photondelta annual review€¦ · more than 125 professionals with diverse backgrounds attended the...

PhotonDelta Annual Review

2PhotonDelta | Annual report 2019 Contents

PhotonDelta partner companies, such as EFFECT Photonics, Technobis, LioniX International and SMART Photonics, have a strong and growing international foothold and a promising global purchase funnel. But continuous investment in production capabilities and next-generation technology is needed to sustain growth and maintain a strong competitive edge. This is where PhotonDelta comes in. We facilitate project development and provide funding to help companies accelerate business and innovation.

In 2019, our ecosystem partners exploited each other’s strengths to the benefit of the entire supply chain. Together they identified key areas for growth that leverages the competitiveness of PhotonDelta PICs and PIC-based platforms. These technological differentiators play a crucial role in establishing a distinct position in the competitive global market for integrated photonics products.

The PhotonDelta ecosystem welcomed new companies. Bruco Electronics brought its expertise in designing and manufacturing electronics modules and custom integrated circuits, while

ProDrive Technologies is seeking opportunities to incorporate photonic integration into its offering. Other new ecosystem members include Micronit, a company that specialises in complementary microfluidics technology that can be used to build complex bio-sensing products, and Tegema, a multidisciplinary system integrator that develops modular machine platforms for automated assembly of optical components with sub-micron accuracy.

In 2019, we developed a shared vision for the Photonic Integration Technology Centre. Projects related to testing and process optimisation will begin in 2020. We are confident that this Technology Centre will attract many international clients looking to develop advanced technologies and products.

We support the industrialisation process through cross-sector cooperation. During the PhotonDelta Day, more than 125 professionals explored how expertise and best practices in the semiconductor and high-tech industries can help resolve challenges in integrated photonics.

In short, during our first year we saw traction and intensive cooperation in the PhotonDelta ecosystem. New business, new clients, promising R&D projects and superb innovation all in pursuit of smarter and better solutions and more efficient development and manufacturing. These are firm foundations for the achievement of our target of €1 billion in revenues in 2026.

Ewit Roos and Joachim de SterkePhotonDelta Executive Board

Foreword by the Executive BoardPhotonDelta is about cooperation. Cooperation between companies, knowledge institutions, development agencies and, above all, engaged innovators and entrepreneurs. The purpose of this cooperation is to deliver world-leading development and production of integrated photonics solutions.

Highlights 2019 The PhotonDelta network has grown in 2019, in terms of employment and revenues. New partners joined our ecosystem in our ambition to accelerate integrated photonics solutions.

Companies advanced their production lines, achieved further growth, scaled up operations and met customer requirements. PhotonDelta invested in three companies: SMART Photonics, Technobis and EFFECT Photonics. Our business development team approached more than 200 companies in our key markets.

Further strengthening of the supply chain.

In 2019, PhotonDelta and its partners explored ideas, reached a consensus on the fundamentals of the Photonic Integration Technology Centre and committed to the initiative. Implementation will commence in early 2020.

Photonic Integration Technology Centre.

After three years of preparation and input from more than 250 experts worldwide, PhotonDelta and the AIM Photonics Academy finalised the Integrated Photonic Systems Roadmap – International (IPSR-I). The roadmap highlights global trends and defines technology and application development needs as far ahead as 2040.

Integrated Photonic Systems Roadmap – International (IPSR-I) 2020.

Our first year concluded with a PhotonDelta Day. More than 125 professionals with diverse backgrounds attended the event and engaged in animated and fruitful discussions on how to grow the integrated photonics industry. We looked at the lessons learned in the high-tech and semiconductor industries so the integrated photonics industry can learn from the past.

PhotonDelta day.


