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The LED Lighting Revolution
ACEEE - National Symposium on
Market Transformation
March, 2010
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CONFIDENTIAL - Cree ProprietaryCopyright © 2010, Cree, Inc. pg. 2
Disclosure: Forward-Looking Statements
This presentation includes forward-looking statements about Cree’s business
outlook, future financial results, product markets, plans and objectives for future operations, and product development programs and goals. These statements are subject to risks and uncertainties, both known and unknown, that may cause actual results to differ materially, as discussed in our most recent annual report for fiscal 2009 filed with the SEC.
Important factors that could cause actual results to differ materially include current uncertainty in global market conditions that could negatively affect product demand, collectability of receivables and other related matters; our ability to successfully develop new products; our ability to lower costs; increasing price competition; the complexity of our manufacturing processes and the risk of production delays and higher than expected costs; risks associated with the ramp-up of production for new and existing products; the rapid pace of technology development that could affect demand; and the difficulty of estimating future market demand for our products.
The forward-looking statements in this presentation were based on management’s analysis of information available at the time the presentation was prepared and on assumptions deemed reasonable by management. Our industry and business are constantly evolving, and Cree assumes no duty to update such forward-looking statements to reflect subsequent developments.
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CONFIDENTIAL - Cree Proprietary
Agenda
• Cree Overview
• Background for The LED Lighting Revolution
• Evidence of the Revolution – Rapid Deployment
• Key Policy Advances Needed
Copyright © 2010, Cree, Inc. pg. 3
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CREE, INC.
Copyright © 2010, Cree, Inc. pg. 4
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Founded in 1987
•Public since 1993 (Nasdaq: CREE)•Headquartered in Durham, NC •Strong patent portfolio
• 508 U.S. patents and 916 foreign patents
A Global Company
Copyright © 2010, Cree, Inc. pg. 5pg. 5
Global Reach
•10 Major Locations•3,200 Employees•Fiscal 2009 Revenues $567M
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Copyright © 2010, Cree, Inc. pg. 6
Vertical Integration
LED Lighting Market
LED Systems
Materials
LED Components
LED Chips
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LED Components
Copyright © 2010, Cree, Inc. pg. 7
Lighting-Class High-Brightness World leader in
Emergency Vehicle Lighting
Outdoor & Indoor Lighting
Architectural Lighting
power LEDsXLamp
Video Screens
Portable Lighting
LEDs for signage and
entertainment
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LED Lighting
Copyright © 2010, Cree, Inc. pg. 8
Industry-leading and award-winning family of
LED fixturesand lamps
Hospitality ResidentialRestaurant
Office & Industrial Retail & Museum
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CONFIDENTIAL - Cree ProprietaryCopyright © 2010, Cree, Inc. pg. 9pg. 9
Company Mission
Lead the LED Lighting Revolution
and obsolete energy-inefficient
light bulbs
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WHY LED LIGHTING, NOW?
Copyright © 2010, Cree, Inc. pg. 10
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Two Global Macro Trends
Copyright © 2010, Cree, Inc. pg. 11
Lighting22%
1. Energy availability and cost
2. Green movement
US Electricity Consumption
Source: EIA
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US DOE “Gets It”
• Recent projections:
– By 2030, lighting energy consumption is estimated to be well below the 2010 level due to LED lighting
– In 2030, the LED scenario represents a reduction of 25%
– Savings is equivalent to 25, 1,000 megawatt nuclear plants
Copyright © 2010, Cree, Inc. pg. 12
Source: DOE, Energy Savings Potential of Solid-State Lighting in General Illumination Applications 2010 to 2030
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US DOE “Gets It”
Copyright © 2010, Cree, Inc. pg. 13
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Impact of LED Lighting – Green Benefit
Copyright © 2010, Cree, Inc. pg. 14
0
5
10
15
20
25
30
2009 2012
Bil
lio
n K
WH
2009
– Cree LED chips save
6 billion kWh/year
– Equivalent of 3 coal-fired generators
