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American Company Spotlight
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BioSolar Inc. Website:
Click Here |
Information As Of July 31,
2008 |
| Exchange:
OTCBB |
Market
Cap:
47.4 Million |
| Outstanding Shares:
131.7 Million |
52 Low / High:
$0.20 / $1.58 |
|
Price July 31, 2008:
$0.36 |
BSRC Recent Stock Quote and News:
Click Here |
'BioSolar is in a
very unique position within the supply chain to provide the
entire solar industry, including next generation thin-film
manufacturers, further cost reductions through the use of its
breakthrough bio-based materials.'
Overview
BioSolar, Inc. has developed a breakthrough technology to produce bio-based
materials from renewable plant sources that will reduce the cost per watt of
solar cells. Most of the solar industry is focused on photovoltaic efficiency to
reduce cost. BioSolar is the first company to introduce a new dimension of cost
reduction by replacing petroleum-based plastic solar cell components with
durable bio-based components. Through the advanced manipulation of bio-based
polymers, BioSolar intends to produce robust bio-based components that meet the
stringent thermal and durability requirements of current solar cell
manufacturing processes.
Whether solar cells are produced using crystalline silicon, amorphous silicon or
other solar technologies, BioSolar can help reduce the cost per watt through the
use of its lower cost bio-based materials. By removing petroleum from solar
cells, BioSolar makes solar energy a true green source of energy.
Investment Highlights
- Worldwide sales of photovoltaics for 2006 were
approximately $16 Billion -- growing 40% annually since
1997. Sales are projected to reach $36 Billion in 2010 and
exceed $50 Billion in 2020.
- In early July, 2008, BioSolar Inc. was reiterated with a
'Speculative Buy,' and a target price of $1.37 by
Beacon Equity Research.
- Electrical demand is forecast to nearly double between
2004 and 2030 and grow 2.6% annually from 17,408 TWh to
33,750 TWh. Increased demand is most dramatic in developing
nations where some two billion people have no access to
electricity and addressing this need is a high priority.
- The Company announced in mid-June, 2008 that it has
selected Connecticut-based Rowland Technologies, Inc., a
leading manufacturer of plastic film and sheet, as its
manufacturing partner for full-scale production of the
company’s flagship BioBacksheet™ solar cell component. Dr.
Stan Levy, BioSolar’s chief technology officer, who
spearheaded the selection process, noted that “Rowland
Technologies’ high-performance products are recognized
throughout the industry for their consistency and
reliability."
- The US Department of Energy predicts growth in world
energy consumption approaching 71% by 2030.
- In February 2008, the Company expanded its research and
development (R&D) capabilities with the goal of accelerating
product development. BSRC and its strategic partner, SBM
Solar Inc., have agreed to jointly purchase and maintain
next-generation testing equipment and lease additional space
for its expanded R&D program.
- Revenues generated from clean energy technologies are
expected to grow four-fold from $40 billion in 2005 to $167
billion within 10 years.
- The Company's line of BioSolar Backsheets, based on
their proprietary bio-based materials technology, is
designed specifically for c-Si solar cell manufacturers. The
Company estimates that using BioSolar Backsheets can reduce
costs by 50% over traditional backsheet materials.
- Silicon supply constraints and high oil prices are
reducing the profits of PV manufacturers who rely on
polysilicon semiconductor materials despite strong demand
for solar photovoltaics. BSRC’s bioplastic films and resins
aren't affected by silicon shortages, creating opportunities
for BioSolar to build revenues and market share by supplying
PV manufacturers with more cost-effective bioplastic
backfilms, substrates and superstrates.
Profile
With environmental concerns being a major concern for people around the
world, companies have been stepping up to not only try to solve environmental
problems, but make some money along the way. BioSolar, Inc. trading on the
OTCBB under the symbol BSRC can definitely be put in that category. The
renewable energy market, and the solar market in general has been booming for
years, and will continue to do so for quite some time. In fact, An EPIA/Greenpeace
report forecasts 35% annual growth in the worldwide photovoltaic market through
2009 and 26% annual growth between 2010 and 2015. Although there are
plenty of solar companies mushrooming to meet the enormous demand from consumers
who are looking to reduce their foreign energy dependence and also use more
environmentally friendly methods of energy generation, BioSolar, Inc. is one
step ahead of its competition.