Growth in FTEs2018: 3152019: 400

Revenues2018: €13 million

2019: €22 million / 70%

2020: €40 million / 90% (revenue forecast)

4PhotonDelta | Annual report 2019

1. PhotonDelta – accelerating integrated photonics solutions 61.1 Integrated photonics explained 7

2. Strategy and results 92.1 Pillar 1: Establish a World Class Platform 9

2.2 Pillar 2: Develop Next-Generation Platforms 13

2.3 Pillar 3: Creation of Shared Infrastructure 15

2.4 Pillar 4: Expand the Ecosystem 16

2.5 Investments 19

2.6 The growth of our ecosystem – key performance indicators 21

3. Accountability Report 233.1 Foreword by the Chairman of the Supervisory Board 23

3.2 Organisation 24

3.3 Governance 25

Contents

1.PhotonDelta – accelerating integrated photonics solutions

Contents


The overall ambition of the ecosystem is set out in a strategic Public Private Partnership (PPP) plan (Strategisch plan PPS PhotonDelta only available in Dutch). The cluster is coordinated by PhotonDelta, a foundation launched in January 2019 to stimulate the growth of the ecosystem through centralised strategic business partnerships, technology development programmes and investment.

www.photondelta.eu

1. PhotonDelta – accelerating integrated photonics solutions PhotonDelta is a European cluster of companies, knowledge institutions and government agencies centred mainly in the Netherlands. Partners are leading experts in integrated photonics and work in close cooperation. Our common goal is to build and maintain around our technology a sustainable ecosystem that will support our clients, significantly impact future applications and help solve social and technology challenges. We aim to build the ecosystem to 4,000 FTEs across at least 25 companies with total annual revenues of €1 billion in integrated photonics. Our commitment to cooperate is detailed in a covenant signed in December 2018. Partners have pledged to provide up to €236 million in funding (in cash and in-kind) between 2019 and 2026.

Signing convenant

https://www.photondelta.eu/assets/files/strategisch-plan-pps-photondelta-1.pdf

https://www.photondelta.eu/

This video explains more about integrated photonics and how it will improve our lives.


What is integrated photonics?

Photonics is the branch of technology concerned with light generation, detection and manipulation. This technology is used in sensors, actuators and transceivers. Integrated photonics is an emerging branch of photonics that involves the integration of multiple photonics functions in a single photonic integrated circuit (PIC). This enables significant reductions in size, weight, power consumption and production costs, while simultaneously improving thermal stability, vibration stability and reliability. It also makes the technology immune to electromagnetic and radio frequency interference. PICs are manufactured by automated wafer-scale integration technology. Our partners make silicon nitride (TriPleXTM) and indium phosphide PICs.

A key enabling technology In facilitating further miniaturisation, faster connections and virtually unlimited data transport possibilities with far lower energy consumption per bit, integrated photonics enables and accelerates the development of promising technologies such as 5G, quantum computing, autonomous driving, smart and autonomous mobile robots, bio-sensing, the Internet-of-Things (IoT), mixed and augmented reality (AR/VR) and smart wearables. Data, tele and satellite communications, medical devices, life sciences, infrastructure, and the automotive, agriculture and food industries will all benefit from this technology.

Integrated photonics explained

http://www.photondelta.eu/assets/files/animatie-photonics-tue-v3.mp4

2.Strategy and results

Contents


Together with our partners, we aim to build a supply chain that produces modules and platforms with integrated photonics as technology building blocks. The requirements are clear: the modules and platforms must meet high quality standards, the production process must be reliable and costs must be competitive.

Company growth and investmentsIn 2019, companies advanced their production lines, achieved further growth, scaled up operations and met customer requirements. PhotonDelta

invested in three companies: SMART Photonics, Technobis and EFFECT Photonics. The total investment included the €11.75 million provided by PhotonDelta plus €34.4 million in co-funding. The companies are using the capital to improve and automate production processes and scale up operations.

Business development strategyIn 2019, PhotonDelta and its partners analysed the key drivers, trends and needs of potential markets to assess the relevance and competitiveness of the

components and subsystem assets produced by our supply chain. This led to the identification of 10 key growth markets with needs that can be fully met by our technology. These focal areas for growth drive the activities in all 4 pillars of our strategy.

