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SolaBlock Investor Slides

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SolaBlock PV-clad masonry wall systems--Tough City Solar

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SolaBlock Investor Slides

  1. 1. SolaBlock LLC 79 River Drive, Hadley, MA 01035 www.solablock.com Tough City Solar Copyright © 2016 SolaBlock LLC
  2. 2. High Demand for Solar PV in Ci4es Urban communi4es have desired on-site solar electricity as much as other communi4es, but have not had access to photovoltaic (PV) products suited to urban condi4ons. •  UnKl now, urban solar has been relaKvely nonexistent, due to: - Insufficient roof space, complex surfaces, cost, or - Risk of theS, vandalism, or other severe damage. •  SolaBlock is designed for the urban landscape, enabling urban structures to have producKve solar generaKon integrated with building facades and walls. •  SolaBlock meets the demand criteria for LEED, EnergyStar, and other green construcKon in high density urban and campus seUngs. Schools and colleges Municipal buildings Highway sound walls Parking garages Remote buildings Bridges U4lity buildings Urban “infill” buildings Property walls
  3. 3. An Accelera4ng Market for BIPV “Building-integrated PV (BIPV) is one of the fastest growing markets in the building sector”* “15.4% CAGR through 2019”**. ü  Total current BIPV market: $1.7 billion***. ü  Addressable market: $500 million. Solar demand—where people live ü  Urban dwellers also want benefits of solar. ü  Most valuable closest to building loads ü  Enabling urban zero-energy and off-grid buildings ü  Capable of solarizing otherwise impossible structures (walls, bridges, etc). * Navigant Research; ** Markets&Research; *** Pike Research
  4. 4. SolaBlock –Tough City Solar Long service life Vandal resistant TheS resistant Weather resistant VersaKle Cost effecKve Fundamentally like no other solar $ ∞
  5. 5. SolaBlock Technical Details Physical Design •  Permanently PV-clad façade masonry—same as tradiKonal block. •  Permanently imbedded monocrystalline silicon solar module. •  Passes ASTM tests for compressive loads and other requirements. •  High impact materials—surviving school-yard mishaps. •  Full and half-block sizes available for complex architecture. •  TheS- and vandalism-resistant design—cannot be stolen intact. Electrical Performance •  Up to 10 Waispeak per full block, per square foot, depending on OEM cell efficiencies. •  Up to 12 kWh per full block, per square foot annually, depending on locaKon. •  FiSy-year design goal to 80% producKon due to high thermal conducKvity to block mass. •  Internal bypass diodes re-route circuits when shaded, painted, or electrically damaged. Installa4on Features •  Concrete color and recycled content can be specified by customer. •  Wiring connected solely by electricians—separaKng the trades. •  Viewable at ground-level—airacKve in educaKonal seUngs. •  Walls laid solely by masons similar to convenKonal block. •  Blocks can be individually replaced in the future.
  6. 6. Karen Lauter Utgoff Consulting Patrick Quinlan, Chief Execu4ve Officer NaKonal Renewable Energy Lab., UMass, U-Wisc. Solar Lab, Professional Engineer, White House and Congressional Technology Fellow. Patents. Jason Laverty, Chief Opera4ng Officer Former Instructor, InternaKonal Masonry InsKtute, Member—Local 3 Boston InternaKonal Union of Bricklayers, Job Corp Instructor, Patents. Providing Customer Confidence with Technology Exper4se, Business Depth and a Customer-Oriented Team Advisors Staff Mark Stetz, Electrical Systems Manager; Rachael Yaseen— Business Manager, 2-4 UMass Sales & MarkeKng interns and engineering interns. Founders CREATIVE DESIGN DRIVEN BY MARKETING SCIENCE Team
  7. 7. Business Canvas Value Proposition Key Activities Key Partners Customer Relationships Channels Revenue Streams Cost Structure Customer Segments Key Resources Provide on-site solar electricity to urban building owners. Provide on-site electricity for buildings vandalism, theft or weather has previously precluded it. Enable buildings, walls and other structures in urban areas to provide local electricity to meet sustainability or energy independence objectives. Enable building owners to visibly differentiate their buildings as sustainable. Ultimate customers: •  Public building owners •  Remote building owners •  LEED building designers/ developers •  Homeowners. Our direct customers are the regional building product suppliers who serve these market segments as our partners. Multi-sided market: customers are our partners and the product