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XSNX Recent Stock Quote and News:
renewable energy capacity grew to $71 billion in 2007, up from
$55 billion in 2006 and $40 billion in 2005. Almost all of the
increase was due to increased investment in solar PV and wind
Based in Aliso Viejo, California, XsunX, Inc. is a thin-film photovoltaic
company. XsunX is executing a phased plan to build and install 100 mega-watts
(MW) of amorphous silicon thin film solar module manufacturing capacity. The
Company is working to complete the installation of its base production
infrastructure in Portland Oregon, USA in 2008, and then grow capacities to 25
MW by early 2009, and 100 MW by early 2010.
- Exploding worldwide energy demand, depleted fossil fuel
resource and soaring oil and gas prices are fueling demand
for clean alternative energy sources such as wind and solar
energy. The solar energy technology sector currently
generates $10 billion in annualized revenues and has been
growing 35-40% annually as a result of significant
investments in new production facilities and technologies in
Europe, the US, China and Japan.
- Thin film technologies, such as the technology deployed
by XSNX, offer the lowest cost per watt at the module level.
As a result, thin film's share of the overall solar
photovoltaic market is expected to increase from around 5%
currently to as much as 20% in five years and deployment of
thin film technologies will grow much faster than the
overall PV market.
- Toward year-end 2008, the Company expects to begin
building the first of three additional 25 MW systems which
will expand its total production capacity to 100 MW. These
systems are likely to become operational between November
2009 and March 2010.
- Some experts believe the PV market will reach $25
billion by 2011.
- As of March 31, 2008, the Company's customers had
reserved capacity totaling approximately 145 MW of solar
cells modules valued in excess of $350 million, with
deliveries scheduled to begin in 2009.
- Although the solar photovoltaic (PV) industry
potentially addresses a trillion dollar worldwide market,
solar energy system deployment has been limited by the fact
that solar energy is not yet economically viable in the
absence of government tax and other incentives. This is
expected to change over the next five to seven years as per
watt costs of PV technology are reduced to a level
competitive with conventional electricity sources.
- Governments incentives continue to encourage solar
deployment all around the world, at both the federal, state
and municipal levels. For example,
Germany has established relatively aggressive
incentive programs for solar energy and other European
nations have followed suit. In the US, the California Solar
Initiative provides for $2.9 billion in incentives over ten
- XSNX has an advantage over other solar cell
manufacturers because of its cutting-edge technology, which
enables the conversion of an inexpensive sheet of 100cm X
160cm glass into a complete solar module in less than three
hours. The Company's thin film PV technology uses only a
fraction of the semiconductor material that is required to
produce traditional crystalline silicon solar modules. Given
the high cost and supply constraints on semiconductor
materials, using less silicon gives XSNX a huge cost
- XsunX Inc. has been rated a Speculative Buy with a
reiterated price target of $1.50 by Beacon Equity Research
Analyst, Victor Sula, Ph.D. in July 2008.
- Beacon Equity Research
believes XSNX remains on track to
report meaningful revenues by year-end 2008 and achieve
their $60 million revenue target
in 2009, based on Beacon's December 2007
research report on XSNX.
- The Company recently secured a $21 million financing
commitment from a Chicago-based institutional investor,
Fusion Capital Fund II, LLC. These funds are being utilized
to purchase the major components and parts of the
sub-systems, beginning with components having the longest
lead times. Having work on the sub-systems underway now will
enable the Company to quickly and efficiently bring its new
production system on-line next year.
- The Company's management team has decades of experience
in developing and commercializing thin-film solar energy
The percentage of the sun's rays that
reach the earth's surface could satisfy global energy
consumption 10,000 times over. On average, each square meter
of land exposed to sunlight receives 1,700 kWh of energy every
year. However, solar energy currently accounts for only 0.38
percent of the world's energy usage.
While the earth has relied mostly on fossil fuels over the
last century to power almost everything human's use, problems
with global warming, pollution, environmental destruction and
other concerns are fueling (no pun intended) interest in
renewable energy such as solar and wind power.
XsunX Inc. was created in 2003 to develop and commercialize
advanced, thin film photovoltaic (TFPV) solar cell
technologies and manufacturing processes. During 2007, the
Company shifted its business focus from technology licensing
to producing and marketing thin film, amorphous solar modules.
The Company is developing a 25 megawatt (MW) solar module
production facility in the United States and is scheduled to
commence commercial solar module production in early 2009.
XSNX anticipates expanding its annualized solar module
manufacturing capacity to 100 MW in 2010.
