Company Confidential Copyright © 2010 AMG AMG …s1.q4cdn.com/411066846/files/doc_presentations/AMG...

1

Company Confidential

Copyright © 2010 AMG

AMG Advanced Metallurgical

Group N.V.

Status of Solar Grade Silicon Industry

John R. Easoz

2010 China International Silicon Conference &

Photovoltaic Industrial Development Forum

Xuzhou, September 16, 2010

http://www.amg-nv.com/index.php

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THIS DOCUMENT IS STRICTLY CONFIDENTIAL AND IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION BY AMG ADVANCED

METALLURGICAL GROUP N.V. (THE “COMPANY”) AND MAY NOT BE REPRODUCED IN ANY FORM OR FURTHER DISTRIBUTED TO ANY

OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. FAILURE TO COMPLY WITH THIS RESTRICTION MAY

CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.

This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of

the Company or any of its subsidiaries nor should it or any part of it, nor the fact of its distribution, form the basis of, or be relied on in connection with, any contract or

commitment whatsoever.

This presentation has been prepared by, and is the sole responsibility of, the Company. This document, any presentation made in conjunction herewith and any

accompanying materials are for information only and are not a prospectus, offering circular or admission document. This presentation does not form a part of, and

should not be construed as, an offer, invitation or solicitation to subscribe for or purchase, or dispose of any of the securities of the companies mentioned in this

presentation. These materials do not constitute an offer of securities for sale in the United States or an invitation or an offer to the public or form of application to

subscribe for securities. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment

whatsoever. The information contained in this presentation has not been independently verified. No representation or warranty, express or implied, is made as to, and no

reliance should be placed on, the fairness, accuracy or completeness of the information or the opinions contained herein. The Company and its advisors are under no

obligation to update or keep current the information contained in this presentation. To the extent allowed by law, none of the Company or its affiliates, advisors or

representatives accept any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise

arising in connection with the presentation.

Certain statements in this presentation constitute forward-looking statements, including statements regarding the Company's financial position, business strategy, plans

and objectives of management for future operations. These statements, which contain the words "believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,”

“project,” “will,” “may,” “should” and similar expressions, reflect the beliefs and expectations of the management board of directors of the Company and are subject to

risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the achievement of the anticipated

levels of profitability, growth, cost and synergy of the Company’s recent acquisitions, the timely development and acceptance of new products, the impact of competitive

pricing, the ability to obtain necessary regulatory approvals, and the impact of general business and global economic conditions. These and other factors could adversely

affect the outcome and financial effects of the plans and events described herein.

Neither the Company, nor any of its respective agents, employees or advisors intend or have any duty or obligation to supplement, amend, update or revise any of the

forward-looking statements contained in this presentation.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice.

This document has not been approved by any competent regulatory or supervisory authority.

Disclaimer

3



Agenda

Introduction

AMG Advanced Metallurgical Group

AMG Conversion

Solar grade silicon

Introduction

Silicon purification techniques

Manufacturing processes (Elkem, 6N Silicon, Timminco)

Impact of impurities

Quality improvements

Ingot yield

Cell efficiency

Inclusions

Breakdown voltage

Light-induced degradation

Manufacturing costs & electricity consumption

Conclusions

4



Introduction


AMG Conversion

Solar grade silicon

Introduction





Ingot yield

Cell efficiency

Inclusions

Breakdown voltage



Conclusions

5



Listed on NYSE-Euronext Amsterdam (Euronext: AMG)

2009E revenue of $0.9 billion (2008 revenue of $1.3 billion)

Products

High purity metals and complex metal products

Vacuum furnaces used to produce high purity metals

Global presence

Europe

Germany, UK, France, Norway

Americas

US, Canada, Mexico, Brazil

Asia

China, Japan

2,500 employees

Technology-driven specialty metals company

AMG

Engineering

Systems

Advanced

Materials

Graphit Kropfmühl

(GKR.DE)

Timminco Ltd.