Leveraging more than 40 years of experience in material science and
processing technology, the BioSolar scientific team have developed a low cost
bio-based material that meets the manufacturing and operating requirements of
solar cell systems.
This new tough bio-based material will be able to offer the durability and
environmental characteristics of conventional petroleum-based plastics, such as
electromagnetic properties, mechanical strength, dimensional stability, and
weatherability required by solar cell applications. In short, by toughening up
inexpensive and fragile bio-based materials for solar applications, The
Company's breakthrough technology helps to reduce the cost of solar cells.
Today, petroleum-based plastics are used in the production of virtually all
solar cells and modules. However, the cost of these plastics has been steadily
increasing due to rising oil prices, which runs counter to the industry’s effort
to further cost reductions to make solar energy competitive with conventional
fossil fuel.
Furthermore, petroleum-based plastics are not environmentally neutral.
In fact, a recent CLEANTECH column in energy trade publication California Energy
Circuit, (CLEANTECH: Making Solar Power Fossil Free), energy correspondent
William J. Kelly discusses the concept of life-cycle testing - utilizing the
entire life-cycle of a product and its components to determine its total carbon
footprint - noting that solar cells generate 0.04 kilograms of carbon dioxide
per kilowatt of electricity generated. Commenting on the CLEANTECH
article, CEO of BioSolar, Dr. David Lee said "This article recognizes that
BioSolar's BioBacksheet is quickly becoming a driving force in a shift to
replace plastic petroleum-based solar cell components with
environmentally-friendlier fossil-free ones derived from plant-based products."
Silicon supply constraints and high oil prices are reducing the profits of PV
manufacturers who rely on polysilicon semiconductor materials despite strong
demand for solar photovoltaics. BSRC’s bioplastic films and resins aren't
affected by silicon shortages, creating opportunities for BioSolar to build
revenues and market share by supplying PV manufacturers with more cost-effective
bioplastic backfilms, substrates and superstrates.
BioSolar was also the subject of a piece in GreenTech Pastures, veteran
newsman Harry Fuller's column at ZDnet.com. Noting that BioSolar's "BioBacksheet"
is made entirely of plant-based materials, Mr. Fuller's article states that
BioSolar has found a "way to really green solar: turning green plants into
photovoltaics."
The article also highlights another compelling business point: while other
bio-based plastics are made from corn-starch or potato-starch derivatives, which
are currently experiencing a surge in price, all of the plant-based materials
used by BioSolar's products are made from plants that are non-food based.
This bodes well for the company's pricing and market penetration strategy
because BioSolar is more insulated from the negative effects of the recent
run-up in food commodity pricing.
Overall, Solar energy represents the ultimate renewable energy. Once the
initial investment is recouped, the systems operate almost exclusively free of
reinvestment. While some maintenance is necessary on the systems, it is in this
respect that solar further distinguishes itself from other alternative energies.
Political Environment For Solar
Energy
Politically, the subject of alternative energy is already a
mainstream issue among voters. This is expected to ramp up
as the 2008 presidential election draws closer. Historically
Democrats are more likely to favor environmental concerns,
in this case alternative energy, but Republicans have begun
to champion energy independence led by state governors (Gov.
Schwarzenegger of CA and Mike Huckabee). Solar energy
represents the ultimate renewable energy. Once the initial
investment is recouped, the systems operate almost
exclusively free of reinvestment. While some maintenance is
necessary on the systems, it is in this respect that solar
further distinguishes itself from other alternative
energies.
The greening of politics has been led mainly by states who
have bypassed federal missteps by implementing ambitious
programs themselves. California, led by Governor
Schwarzenegger, has taken the lead in reducing carbon
emissions to 1990 levels by 2020, and by 80 percent by 2050.
