September 26, 2014, 10:10am
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FEATURE
Week's Special
DYE: TECHNOLOGY LEADER, PRODUCT SUPPLIER OF THE DYE SOLAR CELL - BOTH
LIQUID COATINGS AND SOLID STATE - EFFICIENT, AFFORDABLE, LONGER LASTING
THAN P/V PANELS - A DISRUPTIVE TECHNOLOGY THAT WILL REPLACE THE P/V PANELS
OF TODAY - BACKED FINANCIALLY BY TASNEE WITH 26%
By Jenny Prabhu and Gerald Stanley
Dyesol is the global leader in the supply of Dye Solar Cell (DSC) and solid-state DSC (ssDSC)
materials and technology – 3rd Generation solar technology. It partners with global manufacturers
and academic researchers to develop and commercialise a solar technology capable of
fundamentally transforming the way energy is produced and consumed.
Dyesol Ltd's foundation technology is the dye sensitised titania solar cell (the Grätzel cell, now
known as the Dye Solar Cell) for which Dyesol acquired the worldwide licence from the inventor
Prof Michael Grätzel at EPFL in Switzerland in the 1990’s. Prof Graetzel chairs Dyesol's Technical
Advisory Board.
Dyesol today is an international company, still headquartered in Queanbeyan, near Canberra, with
partners, subsidiaries and joint ventures in the UK, USA, Italy, Switzerland, Singapore and South
Korea.
DSC is a photovoltaic technology that is inspired by photosynthesis and, when integrated into
cement, glass, metal or polymeric building materials, enables the materials to generate their own
energy. Solar enabled buildings are categorised as the rapidly emerging field known as Building
Integrated Photovoltaics (BIPV).
With the recent transition from liquid DSC to solid state DSC (ssDSC) materials, Dyesol’s
technology has proven to be a durable and competitive alternative to fossil fuels.
While ssDSC is still in the R&D phase of development and not yet available for purchase, Dyesol
remains on an aggressive path to commercialisation with a demonstration product expected in 2016
followed by a commercial product in 2017/18, aided by funding from Saudi Arabia industrial
materials giant Tasnee (Cristal), a 26% shareholder in Dyesol.
Meanwhile, Dyesol continues to earn revenue from its supply of perovskite precursors, high purity
sensitising dyes; titania pastes & platinum pastes; electrolytes; sealants for use in flexible and rigid
devices; substrates and silver inks, to more than 62 countries around the world.
Dyesol significantly expanded its distribution network in August when it entered into a Global
Distribution Agreement with US based Sigma-Aldrich, a world leader in the marketing of fine
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
1
September 26, 2014, 10:10am
chemicals in life science and high technology .
Dyesol now has the most comprehensive catalogue of ssDSC materials and equipment available
internationally – launched at HOPV 2014.
(Dyesol undertakes DSC and ssDSC materials manufacture at its Australian headquarters, and also
engages with multinationals, such as Merck, for bulk / mass material (chemical) manufacture).
The market for Dye Solar Cells (DSCs) is enormous. Every building, every factory, every new
structure is a potential candidate to create its own solar energy with the Dye Solar Cells (DSC) in
liquid or solid form - coating glass, metal or plastic substrate with a coating thinner than a hair's
breadth - supplying solar power in low light as well as full sun - without the need for solar panels,
or their construction costs and space requirements.
The Building Integrated Photovoltaics market is expected to grow from US$2.4 billion this year to
nearly $6 billion by 2017 and nearly $23 billion by 2021, according the NanoMarkets BIPV
Markets Analysis and Forecasts 2014 – 2021 report released in July 2014.
It is a disruptive technology that can revolutionise the way businesses, cities and towns create the
power they need. It is lower cost than the conventional silicon based photovoltaic technology as
well as using lower energy and more widely available raw materials in its manufacture and most
importantly it produces electricity in even low light conditions (e.g. in shade, cloud, pollution and in
Europe during the winter months) rather than requiring bright sunlight, making it ideal for the
Northern Hemisphere and in cities.
The two-step fabrication using key DSC input materials and specially formulated 18nr-t titania
paste have established a record accredited efficiency of over 17% for a solid-state dye solar cell
(SSDSC) (vs conventional p/v cells that generate output under best conditions of 13/17%).
