Odyssey Semiconductor, Inc. Investor Presentation 2019 www.odysseysemi.com
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Odyssey Semiconductor, Inc. Investor Presentation 2019 www.odysseysemi.com
FORWARD LOOKING STATEMENTS
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this presentation includes some statements that are not purely historical and that are “forward-looking statements” within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements
regarding the Company’s and its management’s expectations, hopes, beliefs, intentions or strategies regarding the future, including the Company’s financial condition
and results of operations. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words “anticipates,” “believes,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “might,”
“plans,” “possible,” “potential,” “predicts,” “projects,” “seeks,” “should,” “will,” “would” and similar expressions, or the negatives of such terms, may identify forward-
looking statements, but the absence of these words does not mean that a statement is not forward-looking. The term “Company” in this presentation includes
Odyssey Semiconductor, Inc. and its wholly-owned JR2J, LLC subsidiary.
The forward-looking statements contained in this presentation are based on the Company’s and its management’s current judgment, expectations and beliefs, but our
actual results, events and performance could differ materially from those expressed or implied by the forward-looking statements. There can be no assurance that
future developments actually affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of
which are beyond the Company’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or
implied by these forward-looking statements, including those relating to potential fluctuations in our operating results, our possible dependence on a few large
customers for a substantial portion of our revenue, a loss of revenue if contracts with the U.S. Government, defense or other major customers are cancelled or
delayed, our ability to implement innovative technologies, our ability to bring new products to market, achievement of design wins over our competitors, the rate of
acceptance of our products in the market, the efficient and successful operation of our wafer fabrication and other facilities, our ability to adjust production capacity in
a timely fashion in response to changes in demand for our products, variability in manufacturing yields, our ability to successfully integrate our Ithaca wafer fab or
other facilities or entities we may acquire, our ability to obtain a Trusted Foundry accreditation for the wafer fab, industry overcapacity, inaccurate product forecasts
and corresponding inventory and manufacturing costs, dependence on third parties, our ability to attract and retain skilled personnel and senior management, the
dilution that may be caused to our stockholders’ ownership by our future need of substantial additional funding, our ability to protect our intellectual property, claims
of intellectual property infringement and other lawsuits, security breaches and other similar disruption compromising our information, and the impact of government
or environmental regulations. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary
in material respects from those expressed or implied by any of these forward-looking statements. The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
THESE MATERIALS DO NOT CONSTITUTE ANY OFFER TO SELL, OR THE SOLICITATION OF ANY OFFER TO BUY, ANY SECURITIES OF ODYSSEY OR ANY OTHER ENTITY. ANY
PRESENTATION TO THE CONTRARY SHOULD BE IGNORED.
“Odyssey Semiconductor®” and the Odyssey Semi logo are registered trademarks of Odyssey Semiconductor, Inc.
2
ODYSSEY SEMICONDUCTOR INTRO
Odyssey Semiconductor is a company aiming to disrupt the premium power switching device market using its newly
developed proprietary Gallium Nitride (GaN) power semiconductor technology
• Founded in Ithaca, NY by researchers from Cornell University.
• Recent development funded by grant from the Department of Energy Advanced Projects Agency (ARPA-E).
• Aim to rapidly develop GaN power semiconductor technology to capture a significant portion of the growing premium power
switching device market.
• Over $1M/yr in revenue from contract semiconductor R&D.
• Recently acquired prototyping facility that will simultaneously further development of GaN device technology and expand revenue from
R&D contracts.
3
EXECUTIVE LEADERSHIP AND PARTNERS
RICK BROWN JAMES SHEALY AL SCHREMER
CEO, CO-FOUNDER CO-FOUNDER VP RESEARCH &
DEVELOPMENT
• Principle Scientist Avogy, • Cornell Professor
Inc (Khosla Ventures • Former GE R&D Scientist • Former Scientist Macom
funded Startup) • Principal Scientific (NASDAQ: MTSI)
• Consultant, Akoustis Consultant, Co-Founder • Former Scientist BinOptics
Technologies (AKTS) Akoustis Technologies • 35 YRS Industry Exp., PhD
• Former Owner Cayuga (AKTS)
Micro Devices • 35 YRS Research Exp., PhD
• 10 YRS Industry Exp., PhD
UNIVERSITY COMMERCIAL
PARTNERS PARTNERS
4
RECRUITING SEASONED BOARD MEMBERS
RICK BROWN ALEX BEHFAR RICHARD OGAWA MIKE THOMPSON
CEO, CO-FOUNDER DIRECTOR DIRECTOR DIRECTOR
• Principle Scientist, Avogy, • Sr. VP, Chief Scientist, • General Counsel, Inphi, inc • Cornell Professor
Inc (Khosla Ventures Macom (NYSE: IPHI) • 23 YRS Laser Anneal Dev, Ultratech, Inc
backed startup) • Former BinOptics CEO • Registered US Patent Attorney (NASDAQ: UTEK), developed current
• Consultant, Akoustis Founder, sold company to • Responsible for Akoustis Laser Spike Anneal system that’s
Technologies (AKTS) Macom (NASDAQ: MTSI) Technologies (AKTS) Patent commercially sold by company and in
• Owner Cayuga Micro for $230M Portfolio use by major semiconductor
Devices • 30 YRS Research Exp., PhD • Board member, Amesite manufacturers such as Intel
• 10 YRS Industry Exp., PhD • 35 YRS Industry Exp.,BSCE & JD (NASDAQ:INTC)
5
APPLICATIONS: POWER CONVERSION CIRCUITS ARE UBIQUITOUS
LOW VOLTAGE MEDIUM VOLTAGE HIGH VOLTAGE
Power Supplies Solar PV Inverters Industrial Motor Drives Smart Grid
Wind Power Electric Train Propulsion
EV/HEV
100 V 1000 V 10,000 V
Odyssey Semi Focus
Odyssey Semi’s vertical-GaN device technology enables dramatic efficiency increases over competition for applications ranging from 600 V to 10 kV
6
THE MARKET: PREMIUM POWER DEVICE PROJECTIONS
Premium Power Switching Device
4000.
