MERSEN'S CONTRIBUTION TO SOLAR PHOTOVOLTAIC ENERGY - CAPITAL MARKETS DAY NOVEMBER 29, 2018 - Solar Energy
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MERSEN’S CONTRIBUTION TO SOLAR PHOTOVOLTAIC ENERGY CAPITAL MARKETS DAY NOVEMBER 29, 2018
PHILIPPE CHEMIN VP SALES & MARKETING, GRAPHITE SPECIALTIES BUSINESS UNIT MERSEN IN THE UPSTREAM PHASE OF THE SOLAR PHOTOVOLTAICS VALUE CHAIN
SOLAR: AN ENERGY SOURCE SEEING STRONG GROWTH
NUMBER OF PANEL INSTALLATIONS GROWING SHARPLY EACH YEAR
CONSISTENTLY OUTPACING FORECASTS
2018-2022 CAGR est
Annual (GW)
140
+5-7%
2018 Forecasts
120
2011-2017 CAGR
100 +23%
80
60
40
2016 Forecasts
20
2012 Forecasts
0
2011 2012 2013 2014 2015 2016 2017 2018 est. 2019 est. 2020 est. 2021 est. 2022 est.
Source: IHS Markit, Exawatt, Mersen estimates
18 CMD Mersen – November 2018
SOLAR: A COMPETITIVE COST
DECREASE IN COST THE LOWEST* ENERGY
OF SOLAR CELLS PRODUCTION COST
US$/MWh
US$ 101.00 Price of solar cells in US$ per watt
300
250
120
200
150 Nuclear
100 Coal
100 Gas turbines
2,5 50
2
-80% 0
2010 2011 2012 2013 2014 2015 2016 2017
PV solar farms
80
1,5
1
60 0,5
0
-20% 3x
2010 2015
40
20
US$ 0.37 LESS EXPENSIVE
0 vs. natural gas vs. nuclear power
1975 1980 1985 1990 1995 2000 2005 2010 2015
* On average - Source: Lazard’s 2017 Levelized Cost of Energy Analysis
Source: Bloomberg New Energy Finance and pv.energytrend.com
19 CMD Mersen – November 2018
SOLAR: A STRONG POTENTIAL THANKS TO ITS EASY INSTALLATION
MAIN COUNTRIES WITH UPCOMING SOLAR PANEL INSTALLATION PROGRAMS
SPAIN UK FRANCE NETHERLANDS GERMANY ITALY
CHINA
SOUTH
KOREA
UNITED
JAPAN
STATES
TAIWAN
MEXICO
THAILAND
BRAZIL
AUSTRALIA
TURKEY EGYPT SAUDI ARABIA PAKISTAN INDIA
Source: Global Market Outlook for Solar Power 2018-2022 > 200 GW > 50 GW < 200 GW > 10 GW < 50 GW < 10 GW
20 CMD Mersen – November 2018
MERSEN AT THE HEART OF SOLAR PHOTOVOLTAICS 21 CMD Mersen – November 2018
MERSEN,
THE WORLD’S NO. 1 SUPPLIER FOR THE POLYSILICON INDUSTRY
SOLUTIONS
A ROBUST GLOBAL
THAT ENHANCE OUR WIDE-RANGING EXPERTISE
NETWORK
CUSTOMERS’ PERFORMANCE
Longstanding supplier Joint development programs to help Synthesis units,
for all leading global companies polysilicon makers stay competitive graphite parts
despite a significant drop in the price
of polysilicon
2 centers of expertise
(Bay City, Michigan, United States –
Unique expertise in the design and Gennevilliers, France) with coating
manufacture of large components, capabilities
to improve capacities and productivity
Machining capacities at our customers’ sites
in all major industrialized nations Design of customized grades
22 CMD Mersen – November 2018
INGOT MANUFACTURING:
2 MAJOR EXISTING TECHNOLOGIES
DSS MULTICRYSTALLINE
DSS and CZ production
GW/year
Larger block 140
Silicon consumption: 4-5 g/watt 120
Cell efficiency: 18%-19% 100
Historically lower production cost 80
CZ MONOCRYSTALLINE 60
40
20
0
Uses less energy: -20% 2014 2015 2016 2017 2018 2019 2020 2021 2022
DSS CZ
Less loss of silicon: (3.2 g/watt)
Cell efficiency: 22%-23%
Sources: Exawatt - Sept. 2018; PV-Tech - Sept. 2018
23 CMD Mersen – November 2018
MERSEN HAS THE ADVANTAGE THANKS TO THE EMERGENCE OF CZ
TECHNOLOGY VS. DSS...
Required graphite/GW:
30 tons
DSS Less sophisticated graphite
MULTICRYSTALLINE
More competitive market
Required graphite/GW:
120 tons
Large parts customized grades, extremely
CZ fine-grained graphite, high-level of expertise required
MONOCRYSTALLINE
Relationships with the leading players
24 CMD Mersen – November 2018
...AND THANKS TO ITS STRONG PRESENCE IN ASIA
MERSEN’S FOOTPRINT IN ASIA TO SERVE THIS MARKET
85% YANTAI
KUNSHAN
Machining
Purification
of cell producers are
CHINESE companies CHONGQING Graphite blocks
Others: primarily Japan, Taiwan and
SOUTH KOREA Machining
South Korea
Exawatt estimate for 2017
25 CMD Mersen – November 2018A NEW, MORE COMPREHENSIVE RANGE OF CZ INGOT PRODUCTION
SOLUTIONS TO COME THANKS TO THE MERSEN GALAXY JV
Furnace internal parts in
graphite (150 total),
ENHANCED including:
OFFER
Graphite resistance
Flexible felt
insulation solutions
COMPLEMENTARY
OFFER
Crucible support
in C/C composite
26 CMD Mersen – November 2018MERSEN GALAXY JV: FOR A COMPREHENSIVE CZ OFFER
JV (60% OWNED BY MERSEN)
COVERS THE MANUFACTURING AND SALE OF
CARBON/CARBON COMPOSITES AND FLEXIBLE FELT
INSULATION SOLUTIONS FOR THE CZ PV MARKET IN CHINA
MERSEN’S LONG-STANDING PARTNER IN ISOSTATIC GRAPHITE
(YANTAI JV)
MERSEN’S CONTRIBUTION: CNY60M (2018)
FIVE-YEAR SALES TARGET
C/C COMPOSITE: €5M-€10M.
