj[VXijg^c\!XVeVWaZd[\j^Y^c\X]Zb^XVa gZVXi^dchWnedh^i^dc^c\bdaZXjaZh# 6idb I]ZhbVaaZhijc^id[VX]Zb^XVaZaZbZci!VWdjiVi]^gYd[VcVcdbZiZg^cY^VbZiZg# 6idbhbV`ZjebdaZXjaZhVcYhda^YdW_ZXih# 7^dB:BH B^c^Vijg^oVi^dc Zc\^cZZg^c\ dg B:BH Veea^ZY id W^diZX]cdad\n dg bZY^X^cZ# >c 7^dB:BHi]ZcjbWZgd[bViZg^Vah^ckdakZY^hbjX]aVg\Zgi]Vc^cVXdbeVgVWaZZaZX" igdc^XhVeea^XVi^dc#7di]^chigjbZcihVcYhZchdghVgZjhZY^c7^dB:BH#6eea^XVi^dch ^cXajYZ/[dgZch^XhX^ZcXZ Z#\#D#?#Éh9C6 !Xa^c^XVaY^V\cdhi^Xh Z#\#WaddY\ajXdhZ ! egdYjXi YZkZadebZci Z#\# cZl Ygj\h ! 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