Next generation solar power
January 2015
Perovskite –
a breakthrough in
solar technology
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Perovskites have caught attention far beyond the scientific community
“Among the 10 science top
breakthrough of 2013.”
Science – Dec 2013
“Perovskite photovoltaic cells have
rapidly become one of the hottest areas
in energy research over the past few
years.”
IEEE spectrum – May 2014
“The perovskite crystals let researchers
dream of a golden solar age.”
Süddeutsche Zeitung – Aug 2014
“Perovskites are the clean tech material
development to watch right now.“
The Guardian – Mar 2014
" This might be one of the materials that
is going to change the game.“
NREL – Aug 2014
“Perovskite offers shot at cheaper solar
energy.”
The Wall Street Journal – Sep 2014
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Perovskite represents the most significant breakthrough in solar
technology since the 1970s
Photovoltaic cell efficiency records
Increasing photovoltaic cell efficiency is today’s
#1 lever for further cost reductions of solar power…
30%
…but the efficiency of market-dominating crystalline
silicon and established thin-film technology has
plateaued
(no further
progress)
silicon
20%
20.1%
Perovskites
Perovskite takes solar technology to a whole new
level :
•
Extremely fast progress in R&D demonstrates
game-changing potential
•
Theoretical maximum (>30%) far exceeds silicon
for single junction cell
•
Uses abundant, inexpensive materials, with a
simple cell structure, low wastage and low
manufacturing cost
•
Printed as a second layer on top of standard PV
cells to increase absorption and efficiency
10%
thin-film
(CdTe, CIGS)
0%
1970
1980
1990
2000
2010
2020
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What is a perovskite based solar material?
The mineral perovskite
Typical perovskite solar absorber
Titanium
Methyl ammonium
Oxygen
Halide
Calcium
Lead
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Evolution to revolution
No longer a dye-sensitised cell
DSSC
(Dye Sensitised
Solar Cell)
Glass
SnO2:F (FTO)
Perovskite
(ETA) cell
Pt Cathode
Solid DSC
Electrolyte
(iodide/triiodide)
(Dye Sensitised
Cell)
sintered nanocrystals
Dye
150 nm
Ag Cathode
TiO2
200 nm
Hole-transporter
(Spiro-OMe TAD)
(Extremely Thin
Absorber)
Ag Cathode
(Meso Super
Structured Cell)
Ag Cathode
ETA
10 m
1.8m
Compact TiO2
150 nm
Perovskite
thin-film cell
(p-i-n)
HTM
Dye
TiO2
Perovskite
MSSC
60 nm
0.5 to
2 m
TiO2
Compact TiO2
60 nm
HTM
150 nm
HTM
Perovskite
AI2 O2
Compact TiO2
Ag Cathode
<0.5
m
Thin film
Perovskite
60 nm
Compact TiO2
SnO2:F (FTO) Anode
SnO2:F (FTO) Anode
SnO2:F (FTO) Anode
SnO2:F (FTO) Anode
SnO2:F (FTO) Anode
Glass
Glass
Glass
Glass
Glass
2011
5% efficiency
500 oC process
UV instability
2014
17% efficiency
150 oC process
UV stable
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17% efficient planar perovskite solar cell
Perovskite solar 1/200 thickness of
c-Si solar cell
Efficiency at maximum power point 17%
Current density (mAcm -2)
20
Spiro-OMe TAD
Perovskite
Compact TiO2
FTO
Jsc: 21.3 mAcm-2
Eff: 17.0%
Voc: 1.04 V
FF:
0.77
Intensity 101 mWcm-2
10
0
0.0
0.2
0.4
0.6
0.8
1.0
1.2
-10
1m
-20
Applied bias (V)
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Perovskite performance roadmap
Onwards to 30% efficiency (with perovskite tandems)
Efficiency roadmap
30% Expected monolithic
perovskite tandem efficiency
Cell efficiency (%)
25% Highest reported crystalline
silicon single cell efficiency
17% + Current Oxford PV
perovskite lab performance
equivalent to typical
production silicon PV panel
efficiency
25% Expected single
junction perovskite cell
30
25
20
15
10
5
0
2010
2011
2012
2013
2014
2015
2016
2017
Year
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Production of silicon and silicon wafers is expensive and wasteful
Expensive, high-energy process generating high levels of waste material
from sand
to
Metallurgical
Grade Silicon
(MG Silicon)
Sand
SiO2 + C
Coke reduction in arc
furnace at 1800 C
Hydrogen Chloride
HCI
silicon
High purity
Trichlorosilane
HSiCl3
HCI
Hydrogen
Disolve in HCI at
300 C + distillation
Siemens process
at 900 C
Various Gasses
Modified Siemens
process
Electronic-grade
High purity
polysilicon 
9N
Polysilicon  6-7N
Upgraded
MG silicon
>5N
Solar-grade
Chemical refinement
from silicon
wafer
to
Solar grade
Polysilicon
Melting
Czochralski pulling
Wings, top and tail recycling/etching
Cutting/
squaring
Squared
ingot
Wire
sawing
Cleanin
g
Wafer
Slurry
recycling
Steep cost reduction curve is saturating: after streamlining, the silicon
PV industry will be limited to incremental cost reductions in the future
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Production of perovskite cell
Simpler, lower cost, lower embodied energy, greatly reduced environmental impact
from salts
to
+
Yellow
precursor salt
+
White
precursor salt
from perovskite liquid
Incoming
coated glass
perovskite
=
Organic