The sensitiser layers on any DSC panel amount to a thickness around 50-100 times thinner than a
human hair. There are aesthetically appealing product integration options including transparency,
opacity, artistic designs and colour variation. It uses widely available non-toxic environmentally
friendly raw materials, making it highly sustainable. Manufacture is low energy and low cost and
does not require highly skilled labour.
The DSC product has to be included in manufacture by the OEMs. Dyesol partners with leading
multinational manufacturers who possess strong brands and established routes to market – who seek
to embed Dyesol’s technology into their own products to diversify their product offering.
This Capital Light business model avoids the costs and risks associated with investment in
manufacturing facilities.
Dyesol has established partnerships around the world and is currently in discussions with an
Australian building materials company.
Directors are dedicated and long serving. Dyesol employs 61 staff, including highly rated scientists
and technical staff operating across many sites, in several countries, while remaining headquartered
in Australia.
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
2
September 26, 2014, 10:10am
DYESOL LTD - A SNAPSHOT
Dyesol Ltd, which listed on August 31 2005, was a "second coming" on the ASX lists, preceded by
Sustainable Technologies Ltd, which listed in 1998. In 2006, Dyesol acquired STI and the shares
held by Prof Michael Grätzel the inventor of the Graetzel Cell. Dyesol acquired Greatcell, its Swiss
subsidiary, in 2007.
From Wikipedia: DSC technology was invented at the Institute of Physical Chemistry, of the Swiss
Federal Institute of Technology in Lausanne, Switzerland in 1988 by Brian O'Regan and Michael
Graetzel. Their paper, " A low-cost, high-efficiency solar cell based on dye-sensitized colloidal
TiO2 films" published in 1991 in the journal Nature was the catalyst that spawned a whole new
industry and a whole new way of looking at harvesting electrical power from sunlight. Since that
time Prof Michael Grätzel , now at Switzerland's École Polytechnique Fédérale de Lausanne
(EPFL), has remained strongly focused on DSC technology, received numerous awards and
accolades in relation to the invention of DSC, and maintained close links to Dyesol as Chairman of
Dyesol's Technical Advisory Board.
From 1994, STI and Greatcell teams in Australia and Switzerland further developed DSC
technology and established the world's first DSC prototype manufacturing facility in Australia in
2000. Key to that development phase was the invention of processes, new materials, and equipment
to manufacture DSC products.
About Dyesol’s Technology
Solid State Dye Solar Cell technology is a photovoltaic technology based on applying low cost
materials in a series of ultrathin layers encapsulated by protective sealants.
Compared to conventional silicon based photovoltaic technology, Dyesol’s technology has lower
embodied energy in manufacture, produces a stable electrical current, and has strong competitive
advantage in low light conditions. The technology can be directly integrated into the building
envelope by replacing conventional glass panels or metal sheets rather than taking up roof or extra
land area to achieve highly competitive building integrated photovoltaics (BIPV).
The material layers include a hybrid organic-inorganic halide-based perovskite light absorber, nanoporous metal oxide of titanium oxide, and an organic semiconductor.
Light striking the absorber promotes an electron into an excited state, followed by a rapid electron
transfer and collection by the titania layer. Meanwhile, the remaining positive charge is transferred
to the organic semiconductor, thereby generating an electrical current.
Solid-state dye solar cells (ssDSC) share many familiar materials and processes with their more
established liquid-state cousins. However, with the more recent developments, boundaries between
DSC and more traditional p-n heterojunctions have become blurred, Dyesol reported on its web
page.
Dyesol established a 2 year collaboration with Singapore's Nanyang Technological University in
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
3
September 26, 2014, 10:10am
2012, the world leader for "spot cell" or "hero cell" DSC efficiency, as registered by the US
National Renewable Energy Laboratory.
During FY2012, Dyesol achieved a 15% increase in liquid DSC efficiency performance, up from
6% to 8% for long term stable, industrial sized strip cells, and passed the stringent 1000 hour 85°C
stress test, as required by IEC PV test standards.