2012
– Estimate savings of
28 billion kWh/year
– Equivalent of 14 coal-fired generators
Source: Cree Analysis
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Traditional Technologies Have Big Problems
• Incandescents not efficient enough
– Space heater that gives off a little light
– Banned worldwide over next 10 years
• Fluorescents have mercury
– About 5mg mercury per bulb regardless of type
• Concern for ground water contamination
– Less than 10% are ever recycled
– See EPA website for clean up
Copyright © 2010, Cree, Inc. pg. 15
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Utilities are Changing Focus
• Surging spend on programs for energy efficiency
– Now almost 2 percent of revenue
– Equivalent to about 15-20 percent of pre-tax earnings
• Recognize that CFLs have been “stimulated
enough”
Copyright © 2010, Cree, Inc. pg. 16
Source: Cree and Black and Veach, 2010 Strategic Directions in the Electric Utility Industry Survey
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CONFIDENTIAL - Cree Proprietary
$119 Billion*
Bulbs
The Market is Attractive
Copyright © 2010, Cree, Inc. pg. 17
*Source: Freedonia Group estimate for 2007
Fixtures Commercial/Industrial
Applications
Residential
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CONFIDENTIAL - Cree Proprietary
0
20
40
60
80
100
120
140
160
180
200
220
240
260
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
LEDs Have Superior PerformanceC
W L
um
en
s/w
att
CFL
LED
Fluorescent
HIDHigh Volume Production
161 LPW
131 LPW 3 yrs
R&D Capability 186 LPW
208 LPW
Incandescent
XR-E
XR-E
XP-E
XP-G
Theoretical maximum for LED
pg. 18Copyright © 2010, Cree, Inc.
Note: Overstated for Bulbs
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CONFIDENTIAL - Cree Proprietary
Low temp (25ºC) testing is a good surrogate for the LED chip depreciation – 1-2% @ TJ = 65ºC
Superior Performance: New Reliability Results
pg. 19Copyright © 2010, Cree, Inc.
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CONFIDENTIAL - Cree Proprietary
Standards are in Place
Standard Draft CommentComment Resolution
Projected Publication
IESNA RP-16
Definitions X X X Complete
ANSI BSR C78.377A,
Chromaticity X X X Complete
IESNA LM 79,
Luminous Flux X X X Complete
IESNA LM 80,
Lumen Depreciation X X X Complete
NEMA SSL-1,
SSL Drivers X
NEMA LSD-44 & 45, (SSL-2)
SSL InterconnectX X
NEMA SSL-3,
LED BinningX
TM-21,
Lumen Maintenance Extrapolation Method X
NEMA-ALA Joint White Paper
Definition of Functional & Decorative LightingX
IESNA LM-xx,
LED Light Engine & Lamp MeasurementX
CIE S009,
Photobiological SafetyX X
pg. 20Copyright © 2010, Cree, Inc.
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CONFIDENTIAL - Cree Proprietary
Technology Improvement Drives Adoption
Copyright © 2010, Cree, Inc. pg. 21
Cree’s Law:
Lumens per wafer doubles every 18 to 24 months
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CONFIDENTIAL - Cree Proprietary
LED Cost per Thousand Lumens (k-lumen)
Copyright © 2010, Cree, Inc. pg. 22
Lighting Adoption Zone
Different lighting applications turn on
at different LED cost/lumen points
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CONFIDENTIAL - Cree Proprietary
LED’s Are No Longer the Cost Issue
Copyright © 2010, Cree, Inc. pg. 23
LED Fixture Costs
LEDs
Power Supply
Mechanicals
Drive Circuit
Optics
Labor & OHD
35%
65%
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Even Bulb Companies See the Wave Coming
Copyright © 2010, Cree, Inc. pg. 24
LED Lighting
Conventional Lighting
General Illumination Market**
Revenue (
Bill
ions)
* Strategies Unlimited 2009 / **Philips Lighting 2009
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TODAY’S REALITY – RAPID DEPLOYMENT
Copyright © 2010, Cree, Inc. pg. 25
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Copyright © 2010, Cree, Inc. pg. 26
盤古廣場LED顯示屏CREE LED LAMP
水立方CREE XLamp LED
奧運广场和水立方之間柱形信息柱
CREE SMD LED
鳥巢體育場地屏CREE
LED LAMP
鳥巢外牆燈光CREE XLamp LED
CREE Lights Up the Olympics
pg. 26
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Anchorage, AK
Copyright © 2010, Cree, Inc. pg. 27
Courtesy of BetaLED
62% Energy Savings75% energy savings
16,000 streetlights to be replaced
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Los Angeles, CA
Copyright © 2010, Cree, Inc. pg. 28
40% energy savings140,000 streetlights to be replaced
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Parma, Italy
Courtesy of BetaLED
55% Energy SavingsBetter rendition and uniformity
CONFIDENTIAL - Cree Proprietary pg. 29Copyright © 2010, Cree, Inc.
