Part of the study: ------------------ Given this state of affairs, it is not surprising that key DSC materials firms, Dyesol in particular, are facing a difficult couple of years ahead. As noted above, the off-grid market is not large enough to be considered a source of major revenue from materials in the next two to three years, which is before BIPV applications become a bigger part of the market. Specifically, NanoMarkets projects that the DSC-specific materials (i.e., excluding substrates and encapsulations technologies) will not exceed $100 million until at least 2015, and will only reach a value of about $435 million by 2019. So, how will the materials suppliers survive? As we review in the main body of this report, we think that Dyesol in particular is on shaky ground, and we are not certain it will survive long enough to benefit from the rise of BIPV, at least not without outside help. Outside help could come in the form of additional government or shareholder investments, which will be hard to come by in the currently political and economic climate, and/or by investments from one of its current commercialization partners, like Pilkington/NSG or Tata Steel. [If Dyesol goes under, what happens to these JV partnerships is unclear, but we are fairly certain that they would go on in some form or another, but with a new supply chain.]
GSL Price at posting:
14.0¢ Sentiment: None Disclosure: Not Held