In 2019, our business development team contacted more than 200 companies in our key markets to understand their needs and gain feedback on our propositions and proposed engagement models. In several cases this led to cooperation on (exploratory) roadmap-driven projects.

2. Strategy and resultsPhotonDelta aims to build a sustainable mature ecosystem that specialises in integrated photonics. The four pillars of our strategy are:

Pillar 1: Establish a World Class Platform Pillar 2: Develop Next-Generation Platforms Pillar 3: Creation of Shared Infrastructure

Pillar 4: Expand the Ecosystem

In 2019, Pillar 1 and 2 activities were the priority. The platform and technology need to be in place to build the ecosystem in years to come.

2.1 Pillar 1: Establish a World Class Platform


Overview Business Development FunnelNumber of engaged customer companies per market and per level of engagement

Cus

tom

er C

ompa

ny L

evel

of

enga

gem

ent w

ith

the

clus

ter

MARKETS Other

29

24

4

0

1

Medical and Life Sciences

71

53

13

4

1

Infrastructure & Transportation

58

46

9

3

0

Food and Agriculture

33

21

7

0

5

Datacom and Telecom

22

14

5

1

2

1 - Option 158

Total 213

2 - Suspect 38

3 - Prospect 8

4 - Project 9

Pillar 1

Meeting with CEO’s and CITC Nijmegen


Addressing packaging and assembly challengesPackaging and assembly are important process steps in the integrated photonics supply chain, determining up to 80% of the cost of a module. In 2019, PhotonDelta and Chip Integration Technology Centre (CITC) teamed up to explore the main challenges in this area. Lessons learned from the semiconductor industry were considered in the recommendations. The resulting insights help PhotonDelta companies address the challenges. They will also inform roadmaps and programmes on integrated photonics developed for CITC in 2020 and beyond.

Pillar 1

PHIX started operating at the High Tech Factory

production facility on the campus of the University

of Twente just over a year ago. In a little more than

a year, PHIX has made a name for itself in the

photonics industry. In 2019, we developed engineering

and production capabilities for the assembly and

packaging of PICs and helped many customers

package their chips. We put in an appearance at many

exhibitions and conferences. This allowed us to explain

what we do and our long-term ambitions. We also

spoke to many (potential) customers.

Our efforts were recognised by the photonics

community. In March we received the prestigious

PIC Award for Best New PIC-Enabled Product or

Achievement in Optical-Fibered Modules. We started

cooperating with Ficontec on chip-to-chip and fibre

array-to-chip production and continued developing

automatic fibre array production with Aixemtec and

Fraunhofer IPT. PHIX Photonics Assembly and TEEM

Photonics joined forces to scale up spot-size converter

assembly manufacturing.

In 2019 the PhotonDelta community supported the

growth of our company by facilitating our participation

in network events and providing financial support.

In 2020, we hope to receive further assistance from

PhotonDelta as we pursue our ambitious plans to

evolve towards semi- to high-volume manufacturing

of photonic chip packaging and assembly.

Albert Hasper

CEO of PHIX

A report from PhotonDelta company PHIX


“

”

Pillar 1


Research and development projectsIn 2019, 5 of 12 proposals for research and development projects submitted to PhotonDelta were approved by our Investment Committee. One of these projects involves a major supplier of optical communication systems and will result in the creation of a highly innovative optical terminal powered by key components and sub-systems to be designed, developed and manufactured by PhotonDelta in due course. Another important project is the PhotonDelta Technology Flagship. All of the leading PhotonDelta companies will contribute to further develop and increase the maturity level of several key building blocks in our InP and SiN TriPleXTM technology platform, which is driven by broadband-integrated optical beamforming for spaceborne satellite communications.