The Company has already contracted with vendors to begin
assembling the equipment and sub-systems for its TFPV solar
module production line. XSNX will initially produce solar
cells and modules incorporating thin film, amorphous silicon
on glass substrates.
XSNX has secured a $21 million financing commitment from
Fusion Capital Fund II, LLC and is already contracting with
vendors to begin building the parts and sub-systems for a
solar module production system. XSNX will initially produce
solar cells and modules incorporating thin-film amorphous
silicon on glass substrates. In the future, the Company may
expand its product offerings to include nano-crystalline and
proprietary multi-junction solar designs which will improve
performance and further reduce per watt production costs.
Research is ongoing at the Company's recently established
research and development facility in Golden, Colorado.
XSNX plans to market its solar cells and modules to
large-scale solar energy device installers and operators,
including solar farms, government agencies, power purchase
associations, utility companies and large commercial
installations. In anticipation of commercial production, the
Company has begun loading its sales channels and building its
brand. To date, XSNX has pre-sold more than 100 MW of signed
The world's energy demand will increase greatly during the
next 20 years. Electricity demand is forecast to increase
much more rapidly than overall energy use and is likely to
nearly double between 2004 and 2030.
The US Congress is contemplating
extending the Solar Tax Credit
which provides a tax incentive for companies investing in PV
systems. Legislation to extend the
solar tax credit for 10 years is advancing through both
houses of the US Congress, and a new bill called the Solar
Opportunity and Local Access
Rights Act has been introduced. Also, President Bush has
proposed a large funding increase
for solar energy research. His program targets the US
deployment of 5-10 GW of solar power
capacity by 2015 which could rise to 70-100 GW by
The percentage of the sun's rays that reach the earth's
surface could satisfy global energy consumption 10,000 times
over. On average, each square meter of land exposed to
sunlight receives 1,700 kWh of energy every year. Because of
the abundance of this energy source, solar energy offers an
attractive long-term solution to the world's energy needs.
However, solar energy currently accounts for only 0.38
percent of the world's energy usage.
Solar energy demand has been growing consistently at 35
percent to 40 percent annual rates in recent years. During
the 1990s, there were mainly stand-alone systems in remote
areas. By the end of the decade, however, decentralized
grid-connected PV system had become dominant.
Some 3,800 MW of solar photovoltaics were installed in 2007,
representing 62 percent growth over the previous year.
Cumulative worldwide installed capacity of solar PV systems
has increased from 1,450 MW in 2000 to 12,400 MW in 2007.
Investments in renewable energy capacity grew to $71 billion
in 2007, up from $55 billion in 2006 and $40 billion in
2005. Almost all of the increase was due to increased
investment in solar PV and wind power.
The solar energy technology market is valued at around $13
billion currently and continues to expand at high
double-digit rates. According to BCC Research, the PV market
is expected to grow at a nearly 15 percent compound annual
rate to exceed $32.3 billion by 2012. Solar device
manufacturers in Germany, the United States, China and Japan
remain the top PV-producing countries with significant
amounts of capital invested in new production facilities and
The rapid depletion of conventional energy sources such
as crude oil, natural gas and coal will result in a shortage
of these fuels for electricity generation. The International
Energy Agency (IEA) warns that rising global demand could
create a supply crunch as early as 2015. According to the US
Department of Energy (DOE), current global oil production is
around 85 million barrels a day, whereas consumption hovers
around 86 million barrels a day. The DOE predicts output
will grow to 118 million barrels by 2030, but even this
level of production may not be enough to meet rising demand.
Due to the supply/demand imbalance and escalating political
tensions in some oil-producing regions, energy prices have
risen significantly this year, with crude oil prices
hovering around $100 per barrel in
All these factors are supporting double-digit growth in
demand for alternative energy sources such as solar, wind
and nuclear power.
Crystalline silicon was the original materials technology
used by the PV industry; the PV market continues to be
dominated by silicon-based panels which account for an
estimated 89 percent of total production. Although
substantial technology advances have been made, the cost of
crystalline PV modules remains high because of high material
costs, shortages of polysilicon and difficult technological
process needed to manufacture the modules. The remaining 11
percent of the PV market is comprised of thin film-based
technologies dominated by amorphous silicon (a-Si).