end users. We will reach regional concrete manufacturers through trade marketing. We will drive interest through contacts with public agencies, green groups and architectural organizations interested in green building. We acquire our customers through identifying and soliciting region partners. We keep them through national support for the brand, margin-sharing, and end-use customer support. •  Supply-chain needs for high value PV, good quality block. •  R&D for more products •  Marketing to partners •  Drive demand •  Develop low cost volume manufacturing. •  Supply-chain providers •  People, hires •  Funding, investment •  Brand building •  IP support •  Partner management •  Testing and certification services. Supply-chain: •  PV cell OEMS •  Electric parts OEMs. •  Glass and substrate OEMs Distribution & Sales: •  Regional block and tile providers •  Public building contractors •  Architects and designers •  Retail building products retailers. Interested parties: •  Green groups •  Public agencies •  LEED •  EnergyStar, etc. •  Leverage Costs for PV, glass, wiring, and other materials •  Labor, automation, and transportation •  Shared margins with retailers •  Marketing, both national and regional •  IP--especially international patents Sales to: •  Our regional building products partners •  Direct sales to end-use customers for ancillary parts
  8. 8. IP and Market Advantage •  IP Development: –  US uKlity and design patents awarded, EU patents pending –  IP counsel: Fish & Richardson –  Next step: ANSI and UL cerKficaKon –  Detailed internal manufacturing processes IP •  Go-to-Market: –  DemonstraKon project to be completed in Spring 2016 –  First local concrete block partner: Ducharme Corp. –  Seeking regional concrete-block manufacturers and distributor partners
  9. 9. SolaBlock Customer Market Segments Regional Northeast Southeast Southwest Northwest International Application Commercial/Industrial Residential Buildings Wall Systems Urban Structures Solar Projects Customer LEED Designers Government Agencies School Systems Business owners Homeowners
  10. 10. Bridging Suppliers to New Markets Navigant Research: “Building-integrated PV is one of the fastest growing markets in the building sector, with 4.6 GigawaMs forecast through 2017.” •  Addressable market: $10 billion. •  SolaBlock early customer market: $500 million. •  Very airacKve market sector for SolaBlock suppliers. Leveraging oversupply in both construcKon materials and PV monocrystalline sectors: •  Bridging into new markets for both suppliers through Solablock.. •  Building relaKonships with potenKal future large-scale exit buyers.
  11. 11. Monocrystalline Cells (OEMs) SolaBlock Na4onal Marke4ng Customers SolaBlock manufactures and distributes PV-clad block and Kle. Tiles are completed on site and shipped to partners. For blocks, PV-kits are assembled at SolaBlock and shipped to regional partner sites for final assembly to blocks. Suppliers End Use Customers Hardware Suppliers(OEMs) Wiring, encapsulants etc. (OEMs) Regional Partners SMU R&D SMU Design SMU Produc4on (PV-Kits) Tile R&D Tile Design Tile Produc4on Regional Partner Customers Customers SMU Final Assembly Concrete Block Manufacturers Marke4ng R&D Produc4on Design for Manufacturing Regional Partner Local Marke4ng SolaBlock Value Chain
  12. 12. Performance of Ver4cal vs. Tilted Modules Annual Energy ProducQon: VerQcal South Facing versus Tilted OrientaQon ConKnental US, Japan Canada Europe ReflecKve surfaces (concrete, white stones, snow, water, etc.) in front of the PV can make up most of the difference. Ver4cal PV produces about 60% of the output of 4lted solar in the US. In EU, 70%; in Canada 80%
  13. 13. Installed Cost Less Than Brick Source: RS Means Construc4on Data, on 3-4-14: for brick (buff, running bond, 4" x 2-2/3" x 8”) vs. concrete block (high strength 3500 psi 8”x 16”x 4”) with SolaBlock bare material price of $15.00. SolaBlock installed cost at $26 per square foot versus brick at $27 $11.40 $15.00 $8.05 $3.83 $7.53 $7.29 $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 Brick SolaBlock O&P Labor Material
  14. 14. Superior Customer Lifecycle Benefit/Cost Conven4onal PV* SolaBlock PV* LifeKme 25 years 50 years Replacements once zero Annual kWh/W 1.6 1.2 Annual Revenue $50 $36 Cost $404 $270 Benefit/Cost 3.16 3.43 RaKo==> 1.10 SolaBlock is 10 percent more cost-effec4ve than conven4onal solar *Comparison: 60-cell cSi module vs. 30 SolaBlock Solar Masonry Units (SMU)
  15. 15. Poten4al Reduc4on in Electric Demand Zero net energy from example SolaBlock installa4on in efficient buildings.