PhotonDelta also supported a research proposal for Photonic Chips for Life, which was submitted for funding under the NWO-TTW ‘Perspectief’ programme 2019/2020. The project focuses on promising optical sensors that can be used to manage nutrients and growth, leading to more efficient and sustainable food production. Applicants include Eindhoven University of Technology (TU/e), the University of Twente, Vrije Universiteit Amsterdam, Wageningen University and Research and several agri-food companies.

In 2019, the University of Twente, Eindhoven University of Technology and the Netherlands Organisation for Applied Scientific Research (TNO) continued identifying topics for research and development in photonic integration. These topics form the fundamentals of development roadmaps for Photonic Integration Technology Centre (PITC) and university research agendas.

Photonic Integration Technology CentreIn 2019, PhotonDelta and its partners defined a vision and finalised plans for a Photonic Integration Technology Centre (PITC), with PhotonDelta playing a leading role. Besides filling the gap between research and development (by individual companies and knowledge institutions) and market demand, PITC will also assist with engineering challenges and help companies improve their process excellence. As a system house for integrated photonics, PITC is an important stepping stone towards the creation of a world class platform and the development of next-generation platforms. In 2019, we explored ideas, reached a consensus on the functions and governance of the centre and committed to the project.

2.2 Pillar 2: Develop Next-Generation Platforms

PhotonDelta supports cooperation between companies and knowledge institutions that develop roadmap-driven projects to solve the long-term challenges facing the Dutch photonics supply chain and make it a frontrunner in a competitive and fast-moving international market.

Pillar 2


Integrated Photonic Systems Roadmap – International (IPSR-I)After three years of work, the Integrated Photonic Systems Roadmap – International (IPSR-I) was finally revealed. Co-authored by PhotonDelta and the AIM Photonics Academy in the US, IPSR-I represents the consensus of more than

250 experts in large multinationals, small and medium enterprises, institutes and universities worldwide. The roadmap provides an overview of the current status of technologies and applications that use integrated photonic components. It also describes the trends, expectations and needs for technology and application development in the near

(0-5 years), short-term (5-10 years) and long-term (10-20 years) future.

A World Technology Mapping Forum hosted by the Fraunhofer Heinrich Hertz Institute in Berlin in June 2019 was organised to support the process.

IPSR-I meeting Berlin

Pillar 2


InPulse pilot lineInPulse, a 4-year project launched in Eindhoven at the beginning of last year, offers new-entrant companies direct access to state-of-the-art indium phosphide-based PIC manufacturing. This will enable the development of products for a wide range of new markets. The project was initiated by 16 European partners seeking to reduce barriers and accelerate development, and received €14 million in funding from the European Commission. The pilot line will speed up product development by enabling innovators to focus on their products rather than the technologically complex task of fabrication.

At the moment only a handful of companies are able to develop PIC-enabled products. They do this with their own in-house production lines. This makes it difficult for startups with promising ideas to enter the market. By connecting the design process to manufacturing, testing and packaging and streamlining the development cycle for businesses that do not own a fabrication plant or have production knowledge, the InPulse pilot line will enable new entrants to take their concepts from prototype to pilot production on industry tools and processes.

OIP4NWEOIP4NWE is an Interreg NWE project that aims to establish an open innovation pilot line for the development of generic photonic integration technology for the production of PICs. The project serves SMEs across Europe, reducing PIC access barriers and sustainably strengthening the competitiveness and innovativeness of European SMEs in global markets. The existing laboratory-like PIC facilities are inadequate to the task of manufacturing and packaging PICs with the necessary cost efficiency, speed and quality. At this point the technology readiness level (TRL) needs to be increased from 4 to 7. The innovative and specialised equipment needed for PIC manufacturing and packaging cannot be obtained from a single country. To stay ahead, North-West Europe needs to keep pace with the growing application of PICs. Therefore, one of the main goals of the project is to promote intensive transnational collaboration between innovation stakeholders. The first of these collaborations started in 2019.

