Solar Power: Photovoltaic Technologies

Prepared by:

Floyd Associates, Inc.

340 North Camden Drive, Suite 302 Beverly Hills, CA 90210 USA Phone: +1 (310) 300-0890 Fax: +1 (310) 273-2662 info@floyd-associates.com www.floyd-associates.com

May 30, 2010

Solar Power:

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

Solar power refers to the use of the suns energy for production of electricity. It provides a viable alternative to fossil fuels for generating power. There are several benefits to using solar energy instead of fossil fuels, which include: Minimal negative environmental impact by virtue of reduced air pollution and reduced emission of greenhouse gases Relatively low operating and maintenance costs Minimal labor requirements Protection against volatile electricity prices Stable and independent power source

wafers.1 The sawn wafers of 1mm thickness are then placed between two plates, plane and parallel to each other, which rotate in opposite directions and adjust the thickness of the wafer to 1/1000mm. From there, the wafers are cleaned, diffused at a temperature of 800 degrees Celsius, and covered with oxygen plasma. Finally, the cells are sintered at a high temperature, completing the cell production process. 2. Amorphous Solar Cells: Amorphous solar cell, otherwise known as thin-film solar cell, is another type of technology utilized to create PV modules. First in the solar cell production process the glass substrate is cleaned. Afterwards, a lower contact layer is applied. From there, the surface is divided into bands and covered with a silicon layer. Lastly, the surface is re-banded and metal electrodes are applied. Other Solar Cells: Other solar cell technologies less frequently used are the EFG (Edge Defined Film fed Growth) method and Apex solar cells from silicon, cadmium telluride solar cells and copperindium selenide (CIS). EFG monocrystalline solar cells are produced directly from silicon melt, eliminating sawing to wafers, which results in lower production costs and material savings due to reduced waste.

Types of Solar Technologies: 1. Photovoltaic Cells (PV) PV technologies make use of silicon solar cells to convert sunlight directly to electricity. PV cells can provide electric power to meet different needs from small devices such as watches or calculators, to local electric utilities. Concentrating Solar Power (CSP) CSP technologies use reflectors to focus sunlight onto receivers that collect suns heat. This thermal energy can then be used to produce electricity via a steam turbine or heat engine. Previously, Floyd Associates published a research report on CSP and the major players within the sector (www.floyd-associates.com/solar2.pdf). This report will focus on PV and its emergence as a viable and sustainable solar power solution. PV Technologies: Photovoltaic modules that produce up to 100W or more of power are constructed by bringing together and connecting an array of solar cells. The properties of the module depend on the type of solar cell used. The following list represents the three main technologies currently used to create solar cells: 1. Crystalline solar cells: The foundation for crystalline solar cell production lies with a block of silicon ingot, which is sawn into thin silicon

3.

2.

Growing Photovoltaic Market: Although electricity produced by PV systems is currently more expensive than that produced by burning fossil fuels, significant breakthroughs and advancements are being made on the research and development front that are reducing the cost gap between the different technologies. For instance, in order to reach grid parity by 2015, the DOE is investing nearly 6 million dollars in projects relating to the development cycle of PV systems, from basic cell technologies to manufacturing scale-up to total system development.

Zuboy, J., Sczepanski, S., Moon, S., Gwinner, D., and Nahan, R. DOE Solar Energy Technologies Program: Overview and Highlights. US Department Of Energy (DOE) May 2010. March 2010. http://www1.eere.energy.gov/solar/pdfs/39081.pdf
Page | 2

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

May 30, 2010

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

In addition, between 2001 and 2006, the U.S. grid-tied PV market had a 46 percent compound average rate of growth.1 By 2011, the grid-tied PV market is projected to reach a CAGR of 50 percent.1