cation source
Perovskite liquid
formulation
to
Deposit
titanium dioxide
Deposit perovskite
perovskite solar panel
Deposit hole
transport layer
Finished panel
with back contact
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Why perovskite solar cells have enormous potential
CdTe
CIGS
c-Si
Perovskite
Raw materials cost
Low
Medium
Low
Low
Finished material cost
Low
High
High
Low
Fabrication cost
Medium
Medium
High
Low
Energy payback
period
Medium
High
High
Low
LCOE
Medium
High
High
Low
Efficiency
Medium
Medium
High
High
Characteristics
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Market applications
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Tandem Solar Cells
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The biggest boost to silicon cell efficiency ever seen
Oxford PV’s tandem solution:
• Perovskite stack is printed on top of conventional silicon PV cells
• Will add 3–5% absolute cell efficiency
• Is easily integrated into existing PV manufacturing lines
• Adds minimal additional cost
Tandem cell structure:
Perovskite cell
Silicon cell
Drop-in replacement product
• A PV module with perovskite tandem
cells is identical to other PV modules
• As a drop-in replacement, installers
can switch modules without changing
anything else
Tandem structure adds value.
• A printed perovskite cell on top of a
silicon solar cell ‘turbo-boosts’ the
module efficiency, producing more
electricity from the same unit area
•
Upgrade of existing manufacturing
facilities
• Oxford PV's technology is an add-on
for existing manufacturing lines
• No need for large capital expenditures
to build new manufacturing facilities
It allows the module manufacturer to
differentiate and charge higher prices,
and accelerates the operator’s payback.
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Oxford PV’s technology increases the amount of solar energy which can
be converted to electricity
Solar spectrum and energy harvested by PV cell
Silicon, single junction:
only fraction of energy
captured, theoretical
performance limited to
27%, but practically and
economically limited to
~25%
Energy
converted by
silicon cell
Silicon cell
Wavelength
Silicon cell enhanced with
tandem perovskite cell on
top: Efficiency >28%
possible
Additional
energy
converted by
perovskite cell
Perovskite cell
Silicon cell
Wavelength
Oxford PV's perovskite technology
removes existing limitations by
efficiently harvesting the energy-rich
parts of the solar spectrum.
Long-term evolution to perovskite-onperovskite tandem cell structure
promises potential for further cost
reduction and efficiency gains.
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Tandem – a large and near-term opportunity
Short time to market
Lean business model of Oxford PV
•
Piggyback on existing industry
•
•
Drop-in product avoids typical
obstacles in adapting a new
technology, fast adaptation of
downstream part of the PV
value chain is achieved
► A product being perceived as
the “industry standard” allows
short time to market
Instead of building capital-intensive
manufacturing facilities, Oxford PV
offers its technology to companies
with existing manufacturing
facilities
► Allows Oxford PV to have a highly
scalable, capital-efficient business
model based on licensing
However, we believe that ultimately our perovskite could replace silicon
completely in PV and other applications.
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Building-Integrated PV
(vision glass and opaque spandrels)
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Building industry terminology
Central core
Floor plate
Vision glass
Spandrel
Floor
plates
Façade
Spandrel
shadow box
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$10bn BIPV market potential by 2023
Offering payback on installations of 5 years
Cheesegrater
2.1 MWp
1,001 MWh/yr
499 t CO2/yr saving
Vision only
Vision &
spandrel
The Scalpel
2.1 MWp
940 MWh/yr
451 t CO2/yr saving
Vision glass: 6%
minimum efficiency
Spandrels: 15%
minimum efficiency
Vision &
spandrel
Walkie Talkie
2.3 MWp
1,180 MWh/yr
606 t CO2/yr saving
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Cell and module efficiency sliding scale
At scale and volume
13.6%
8.5%
Cell efficiency
Module efficiency
100%
Fully transparent
5.1%
4.5%
6.8%
7.5%
10.2%
12%
17%
9%
6%
70% 60% 50%
Efficiency
15%
Approximately linear drop
in efficiency with transmission
40%
20%
0%
Fully opaque
Visible Light
Transmission (VLT)
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Business model
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Target markets worth $110bn annually, and growing quickly
1
Tandem boost to existing silicon PV ($100bn market)
short-term launch,
low-capital,
mass market
2
BIPV– Building Integrated PV ($10bn market)
Future
stand-alone
perovskite
solution
mid-term,
high-margin,
niche market to begin with
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Licensing strategy
High margin, low capex.