2.3 Pillar 3: Creation of Shared Infrastructure

PhotonDelta is committed to developing shared infrastructure to support research and development in prototyping and new production process design.

Pillar 3

PhotonDelta | Annual report 2019 Contents 16

Photonics Innovation Hub In 2019, PhotonDelta started to build a consortium with leading photonics networks and organisations (IMEC, ACTPHAST, Tyndall National Institute, Fraunhofer HHI and JePPIX) with a view to forming a Photonics Innovation Hub. By working together, the partners can provide a sustainable ecosystem of research and innovation support for SMEs in Europe, facilitating broad uptake and integration of photonics technologies. To accelerate the uptake of photonics technologies by European industry, and thereby helping to boost competitiveness and foster new business and business models, the Hub will establish a unique European full-service one stop shop. The Hub is deeply rooted within the wider ecosystem of innovation hubs and manufacture clusters across Europe for maximum coverage, leverage, impact and long-term sustainability. The consortium will submit a project proposal to the Horizon 2020 programme in 2020.

PhotonDelta Application BootcampPhotonDelta Application Bootcamps run brainstorming sessions to address innovation challenges set by equipment manufacturers and system integrators who are potential PhotonDelta clients. Experts with relevant business experience and/or scientists from knowledge institutions

take part. The objective is to establish a baseline for possible follow-up research and development projects with these clients. There are two types of sessions: non-confidential (half-)day sessions attended by the client and relevant PhotonDelta parties, and multiple-day exploratory projects hosted by a single party.

From 4 to 6 November 2019, a multidisciplinary team of PhD students from Eindhoven University of Technology (TU/e) worked hard to identify possible integrated photonics-based solutions to next-generation product requirements for Storex. The company specialises in controlled atmosphere technology used in fruit storage applications worldwide and wants to improve firmness and dehydration monitoring of fruit in storage. During the bootcamp we learned how integrated photonics can help meet this challenge. “I’m happy we made use of the tool and pleased with the outcomes. We now have a reliable baseline that we can use to define the way forward in our research,” said Eugene Rokx who drives the innovation programme at Storex.

2.4 Pillar 4: Expand the Ecosystem

We work to valorise and build up our ecosystem by connecting parties within and outside the sector.

Pillar 4

Visit of DG Vijselaar to CITC Nijmegen


Pillar 4

PhotonDelta Day 2019On 3 December 2019, we held our first PhotonDelta Day. More than 125 professionals with diverse backgrounds in integrated photonics, the high-tech and semiconductor industries and the (semi-)public sector engaged in animated and fruitful discussions on how to grow our integrated photonics industry. Speakers and attendees contributed knowledge on design, manufacturing, packaging, equipment, commercialisation, research and more! We looked at the lessons learned in the high-tech and semiconductor industries so the integrated photonics industry can learn from the past and expanded our shared vision on how to grow the industry and the strategy of PhotonDelta. We hope the new connections made at the event will help build our community.

Keynotespeaker Martijn Heck

Contents


Events and meetings

Events we attended and presented at in 2019 included:

SPIE Photonics West, San Francisco (USA) Photonics Roadshow, Amsterdam (NL) PIC International, Brussels (BE) World Technology Mapping Forum, Berlin (DE) Laser World of Photonics, Munich (DE) Mission to Rochester and Boston (USA) Dutch Photonics Event, Delft (NL) EPIC Meeting on New Space at the European Space Agency, Noordwijk (NL) ECOC Exhibition, Dublin (IE) Photonic Integration Conference, Eindhoven (NL) EPIC Meeting on LIDAR Technologies for Automotive at Anteryon, Eindhoven (NL) COMPAMED Trade Fair, Düsseldorf (DE) EPIC Meeting on Photonics for Cancer Diagnostics and Treatment at NKI, Amsterdam (NL) Agrifood Tech, Den Bosch (NL)

Visit to Rochester and Boston


In 2019, PhotonDelta invested Pillar 1 funding in SMART Photonics, Technobis and EFFECT Photonics. The total investment in these three companies amounted to €46.75 million, which included €11.7 million provided by PhotonDelta plus €34 million in private co-funding. The companies are using the capital to improve their competency in the generic production of prototypes and batches of photonic integrated circuits of globally recognised class. This will help them secure cornerstone positions in the ecosystem and enable stable and reliable mid to high-volume production.