Internationally, the prospects for PV look very promising. In 2010, global cumulative installed PV capacity is expected to grow by at least 40 percent.2 From there, annual growth is expected to increase by 15 percent.2 Germany, the largest global PV market, is expected to reach a total installed capacity of 10 GW by the end of 2010.2 Meanwhile, Italys market for PV is expected to improve its photovoltaic output from a total capacity of 730 MW in 2009 with the help of strong feed in tariffs established by the nations new Conto Energia Law.2 Expert Opinions on the Future of PV: Henning Wicht, Director and Principal Analyst for PV at iSuppli, Corp, believes the immediate future for PV installations is positive. Wicht says, Reduced feed-in tariffs in Germany are coming in July and consumers in that country will rush to install PV systems before that incentive becomes less compelling. A market correction will happen in the third quarter, leading to a huge fourth quarter due to the approach of other countries' feed in tariff deadlines in January 2011.
Subhendu Guha, chairman of United Solar Ovonic, believes that in order for PV to achieve parity with CSP and other renewable energy sources, the government needs to take an even more active role by offering loan guarantees, feed in tariffs, removing barriers, and focusing on the cost of energy. "We don't need another revolution to reach grid parity; just continue to follow what we've been doing, states Guha. According to Brian Murphy, founder of Fulcrum Technologies, in order for the PV industry to continue moving forward, consolidation; relentless pursuit of decreasing costs, including those for balance of system; standardization within and across technologies; and environmental responsibility are necessary.

On the topic of how the thin film solar market can continue to expand, Joe Armstrong, CTO of Ascent Solar, says technology must demonstrate comparable reliability and cost to c-Si and it must compete with established thin-film products and module costs. CIGS (Copper Indium-Gallium-Diselenide) must also achieve high capacity and cost reductions to be competitive in terms of efficiency, yield, and throughput.2

S. Price and R. Margolis. 2008 Solar Technology Market Report. US Department Of Energy (DOE). January 2010. March 2010. http://www1.eere.energy.gov/solar/pdfs/46025.pdf
Floyd Associates, Inc. Solar Power: Photovoltaic Technologies Page | 3

May 30, 2010

Diagram of a Crystalline Solar Cell:

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

Diagram of a Thin-Film Solar Cell:

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

Page | 4

May 30, 2010

Government Initiatives:

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

The U.S. Department of Energy (DOE) has developed the Solar Energy Technologies Program (SETP) to help promote the research and development of solar technologies including Photovoltaic and Concentrated Solar Power. Specifically, for PV technologies, the purpose of the program is to help it reach grid parity with CSP and other energy sources by 2015. In order to help PV technologies achieve grid parity, SETP has made a commitment to the expansion of PV technologies with respect to three critical areas in the developmental process including new devices and processes, prototype design, and systems development and manufacturing. New Devices and Processes: The Solar Energy Technologies program emphasizes developing new devices and processes that have relatively high cost and performance advantages. Specifically, the program invests capital to conduct preliminary science investigations or literature review without component or system prototype. From there, a commitment is made to the design, development, and preliminary degradation testing of small, lab scale prototypes. In addition, through laboratory investigations, extensive research is done on the process technology concepts of various prototypes. Other areas of interest include physics based modeling and parametric estimation. Prototype Design: After initial laboratory testing of new processes, the programs funding is directed towards prototype design. In particular, a strong emphasis is placed on creating a prototype design that is fully functional and comparable, in look and feel, to already commercialized systems. In order to accomplish this, testing is done to establish proof of concept for all new manufacturing processes in their initial pilot stage. In addition, more testing is done to improve system design and to gather information on reliability issues. Furthermore, lab testing is conducted to collect data, which is used to gain insight on prototype efficiency. Systems Development and Manufacturing: Once research and testing is completed on new prototypes, focus switches to system development and manufacturing of new prototypes in order to make them commercially available at competitive costs. To make new prototypes competitive, the SETP targets
Floyd Associates, Inc.