Test results out of the USA and Singapore indicate liquid DSC strip cell performance in the range of
7.5 – 9%. An important point in this ongoing research into efficiency and product optimisation is
that by using larger strip cells – instead of small ‘spot cells’ or ‘hero cells’ as others in the industry
do – a valid representation of commercial product performance in the real-world is gained.
There are presently four main solid-state DSC families under investigation:
 Dye-based absorber plus solid organic hole transport material;
 Dye-based absorber plus solid perovskite hole transport material;
 Perovskite-based absorber plus solid organic hole transport material;
 Planar perovskite + htm.
These are in addition to a p-n heterojunction variant of 3.
The average functioning life of a DSC or ssDSC product is forecast at 5 years for early entry
product in restricted markets, and 20+ years for subsequent BIPV products. A key element of BIPV
products is that even though electrical output may decrease slightly over the lifetime of the product,
aesthetic appearance is required to remain consistent.
By virtue of their printable nature, DSC (liquid or solid) has a much wider design range compared
to conventional 1st generation silicon photovoltaics. This results in the ability to tailor and customise
both aesthetics, as well as select any desired electrical parameter output. As such, DSC and ssDSC
can easily utilise existing industry standard inverters and related technology, and also have the
further option to push towards more energy efficient high voltage – low current configurations
which are more challenging with incumbent technologies.
The Perovskite Precursors.
All Dyesol Perovskite Precursors provide guaranteed performance, high reproducibility,
stable/consistent results, and are of the highest purity.
*Dyesol and its subsidiaries have 14 patent families and access to further patent families through
partnerships, including those with EPFL and NTU.
Recent Milestones:
*On May 8 2013 Dyesol announced its solar enabling technology has exceeded a key international
photovoltaic industry standard test for long term durability by 400%.
Dyesol chief scientist Dr Hans Desilvestro said the gold standard for novel photovoltaic device
development is certification by an international standard such as IEC 61646 where one of the
harsher tests requires product stability at a constant temperature of 85 degrees C for over 1000
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
4
September 26, 2014, 10:10am
hours. Dr Desilvestro announced, "Dyesol has tested its industrially scalable Dye Solar Cell
materials and the material set maintained over 90%".
(Solid State Systems meet the technical challenges of mass manufacturing Building Integrated
Photovoltaic products and will allow Dyesol and its multinational commercialisation partners to
address the multi-billion dollar global market).
On July 11, 2013 Dyesol/EPFL announced a new record DSC efficiency. Prof Michael Grätzel
stated "Our research work on solid-state dye solar cells (ss-dsc) is now achieving efficiencies
exceeding 15% .
"Currently, the official accredited World Record Efficiency is 14.1% however efficiencies
exceeding 15% are being achieved in the laboratory using perovskites , and experts are forecasting
well beyond 20% as achievable not too distantly".
*March 2014 Dyesol explained its Technical Advisory Board, chaired by Prof Michael Grätzel, met
and marked the accomplishment of its first formal technical milestone in achieving an industrial
efficiency performance of 9% efficiency for solid-state strip cells. To Dyesol’s knowledge, this was
the highest efficiency recorded using the new ssDSC material set on strip-cells, a surrogate for
industrial validation and an important step in the process of industrial scale-up. Dyesol’s
Technology Advisory Board has a formal set of milestones that it will report against. Dyesol also
reported promising results and invention in the area of blocking layers and high stability hole
transport materials.
*June 2014 Dyesol reported rapid progress during FY13/14 achieved in R&D laboratories,
including EPFL and NTU, where laboratory cell conversion efficiency increased from 11.3% to
17.9% in the 12 month period. At that time the world-record accredited performance for ssDSC was
at 19.3%, evidence that the new technology has all the attributes to effectively launch and
successfully complete with 1st and 2nd Generation PV technologies.
DYESOL LTD FINANCIALS
Code:
DYE
Last Traded price
28c.
Shares Issued
303.4m
Market Cap
$85.0m
Year ended June 30, Values in $m’s
INCOME
2014
2013
Op Revenue
0.71
0.95
Op (loss)
(15.04) (12.33)
Net (loss)
(12.58)
(9.40)
(Loss)PS (Cents)
(4.95)
(4.75)
The net losses included impairment of Intangibles and
Goodwill as follows:
2014
2013
$3.51m
$2.55m.