Market • EV/HEV motor drive and battery
3000. management.
2000.
• Charging station drive electronics.
1000.
0.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
SiC Discrete SiC Modules GaN Discrete GaN Modules
• “Premium” power switch applications defined
as those which traditional silicon-based
solutions become impractical or inefficient.
• Smart grid applications - “internet of things” for the power grid.
• Replacement of conventional transformers with solid state solutions.
• Market projected to reach >$3.5B by 2025. • Power conversion electronics in wind turbine/solar.
7
CURRENT POWER SEMICONDUCTOR DEVICE PLAYERS
Top 4 Power Semiconductor Discrete/Module Companies
• Odyssey Semi expects to capture a
sizable portion of the market for
SiC power switching applications
• Likely second source Tesla Model 3 SiC Device
• Tesla Model 3 SiC Device Supplier. Supplier. with its GaN products.
• ~$1B in sales in power discrete devices and • ~$3.4B in sales in power discrete devices and
modules. modules. • GaN both less expensive to
• NYSE:STM MKT Cap: $14.81B • OTC:IFNNY MKT Cap: $25.28B produce and offers significant
performance advantages over SiC
in system efficiency and system
size.
• No GaN devices at market with
• ~1.7B in sales of power discrete devices and • ~$1B in sales in power discrete devices and
ratings >650 V.
modules. modules.
• NASDAQ:ON MKT Cap: $8.75B • OTC: MIELF MKT Cap: $27.53B
Sell a mix of Si and SiC based power semiconductor products. The total market for
power discrete/modules is ~$18.5B with $0.5B of that being SiC.
8
MOTIVATION: WHAT IS A SWITCH-MODE POWER CONVERTER?
Broadly speaking, switch-mode power converters are used to efficiently transform one voltage
to another for the purpose of supplying power to and from different systems
120 V PC
INVERTER 120 V
PC
375 V
PC
400-0 V
18.5 V
• Simple case: Power converter (brick) converts power at 120 V wall plug to power to 18.5 V to safely charge
laptops/phones.
• Advanced case: Power converters charge 375 V batteries from 120 V wall plug / Power motor at 375 V from
variable battery voltage / Charge batteries from regenerative braking to 400 V.
9
WHAT IS A POWER SWITCH?
Power Device Material Comparison
High Voltage
Better
Current
Performance
Tesla Model 3 inverter
Module with SiC transistors
• A power switch is a semiconductor device that can switch • Different semiconductor materials are better suited to
large voltages and currents at high frequency. It is the heart making power switches.
of any power converter.
• For a given operating voltage, GaN is 1000x less resistive
• An ideal power switch presents little resistance in the “on” than Si, and 10x less resistive than SiC.
state, infinite resistance in the “off” state, and can switch
• GaN devices take up less area than Si or SiC, which lowers
between “on” and “off” at high speed with no stored charge.
their capacitance.
10POWER SWITCH PROPERTIES: EFFECT ON SYSTEM SIZE
Lower resistance results in switches that reduce power loss, but the smaller area needed to achieve a
resistance target also reduces the capacitance of the switch, which allows a faster system switching speed
• Inductors and transformers typically the
largest component in the system. 50 Hz 5 kW
Transformer
• GaN based solutions ~1/4 size of SiC based
solutions.
20 kHz 5 kW
• Smaller passive components cheaper than Transformer
larger variants (less copper… etc.). 200 kHz 5 kW
Planar transformer
• The system size of a power converter is inversely related to the switching speed at which it operates -
As switching speed increases, the size of the surrounding passive components become much smaller.
• GaN power converter circuits are ~4x smaller than SiC solutions for equivalent power ratings.
11PREMIUM POWER SWITCHING DEVICE COST: SiC vs GaN for EVs
4” SiC 4” GaN
~ $1,000 ~ $2,500 ST Micro SCTW100N65G2AG
650V/100A SiC power
MOSFET used in Tesla Model
3 inverter; there are 24 units
in each inverter module
1200 V SiC 1200 V GaN
Transistors Transistor
• GaN wafers are ~ 2.5x the cost of SiC wafers, but are 10x • Over 200,000 Tesla Model 3 units produced as of Jan 2019,
more area-efficient due to the material’s lower resistivity. this represents over 5,000,000 STM SiC MOSFETs: $200M+
market for Tesla Model 3 alone.