three main areas of research and development: Technology Pathway Partnerships, University PV Development, and the PV Supply Chain and Cross Cutting Technologies. 1. Technology Pathway Partnerships Partnered with over 50 companies, 14 universities, 3 non-profit organizations, and 2 national laboratories, Technology Pathway Partnerships aim to bring quality, cost competitive PV products to commercialization. By directing funds towards the development, testing, demonstration, and interconnection of new PV components and systems, the government, through TPP, believes it can positively impact the national energy demand. Projects that will lead to the expansion of annual U.S. PV production capacity to a projected 2,850MW by the end of 2010 will be led by various companies including Amonix, BP Solar, Boeing, Sunpower, Nanosolar and Powerlight. 2. University PV Development In the research and development process, the SETP uses the University Product and Process Development system to help improve PV products and processes and to make them market ready. Equipped with a solid understanding of lab processes and of materials and device physics, universities provide unique value to the development and commercialization of near term PV systems. Universities that have been beneficiaries of the University Product and Process Development funding include Arizona State University with SolFocus, Inc. and Soliant Energy, Inc., California Institute of Technology with Spectrolab, Inc., and University of Florida with Global Solar Energy Inc., International Solar Electric Technology Inc., Nanosolar Inc. and Solyndra Inc.

Solar Power: Photovoltaic Technologies

Page | 5

May 30, 2010

3. PV Supply Chain Technologies Project

Solar Power: Photovoltaic Technologies

and Cross-Cutting

Floyd Associates, Inc.

The PV Supply Chain and Cross-Cutting Technologies project focuses on the development of unique PV products or processes and helps make them commercially viable as quickly as possible. One way the project does this is by identifying key non-solar companies with technologies that can contribute to the PV manufacturing process. Examples include technologies that improve throughput, yield, reliability, and/or thermal performance. Gathered through the DOE, below is a list of companies, along with a brief description of the idea, funded by the PV Supply Chain and CrossCutting Technologies project that could potentially help make PV products and processes become more cost effective: Accustrata: Develop a real-time optical monitoring system based on fiber optic reflectance measurements optimized for use in a thin-film production environment to improve the process flow and reduce costs. Advanced Cooling: Develop new bonded copper thermal interface for high concentration PV that experiences rapid thermal cycles with a design that targets lower thermal stress and resistance. Optomec, Inc.: Enhance an existing non-contact printing mechanism to support fully printed, fine feature collector lines on the front surface of crystalline silicon solar cells. PP G Industries, Inc.: Develop coatings that can be applied in a continuous automated process at a lower temperature and intensity than current PV protective materials like ethylene vinyl acetate. SiOnyx, Inc.: Develop a silicon surface treatment with femtosecond laser processing technology to enable increased light absorption and significantly larger spectral bandwidth for film silicon PV.

Photonic Glass Corp.: Reduce glass surface reflectance by ion beam surface modification to create a graded index of refraction. Solar Red: Develop an all-AC, building integrated, thin-film cadmium telluride PV system for asphalt shingled sloped roofs. This plug-and-play AC PV system will significantly reduce installation costs. Washington Technology Center: Develop nanoimprinted diffraction gratings for light trapping in crystal-silicon film PV to help reduce manufacturing costs.

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

Page | 6

May 30, 2010

Major Photovoltaic Companies: MORGAN SOLAR

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

According to the U.S. Department of Energy, UNI-SOLAR holds the current world records for conversion efficiency for both a-Si solar cells and modules. Recently, Energy Conversion Devices, Inc., announced it has been selected by ProLogis and Portland General Electric (PGE) to deliver 2.4MWp of laminates for installation in Portland, Gresham, and Clackamas in Oregon. In addition, United Solar confirmed that it will supply up to 25 MW of photovoltaic laminates to Enel Green Power for installation on a number of buildings owned in Italy. SOLYNDRA Solyndra, Inc., based in Fremont, CA, designs and manufactures photovoltaic systems, comprised of panels and mounting hardware, for the commercial rooftop market. Using proprietary cylindrical modules and thin-film technology, Solyndra systems are designed to be able to provide the lowest system installation costs on a per watt basis for the commercial rooftop market. Solyndra's panels employ cylindrical modules which capture sunlight across a 360-degree photovoltaic surface capable of converting direct, diffuse and reflected sunlight into electricity. Solyndra's panels achieve effective energy generation when mounted horizontally and spaced significantly closer together than conventional panels on a typical rooftop, thereby enabling greater rooftop coverage and enhanced energy production over the systems lifetime. Using proprietary cylindrical CIGS modules and thin-film technology, Solyndra systems are designed to be able to provide the lowest system installation costs on a per watt basis for the commercial rooftop market. Recent developments for the Company include construction of its second solar panel (Fab 2), near Fremont, CA, that is designed to produce 500 megawatts per year of power.

