With 25 years in solar technology development, PV Crystalox Solar is a specialised manufacturer of multicrystalline silicon blocks and wafers, key steps in the process of turning raw polysilicon into solar panels. The company has facilities in the UK for turning polysilicon into ingots and then blocks, and a facility in Germany to convert blocks into wafers. The profitability of the company is very dependent on the prices of the input and output materials, both of which fluctuate according to global markets that are currently dominated by Asian suppliers. As part of an on-going strategic review the company will stop ingot production in 2017 and start purchasing ingots from external suppliers.
Exchange: London Main (PVCS)
Financial Data from Exchange website: LSE summary
Financial Report: Annual report 2016
Further Information: PV Crystalox Solar had a long history of production with high growth and profitability. It was the first company to develop multicrystalline technology on an industrial scale. In 1996, it produced the first 66cm ingots, which has now become the industry standard. But the collapse of the wafer price and the shift of the centre of gravity to Asia, especially China, has posed major problems. Long-term contracts for the supply of polysilicon and the sale of wafers have also posed problems as they were based on higher prices. The polysilicon contracts were successfully terminated or re-negotiated in 2015. The wafer sale contracts are still under dispute with the main one due for a preliminary hearing at the ICC in March 2017. If successful this claim could bring a multiple of the Group’s market capitalisation. As the only remaining pure wafer manufacturer in Europe the company benefits from any EU-specific incentives.
Contact Details: PV Crystalox Solar PLC, Brook House, 174 Milton Park, Abingdon, Oxfordshire OX14 4SD
Chairman: John Sleeman
CEO: Iain Dorrity
Fields of interest: Solar