About
Solexel is developing high-efficiency, low-cost, crystalline silicon solar cells and modules for photovoltaic electricity generation. Solexel’s innovative manufacturing process and product design minimize the use of expensive materials while providing industry-leading performance. Low material usage allows Solexel to manufacture solar modules at substantially reduced costs, putting solar-based electricity on a near-term path to the Solar Holy Grail: true grid parity.
Thesis
Solexel has the potential to become the leading photovoltaic solar manufacturer in the “Solar 2.0” era, producing the most cost-efficient energy generation products in the world.
People
President and CEO Mike Wingert was a successful executive in the semiconductor industry as the EVP of Seagate, President and COO of Maxtor, and CEO of Cornice. Founder, Executive Chairman and CTO Mehrdad Moslehi has an extensive science and engineering background and holds over 220 issued patents. In addition, SunPower plays a key role as a strategic investor in Solexel.
Key Board Members:
- John Denniston (Kleiner Perkins Caufield & Byers)
- Ira Ehrenpreis (Technology Partners)
- Les Vadasz (former EVP of Intel)
- Doug Rose (VP of SunPower)
Product
Solexel is developing and producing crystalline silicon-based PV modules that achieve the highest efficiency at the lowest cost in the industry. Solexel plans to ship 20% efficient modules based on 21-22% efficient cells at a cost of $0.42 per watt. Solexel uses a disruptive, IP-protected, high-efficiency technology that uses approximately ten times less silicon than traditional processes.
Potential
From a promising technology in the 1970s to an emerging industry less than a decade ago, the solar energy market has grown to approximately $35 billion in 2011 and is projected to grow to $100 billion by 2020 (EPIA). Solexel has disintermediated the key structural roadblocks to broad solar adoption by enabling an industry-leading levelized cost of electricity through lowest cost and highest efficiency.
Megatrends
- Sustainability
- Convergence
- Demographics
- Globalization
How Big Can This Be?
If Solexel succeeds in bringing a solar module to market at below grid electricity prices, we believe that Solexel could be one of the largest and most important energy companies in the world.
Predictability
Solexel has proven its core technology at pilot scale and is prepared to produce at scale by 2014. The Company has a manufacturing process that is protected by patents and proprietary tools. Solexel has also demonstrated very strong customer demand—eight of the largest top-tier strategic customers have already contracted with Solexel.
Risks
If Solexel’s modules fail to reach grid parity over the next few years, the Company may be consigned to the same dustbin as the Solyndras of the world. In addition, Solexel operates in a competitive industry in which technological change and disruption can happen quickly.
