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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

Solar Photovoltaic

Solar Photovoltaic production has nearly doubled every two years, increasing at a compound annual growth rate of 46% since 2001. 46% compound annual growth since 2001 Source: Compiled by Earth Policy Institute from Worldwatch Institute, Vital Signs 2005 (Washington, DC: 2005); Worldwatch Institute, Vital Signs 2007-2008 (Washington DC: 2008); Prometheus Institute, “23rd Annual Data Collection - Final,” PVNews, vol. 26, no. 4 (April 2007), pp. 8-9; REN21, Renewables 2007 Global Status Report: A Pre-Publication Summary for the UNFCCC COP13 (Paris: December 2007). AMG remains committed to the future of solar energy despite the dramatic drop in prices and demand which began in 2008. Countries continue to be troubled by a lack of energy security, the soaring price of energy in recent years, the decline in easily accessible fossil fuel sources, pollution and a concern that climate change may be approaching catastrophic proportions. With these concerns in mind, AMG took major steps in 2008 to increase its presence in the solar industry: • The Engineering Systems Division expanded its solar furnace manufacturing facilities and made significant investments to reduce dependence on outsourcing. • Timminco continued the expansion of its facilities to produce upgraded metallurgical solar silicon (UMSi). • AMG acquired majority control of Graphit Kropfmühl AG, a supplier of silicon metal to the solar industry. • The Advanced Materials Division expanded its thin film coatings business. Solar energy is a primary focus of all AMG’s business divisions. The value chain to the right shows how AMG works across these divisions to take advantage of market opportunities.

Market Focus Report The energy in sunlight striking the earth for 40 minutes is equivalent to global energy consumption for an entire year. Photovoltaic production has grown at a compound annual rate of 46% since 2001 and installed capacity reached 10.6 GW at the end of 2007. Crystalline Silicon Value Chain Silicon Metal Solar Grade Silicon Ingots Wafers Cells Modules Systems Silicon Metal Silicon metal is the essential ingredient for both polysilicon and UMSi. Timminco: Timminco produces 50,000 mt of silicon metal annually, which is available for the production of UMSi. GK: GK produces 30,000 mt of silicon metal annually which is available for the production of polysilicon. Solar Grade Silicon Both polysilicon and UMSi have the necessary quality and characteristics to be used in solar applications. Timminco: Timminco’s proprietary purification process enables the direct production of UMSi from silicon metal feedstock. Timminco is expanding its UMSi facility to increase its nominal annual production capacity. By the end of 2008, Timminco had commissioned six new production lines. Engineering Systems Division: The Division designs and manufactures DSS furnaces for the production of large area silicon ingots for high efficiency solar cells. Ingots UMSi or polysilicon is processed in a specially designed vacuum furnace into ingots, cut into bricks, which are then sliced into wafers. Timminco: Timminco has recently installed ingoting capabilities for quality control and research and development purposes in its UMSi operations. Engineering Systems Division: This Division is a world leading producer of these furnaces. Order intake for these furnaces increased from $194.3 million in 2007 to $292.8 million in 2008, resulting in a total furnance backlog of over $332 million at year-end. Wafers The high-purity silicon is cut into very thin discs or wafers which are the basis for the production of solar cells. Cells/Modules/Systems Wafers undergo a variety of processes to enable them to convert sunlight into electric power and in so doing become solar cells. These solar cells are linked together in modules and these modules are combined and linked to system components which are installed to generate solar energy. Advanced Materials Division: This Division produces proprietary coating materials and processes to increase the efficiency of thin film photovoltaic cells.

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