Morgan Solar Inc., based in Toronto, Canada, specializes in providing cost effective concentrated photovoltaic solutions. In order to provide this low cost solar system, the company designed and implemented a unique way to capture, transport, and concentrate sunlight using a light-guide solar optic (LSO). The LSO captures sunlight and transports it inside the optic to edge mounted high efficiency PV cells. From there, the PV cells convert the concentrated energy to electricity. Compared to other CPV solutions, Morgan Solars LSO technology is more cost effective, easier to manufacturer, lighter in weight, yet durable and 100 percent recyclable. Recently, Morgan Solar completed the first part of their Round A investment securing $8.2 Million from a mix of strategic investors and venture capital funds including Iberdrola, the worlds largest new renewable energy provider, Nypro Inc., a global leader in injection molding and contract manufacturing and Turnerstone Capital Management. In addition, Morgan Solar has been awarded over USD $5 Million in government grants and tax subsidies. UNI-SOLAR Based in Michigan, UNI-SOLAR, a product innovation of Energy Conversion Devices, Inc. specializes in building integrated rooftop photovoltaics. UNI-SOLAR brand products are flexible, light weight, easy to install, durable and provide real-world energy production. UNI-SOLAR has been able to reduce the cost of solar cells by utilizing Amorphous silicon alloy thin film technology. Since a-Si alloy absorbs light more efficiently than crystalline, the a-Si solar cell thickness can be 100 times less than that of conventional cells, which, in turn, reduces material cost. To further reduce the manufacturing cost of PV modules, the Company has pioneered and patented the development of a unique approach utilizing proprietary continuous roll-to-roll solar cell deposition process.

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

Page | 7

May 30, 2010

Solar Power: Photovoltaic Technologies

FIRST SOLAR

Floyd Associates, Inc.

In addition, Solyndra, Inc., announced it has signed a new North America distribution agreement with DC Power Systems, a full-service distributor of renewable energy products; Advanced Green Technologies, a worldwide renewable energy solutions and buildingintegrated solar energy products provider; and Allied Building Products Corp, a leading national distributor of roofing and solar materials. SUNIVA Based in Georgia, Suniva Inc., manufactures and markets high-efficiency monocrystalline silicon solar cells. Sunivas Artisun solar cells are made of polysilicon. The polysilicon is refined and "grown" into extremely pure monocrystalline ingots where they are then carefully sliced into thin wafers. From there, the monocrystalline wafers undergo processing steps which apply an electric field to them. A metal grid is then attached, along with an application of aluminum backing and an antireflective layer. The solar cells are then used to create solar modules. Sunivas solar cell technology has produced recordsetting 20%+ efficiencies in the lab, making it the world's lowest cost, highest cell efficiency commercially available in full scale production. Recently, Suniva, Inc. announced that its highperformance solar cells are powering Indias first 1MW rooftop solar plant. The Company also announced the U.S. Department of Energy Loan Guarantee Program is initiating discussions with Suniva under the DOEs Innovative Energy Efficiency, Renewable Energy and Advanced Transmission and Distribution Technologies Solicitation for a potential loan guarantee of approximately 141 million. On the international front, in 2009, Suniva Inc. led all high-efficiency silicon cell manufacturers in America in exports with more than 90% of its production going to Europe and Asia.