FLEXIBLE FELT INSULATION SOLUTIONS: €5M-€10M
27 CMD Mersen – November 2018PRODUCTION CAPACITIES MEETING MARKET DEMAND
ADJUSTING GRAPHITE PRODUCTION CAPACITIES IN LINE WITH CURRENT DEMAND
Production capacities/utilization rate in %
100%
95% 2018: Resuming of furnace production in Chongqing
75% 85%
6,000 t 2018 Average: 10,500 t
Chongqing, China
Nominal capacities available for 2019: 12,000 t
6,000 t
+15% vs 2018 to meet market demand
St. Marys, United States
2016 2017 2018 2019
A MORE MATURE AND STABLE MARKET THAT REDUCES THE IMPACT OF “BUBBLES”
A replacement market that is now spread over time: consumable parts are sold over the useful
life of products
An immature market in 2011: each new furnace was sold with approximately three years’ worth
of consumables
28 CMD Mersen – November 2018LAURENT MARCENAC VP GLOBAL SALES, ELECTRICAL POWER SEGMENT MERSEN IN THE DOWNSTREAM PHASE OF THE SOLAR PHOTOVOLTAICS VALUE CHAIN
MERSEN: THE CAPABILITY TO BE ACTIVE IN SEVERAL MARKETS
AVERAGE SOLAR FARM SALES
€1m-€2m/GW
ENERGY STORAGE
INVERTERS SOLAR PANEL PROTECTION
30 CMD Mersen – November 2018SOLAR: A STRONG POTENTIAL THANKS TO ITS EASY INSTALLATION
MAIN COUNTRIES WITH UPCOMING SOLAR PANEL INSTALLATION PROGRAMS
SPAIN UK FRANCE NETHERLANDS GERMANY ITALY
CHINA
SOUTH
KOREA
UNITED JAPAN
STATES
TAIWAN
MEXICO
THAILAND
BRAZIL
AUSTRALIA
TURKEY EGYPT SAUDI ARABIA PAKISTAN INDIA
Source: Global Market Outlook for Solar Power 2018-2022 > 200 GW > 50 GW < 200GW > 10 GW < 50GW < 10 GW
31 CMD Mersen – November 2018ELECTRICAL PROTECTION OF SOLAR PANELS: A LOCAL MARKET THAT IS
WELL SUITED TO MERSEN’S GLOBAL OPERATIONS
Key Mersen EP segment operations
32 CMD Mersen – November 2018MERSEN’S STRENGTHS IN SOLAR PANEL PROTECTION
A COMPREHENSIVE RANGE GLOBAL OPERATIONS UNIQUE TESTING CAPACITIES
Recognized expertise in
high voltage (1500V DC) Allow Mersen to efficiently serve 3 test sites: St Bonnet (France),
the panel builder market Terrassa (Spain), Newburyport (United
HelioProtection® range for States)
Overcurrent protection
Ensure competitiveness and Recognized expertise in high voltage
Strengthening of Surge protection adaptability direct current transmission
range, by the acquisition of the
remaining stake in Cirprotec in 2018 Enable Mersen to meet market
demand for innovation and quickly
adapt its range accordingly
33 CMD Mersen – November 2018POWER CONVERSION: A SEGMENTED MARKET
HIGH VOLTAGE MEDIUM VOLTAGE
A market associated with solar farms A market associated with
rooftop solar panels
Significant technical constraints
Less powerful converters
increasingly associated with
energy storage systems
CAGR 2018-2022*
4-6%
* Sources: Yole, Mersen and other
34 CMD Mersen – November 2018MERSEN’S STRENGTHS IN POWER CONVERSION
LONG-STANDING RELATIONSHIPS A SOLID GLOBAL OPERATIONS BASE
A UNIQUE INTEGRATED OFFER
WITH MAJOR WESTERN OEMs
Busbars/High-speed fuses for Allows Mersen to keep up with
A sales structure dedicated to
semiconductor the design and production
key accounts, including:
protection/Cooling centers relocation
devices/Capacitors of our customers towards Asia,
GE, Siemens,
Schneider, ABB especially India
Optimized co-design of capacitors
TMEIC
and busbars
35 CMD Mersen – November 2018BREAKDOWN OF MERSEN SOLAR SALES
PROTECTION 18% CONVERSION 11%
POLYSILICON 24%
€45m
INGOTS 47%
2017 solar sales
36 CMD Mersen – November 2018MERSEN SOLAR SALES OUTLOOK
CAGR 2018-2023 est
8-12%
90-100
55-60
45
40
2016 2017 2018 est 2023 est
37 CMD Mersen – November 2018SOLAR MARKET STRATEGY
Increase the pace of growth by developing the
Mersen Galaxy JV
Examine opportunities to expand graphite
production capacity in the medium term
Bring the production of the electrical
protection and capacitors offers to Asia
Cultivate relations with China’s
major
market players in energy conversion
(Huawei, Sungrow, …)
38 CMD Mersen – November 2018ENERGY STORAGE, A BOOSTER FOR SOLAR! 39 CMD Mersen – November 2018
QUESTIONS ? 40 CMD Mersen – November 2018
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