  16. 16. Compe44ve Posi4on: Building Integrated Photovoltaics
  17. 17. SolaBlock is the best choice for urban solar applica4ons. Vandal Resistance Thek Resistance Energy Produc4vity Life-cycle Value SolaBlock Systems ConvenKonal Modules Solar Shingles Solar Windows SolaBlock vs. Compe4tors
  18. 18. Financial Model Costs *AssumpKons: End of year 2017 operaKons (see P&L forecasts for details). Sales of 90% block10% Kle, plus 10% sales in ancillary products. Item Cost Concrete block $1.50 Photovoltaics (11 Wp) $6.60 Wiring and diodes $2.25 Cover and encapsulant $2.85 Labor & overhead $3.30 TOTAL $15.00 Item Cost Cost per block/Kle-set $15.00 Gross revenue per block/Kle-set $19.13 Gross income per block/Kle-set $8.50 Interest, depreciaKon, taxes, etc. $2.25 Net earnings $6.25 Gross margin 50% Item Cost Gross income per block/Kle-set $8.50 Annual sales* 476,000 Annual gross sales $13.2 M Gross profit $4.4 M Projected year- over-year sales growth to 2020 100 % Revenue Profits Gross Margin: 50 % Return on Sales: 18 %
  19. 19. Financial Plan •  2016: $500,000 Seed Funding –  IniKal sales and pilot demonstraKons –  CerKficaKon and compliance tesKng –  Pilot contracts with partner concrete manufacturers •  2018: $2.25M Series-A Funding –  Manufacturing scale-up and automaKon –  Business development –mulK-regional partners. –  Business development –internaKonal partners. •  2020: $6.5M Series-B Funding –  EU manufacturing scale-up and automaKon
  20. 20. EBIDTA Growth •  Cost-of-goods sold ($17) for 2017 based on high labor-intensity and poor buying power for PV cells, falling by 1/3 due to larger purchasing. •  Revenue growth commensurate with composite of BIPV market growth of 15% CAGR plus annual market share growth at nominal 100%. •  Funding needs are $200,000 in 2016 for manufacturing; $2,25M in 2018 for EU expansion campaign; and $6.5M in 2020 for working capital. 20 $ 2016 2017 2018 2019 2020 COGS (per unit) 17.00 15.50 14.50 14.00 13.75 Revenue -58,000 4,138,000 12,298,000 28,618,000 61,258,000 EBIDTA 0 1,445,000 3,390,000 6,930,000 14,010,000 Funding Needs 200,000 0 2,250,000 0 6,500,000
  21. 21. Plan for Compe44ve Advantage 1.  Secure Intellectual Property—on cover, encapsulant, interconnecKon, and overall concept. 2.  No direct compeKtors in the space at this Kme. 3.  Partnering plan with local partners ensures strong regional market posiKons across the US. 4.  Rapid branding to establish overwhelming product recogniKon early on. SolaBlock labeling prior to commissioning.
  22. 22. Going Forward •  IP secured—US patents secured and EU patents applied for •  Excellent team formed •  Prototypes built—IP validated •  Commitment from block manufacturer (R. Ducharme, Inc.) •  Commitment from block distributor (Chicopee Mason Supply, Inc.) •  Commitment from Springfield Technology Park, Springfield Mass. •  DemonstraKon structure designed and ready to build •  Seeking tesKng and validaKon grants for further tesKng •  Manufacturing plan with regional concrete block manufacturers •  DistribuKon plan with regional concrete products distributors
  23. 23. SolaBlock LLC 79 River Drive Hadley, MA 01035 www.solablock.com Patrick Quinlan (413) 687-2853 pquinlan@solablock.com