(TIM.TO)

42.5%

79.5%

100.0% 100.0%

Publicly Traded

Investments

Silicon Metal

Graphite

Silicon Metal

Solar Grade Silicon

Vacuum Furnaces

Titanium

Nuclear

Solar

Superalloys

Specialty Steel

Heat Treatment

Vanadium &

Titanium

Tantalum &

Lithium

Aluminium

Chrome

Antimony

Coatings

Other

Introduction to AMG

6



AMG provides specialty metals and capital equipment to growing end markets

Introduction to AMG (cont’d)

AMG Materials

High value alloys

Essential raw materials

AMG Engineering

Capital equipment for high- performance

materials

Wayne, PA headquarters

11 plants in 7 countries

4 mines in 4 countries

1,587 employees

Hanau, Germany headquarters

8 facilities in 5 countries

684 employees

Advanced Materials Engineering Systems

7



AMG Solar Activities

Company Product Solar Use AMG

Ownership

Timminco Silicon metal1Raw material for polysilicon, solar

grade silicon42.5%

Timminco Solar grade silicon Raw material for silicon ingots 42.5%

Graphit Kropfmühl Silicon metalRaw material for polysilicon, solar

grade silicon80.5%

ALD Vacuum Technologies DSS furnacesEquipment to produce silicon

ingots100%

AMG Conversion (Ohio)200 kW photovoltaic system

(under construction)Generation of electricity 100%

GfEZinc oxide /aluminum oxide

sputtering targets

Raw material for transparent

conductive oxide layers for thin film100%

AMG ConversionSolar grade silicon ingots,

bricks, wafers

Raw material for silicon bricks,

wafers, cells100%

Timminco solar grade

silicon chunks

AMG Conversion 200 kW PV

System (Ohio)

ALD DSS (SCU400plus) GfE AZOY® rotatable

target

GK silicon metal chunks

1 On August 10, 2010, Timminco announced that it had agreed to form a joint venture with Dow Corning at its silicon metal production facilities in

Bécancour, Québec. Dow Corning will acquire a 49% equity interest in the joint venture that will own Timminco’s existing silicon metal operations.

8



Introduction to AMG Conversion

Metallurgical

Silicon

Solar Grade

SiliconIngots Bricks Wafers

Cells &

Modules

AMG Conversion produces multicrystalline silicon ingots, bricks, and wafers for the

solar industry

AMG Conversion’s goal is to accelerate the development of solar grade silicon to enable

customers to manufacture solar cells using solar grade silicon that are indistinguishable from

those made with polysilicon

9



AMG Conversion – Products

Ingots Bricks Wafers

835 x 835 x 250 ±5 mm

400 ±10 kg

156 x 156 ±0.5 mm

200 ±20 μm

157 x 157 ±0.5 mm

Height based on customers

specifications

10



Introduction


AMG Conversion

Solar grade silicon

Introduction





Ingot yield

Cell efficiency

Inclusions

Breakdown voltage



Conclusions

11



Silicon & Impurity Contents

Silicon Product Category

Semiconductor Grade

Solar Grade (SoG Si) /

Upgraded Metallurgical Grade (UMG Si)

High Purity Grade

Metallurgical Grade (MG Si)

ppmw 104

102

1 10-2

10-4

Impurity Content

High investment costs

Long construction lead times

High electricity consumption

Well-known material and manufacturing processes

Low impurities lead to high ingot yields and high cell

efficiencies

Prices can be very volatile

Low investment costs (1/10th to 1/5th of poly)

Shorter construction lead times (1/4th to 1/3rd of poly)

Low electricity consumption (1/4th to 1/2 of poly)

New material not yet fully adopted by market

Higher impurities, yet cell efficiencies >16% can be

achieved

Semiconductor Grade Silicon Solar Grade Silicon

Based on information gathered on PV industry…

12



Silicon Production & Purification

Metallurgical

Silicon

Trichlorosilane

HSiCl3(TCS)

Silane

SiH4

Various Processes:

Slag Treatment, Leaching,

Oxidation, Casting

Chemical Vapor

Deposition

(CVD)

Fluidized Bed

Deposition

(FBD)

Polysilicon

Polysilicon

Solar Grade

Silicon

Traditional /

Siemens

Fluidized

Bed

Metallurgical

Refining

13



Solar Grade Silicon Purification Techniques

Acid Leaching

Treating of metallurgical grade silicon with acids (HF,

HCl) to dissolve metal clusters

Effective on metals but not on dopants (boron and

phosphorus)

