Australian solar technology developer Dyesol says its perovskite-based solar photovoltaic technology has been chosen for mass production at a 600MW manufacturing plant in Turkey.
Dyesol says in a statement to the ASX that it has received a non-binding letter of intent from the Development Bank of Turkey following years of discussions about plans for development and commercialisation of the perovskite based PV technology.
The plans involve the construction of a prototype, pilot line of manufacturing and then mass production, with the end goal being to construct a 600MWplant at Mersin, a transport hub, and employ up to 2,500 technical, manufacturing, installation and maintenance staff.
Bahattin Sekkin, Deputy CEO of the development bank, also known as TKB, said renewable energy was strategically important for Turkey, where the conditions for solar were favourable and the country wanted to diversify away from energy imports.
The letter of intent says the bank is ready provide the required project finance at suitable conditions, once it has completed its due diligence on the project. It may also take a strategic equity interest in Dyesol at terms to be considered.
The plans call for a $1.9 million prototype facility, followed by a pilot line commencing in 2016. Mass production of glass substrate panels is scheduled to commence in 2018 and plans are to address utility, rooftop and stand-alone installations in the first instance and fully building integrated applications (BIPV) in subsequent development stages.
Dyesol says it hope to form similar partnerships in strategic geographical locations around the world for the Australian-developed technology and is currently involved in at least one similar negotiation for substantial and attractive project finance.
Dyesol also continues to make pleasing progress in the scale-up of the perovskite based technology and looks forward to reporting the status of its next technical milestone next month.
“We are very excited about our commercialisation prospects in Turkey,” managing director Richard Caldwell said. “In particular, the Turkish Development Bank appreciates the inherent risks in the scale-up to mass production of our revolutionary solar technology and we have every confidence in securing their substantial financial support.
“It is gratifying that the Turkish Development Bank has identified our technology as a leader in the field of next-generation renewables.”
Dyesol shares rose 5 per cent on the ASX on Monday, to 21c, giving it a market capitalisation of $114 million.
Perovskites are a key elect of DyeSol’s Solid State Dye Solar Cell (ssDSC) technology that can be used in modules embedded in buildings, known as building integrated photovoltaics (BIPV).