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
5
September 26, 2014, 10:10am
BALANCE SHEET
Current Assets
Non Current Assets..
Current Liabilities
Non Current Liabilities
Intangibles
Net Tangible Assets
Gearing (Net of Cash) %
NTA per share (cents)
Shares Issued (m’s)
2014
11.74
5.79
2.75
1.55
13.23
5.02
8.21
.nil
2.7
303.4
2013
8.60
9.33
6.41
1.80
10.72
8.28
2.44
.nil
1.1
221.4
Cash Flows:
Cash on hand (at open)
Operating Activities
Investing
Financing Activities
Cash on hand at Year end
2014
5.10
(7.00)
(2.81)`
9.89
5.18
2013
2.32
(4.03)
(1.17)
7.98
5.10
Net Assets & Shareholders' Funds
Directors:
Ian Neal, BCom, Dip Sec, Non-Executive Chairman - appointed 5 May 2014
Mr Neal is also Chairman for The Executive Connection and works with CEOs and entrepreneurs to
help them maximize the value of their businesses.
Mr Neal was a co–founder and Managing Director of Nanyang Ventures Pty Ltd, which had a total
of $140 million under management, invested in 27 companies across a range of industries from high
technology to advanced manufacturing. Companies backed by Nanyang ranged from start up to $50
million in revenue.
Mr Neal has a strong background in financial markets, moving up the ranks from equities analyst
through various executive banking positions until establishing Nanyang Ventures in 1993 with his
partners.
Mr Neal is a Life Member of the Financial Services Institute of Australasia and is a past National
President of the former Securities Institute. Ian holds a Bachelor of Commerce with Merit from the
University of NSW (double major in Business Finance and Accountancy) and a Diploma from the
Securities Institute of Australia.
Up until Ian's appointment as Non-Executive Chairman, he held the position of Non-Executive
Director with Dyesol. A position he was appointed to in September 2006.
Richard Caldwell, BEc LLB Sfin, Managing Director - appointed 5 May 2014
Richard Caldwell, as Managing Director, Dyesol Limited, takes the executive responsibility for
finance, mergers and acquisitions, investor relations, capital raising and also assists with substantial
contract negotiations. He also chairs the Executive Committee.
Richard has a strong background in advising many successful high-tech Australian companies and
assisting with public listing – particularly in the technology, biotechnology, and telecommunications
sectors.
Before joining Dyesol, Richard had a twenty-five year career in securities trading and investment
banking. He was Head of Corporate Finance and Equity Capital Markets at StoneBridge, Head of
Equity and Capital Markets at Burdett Buckeridge and Young, and held a number of senior
management positions at Citibank in Sydney and JP Morgan in London.
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
6
September 26, 2014, 10:10am
Richard holds a Bachelor of Laws and a Bachelor of Economics from Sydney University. He also
has a Post Graduate Diploma in Finance from Finsia. For a number of years he was responsible for
teaching the Equity Capital Markets stream in the Masters of Finance at Macquarie University.
Recently he was appointed as chairman of the Ascham School Foundation.
Prior to being appointed Managing Director, Richard held the position of Executive Chairman from
20 October 2009 to 5 May 2014 and Non-Executive Chairman since 2005.
Gordon Thompson, BE(Hons), M.EngSc, FIE (Aust), Non-Exec Director - appointed 4 November
2004
Gordon is a Non-Executive Director of Dyesol Limited Australia’s leading dye sensitized solar cell
company, and has a particular focus on technology commercialisation and industry relationships. He
was part of the team that created Dyesol as an ASX listed entity.
Gordon has an extensive background and experience in renewable energy and water resources
sectors and international business development. He was the founding Managing Director of the
United Nations sponsored International Centre for the Application of Solar Energy and was the
founding Chairman of the Sustainable Energy Industry Association of Australia.
Gordon holds a Masters of Engineering Science from Monash University, is a Fellow of the
Institution of Engineers Australia, a Member of the Australian Institute of Company Directors and
completed the advanced management program of the now Melbourne Business College (Mt Eliza).
Gerry Grove-White, BSc (Hons) Mech. Eng, Non-Exec Director - appointed 10 August 2011
Mr Grove-White, as a Non-Executive Director of Dyesol Limited shares responsibility with the
Board of Directors for developing corporate strategy, contributing to business and strategic
planning, commercialization projects and marketing programs.