This effort has been coupled with new federal efforts to
give individuals and businesses tax credits for energy
efficiency.
Market Opportunity
Many factors, including rising oil prices, global warming,
and rapid industrialization of China and India, have helped
propel the global solar industry into hyper-growth mode. In
a very short period of time, solar power has become a viable
source of energy and is now recognized as a competitive
source of electrical power generation.
Worldwide sales of photovoltaics for 2006 were approximately
$16 Billion -- growing 40% annually since 1997. Sales are
projected to reach $36 Billion in 2010 and exceed $50
Billion in 2020. With 2.5 GigaWatt (GW) of additional
deployments in 2006, solar power is still less than 1% of
the total global electricity generation market of 2,000 GW.
Clearly, there is room for substantial growth in this
market. Just as silicon providers supply silicon wafers to
solar cell manufacturers, BioSolar will supply bio-based
materials to this hyper-growth market.
The fundamental drivers for solar photovoltaics are the
efficiency and cost of converting sunlight to electricity or
heat. According to CLSA’s 2005 report, "Sun Screen II –
Investment Opportunities in Solar Power," well-positioned
players are likely to see enormous growth through at least
2008 and likely 2010. This expansion is driven by demand
that outstrips capacity, limited pricing competition and
impressive cost reductions.
BioSolar is in a very unique position within the supply
chain to provide the entire solar industry, including next
generation thin-film manufacturers, further cost reductions
through the use of its breakthrough bio-based materials.
BioSolar Opportunity
With solar cell demand continuing to exceed supply for the
foreseeable future (5 to 10 years), there is an expanding
market for BioSolar’s bio-based materials. The immediate
business opportunity for BioSolar is in supplying the
industry’s first low cost bio-based backsheets for current
solar cell systems.
When using BioSolar materials, the cost reduction over the
materials being replaced can be in excess of 50%. The
current market for plastic components and layers exceeds $1
billion and growing rapidly. The Company estimates that the
market for backsheet products alone is currently at $300
million.
Energy Demand
Electricity consumption is increasing because of economic
development and population growth in emerging world
economies such as India and China. Electrical demand is
forecast to nearly double between 2004 and 2030 and grow
2.6% annually from 17,408 TWh to 33,750 TWh. Increased
demand is most dramatic in developing nations where some two
billion people have no access to electricity and addressing
this need is a high priority.
With the United Nations predicting world population growth
from 6.4 billion in 2004 to 8.1 billion by 2030, overall
energy demand will likely increase substantially over that
period. Both population growth and higher standards of
living in developing countries will drive energy demand
expected to increase 53% between 2004 and 2030. The US
Department of Energy predicts growth in world energy
consumption approaching 71% by 2030.
Solar energy offers a clean, efficient alternative to energy
produced from coal, oil or natural gas. Electricity is
produced at low variable costs and solar energy does not
produce carbon dioxide emissions. Despite these advantages,
at present solar photovoltaic provides only about 4.0% of
the world's energy needs. World solar photovoltaic (PV)
market installations reached a record high 1,744 megawatts
(MW) in 2006, representing 19% growth over the previous
year. An EPIA/Greenpeace report forecasts 35% annual growth
in the worldwide PV market through 2009 and 26% annual
growth between 2010 and 2015. This sector is poised to grow
four-fold from 1.5 Gigawatts in 2005 to at least 6 Gigawatts
in 2010.
Rising fossil fuel prices and environmental issues relating
to greenhouse gas emissions are creating strong interest in
clean energy alternatives for generating electricity.
Wind power, for example, is now one of the least expensive
and most easily deployed energy sources. Ethanol has gained
favor for vehicle use in both the US and abroad. Biodiesel,
made from a wide range of animal and vegetable oils, is
priced within striking distance of petroleum-based diesel.
Solar energy competes favorably in many locations and is
often the cheapest power choice in remote regions.
According to Clean Edge research, the global wind and solar
markets reached $11.8 billion and $11.2 billion,
respectively, in 2005, while the global market for biofuels
was $15.7 billion.