Headquartered in Arizona, First Solar is the largest manufacturer of thin film solar PV modules. The Company has made significant strides in making cost of solar electricity produced from their FS Series 2 PV Modules comparable to that of traditional fossil fuel generation. To drive down the cost of solar electricity, First Solar made several innovations in the manufacturing process. First, in order to shorten the manufacturing process to less than 2.5 hours per module, the Companys all in one process manufactured the modules on automated lines from semiconductor deposition to final assembly. Secondly, First Solar replaced the semiconductor content found in crystalline silicon PV modules with cadmium telluride (CdTe). By doing so, the Company made it even more affordable to convert solar energy to usable electricity. These advancements have helped First Solars PV modules to become the first to reach 1GW in installations. Recently, First Solar, Inc. announced it had sold a 30 megawatt (AC) photovoltaic solar power project to Southern Company and Turner Renewable Energy. Also, the Company announced a power purchase agreement to supply Pacific Gas and Electric Company with renewable electricity from a 300 megawatt utility-scale photovoltaic solar power facility that First Solar is developing in Southern California. SUNTECH Based in Wuxi, China, Suntech is the worlds largest producer of crystalline silicon photovoltaic modules and a worldwide leader in the design and manufacture of innovative solar energy solutions. There products, which include HiPerforma, Reliathon, Thin Film, and Standard modules, generate electricity at an efficiency comparable to the top players in the industry. For example, the Companys
Page | 8

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

May 30, 2010

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

HiPerforma line of monocrystalline modules reaches conversion efficiencies of 10 to 15 percent greater than conventional modules. Likewise, Suntechs Reliathon module, over a 25 year period, warrants 2% degradation in year 1 and 1% degradation in year 2. For the following 23 years, the module warrants a 0.5% yearly reduction. Overall, the new terms warrant an industry-leading 85.5% power output level at year 25 compared to 80% for conventional modules. On March 17, 2010 Suntech agreed to supply solar panels to Taiwans biggest solar power plant, a 4.7MW solar plant in Young'an, Kaohsiung. Additionally, in February, Suntech announced it will be involved in the largest ever solar initiative when it supplies solar panels for 19 remote schools in Lebanon working with local partner and Lebanese integrator Asaco General Trade & Contracting. JA SOLAR Based in Shanghai, JA Solar Holdings, specializes in the design, development, production and sales of highperformance solar energy products. The Company utilizes crystalline based solar cells to manufacture their unique products. They offer both mono and multi-crystalline modules, ranging in power from 155w - 240w. Solar Modules are provided for off-grid systems, commercial use to industrial use, in addition to residence, buildings and public utility. Currently, JA Solar's solar module annual capacity is 300MW. JA Solar has built two main solar cell manufacturing facilities in Ningjin, Hebei Province and Yangzhou, Jiangsu Province with a total capacity of 1GW. In addition, the Company established its 300MW PV module factory in Fengxian, Shanghai. The current capacity of multi-crystalline silicon wafer factory in Donghai, Jiangsu Province is over 100MW. JA Solar continues to make breakthroughs in conversion efficiencies, highlighted by the Companys recent development of a new type of solar cell that has an

efficiency of over 19% through protracted and unremitting efforts. In 2009, the sales of JASO reached 3.8 billion RMB and annual shipments achieved 509MW, which made JASO rank in the world's top six and China's top three manufacturers of solar cells. By 2010, growth is expected to exceed 900MW. MOTECH INDUSTRIES Based in Taiwan, Motech Industries Inc. was founded in 1981 and entered into solar cell production in 1999. The Company manufactures and markets high-quality mono and multi-crystalline silicon solar cells. Motech has improved the cellmodule efficiency ratio to 0.2. The Companys solar cells offer high shunt resistance, which helps produce higher energy output even during lowlight hours. In addition, Motechs solar cells feature low reverse current at both -10V or -12V. The Company currently has five commercialized PV modules; a 200 watt module for 600 volt applications, a 205 watt module for 600 volt applications, 200 watt module for 1,000 volt applications, 205 watt module for 1,000 volt applications and 66 watt Roof Integrated module, specifically designed for residential application in a variety of concrete tile roofs. Today, Motech is the largest solar cell manufacturer in Taiwan and one of the top ten manufacturers worldwide in terms of production capacity and output. In addition, Motech is also Taiwans leading provider of photovoltaic systems and photovoltaic inverters. Recently, Motech Industries Inc. announced its subsidiary, AE Polysilicon Corporation, has been awarded a tax credit of 44.85 million for Phase I under section 48C of the IRS Tax Code by the U.S. Department of Energy (DOE). SUNPOWER Founded in the 1970s, San Jose, CA based SunPower has been one of the major pioneers in the research,
Page | 9