Mr Grove-White brings over 4 years’ international experience in power generation (gas, oil, coal,
nuclear, wind, hydro and geothermal). His experience includes extensive project management and
financing of IPPs, in addition to a wide range of operational engineering experience.
In addition to his work with Dyesol, he is a Non-Executive Director of Adani Mining, and is also
advising E.ON International.
Mr Grove-White was the Managing Director of Geodynamics -an Australian geothermal company
and has also held a number of senior management roles around the world, including Managing
Director of Eraring Energy and COO of Tata Power (India’s largest private generator).
Nicola Swift, CFA, BA (Mod) Legal Science, MA, MAICD, non-exec dir, apptd 6 Sep 2013
Mrs Swift, as Non-Executive Director of Dyesol Limited, shares responsibility with the Board of
Directors for developing corporate strategy, contributing to business and strategic planning,
commercialization projects and marketing programs.
Mrs Swift has a deep interest and experience in business with over 15 years in the international
investment management and securities industry. Her expertise is in rigorously analysing and
investing in a range of both listed and private companies at varying stages of their development.
She has held senior roles as a Fund Manager, Equity Analyst and Director of Global Research in a
career divided between London, Sydney and Boston with global institutional investors Alliance
Capital Management, AMP, and Independence Investment Associates.
Mrs Swift is a Chartered Financial Analyst, holds a Law Degree and a Master of Arts from Trinity
College, Dublin and is a Member of the Australian Institute of Company Directors. She is an exVice Chairman of the Board of Trustees of the Meadowbrook School in Massachusetts and is
currently a Board Member of the Ascham Foundation in Sydney.
Antoine (Tony) Shirfan, M. Eng (Mech) Non-Exec Director - appointed 2 May 2014
Mr Shirfan joined the Dyesol Board in May 2014. He received his initial Bachelors Degree in
Engineering in Beirut at the American University before achieving his Masters in Engineering at
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
7
September 26, 2014, 10:10am
Maine University in the United States.
Mr Shirfan has a long history in successfully developing chemical and mining assets, including
working with Cristal in their global operations and as Managing Director of Bemax Resources, a
mineral sands miner formerly listed on the Australian Securities Exchange.
Mr Shirfan's appointment strengthens co-operation and communication with strategic investor,
Tasnee.
Partnerships
Partnerships include, but are not limited to the following:
Business Partners
TASNEE (Assistance with future funding and guarantees ) Saudi Arabia
Cristal ( Supplying Nano-Titania for use by Dyesol partners ) Saudi Arabia
Nesli (Turkey)
Academic Partners
EPFL (École Polytechnique Fédérale de Lausanne) headed by Dr Graetzel in Switzerland -On going
Research mainly into Solid State DSC (ssDSC).
Nanyang Technological University Research into Solid State DSC (ssDSC) Singapore/Australia
CSIRO Research into Solid State DSC (ssDSC) Australia
Industrial Partners
Merck KGaA ( Supplying electrolytes,Ionic liquids )
Sigma-Aldrich (Global Distribution of DSC and ssDSC Materials)
Suppliers
Sefar AG Supplying transparent conducting film for use by Dyesol partners
Pilkington Supplying Transparent Conductive Oxides (TCO) for use by Dyesol partners
SIA Engineering Company/Meerkat Manufacturing facilities for use by Dyesol Partners
Government/private partnerships:
SPECIFIC
EPSRC
Innovate UK
Subsidiaries
Dyesol-Timo ( ssDSC & Liquid DSC on Glass / Polymers / Steel ) South Korea
Dyesol-Printed Power Pte Lte (Research into Combined Energy Generation and Storage(CEGS)
Singapore
Substantial shareholders:
Insiders (including Tasnee) – 30%
Australian Retail – 35%
European/UK – 30%
Institutional – 5%
(Our first Week's Special was on June 12 2009. Dyesol was trading at 86.5c).
This market report is provided in good faith from sources believed to be accurate and reliable. OzEquities
directors and employees do not accept liability for the results of any action taken on the basis of the information
provided or for any errors or omissions contained therein.
8