• 1 GaN transistor die is equivalent to 10 SiC transistor dies
for the same voltage rating: • 8.4 million/year EV, 25 million/year HEV to be sold by 2025:
Equivalent GaN parts 4x cheaper than SiC parts to >$3B market for power transistors.
produce.
12GaN SWITCHING TRANSISTORS: COMPETITIVE LANDSCAPE
Horizontal conduction
device technology has Odyssey Semi vertical
difficulty scaling beyond device advantage:
~650 V 650 V and beyond
• Many horizontal-conduction, HEMT-based products emerging from industry.
• Vertical-conduction devices require processing technology that isn’t yet developed.
• Few discrete parts available with ratings above 650 V.
• Odyssey Semi uniquely poised to enter into the >650 V device market with its vertical conduction device
technology.
13ACQUISITION: FULLY OUTFITTED MANUFACTURING FACILITY
Odyssey Semi Headquarters, Ithaca NY
• Facility has the tools needed to prototype vertical GaN devices.
• Facility supports revenue growth of >$20M/year from R&D contracts alone.
14GROWING IP PORTFOLIO
VERTICAL IP Portfolio
• Licensing 3 Patents from Cornell University
(in-process)
Power conversion • Patents authored by Richard Brown and
systems James Shealy
• US9991360B2
Power device • US8791034B2
topologies • US9299821B2
Power device • Internally generated 10+ Dockets
fabrication (currently in progress)
• Fabrication method patents.
• Device patents.
Power device
• System patents.
materials • Patents for use of tech in specific
applications.
15KEY TAKEAWAYS & CONTACT
Key Takeaways:
• Seasoned Researchers From Cornell and Industry.
• Premium Power Electronics Market is ripe for disruption (fragmented, performance driven).
• Integrated design and manufacturing (IDM) business model enables rapid deployment, differentiated solution.
Contact Us:
• Rick Brown
• rick.brown@odysseysemi.com
• 607-351-9768
16Appendix
ODYSSEY SEMICONDUCTOR AT A GLANCE
COMPANY PROFILE MISSION FOCUS
• Founded in 2016 by Dr. Richard J. Brown and Prof. J. Odyssey Semi’s mission is to disrupt the rapidly
Richard Shealy. growing premium power electronics market using
a novel Gallium Nitride (GaN) high voltage power
• Current Sales: > $1M/year from power transistor sales,
transistor for switching applications.
R&D contracts.
• Financed core technology to date from ARPA-E (US Dept
of Energy) research contract.
• Recently acquired advanced processing facility to
accelerate R&D of core technology.
LARGE, GROWING PREMIUM MARKET
• Rapidly growing IP portfolio from Company work
product and Cornell blocking patents. Premium power electronics market is $1 billion in
2019, growing to $3.5 billion by 20251
• Closed $3M funding round Summer 2019 to accelerate
growth development of core technology
1.) 2025 Estimates From: IHS Markit “SiC and GaN Power Semiconductors Report - 2018”
19GAN VJFET DEVICE COMMERCIALIZATION MILESTONES
Develop high voltage
GaN VJFET prototypes
for sampling
Design devices
specifically for
strategic partners Created by Deadtype
1 Year
Design modules to be used by strategic partners, get parts
JEDEC qualified, begin getting modules JEDEC qualified,
work to freeze designs for a handful of strategic products
Freeze designs and begin
producing discretes/modules
in production quantity
2 Years
1 Year 20MEDIUM TO HIGH VOLTAGE SWITCHING ELEMENT GROWTH DRIVERS
Industrial motor drives EV / HEV power systems Grid connected renewable power systems
• Electric vehicles projected to account for over • Solar power accounted for 30% of all new
• Motor drives consume an estimated electric generating capacity brought online in
45% of all power generated in world. 21% of all vehicle sales by 2025.
2018.
• Adoption of GaN-based drive systems could • GaN-based power conversion systems will
• Reduce energy consumption by 10- reduce system size and increase efficiency and
30% in 40-60% of drives with VFD. potentially increase efficiency by 15%.
reliability.
• EV power electronics market CAGR of 19% from • PV power electronics market CAGR of 16% to
• VFD market CAGR of 6.7% to 2025 2023
• $33.1B market size by 2025 2017-2025.
• $22.7B market size by 2025 • $24.5B market size by 2023
2
1POWER CONVERTER SYSTEM LOSSES: Si vs. SiC vs. GaN
Simulated Power Losses: Si, SiC, GaN Based Systems
• GaN system at 200 kHz has less
loss than SiC system at 50 kHz.
Power Loss (W)
• GaN system would be ~1/4 the size
of a SiC system.
• Smaller size, lower cost, greater
efficiency.
• Replacing SiC devices with GaN devices has the potential to reduce power loss by 50-70% compared to SiC.
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