AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 59)

Should AEG PS Group be unable to secure sufficient liquidity through the issue of the Notes and should

its cash-flow remain negative, and should AEG PS Group be unable to return to a positive cash-flow from

operating activities, this could impair AEG PS Group’s ability to pay interest on the Notes and could have

a material adverse effect on AEG PS Group's business, results of operations and financial condition.

AEG PS Group could face a further decline for its products in demand from the polysilicon manufac-

turing industry due to technology substitutions for the generation of solar energy.

AEG PS Group's power control systems and modules for polysilicon manufacturing are integrated into

the most widely used polysilicon production technology, which is known as the "Siemens process". The

Siemens process is a method whereby silicon depositions from silane or trichlorosilane gas ("TCS") are

grown on heated rods inside a cooled bell jar. The effectiveness of polysilicon manufacturing through the

Siemens process requires the use of a source of precise electrical voltage and current that a power control

system provides. An alternative polysilicon production method which do not require the same precision

power control systems is the fluidized bed reactor ("FBR") process, in which polysilicon is grown from

hot polysilicon granules suspended in an upward flow of silane or TCS inside a specially designed cham-

ber. The FBR process has certain advantages over the Siemens process, including that it allows for the

continuous production and extraction of polysilicon, consumes less energy and is less labour intensive.

There are a number of other manufacturers in the market that claim to have developed processes which

are less energy intensive and, thus, less expensive as the "Siemens process". There can be no assurance

that the FBR process or other polysilicon production technologies will not supersede the Siemens process

as the most commonly used method of polysilicon production.

Moreover, solar modules consisting of solar cells made of polysilicon could be replaced by solar modules

using thin-film technologies or metallurgical silicon. Thin-film technologies are a relatively new genera-

tion of solar photovoltaic technology which does not require polysilicon. As a result, power control sys-

tems and modules of the type produced and marketed by AEG PS Group are not required for the produc-

tion of thin film PV modules. Metallurgical silicon is converted to the purer polysilicon using the Sie-

mens process or any other alternative process. As metallurgical silicon is much cheaper than polysilicon,

photovoltaic modules using metallurgical silicon could become much more widely used. Finally, other

techniques of generating power from sunlight such as thermal solar systems in which sunlight is collected

to generate power through thermal processes could become prevalent. All these technologies do not re-

quire the same precision power control systems as provided by AEG PS Group.

If other technologies for producing polysilicon beyond the Siemens process become more widely used or

more widely available or if polysilicon-based solar modules become increasingly displaced by modules

based on thin film, metallurgical silicon or other technologies such as thermal solar, demand for PV en-

ergy and, in turn, for AEG PS Group's power control systems and modules may significantly decrease,

which could have a material adverse effect on AEG PS Group's business, results of operations and finan-

cial condition.

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AEG 21604 G Bedienungsanleitung Seite 59