PhotonDelta aims to use its Pillar 1 funding to achieve a multiplier effect that maximises output to the ecosystem, not only in the form of private co-funding, but also by enhancing the supply-chain function of our ecosystem. In other words, every euro invested in one of our ecosystem companies has an indirect multiplier effect on the other companies in our ecosystem through purchase orders and a direct multiplier effect in terms of improved production.

In 2019, PhotonDelta invested €317,000 in Pillar 4 activities, leveraging 40% in co-funding. Approved research and development projects in Pillar 2 are currently defining terms and will lead to investments in 2020. There were no investments in Pillar 3 activities in 2019.

2.5 Investments

Private Co-funding PhotonDelta Pillar 1 investments

Funding Enabled With PhotonDelta

EUR. 11.75M, 17%EUR. 34M, 73%


SMART Photonics (SMART) is a leading manufacturer of indium phosphide (InP) photonic components and photonic integrated circuits. The company is positioned to accelerate the InP photonics industry. Its ability to leverage more than 30 years of fundamental and applied research on indium phosphide has resulted in a leading design and production platform that can deliver better, cheaper and more efficient client solutions. Operating at the heart of the central Brainport technology region, SMART contributes to the development of the European photonics ecosystem. In 2019, SMART engaged experienced CEO Johan Feenstra, who can lead the company through the next stage of its development. PhotonDelta provided the funding required to further develop and stabilise the processes needed to increase production volume. The company also prepared to expand and optimise its production facilities on the High Tech Campus, which will considerably increase its capacity. The next funding round is currently underway and is expected to be completed in the first quarter of 2020.

SMART PhotonicsTechnobisTechnobis accelerates the development and sale of integrated photonic sensing applications and external packaging services. Integrated photonic sensing is a fast-growing technology that offers multiple factors of improvement in frequency, resolution (accuracy), weight and power consumption compared with conventional sensing technologies. In 2019, Technobis continued to develop aerospace and medical applications and achieved several important technical milestones. Together with PhotonDelta and its partners, Technobis aims to contribute to the maturity of the integrated photonics ecosystem.

In 2019, Technobis sold a majority stake to Active Capital Company. PhotonDelta and ABN AMRO committed funding to help Technobis achieve its growth ambitions. Pim Kat, who founded Technobis and served as its CEO, is now acting as CTO and will focus on the product development roadmap for the next few years. Daan Koppen is the company’s new CEO.

“ “

” ”Daan Koppen, CEO Technobis

Johan Feenstra, CEO SMART Photonics

PhotonDelta Day 2019: 126 attendees18 speakers

LinkedIn: 447 followers 35,231 views 888 visitors

Website:6,577 visits4,557 users (second half of 2019)

Newsletter: 133 followers 4 editions

Twitter: 447 followers

Partner Summits: 3


2.6 The growth of our ecosystem – key performance indicators

Growth in FTEs

Companies that joined our ecosystem in 2019

2019 in numbers

2018: 3152019: 400

2018: €12.8 million2019: €21.5 million

69% increase

Supply chain revenues

€39.9 million 86% increase

2020 revenue forecast

New startups: 1 - nanoPHABNew companies now part of our ecosystem: 2 – Bruco Electronics and ProDrive Technologies

3.Accountability Report

Contents

An excellent start

It took time to put in place the mechanisms required to

meet the responsibilities resulting from the covenant.

A governance structure that includes a Supervisory

Board, an Investment Committee and an Expert Panel,

all with the experience and seniority needed for

competent governance, has been fully functional since

the summer. The first Funding Partner Meeting was

held in September.