The market
Fulfillment
Facilitation
Intellectual
property
Glazing licence
Solar licence
Participation in chemical supply
chain partnerships
Oxford PV
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First Priority – tandem solar cells through existing manufacturers
$100bn annual market (2023)
The global markets
Rooftop
Ground-mounted
Generating capacity
added in 2023
36 GW
29 GW
Market Value 2023 ($ bn)
$56bn
$44bn
(50% modules, 50% installation)
Forecasts derived from EPIA Global market outlook 2013 – 2017.
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Oxford PV’s technology gives 15% reduction in cell output cost / W
Cell production cost [USD/module] –
60 cell module
5%
increase
Cell Output cost [USD/W]
$103.20
$109.03
15%
reduction
Standard n-type
module
n-type module with
Oxford PV
technology
Module output [W]
20%
increase
258 W
310W
Standard n-type
module
n-type module with
Oxford PV
technology
$0.40
$0.35
Standard n-type
module
n-type module with
Oxford PV technology
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Improved efficiency leads to lower installation cost and higher
energy output
n-type module with
Oxford PV
technology
Efficiency: 24%
Standard n-type
module
Efficiency: 20%
> 20% more
energy from
the same area
• Installation size ~ 6.5 kW
• Installation size ~ 7.8 kW
• Non-module installation
cost1 ~ USD 6000
≙ 0.92 USD/W
• Non-module installation
cost1 ~ USD 6000
≙ 0.77 USD/W
• Annual energy
generation1,2
~ 6.5 MWh
• Annual energy
generation1,2
~ 7.8 MWh
1 Not
• Oxford PV technology enabled
high efficiency modules
generate significant value by:
• lowering installed cost by
>0.15 USD/W
• enabling system owners
to generate additional
income from limited roofarea
• Due to additional value
creation, a price premium can
be charged for modules using
Oxford PV’s technology
including inverter costs; UK market prices assumed
of 1000 kWh/kWp for southern UK location
2 Yield
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Additional potential : vision glass and spandrels
$10bn annual market (at 6% market adoption of PV glass)
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The company
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Leading head behind perovskite development is part of Oxford PV’s team
Prof. Henry Snaith, Oxford University. Co-Founder and Director of Oxford PV
2014 Materials Research Society Outstanding Young
Investigator Award
Nature named Prof. Snaith as one of the ten scientists globally
who made the most difference in science during 2013 – for work
on next generation solar power technology
Leads a team of 20 scientists researching the use of perovskite
in solar power
A prolific author of patents, he and his team feed into Oxford
PV’s own team of around 30 scientists, who perfect the
technology and processes for scale up to manufacture
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Strong, experienced and successful management team
Dr. David Fyfe, Executive Chairman. His highly distinguished career includes ten years
running Cambridge Display Technology (CDT), which he built from a research company,
through a NASDAQ flotation, to it’s sale to Sumitomo Chemicals. He has held a wide
range of high level posts in the chemical and materials industries and sits on a number of
boards around the world.
Kevin Arthur. Co-Founder and CEO. A highly experienced entrepreneur with 30 years
experience in the semiconductor sector. Previously, Kevin was the founding CEO of
QuantaSol Ltd and held leadership roles with other high growth technology companies
like Mitel semiconductor, SiTel Semiconductor and TRW LSI products.
David Smyth, CFO. A highly successful CFO with 30 years experience in dynamic
technology companies. He was one of the original management team at Orange and
integral to its every stage of its growth and success. He has managed many fund-raising
exercises and delivered huge value through IPOs and trade sales.
Dr. Chris Case, CTO. Chris brings a strong track record of technology and IP
management within the PV, semiconductor and chemicals industries. He has published
extensively in international technical journals and is a regular speaker at integrated circuit
and photovoltaic conferences.
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Oxford PV’s facilities
Global centre of excellence in perovskite solar cells focused on commercializing the technology
December 2010 Oxford University spinout
Combining the talents of 30 Oxford PV
scientists and engineers with Prof Henry
Snaith’s academic research team of 20
scientists
Chemistry/formulations laboratory
Cleanroom
Test and reliability laboratory
•
•
•
•
•
•
Chemical preparation and
characterisation
Kg scale formulations capacity
ISO class 7
Operational June 2013
Climatic testing to IEC 61646
Light soaking to AM1.5G
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