Providing essential quality control systems for the solar panel industry
In the first quarter of 2018 the US added more solar power than any other type of electricity. 2.5 gigawatts of new capacity were added to the solar market in the first three months of 2018, up 13% from the first quarter of 2017. This accounted for 55% of all the electricity added in the first quarter of 2018, including fossil fuels and other forms of renewable energy. Globally solar was the fastest growing electricity source with 98 gigawatts added in 2017. Declining manufacturing costs and increasing public awareness of environmental dangers means that solar is one of the fastest growing sources of renewable energy.
Aurora Solar Technologies Inc. (TSXV: ACU | OTCBB: AACTF) has developed a disruptive new infrared solar cell profiling technology that allows solar cell producers to increase cell power and yield, maximizing solar cell power and profits. Attaining profitability in a sector with very slim margins is the solar industry’s most urgent imperative. Despite this, solar cell fabrication lines are running without the most basic inline measurement and control resulting in very poor product uniformity and high scrap rates. Aurora’s mission is to deliver exceptional results to the photovoltaic industry through measurement, visualization, and control of critical processes during solar cell manufacturing. The expanding solar market is adopting advanced cell structures. China alone intends to spend more than $360 billion through to 2020 on renewable power sources including solar.
The solar industry is expected to triple by 2020, with global revenue from photovoltaic systems to exceed $1.2 trillion by 2024. The motivation to reduce costs and increase efficiency is high, as the solar industry downgrades 15-25% of their production. Aurora’s products improve cell efficiency and eliminates these downgrades. There is 50 major companies with over 600 solar cell fab lines in operation globally, growing at an estimated 15-25% per year, which is at least a $300+ million market opportunity for Aurora.
Aurora’s products provide both hardware and software solutions to reduce the time it takes to bring new lines up to speed and maximizes the yield of the highest power cells. It offers Decima measurement products; Veritas quality control systems and Aurora’s novel “data science” product, Insight. Insight provides manufacturers with previously unattainable information for increasing yield and efficiency. On August 9 2018, Aurora announced that five monthly subscription licenses for Insight had been ordered.
Aurora Solar Technologies Inc. reported earnings results for the year ended March 31, 2018. For the year, the company reported revenue of $2,507,740, an increase of 77% compared to the prior year. The loss from operations was $737,822 for the year, an improvement of 48% compared to the prior year.
China has a quarter of the world’s solar capacity and 6 of the top 10 solar-panel manufacturers. It also sells more electric vehicles than the rest of the world combined. The Company has opened a representative office in Shanghai for an Asian sales team to be based out of. This will be a huge advantage as China’s energy needs will increase in the years to come. During the past two years Aurora has also experienced major commercial successes in Korea, Taiwan and Singapore. No matter where you see the green energy movement heading, there’s going to be a massive need for solar.
Aurora Solar Technologies Inc. develops, manufactures, and markets production measurement and quality control systems for the solar wafer, cell, and panel manufacturing industries in Canada, the United States, Europe, and Asia.