PhotonDelta used its resources to help members

of the ecosystem achieve their ambitions, providing

loans and programme support from the second

quarter of 2019 onwards. The ecosystem grew in size

and, maybe more importantly, broadened its scope

as it welcomed companies from the high-tech and

semiconductor industries.

I am proud of the PhotonDelta team. Starting from

scratch, they have come together as a coherent

community committed to advancing PhotonDelta’s

ambition. Needless to say, this has not been without

challenges, but these have been dealt with in an

appropriate manner.

Looking ahead

Having made an excellent start in 2019, the

ecosystem now faces the challenge of harnessing

and building on the synergies of photonics activities

in the Netherlands, creating stronger links between

academia and the corporate sector, and attracting

national and international partners. However, you can

rest assured that PhotonDelta is fully committed.

It has been my pleasure to support PhotonDelta. I am

confident that with you behind us we can achieve its

ambition to create a world-leading photonics hub in

the Netherlands.

René Penning de Vries

Chairman of the Supervisory Board

PhotonDelta was launched in December 2018 with

the signing of a covenant. Private-sector companies,

knowledge institutions and public authorities

undertook to support the creation of a world-leading

integrated photonics community in the Netherlands. In

pursuit of this ambition, partners agreed to cooperate

and pledged to provide the equivalent of €236 million in

funding (in cash and in-kind) between 2019 and 2026.


3 Accountability Report

“ ”

3.1 Foreword by the Chairman of the Supervisory Board


In January 2019, PhotonDelta started out with 4 employees and engaged another two employees in March. One employee left the organisation in November. PhotonDelta employed an average of 5.3 FTEs in 2019. Two interns from Eindhoven University of Technology (TU/e) and Fontys worked on assignments and projects for 6.5 and 4 months respectively.

The workforce consisted of 5 permanent staff and one part-time member of staff. The male to female ratio averaged 45% to 55% with the workforce equally spread across age groups. One vacancy was still open at the end of the year.

3.2 Organisation

Contents


PhotonDelta is set up as a foundation and has articles of association and regulations that govern the functioning of the Executive and Supervisory Boards that steer its activities and attend to its governance. As a foundation, PhotonDelta is required to comply with the Dutch Standards for Remuneration Act (Wet Normering Topinkomens (WNT), which imposes the obligation to publish information regarding the remuneration of Executive and Supervisory Board members. The remuneration of PhotonDelta Executive and Supervisory Board members falls within the parameters of the Act and is subject to the approval of the Funding Partners of PhotonDelta. PhotonDelta’s first annual financial report, due to be published in the first half of 2020, will provide more information.

Supervisory structure The PhotonDelta Supervisory Board consists of a chairman and 5 board members. The Supervisory Board is constituted in such a way as to enable members to operate independently and exercise critical judgement in relation to each other, the board and any conflict of interests. The board members have different areas of expertise in business, knowledge development and government. In 2019, the Supervisory Board met 4 times, once without the Executive Board being present to discuss both its own performance and the performance of the Executive Board. Advisory structure In 2019, PhotonDelta set up an Expert Panel and an Investment Committee, whose role is to advise the PhotonDelta Executive Board on investment proposals. The Expert Panel and Investment Committee act independently of the Executive Board.

The Expert Panel consists of 6 experts from the industry, the scientific community and applied research organisations. The experts evaluate Pillar 2 project investment proposals against the criteria of innovation excellence and implementation, and impact and market perspective. In 2019 the Expert Panel evaluated 9 investment proposals. The Investment Committee consists of a chairman and 6 experts with backgrounds in academia, industry, finance and policy making. This multidisciplinary team advises the PhotonDelta Executive Board on the quality of the proposal in relation to PhotonDelta’s mission and investment strategy. The Investment Committee met 4 times in 2019.

3.3 Governance

www.photondelta.eu

https://www.photondelta.eu

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