Directional Solidification

Segregate impurities in the melt during crystallization

based on segregation coefficients

Impurities accumulate at the top of the ingot thus

purifying the bottom

Calcium Leaching or “Slagging”

Addition of calcium to silicon to bind and separate

impurities in the slag

The slag phase can be separated from the “clean” molten

silicon phase

Oxidation

Melt metallurgical grade silicon at high temperatures to

separate impurities in the slag or as gases

Effective with boron removal

Reduction of High Purity Silica by High

Purity Carbon

Similar process used for standard metallurgical grade

silicon in arc furnaces

Requires clean silica (naturally clean or purified by

leaching), high purity carbon, purified electrodes

Gas Blowing Through Melt

Blow gases (O2, Cl2, CO2) through the melt to react with

dissolved impurities

Volatile compounds are formed and removed from the

melt

14



Selected Solar Grade Silicon Manufacturing Processes

Metallurgical

Silicon

Slag

TreatmentLeaching

Solidification/

Segregation

Post

Treatment

Metallurgical

SiliconDissolution Crystallization Washing Growing

Al/Si Melt Water + Acid Gas

Metallurgical

Silicon

Oxidation in

Rotary

Furnace

Solidification

with

Electromagnetic

Stirring

Cleaning

In-house 3 sequential purification steps to reduce impurities Ingot cleaned/sawed

In-house 3x oxidation/solidification sequence

Filtration

Sources:

- Elkem Solar: Status and future outlook, 6th Solar Silicon Conference, Munich, 2008

- 6N Silicon: Solar Silicon in a Dynamic Market!, 7th Solar Silicon Conference, Munich, 2009

- Timminco: Public presentations, 2009-2010

15



Impurities in Silicon

Category Example Impact

Dopants Boron,

Phosphorus,

Gallium

Resistivity

Important to have n, p dopants well controlled to maximize ingot resistivity

yield (net carrier concentration determines resistivity)


Need to minimize boron

No detrimental effects on LID or lifetime due to gallium

Metals Iron, Copper,

Nickel,

Aluminum

Metallic impurities can limit cell efficiency by recombination

Bulk metal concentration inversely proportional to minority carrier lifetime

High metal impurities can decrease breakdown voltage and ohmic shunting

High iron concentrations can contribute to LID

Alkali-Metals Lithium,

Sodium,

Potassium

Corrosion of crucibles during crystallization

Crucibles integrity becomes compromised – can lead to run outs

Primarily problem with slag treatments where AM > 10 ppmw

Other Carbon,

Oxygen,

Nitrogen

Inclusions

High carbon and nitrogen concentrations will lead to SiC/SiN inclusions

that will reduce yield because of non-waferability (can cause wire breaks)

Inclusions/precipitates can cause breakdown voltage issues and result in

module hot spots during shaded conditions


Need to minimize oxygen diffusion into melt during casting

Need to maximize oxygen removal through mixing during casting

16



0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

Resi

stiv

ity (

oh

m c

m)

B a

nd

P C

on

cen

trati

on

(p

pm

a)

Fraction Solid

B (ppma)

P (ppma)

Resistivity

B = 0.6 ppmw

P= 1.4 ppmw

84% yield

B = 0.6 ppmw

P= 1.8 ppmw

64% yield

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

Resi

stiv

ity (

oh

m c

m)

B a

nd

P C

on

cen

trati

on

(p

pm

a)

Fraction Solid

B (ppma)

P (ppma)

Resistivity

→ Decreasing phosphorus from 1.8 to 1.4 ppmw increased yield from 64% to 84%

→ Average resistivity decreased

Impact of Dopant Concentration/Compensation1

64% 84%

1 Theoretical example for illustration purposes

17



Introduction


AMG Conversion

Solar grade silicon

Introduction





Ingot yield

Cell efficiency

Inclusions

Breakdown voltage



Conclusions

18



Areas of focus for quality improvements with SoG Si / UMG:

1. Ingot yield (p-type resistivity and lifetime)

2. Cell efficiency

3. Inclusions

4. Breakdown voltage (cells)

5. Light-induced degradation (cells)

Understanding of downstream processing in the rush to market the material in times

of high polysilicon prices

In 2009 and 2010, polysilicon prices returned to “normal” levels and SoG Si demand

crashed

→ Forced SoG Si manufacturers to focus on more clearly defining customer

specifications and quality parameters

→ Significant quality improvements have been made to date

Quality Improvements

19



Focus Area #1: Ingot Yield

Proper management of dopant levels in starting material, use of secondary dopant (i.e.

gallium), and optimized crystallization methods can be used to maximize ingot yield

Typical ingot yield with polysilicon is 85% for 400 kg ingots

AMG Conversion has achieved yields above 80% with 100% SoG Si

1 Ingot yield is defined as waferable ingot height (based on resistivity and lifetime) / original ingot height

Goal: Obtain SoG Si ingot yield1 comparable to that of ingot made with

polysilicon

0.5

8

0.6

0

1.75

0.0

0.5

1.0

1.5

2.0

2.5

3.0

Resi

stiv

ity (

Ω-c

m)

0.6

Ω-c

m

1.8

Ω-c

m

Bott

om

cut

To

pcu

t

0.8

5

0.8

7 1.06

1.10

1.2

1.2

2.4

2.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

B &

P (

pp

mw

)

Solidified fraction

BoronPhosphorus0.6 ohm-cm

0.6

Ω-c

m

1.8

Ω-c

m

Bo

tto

mcu

t

To

pcu

t

0.8

5

0.8

7 1.06

1.10

1.2

1.2

2.4

2.8

0.0

0.5

1.0

1.5

2.0

2.5

3.0

0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00

B &

P (

pp

mw

)

Solidified fraction

BoronPhosphorus0.6 ohm-cm

0.6

Ω-c

m

1.8

Ω-c

m

Bo

tto

mcu

t

Top

cut

20



Focus Area #2: Cell Efficiency

Several cell process modifications have been explored to improve efficiency

Phosphorus gettering (during standard diffusion) remains the most effective

With extended gettering processes, cell efficiencies comparable to those made with

polysilicon with identical processes

Extended diffusion can be performed in standard cell lines with minimal impact on cost

AMG Conversion has achieved cell efficiencies over 16% using 100% SoG Si from

Timminco, comparable with polysilicon cell efficiency performance in the same cell

lines

Goal: Produce SoG Si cells with cell efficiency comparable to that of cells

made with polysilicon

15.9%16.1%

Standard

Gettering

Average cell

efficiency at AMG

Conversion1

Extended

Gettering1 Cells made at International Solar Energy Research

Center Konstanz (ISC) from AMG Conversion wafers

21



Focus Area #3: Inclusions

High concentrations of C and N in the feedstock can lead to the formation of SiC and SiN inclusions

Inclusions cause electrical breakdown and losses in slicing due to wire breaks/saw marks

SoG Si manufacturers must either reduce carbon in their source material, or remove contaminants

with methods such as oxidation, or filtration

Filtration techniques have been utilized to reduce carbon impurities

Casting techniques to improve impurity segregation, and vacuum removal during ingot crystallization are

very effective

AMG Conversion has successfully achieved inclusion free ingots using 100% SoG Si,

resulting in slicing yields comparable to those obtained with polysilicon feedstock

Goal: Produce SoG Si ingots with inclusion concentration comparable to

that of ingots made with polysilicon

IR image of

brick showing

a high number

of inclusions

IR image of

brick showing

no inclusions

22



Focus Area #4: Breakdown Voltage

As ingot yield and resistivity are tradeoffs with SoG Si material, users tended to push

resistivity to lower levels <0.5 ohm-cm to increase yield

While reasonable cell efficiencies were obtained, breakdown voltage issues arose due to

higher impurity concentrations in the base material.

Module/cell producers compensated for the breakdown voltage problem by adding diodes

to modules to prevent overheating in partially shaded conditions.