Benefiting from strong federal support and multi-billion
dollar investments in research and development, global clean
energy markets are expected to bloom over the next decade.
According to Clean Edge research, solar photovoltaics
(including modules, system components, and installation)
will grow from an $11.2 billion industry in 2005 to $51.1
billion by 2015. In total, revenues generated from clean
energy technologies are expected to grow four-fold from $40
billion in 2005 to $167 billion within 10 years.
Biofuel Refining Challenges
Rising commodity prices are creating challenges for
biodiesel refiners since these manufacturers rely heavily on
vegetable oils as a key ingredient in renewable diesel fuel
additive. Because of high soybean oil prices, construction
of several biodiesel plants has halted, including the North
Prairie Productions biodiesel plant in Evansville, IN.
According to North Prairie Productions’ Chairman, soybean
oil prices have more than doubled since planning for the new
plant began.
Polysilicon Supply Shortages
Silicon supply constraints and high oil prices are reducing
the profits of PV manufacturers who rely on polysilicon
semiconductor materials despite strong demand for solar
photovoltaics. BSRC’s bioplastic films and resins aren't
affected by silicon shortages, creating opportunities for
BioSolar to build revenues and market share by supplying PV
manufacturers with more cost-effective bioplastic backfilms,
substrates and superstrates.
Technology
A Breakthrough Bio-based Materials Technology
Today, petroleum-based plastics are used in the production
of virtually all solar cells and modules. However, the cost
of these plastics has been steadily increasing due to rising
oil prices, which runs counter to the industry’s effort to
further cost reductions to make solar energy competitive
with conventional fossil fuel. Furthermore, petroleum-based
plastics are not environmentally neutral. Bio-based
materials can be produced inexpensively, and because they
are derived from renewable plant sources their costs are not
tied to high oil prices. In the past, conventional bio-based
materials have not been successfully used in solar cell
applications, due to their low melting temperature and
fragile molecular structure. Conventional bio-based
materials available today will not withstand most existing
solar cell manufacturing processes.
Leveraging more than 40 years of experience in material
science and processing technology, the BioSolar scientific
team have developed a low cost bio-based material that meets
the manufacturing and operating requirements of solar cell
systems. The Company's breakthrough bio-based material is a
result of their innovative enhancements to some widely
available bio-based polymers. This new tough bio-based
material will be able to offer the durability and
environmental characteristics of conventional
petroleum-based plastics, such as electromagnetic
properties, mechanical strength, dimensional stability, and
weatherability required by solar cell applications.
In short, by toughening up inexpensive and fragile bio-based
materials for solar applications, The Company's breakthrough
technology helps to reduce the cost of solar cells.
BioSolar’s lower cost bio-based materials can be used as the
backsheet, substrate as well as superstrate.
Lower Capital Costs for Customers
Capital costs are reduced further because The Company's
proprietary bio-based components can be manufactured using
existing industrial machines. The Company's customers do not
need to bear the cost of proprietary manufacturing systems.
BioSolar is developing a comprehensive line of bio-based
films and resins for solar cell manufacturers, based on its
breakthrough technology. There are primarily two kinds of
solar cells in the market today: traditional crystalline
silicon (c-Si) and thin film solar cells. While thin film
technology promises lower cost and more efficient
manufacturing, it still represents a very small part of the
solar cell market. Traditional c-Si solar cells command 94%
of the market today while thin film and other non-c-Si solar
cells are projected to grow to only 8% by 2010.
The Company's product roadmap is designed to align BioSolar
with market opportunities. Whether solar cells are produced
using crystalline silicon, amorphous silicon or other solar
technologies, BioSolar can help reduce the cost per watt
through the use of its lower cost bio-based components.
BioSolar Backsheet
The Company's line of BioSolar Backsheets, based on
their proprietary bio-based materials technology, is
designed specifically for c-Si solar cell manufacturers.
These backsheets will be available in rolls of film for
direct use in lamination and roll-to-roll assembly systems.
The Company estimates that using BioSolar Backsheets can
reduce costs by 50% over traditional backsheet materials.