Thin film solar module manufacturers have recently announced
major capacity expansions. In 2008, worldwide solar power
generation is expected to grow 50 percent to 5.6 GW, with
thin films' share growing to 14.4 percent of all solar
panels(6). Thin-film deployments are forecast to grow 45
percent annually through 2013 as a result of improved
manufacturing efficiencies and the increased use of these
materials on flexible substrates. Thin film solar production
will grow to more than 9 GW in 2012, accounting for nearly
19 percent of the PV market, according to the Prometheus
Institute for Sustainable Development(7).
A-Si PV modules provide a low cost alternative to
crystalline PV technology for small-sized modules (< 20
Watts). This technology provides the platform for solar
energy deployments in areas such as Kenya, where more than
half the country's 200,000 off-grid PV power is based on
a-Si technology. Sales of single junction a-Si modules are
also common in North American specialty markets such as
solar panels for recreational vehicles (RVs)(8). According
to the Information Network, a-Si PV deployments will grow 40
percent annually between 2006 and 2010. By 2012, amorphous
silicon is expected to comprise the largest segment of the
thin-film market and 4.5 GW of production
The Company's thin film technology provides significant cost
savings compared to other manufacturers. Rather than
accepting a standard TFPV module design from franchise-type
manufacturing system vendors, XSNX opted to design its
ASI-125 TFPV module to meet the needs of its target markets,
i.e. large utilities and solar farms. XSNX then designed its
manufacturing system around this module, utilizing a
best-of-breed approach and purchasing the necessary
components and sub-systems from premier industry vendors.
XsunX indicates that costs for its initial 25 MW system will
run approximately $1.56 per factory-rated watt of production
capacity. That represents potential savings of as much as 52
percent in initial start-up costs compared to turn-key
amorphous thin film manufacturing systems available from
other semiconductor system manufacturers. Their costs are
estimated at approximately $2.50 to $3.00 per watt.
XSNX's lower per-watt factory startup costs may also provide
the Company's shareholders with lower capital recovery costs
for each watt of per-watt operating costs, and the ability
to leverage expertise acquired building its system for
future manufacturing lines, eliminating the need to pay
future premiums to franchise system vendors.
The Company's PECVD system, when running at full capacity,
will process eight 1m X 1.6m glass panels simultaneously.
This provides 12.8 square meters of panel fabrication at one
time with a processing cycle of every 12 minutes. Each TFPV
module requires approximately three hours from start to
finish for the entire manufacturing and assembly process.
Initially, the Company estimates module production will run
at approximately 190,000 modules per year, growing to over
240,000 modules annually as XSNX fine tunes its factory
Competing in the solar industry requires low per-watt module
manufacturing costs. Compared to traditional silicon wafer
technologies costing over $1.00 per watt for the solar cell,
XSNX costs will run only about $0.25 per watt in 2009, its
first year of production. Assembly and other material costs
bring the total per-watt module cost to about $1.58 per
watt, including capital recovery and G&A costs. Silicon
wafer-based module manufacturers have much higher costs,
starting at over $2.50 per watt with most manufacturers'
costs exceeding $3.00 per watt.
The Company's per-watt cost estimates assume only 58 percent
system utilization. With a methodic increase of system
utilization as the system is fine tuned, XSNX anticipates
operating at 80 percent capacity utilization and increasing
annual per-line production to over 30 MW. Once this level of
utilization is achieved, we anticipate that XSNX will be
able to maintain its significant cost advantages over other
Recent News and Press Releases
RedChip Visibility Issues Third Quarter 2008 Research Update
GlobeNewswire (Mon, Sep 29)
Electricity Needs From Renewable Sources Is Growing
PR Newswire (Wed, Sep 24)
Solar Stocks Sector Close Up - Solar Integrators Deliver
Marketwire(Thu, Sep 18)
XsunX Launches Turning Renewable Energy Into Renewable
Revenues Initiative and Garners First 100kW Project
PR Newswire (Tue, Sep 2)
XSUNX INC Financials
EDGAR Online Financials (Tue, Aug 26)
XSUNX INC Files SEC form 10-Q, Quarterly Report
EDGAR Online (Mon, Aug 11)
XSUNX INC Files SEC form 8-K, Change in Directors or Principal
EDGAR Online (Wed, Aug 6)
XsunX Exhibiting at the European Photovoltaic Conference in
PR Newswire (Mon, Aug 4)
XsunX Expands Efforts to Secure Oregon Financial Incentives
and Supply Statewide Burgeoning Renewable Energy Initiatives
PR Newswire(Wed, Jul 16)
Tom M. Djokovich, President and Chief Executive Officer
An experienced professional, Mr. Djokovich leads XsunX's
efforts to produce TFPV modules to help meet the burgeoning
demand for alternative sources of energy.