Goal: Produce SoG Si cells with breakdown voltage comparable to that of

cells made with polysilicon

AMG Conversion can reduce metallic

impurities, SiC precipitates, and net dopant

concentration and achieve acceptable

breakdown characteristics, while

maintaining high ingot yield

No module design changes should be

required-16

-14

-12

-10

-8

-6

-4

-2

0

-20 -18 -16 -14 -12 -10 -8 -6 -4 -2 0

Rev

erse

Cu

rren

t [A

]

Reverse voltage [V]

wafer no 082

wafer no 110

wafer no 116

wafer no 128

wafer no 132

23



Focus Area #5: Light-Induced Degradation (LID)

LID is roughly proportional to [boron] and [oxygen]2

LID can be improved by:

Reducing boron and oxygen contents in feedstock

Limiting oxygen diffusion in melt during casting

Using a proper casting technique to remove oxygen during crystallization

LID in multicrystalline polysilicon wafers vary from 0.1 to 0.4% relative

LID in monocrystalline polysilicon wafers typically 0.5 to 0.6% relative

AMG Conversion can achieve LID of 0.2-0.3% relative, comparable to multi poly

Goal: Produce SoG Si cells with LID comparable to that of cells made with

polysilicon

0.8-1.8%

0.5-0.8%

0.2-0.3%

3Q 2009

Feedstock

Purity

Casting

Technique

LID improvements

at AMG Conversion

1Q 2010 2Q 2010

0.1-0.4%

0.5-0.6%

Multi Mono

Source: Management

24



Introduction


AMG Conversion

Solar grade silicon

Introduction





Ingot yield

Cell efficiency

Inclusions

Breakdown voltage



Conclusions

25



Polysilicon production costs using Siemens process vary with:

Manufacturer experience

Equipment quality

Process quality

SoG Si production costs vary with:

Process types

Impurity levels

→ SoG Si typically holds a cost advantage…

…but only if the material can produce cells of equivalent quality!

→ Most customers will require an economic incentive to adopt a new product

Manufacturing Costs

$80

$60

$40

$20

$0

Polysilicon SoG Si

Indicative

Industry

Manufacturing

Costs1

($/kg)

1 Based on Management’s knowledge of the industry participants. Manufacturing costs can vary widely based on capacity utilization and yields.

26



Electricity Consumption

200-250

110-130

40-70

Indicative

Electricity

Consumption1

(kWh/kg)

Polysilicon“Low Yield”

Polysilicon“Best in Class”

SoG Si

In March 2010, the Chinese government announced (No. 38, State Council):

Steel, cement, glass, chemical, and polysilicon industries are suffering from overcapacity

and must reduce energy consumption

New polysilicon projects with less than 3,000 mt annual capacity have been targeted

New energy consumption standard of less than 200 kWh/kg (for comprehensive energy

consumption) and 60 kWh/kg (for reduction process) to be issued by end of 2010

The new standard would eliminate many small inefficient polysilicon plants

1 Based on Management’s knowledge of the industry participants. Electricity consumption can vary widely based on yields.

27



InclusionsInclusions

Potential Partnerships in China

AMG Conversion is looking for partners to:

Provide wafer tolling services

Establish cell production capability by testing and development of cost effective

processes for cell and modules made with SoG Si

Develop alternative crystallization techniques to further improve material performance

Develop customer relationships for high efficiency/low cost cell products

28



Introduction


AMG Conversion

Solar grade silicon

Introduction





Ingot yield

Cell efficiency

Inclusions

Breakdown voltage



Conclusions

29



Conclusions

SoG Si manufacturers have made several improvements to address customer concerns

Today’s best SoG Si has the following characteristics:

Low boron and phosphorus concentrations in the proper ratios to produce high ingot

resistivity yields

Carbon contents low enough to eliminate inclusion formation and have no negative

impact on cell breakdown voltage or slicing yield

Oxygen contents low enough to not cause atypical LID

Metals contents low enough to not cause lifetime/cell efficiency/breakdown issues

While some companies are making good progress, quality differs widely among producers

Market acceptance is possible, but remains an issue due to historical perspectives

Continued cost reduction and quality improvement is necessary to drive market penetration

→ Low-cost and high quality SoG Si is an attractive alternative to polysilicon even

under current poly pricing conditions

→ In the event of higher material silicon demand, SoG Si will continue to drive lower

cost photovoltaics

30



Company Confidential Copyright © 2010 AMG AMG …s1.q4cdn.com/411066846/files/doc_presentations/AMG...

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