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

May 30, 2010

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

development and commercial production of photovoltaic technologies. The Companys continuing success in breaking solar efficiency ratings has made them an industry leader. The SunPower solar cell has an efficiency rating of 22% compared to 15% of a conventional solar cell. These ratings translate into 50% more energy production than conventional PV and four times more power than thin-film technology. In the long run, SunPower cells will produce 43% more total energy than comparable photovoltaic systems and about 105% more than thin-film solar systems. In 2004, SunPower built the first solar PV power plant in the world, a 10-megawatt Bavaria Solarpark, which generates enough energy to power 9000 homes. The Company constructed the largest domestic power plant, a 14-megawatt plant at Nellis Air Force Base in Nevada. Currently, the Company provides operations and maintenance for more than 265MW of solar for power plants in the U.S., Germany Portugal, Spain and Korea. In addition, Sunpower is working on a project for Florida Power & Light, which will replace Nellis as the largest power plant in North America. In 2008, SunPower signed an agreement with PG&E to build the worlds largest (250MW) photovoltaic power plant, set to begin energy delivery in 2010. Florida Power & Light Co. also contracted with us to provide 25 MW of electricity in 2009 and another 10 MW by the end of 2010. Also, on May 11, 2010, SunPower announced its new SunPower Oasis Power Plant, the industry's first modular solar power block that scales from 1MW distributed installations to large central station power plants. SOLARWORLD Based in Camarillo, CA, SolarWorld has been a manufacture of photovoltaic systems since 1996. Vertically integrated, the Company is responsible for all steps in the production process from raw silicon
Floyd Associates, Inc.

to modules, kits and systems. In 2007, SolarWorld acquired the Komatsu silicon wafer production facility in Hillsboro, Oregon for $40 million. Afterwards, the Company invested about $500 million to renovate the 480,000-square-foot facility into a world-class manufacturing plant that will convert raw silicon into up to 500 megawatts worth of photovoltaic wafers and cells a year. In addition, construction of a module assembly factory started in 2009 and will begin production in the second half of 2010. SolarWorld is responsible for several breakthroughs in the PV sector. The Company not only developed the first grid-connected PV systems in the world, but they were also the first to offer UL-listed modules. Furthermore, in 2001, SolarWorld founded SolarMaterials, a recycling subsidiary, making the Company the very first to recycle whole obsolete modules. SolarWorld offers products ranging from wafers and cells to PV modules for grid-coupled and gridindependent power generation to complete solar power kits and systems. The Companys SunModules produce more energy per rated kilowatt than other major brands. Recently, SolarWorld announced the Company is acquiring a 29 percent stake in the newly founded Joint Venture Qatar Solar Technologies headquartered in Qatar. According to an independent survey conducted by hightechnology watchdog group Silicon Valley Toxics Coalition, SolarWorld performed best among makers of conventional solar modules in an evaluation of PV manufacturing companies performance on environmental and social responsibilities. MITSUBISHI ELECTRIC Headquartered in Cypress, CA, Mitsubishi Electrics Solar Photovoltaic Division started research and development in 1974. Over the course of their 35 years in the industry, the Company has achieved several key milestones, including establishing the first shipments of industrial use photovoltaic