BioSolar Thin Film Substrate
With the growth of the thin film solar cell market, The
Company is undertaking research and development efforts on a
modified version of their bio-based materials for use in
thin film substrates. In thin film processing, the layers of
a solar cell are deposited on top of a substrate and built
up instead of laminating the completed cell.
Therefore, the thermal and mechanical requirements for thin
film are different than those for c-Si. Currently available
thin film substrates are primarily stainless steel or
petroleum-based plastics, generally very expensive
materials. The Company anticipates that with the proper
enhancements to bio-based materials, they can deliver a
bio-based substrate to thin film manufacturers for use in
roll-to-roll chemical vapor deposition (CVD) processes.
BioSolar Superstrate
The top layer of a solar cell is traditionally made of glass
or other specialty non bio-based polymers. The solar
industry consumes as much top layer as backsheets and
substrates. The Company believes that a transparent
bio-based material can be produced to replace this layer to
further reduce the cost of current and next generation solar
cells.
BioSolar Plastic
To complete The Company's portfolio of bio-based offerings,
they also anticipate developing a line of bio-based resins
for injection molding applications in creating various
housing and packaging components for solar panels and
arrays.
Recent Developments
Expanded Research and Development Capabilities
In February 2008, the Company expanded its research and
development (R&D) capabilities with the goal of accelerating
product development. BSRC and its strategic partner, SBM
Solar Inc., have agreed to jointly purchase and maintain
next-generation testing equipment and lease additional space
for its expanded R&D program.
The new equipment includes computer-controlled test ovens
designed to run durability testing as outlined in the
Underwriter’s Laboratories (UL) 1703 protocol. The tests for
which the new equipment was designed - the damp heat test
and the humidity freeze test - are among the most severe
tests in UL 1703. To house the new equipment as well as
other tools for testing adhesion properties and measuring PV
module various performance parameters, the two partners have
agreed to lease additional laboratory and storage space
immediately adjacent to SBM’s facility.
BioBacksheet™ Ready for Large Scale Production
In March 2008, the Company announced positive test
results for its BioBacksheet™ product. The new back sheet
material is a composite utilizing two different sustainable
resources, each of which has the necessary Underwriter’s
Laboratories Relative Thermal Index (UL RTI) rating to be
acceptable to major photovoltaic manufacturers. In addition
to providing environmental benefits and significant cost
savings, BSRC’s BioBacksheet™ makes it simple for
photovoltaic module manufacturers to re-certify
its modules with BRSC components since BRSC’s material is
already UL certified.
In April, BSRC began delivering BioBacksheet™ samples to
PV manufacturers. The Company has received numerous requests
for samples for analysis purposes from large United States
and overseas manufacturers.
BSRC has contracted with Rowland Technologies Inc. to
initiate full-scale production of its BioBacksheet™ solar
cell component. The Company expects to reach full production
levels by year-end 2008.
Rowland Technologies Inc. is a leading manufacturer of
high-quality plastic film and sheet. Its
photovoltaic-related products include RowTec® polycarbonate
film, SolaTuf® impact modified acrylic film, ROWLAR™
photovoltaic glazing film, and Rowlux® illusion film.
Recent News and Press Releases
BioSolar Inc. Reiterated 'Speculative Buy,' Target Price $1.37
by Beacon Equity Research
Business Wire (Thu, Jul 10)
Record-High Petroleum Prices a Boon to BioSolar
Business Wire (Mon, Jul 7)
RedChip Visibility Issues First Quarter 2008 Research Update
On BioSolar
PrimeNewswire (Mon, Jun 23)
BioSolar Set for Full Scale Production of Flagship
BioBacksheet with Selection of Rowland Technologies
Business Wire (Mon, Jun 16)
BioSolar Highlighted Nationally in Media Reports Focused on
Growth of Solar Market and Company's Competitive Advantage
Business Wire (Wed, Jun 11)
BIOSOLAR INC Financials
EDGAR Online Financials (Wed, May 28)
BioSolar's Dr. Stan Levy Selected to Present Company's
Breakthrough BioBacksheet(TM) Solar Cell Technology at Key
Industry Meeting
Marketwire (Mon, May 19)
BIOSOLAR INC Files SEC form 10-Q, Quarterly Report
EDGAR Online (Tue, May 13)
BioSolar Delivers BioBacksheet(TM) Samples to Solar Cell
Manufacturers
Marketwire (Mon, Apr 28)
BioSolar Receives "Technology of the Day" Award From
jumpintotomorrow.com
Marketwire (Mon, Apr 21)
Management
David D. Lee, Ph.D - President and Chief Executive
Officer
David D. Lee, founder of the Company, has over 20 years of
engineering, marketing, sales, and corporate management
experience in the areas of military and consumer communication
systems, automotive electronics, software development and
consulting.
