shaped-beam technology™ from brightleaf the power of simplicity
TRANSCRIPT
Shaped-beam Technology™ from brightLeaf
the Power of simplicity
Concentrating Photovoltaics (CPV): A
Sound Legacy• Developed for NASA in the mid-1970’s by
Sandia Labs and Spectrolab (a Boeing Subsidiary).
• CPV cell efficiency>40%, going to 50% in next year.
• Conventional PV efficiency declines 15-30% on hot sunny afternoon, CPV 5-10%.
• Reduces chip volume by 99.7-99.9%.
• brightLeaf’s proprietary technology minimizes CPV complexity and cost with maximum efficiency.
Compare Traditional PV and CPV
=CPV
PV
The Power of 1000 suns?W/in² of exhaust
W/in² on brightLeaf’s cell
=
Parabolic Collectors
Fresnel lens collectors
Only Two Functional Parts
brightLeaf’s proprietary technology: Non-parabolic Collector
brightLeaf’s proprietary technology:
Auto-aligning geometry
brightLeaf’s proprietary technology: No Gaps, No Shadows™
Sun-eye view
Greater Complexity = Greater Co$t
The Potential of CPV and Shaped-Beam Technology™
• Industry-wide– Cell efficiency will reach 50% in near term
• brightLeaf– Independent tracking modules for flexible
configuration– Generate power from waste heat
• Goal-- Cost parity with utility electricity
without government support
Executive Team
• Douglas Kiesewetter, MBA – President– Founder of three companies of >$100 MM valuation, two
>$50 MM
• James Vander Mey, PhD – EVP/CTO– Founded two successful high-tech companies, Integral Data
Systems and Intellon, which sold in 2009 for >$300 million
• Michael Despres – VP Manufacturing– 25+ years experience in metal fabrication
management• John Virden – VP Sales and Marketing– USNA graduate with 25+ years of marketing
experience including IBM, AT&T and various start-ups
PV Market
• 2009 Global $40 BN; US $3+ BN• 2010 US expected growth rate >50%• US residences are 25-30% of total PV
market• US Markets with shortest paybacks
– Quality of Insolation- AZ, CA, CO, HI, NV
– State Incentives- CT, IN, MA, NJ, NY
Market Strategy
• Maximum Cost Avoidance– Residential, Light Commercial &
Industrial– Rural Electric Co-ops– Niches
» Military» Remote Telecoms» Agriculture» Third World
Competition
• All other CPV companies target 1+ MW utility-grade installations
• Conventional PV – brightLeaf 20-25% lower cents/kwh initially; 60-80%
lower with higher manufacturing volumes
• Utilities– With credits & rebates, brightLeaf lower
cost in 75% of US– Within 2 years, brightLeaf lower cost
without subsidies
Base Case Revenue & Income
Manufacturing Margins 70-75%
Year Volume Revenue Net After-tax
Income
(MW) ($ MM) ($ MM)
2010 0.1 $0.8 ($2.0)
2011 0.9 $8.0 $0.3
2012 2.3 $18.8 $3.4
2013 5.1 $39.5 $12.3
2014 10.5 $75.0 $27.8
2015 18.6 $124.0 $46.1
Investment
• $3 MM of 5-year,12% debentures ($100K min.
block)
• Projected Closing Date September 30, 2010
• Warrants for 25% equity when principal fully
repaid
• Projected Secondary Offering after full year
of profitability
-- fund product and market development
-- repay debentures
-- establish higher equity valuation
Return (Base Case)
• Simple Payout – 24 Months
• Internal Rate of Return – 108.77%
• 5.5 Yr. Cash on Cash Return –
$35:1
Downside Protection
• Asset Support– Cash Balances– Equipment (85% of cost)– Accounts Receivable (75% face value)– Inventory (25% of cost)
• Value of Asset Support (Base Case)
-- Average coverage years one & two – 78% of net investment
– Maximum exposure 2010-12 – 44% of net investment
-- Coverage >100% of net invested from Q1 2012
forward
-- Term of Exposure – 20 months
Shaped-beam Technology™ from brightLeaf
the Power of simplicity