Mr. Djokovich has over 30 years of executive management and
entrepreneurial experience managing growth and innovation in
both the high-tech and building industries. He is a veteran
manager of publicly held corporations and has successfully
attracted millions of dollars in capital investments for
business development. In addition to his general management
duties, Mr. Djokovich has been directly responsible for
managing investor relations and compliance with Security
Exchange Commission regulations.
Joseph Grimes, Chief Operating Officer
Mr. Grimes brings to XsunX more than eight years direct
experience in thin-film technology and manufacturing. He was
most recently Vice President, Defense Solutions, for Envisage
Technology Company, where he directed and managed the defense
group business development process, acquisition strategies and
vision for next generation applications. Previously he was
Co-Founder, President and CEO of ISERA Group, where he
established the company infrastructure and guided five
development teams, finally selling the company to Envisage.
His direct experience in thin-film technology came with
Applied Magnetics Corporation as manager for thin-film
Mr. Grimes holds a Bachelor's degree in business economics and
environmental studies, and a Master’s in computer modeling and
operation research applications, both from the University of
California at Santa Barbara.
Jeff Huitt, Chief Financial Officer
Jeff Huitt serves as Chief Financial Officer at XsunX. Located
in the Golden, Colorado research facility, his
responsibilities include operations management and
coordination of resources. He has 20 years experience in
leadership positions of both larger organizations and start
ups, most recently as COO/CFO of a startup defense contractor
guiding the company through high growth rates and
recapitalizations. His additional experience includes venture
capital, technology and non technology startups, and
Controller of Qwest Wireless.
Mr. Huitt is a CPA and holds two degrees from the University
of Denver: a Bachelor of Science in Accounting and a Master’s
in Business Administration.
Dr. Guang Lin, Chief Scientist
Dr. Guang H. Lin serves as Chief Scientist at XsunX. Dr. Guang
received his PhD in Chemical Physics at the University of
Colorado at Boulder in 1985. He has extensive experience in
thin film deposition by means of various methods, including
PECVD, CVD, PLD, DC & RF sputtering, MOD, and E-Beam
deposition. He works in Wronski-free amorphous silicon alloy
materials and solar cells, nano-structure optical resonance
device fabrication, and hydrogen production using triple
junction amorphous silicon solar cells.
Prior to XsunX, Dr. Lin was the Principal Engineer and Thin
Film Department leader at Paratek Microwave Inc. Here he
focused on developing Barium Strontium Titanate based thin
film material and processes for microwave communication. He
was a Senior Project Staff Scientist and Pilot Solar Module
Line Manager at BP Solar where he developed new processes with
higher yield, faster throughput and higher stabilized
efficiency. Several of the pilot line processes were
successfully transferred to the large scale production line.
Dr Lin’s academic excellence includes work as a Research
Scientist and Assistant Director at Surface Electrochemistry
Laboratories and Assistant Research Scientist and Program
Manager at the Center for Electrochemical System and Hydrogen
Research at both facilities situated at the Texas A&M
University. Dr. Lin has published more than 60 scientific
papers and holds several patents.
Robert Wendt, Vice President of Engineering
Mr. Wendt holds a B.S. and M.S. in Metallurgical Engineering
and Material Science from the Colorado School of Mines. His
responsibility encompasses technical specification of the
facilities, equipment, and manufacturing processes for XsunX.
Prior to joining XsunX, Mr. Wendt was Vice President of Sales,
Product Development, and Engineering at Global Solar Energy.
At Global Solar, Mr. Wendt has led and directed several areas
including copper indium gallium dislelenide (CIGS) technology
development, equipment design and integration, facilities
design and construction, engineering, production, and
Previously, Mr. Wendt was at ITN with responsibility for the
development of thin-film deposition technologies, thin-film
PV, and development of charge controller/battery systems for
portable solar cell powered systems. Prior to joining ITN, Mr.
Wendt spent eight years with Lockheed Marietta Astronautics,
Denver Division. While in this position, Mr. Wendt was program
manager/principal investigator on over 20 material-based
programs. During 1994/1995, Mr. Wendt was the technical lead
for thin-film PV research at the Denver Division.
Aliso Viejo, CA 92656
Investor Relations: 888-797-4527
Media Relations: 949-330-8065
Investor Relations Email
FORWARD LOOKING STATEMENTS
This report includes forward-looking
statements that reflect XsunX, Inc. current
expectations about its future results, performance,
prospects and opportunities.
XsunX, 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 XsunX, 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
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