Solar Power: Photovoltaic Technologies

Page | 10

May 30, 2010

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

inverters in 1982, delivering a 750kW system to Mikayo Island, Okinawa Prefecture in 1993 and expanding production capacity of solar cells to 135MW in April of 2005. Mitsubishi Electric has made innovations in the manufacturing process and developed products that have resulted in more efficient solar cells and modules. The Company created a derating design concept that reduces the electrical stress of each electrical component based on actual use time, thus making the product more dependable in the long run. To further ensure long term efficiency, the Company developed straight tabs that reduce or even eliminate stress on the solar cells tab wiring. Also, Mitsubishi Electric has developed fine grid electrodes for the solar cell manufacturing process. This innovation has successfully expanded the solar cell light receiving area to realize high-efficiency cells. Recently, Mitsubishi Electrics solar division broke their own record with a worlds highest conversion efficiency rate of 18.9 percent for multi-crystalline silicon photovoltaic cells. In January of 2010, Mitsubishi Electric concluded, after months of factory testing, that the Companys UD5 and UJ6 photovoltaic modules can be installed near salt water, a finding that expands the market for their products. TRINA SOLAR Based in Changzhou, China, Trina Solar, is a manufacturer of mono and multi-crystalline photovoltaic PV modules with power outputs ranging from 165W to 230W. Trina Solar conducts their research and development, as well as the manufacturing of their ingots, wafers, cells and solar modules in its facilities in Changzhou, China. The Company plans to add approximately 161,475 square feet to its existing 152,526 square feet facilities to expand business and increase production.

Trina Solar commercializes its products in various European countries, with a focus on countries where government incentives make solar power more profitable, such as Germany, Spain, Italy, the Netherlands, France and Belgium. Additionally, the Company is targeting emerging PV markets, such as the United States, South Korea, India, Australia, China and Mongolia. Trina Solar Energy announced that it signed a strategic partnership agreement with TUV Rheinland Group, Underwriters Laboratories Inc. and China General Certification Centre at its recent 2010 global customer conference held on May 19th. SUNEDISON Headquartered in Maryland, SunEdison develops, finances, and operates solar plants across the globe. The Company does not utilize one specific technology, as they look at projects on a case by case basis and apply the technology, whether it is thin film or crystalline, that yields the highest return for the consumer. As North Americas largest solar energy provider, SunEdison delivers more usable energy from their solar systems than does any other commercialized solar company. The Company currently manages more than 100.6 MW of photovoltaic solar power plants in North America and has developed 6.2 MW of photovoltaic solar power plants in Europe. In addition, the Company was the first to introduce the innovative Solar Power Purchase Agreement. Recently, SunEdison announced an agreement with First Reserve Corporation to establish a joint venture which could provide up to 1.5 billion in current and future SunEdison solar photovoltaic energy projects. First Reserve Corporation is one of the largest private equity investors in the world with 20 billion under management.

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

Page | 11

May 30, 2010

Solar Power: Photovoltaic Technologies

Floyd Associates, Inc.

FLOYD ASSOCIATES
GROWTH CAPITAL . GLOBAL PRESENCE . OPTIMAL RESULTS
Floyd Associates, Inc. is a privately held consulting firm with expertise in corporate finance, business strategy, and mergers and acquisitions. Our expert team advises companies of various sizes on capital raising instruments, optimal capital structures, and formation of strategic alliances. The Company offers complete solutions customized to meet the specific needs of each of its clients. Solutions include equity financing, business expansion plans, global corporate finance solutions, and international trade strategies. FORWARD LOOKING STATEMENTS Except for historical information contained herein, the statements in this report are forward-looking statements that involve known and unknown risks and uncertainties, which may cause any or all actual results, performances and achievements in the future to differ materially from forecasted results, performances, and achievements. Floyd Associates undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this report, or to reflect the occurrence of unanticipated events or changes in the Companys plans or expectations. Floyd Associates, Inc. 340 N. Camden Drive, Suite 302 Beverly Hills, CA 90210, USA Phone: +1 (310) 300-0890 Fax: +1 (310) 273-2662 info@floyd-associates.com www.floyd-associates.com

Floyd Associates, Inc.

Solar Power: Photovoltaic Technologies

Page | 12