He has held senior management positions in numerous technology
companies over the course of his career including Chief
Operating Officer for Applied Reasoning, Inc., an Internet
software development company; Vice President and General
Manager of RF-Link Technology, Inc., a wireless technology
company; Program Manager at TRW Transportation Electronics,
and Systems Engineer at TRW Space and Defense. Dr. Lee holds a
Ph.D. in Electrical Engineering from Purdue University, a
Master of Science in Electrical Engineering from the
University of Michigan Ann Arbor, and a Bachelor of Science in
Electrical Engineering from the University of Texas at Austin.
Stanley B. Levy, Ph.D - Chief Technology Officer
Stanley B. Levy has over 40 years of engineering and technical
experience in the areas of plastics and film development. Dr.
Levy spent 27 years at DuPont working on many of their
premiere films, including Teflon, Mylar and Kapton. He holds
12 patents, his work has been published in numerous technical
publications and he has received several awards for technical
excellence. Prior to joining BioSolar, Dr. Levy was a
consultant on module packaging for photovoltaic manufacturing
companies including Global Solar, MiaSole, and Solar
Integrated Technologies. In addition, he is a member of the
National Renewable Energy Laboratory's Thin Film PV Module
Reliability Team. Dr. Levy holds a Ph.D in Mechanical
Engineering from the University of Connecticut, a Master of
Science in Mechanical Engineering from the University of
Connecticut and a Bachelor of Science in Mechanical
Engineering from the University of Rhode Island.
Contact
BioSolar, Inc.
27936 Lost Canyon Road, Suite 202
Santa Clarita, CA 91387
Tel : (661) 251-0001
Fax : (661) 251-0003
Email : ir@biosolar.com
Investor Relations : (877) 904-3733
FORWARD LOOKING STATEMENTS
This report includes forward-looking
statements that reflect BioSolar, Inc. current
expectations about its future results, performance,
prospects and opportunities.
BioSolar, Inc. has
tried to identify these forward-looking statements by using
words and phrases such as "may," "will," "expects,"
"anticipates," "believes," "intends," "estimates," "plan,"
"should," "typical," "preliminary," "we are confident" or
similar expressions. These forward-looking statements are
based on information currently available and are subject to
a number of risks, uncertainties and other factors that
could cause BioSolar, Inc.'s actual results,
performance, prospects or opportunities to differ materially
from those expressed in, or implied by, these
forward-looking statements. These risks, uncertainties and
other factors include, without limitation, the Company's
growth expectations and ongoing funding requirements, and
specifically, the Company's growth prospects with scalable
customers, and those outlined above. Other risks include the
Company's limited operating history, the Company's history
of operating losses, consumers' acceptance, the Company's
use of licensed technologies, risk of increased competition,
the potential need for additional financing, the terms and
conditions of any financing that is consummated, the limited
trading market for the Company's securities, the possible
volatility of the Company's stock price, the concentration
of ownership, and the potential fluctuation in the Company's
operating results.
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link of which can be found on our web site. This document
contains forward-looking statements, particularly as related
to the business plans of the Company, within the meaning of
Section 27A of the Securities Act of 1933 and Sections 21E
of the Securities Exchange Act of 1934, and are subject to
the safe harbor created by these sections. Actual results
may differ materially from the Company's expectations and
estimates. This is an advertisement for
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