PV Crystalox wafer shipments up, revenue and profits down: wafer capacity to expand to 600MW

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email

Updated: Suffering from the rapid price declines for solar wafers in 2009, PV Crystalox Solar saw revenue and profits fall, despite a small increase in wafer shipments, according to its 2009 financial report. PV Crystalox posted revenue of €237.3 million, down 13.4% from 2008 when revenue reached €274.1 million. However, profits were down approximately 70% (€42.5 million in 2009, compared to €147.2 million in 2008) due to the collapse in wafer prices, despite long-term pricing contracts. Total wafer shipment volume was 4% higher than in 2008 at 239MW.

Japan and Germany continued to be the company’s major customer base with 76.9% (2008: 84%) of our revenues obtained in these two countries. However, the company noted that China was now accounting for a larger percentage of its business, increasing from 6% in 2008 to 9% in 2009.

“In spite of a difficult market environment the Group has remained profitable and has generated a positive operational cash flow and maintained its strong balance sheet.  Accordingly, the Group has a good financial platform for the future,” commented Iain Dorrity, Chief Executive Officer, PV Crystalox Solar.

That will greatly depend on the wafer producer continuing to cut production costs while expanding capacity to benefit from greater economies of scale to remain competitive with larger rivals, based primarily in Asia.

A key aspect is the ramp of its polysilicon plant in Bitterfeld, Germany. According to the company, plans remain on track to reach full capacity (1800MT) at the plant in 2010. The solar-grade silicon production facility started operations in July 2009, producing a total of 153MT in 2009. PV Crystalox reported polysilicon output had reached 65MT per month on average for the first two months in 2010, which is expected to more than double per month by the end of 2010.

PV Cystalox noted that its solar grade polysilicon material gave comparable results to externally purchased high purity polysilicon, which enabled the company to incorporate the material into its standard ingot production at an early stage, after customer acceptance.

Another key aspect of its competitive cost requirements is in multi-crystalline ingot production. PV Crystallox noted that it had completed a capacity expansion program that had taken production from 209MW at its plant in Milton Park, UK to 400MW. Due to improvements in yield and productivity optimization, the company was able to top its previously stated 350MW target expansion.

Also due to renewed demand, the company is now taking production capacity to 470MW by leasing a 46,000 sq ft building adjacent to its main production facility. Internal re-arrangement of block production is expected to boost ingot production capacity by a further 200MW to 600MW.
A shift to wire sawing use for all ingot production in 2009, including its outsourced wafering in Japan has also reduced kerf-loss significantly. The company claims (120/130µm wire) a 90% reduction in silicon loss, compared with the band saws used previously.

PV Cystalox said that first half year shipments would be in the range of 145-155MW with average prices down 15-20% on second-half year prices in 2009.

Update: According to Libertas Partners financial analyst Titus Menzies in an investor note, said that PV Crystallox’s polysilicon ramp at its plant in Bitterfield, Germany was behind schedule at 153MT, which was below their slowed ramp rate guidance previously given of 200MT by the end of 2009. Menzies, also reported that there were higher ramp-up costs related to the plant.

The financial analyst also calculated that the company had a silicon usage of 6.8g/w and blended poly-Si cost for 2010 of €38/kg.

28 September 2021
Solar Solutions International is the largest trade show for solar energy in Northwest Europe. Now the solar market has grown up, it's time for the next step. Solar Solutions International displays more than 500 innovations and over 100 practical seminars concerning the latest in energy storage, smart products, and an ever evolving array of solar panels. As an exclusively B2B trade show, Solar Solutions International offers both exhibitors and visitors the chance to network at the highest level. Duurzaam Verwarmd, the largest trade show for sustainable HVAC technology in the Benelux, is held simultaneously. This way your one visit gets you up to date with all of the developments in both sustainable energy and heating.
6 October 2021
Intersolar Europe is the world’s leading exhibition for the solar industry. It takes place as part of The smarter E Europe – the continent’s largest platform for the energy industry. Under the motto “Connecting solar business,” manufacturers, suppliers, distributors, service providers and project planners and developers from around the world meet in Munich every year to discuss the latest developments and trends, explore innovations firsthand and meet potential new customers.
6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.
18 October 2021
Intersolar South America, South America’s largest exhibition and conference for the solar industry, takes place at the Expo Center Norte in São Paulo, Brazil on October 18–20, 2021, and has a focus on the areas of photovoltaics, PV production and solar thermal technologies. At the accompanying Intersolar South America Conference, renowned experts shed light on hot topics in the solar industry.
19 October 2021
This year’s EV World Congress will hold a special role, not only as the first live EverythingEV event in over a year – a chance to renew your connections and re-engage with the EV sector face to face – but also as a chance to share insight and inspiration as world starts to look towards move on post COVID towards hitting ambitious decarbonisation goals in 2030 and beyond. As ever, we will be bringing world leading organisations, cities, and technology providers to the UK to inspire EV innovators, and delve into the challenges facing the sector as the UK looks to revolutionise road transport.
20 October 2021
Utility-scale solar is evolving, shaped by higher power modules and demand for increasingly lower levelised cost of electricity (LCOE). Those trends are also changing project requirements elsewhere, with inverters capable of delivering high power density and power capacity in strong demand. In this webinar, FIMER will detail how its innovative high-power, multi-MPPT string inverter and modular conversion solution can both meet those demands and transform the utility-scale solar sector for the better.

Read Next

September 23, 2021
Arizonan utility Salt River Project (SRP) and renewables company Clēnera have signed a 20-year power purchase agreement (PPA) for the CO Bar Solar project that is expected to deliver between 440-480MW of power
September 23, 2021
Russian wholesale electricity market administrator JSC ATS has allocated 775MW of solar PV in the country’s eighth auction round for largescale renewables, which had an average price of ₽5.18/kWh (US$0.071/kWh)
September 22, 2021
Renewables developer and asset manager RES has named Eduardo Medina as its new chief executive designate, with the former Vestas, SunPower and Acciona exec set to take over at the end of next month.
September 22, 2021
More than 190 US solar companies have warned that proposed duties on imports of modules and cells from three Southeast Asian countries represent an “immediate and serious threat” to America’s solar sector.
September 22, 2021
Access to off-grid electricity should be seen as a key mechanism to drive rural development and improve economic wellbeing and living standards in Sub-Saharan Africa (SSA), according to a new report by University College London’s (UCL) Engineering for International Development Centre and off-grid, pay-as-you go solar company BBOXX.
September 22, 2021
A project combining 300MWac of solar with a 150MWac/600MWh battery energy storage facility in New Mexico has advanced after DE Shaw agreed to acquire it.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021