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Tianjin
• 2,000 roadway luminaires installed
• Primary motivation: Energy Savings
CONFIDENTIAL - Cree Proprietary pg. 30Copyright © 2010, Cree, Inc.
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Raleigh, USA
New Raleigh Convention Center
49% less energy than HIDPayback in just over 3 years Estimated $636k savings over 15 years
CONFIDENTIAL - Cree Proprietary pg. 31Copyright © 2010, Cree, Inc.
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Cheng Du
CONFIDENTIAL - Cree Proprietary pg. 32Copyright © 2010, Cree, Inc.
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Chicago, USA
Photo Derry Berrigan, DBLD
CONFIDENTIAL - Cree Proprietary pg. 33Copyright © 2010, Cree, Inc.
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Edgewood, USA
Courtesy of BetaLED
62% Energy SavingsWill use in 13 properties
CONFIDENTIAL - Cree Proprietary pg. 34Copyright © 2010, Cree, Inc.
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CONFIDENTIAL - Cree Proprietary
Restaurants
• 80% Energy Savings
• Excellent Color Rendering (CRI >92)
Cree LR6
pg. 35Copyright © 2010, Cree, Inc.
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McDonald’s
Courtesy of Derry Berrigan, DBLD
North Carolina’s first eco-friendly McDonald’s
is lit with Cree LEDs
• 78% energy reduction from baseline store
• 97% of lighting is high-performance LEDs
Copyright © 2010, Cree, Inc. pg. 36
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Yum Brands
Courtesy of Derry
Berrigan, DBLD
• 81% energy reduction from baseline store
• 95% of lighting is high-performance LEDs
pg. 37Copyright © 2010, Cree, Inc.
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CONFIDENTIAL - Cree Proprietary
Hotels
pg. 38Copyright © 2010, Cree, Inc.
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Results: Awareness at a Different Level
CONFIDENTIAL - Cree Proprietary pg. 39Copyright © 2010, Cree, Inc.
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NEEDED POLICY
Copyright © 2010, Cree, Inc. pg. 40
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CONFIDENTIAL - Cree Proprietary
General Lighting Doesn’t Happen By Itself
• Drivers of LED Adoption
– Products – Improve the economics of LED lighting
– Industry cooperation and focus
– Policy – Change traditional market behaviors that support energy-inefficient lighting
Copyright © 2010, Cree, Inc. pg. 41
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CONFIDENTIAL - Cree Proprietary
The Role of Policy
• Drive change by fiat
– Establish targets for energy efficiency and minimum performance levels
– The cheapest, cleanest energy is the energy we don’t use
– Requires legislation, regulation, and industry cooperation
Copyright © 2010, Cree, Inc. pg. 42
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CONFIDENTIAL - Cree Proprietary
Warning: China Could Trump Our Lead
• China “gets it”, too
– They have no choice
• Developing a 6-ministry initiative to massively expand their LED industry
• Best way to combat threat
– Stimulate industry here –
Buy more LED products!
Use them everywhere!
Copyright © 2010, Cree, Inc. pg. 43
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Summary
Copyright © 2009, Cree, Inc.
The LED Lighting Revolution is happening now!
The forces driving the Revolution are rational and
extensive
Policy is needed to help drive the Revolution
forward
pg. 44Copyright © 2010, Cree, Inc.
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CONFIDENTIAL - Cree Proprietary
New Cree LED Revolution Site
www.creeledrevolution.com
pg. 45Copyright © 2010, Cree, Inc.
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pg. 46Copyright © 2010, Cree, Inc.