North Vancouver, September 15, 2023 – Aurora Solar Technologies Inc. (TSX.V: ACU) (the “Company”) wishes to update shareholders on the prospects of the Company following the filings of the Company’s financial statements and corresponding MD&A commentaries.
The global photovoltaic (“PV”) solar energy product manufacturing market continues to exhibit year-on-year growth, with significant investments in wafer, cell, and module plant expansions. According to Clean Energy Associates, module capacity is expected to exceed 1TW in 2024, with China leading at 930GW, followed by Southeast Asia and the Americas. Considerable PV manufacturing planning is underway in Europe and the United States to deliver renewable energy solutions. Module demand drives wafer and cell production with the global PV industry having plans to diversify supply chains to markets outside of China.
Successful Business Acquisition
The Company is capitalizing in this expanding market, with the integration of BT Imaging. Realizing synergies and improving operations has been demonstrated financially in the first quarter results, based upon a solid balance sheet and a consolidated adjusted operating EBITDA improvement from a $(860,000) loss in the prior period to a near breakeven $(34,000) deficit for the June 2023 quarter. BT Imaging sales for 2023 and the first five months of fiscal year 2024 are ahead of budget and is generating sufficient cash flow to support an expanded product and market roadmap. The Company has increased engineering headcount to develop these new diversification opportunities, including inline photoluminescence systems within solar wafer, cell and module production lines.
Positioning for Growth
The Company is positioned to take advantage of key industry technology transitions, leveraging machine learning and smart factory solutions based on our core PL imaging platforms. Our products, the R, W, and M series tools, are gaining traction with firms looking to integrate advanced PL tools and fault detection recognition systems into their manufacturing facilities. Based on findings from our ongoing product and market evaluations with suppliers and solar wafer, cell and module manufacturers, the Company has validated its first-mover strategy in the next generation of solar cell manufacturing, focusing on high-volume yield efficiencies related to critical materials, metallization, and automation.
Value Enhancing Collaborations
As the industry diversifies its supply chains and technology base, we are pursuing collaborations and partnerships to bring our expertise, products, and systems to the evolving supply chains. This will be the subject of further updates as part of our product and market roadmap, along with Company branding and capital markets strategies.
We are pleased to welcome Brett Freeman as Managing Director of the BT Imaging business. Please refer to the corresponding press release dated July 10, 2023 relating to Brett’s background and capabilities. Brett is a hands-on experienced executive based in Sydney, Australia who will be focused on operational and technical execution so that the Company is in the best position possible to realize near term growth opportunities as outlined above. As part of Brett’s long-term incentive package, the Company announces a stock option grant of 8,500,000 options exercisable at $0.05 for a five-year term, vesting over three years, subject to TSX Venture Exchange approval.
As the Company navigates these opportunities in the solar manufacturing market it would like to extend its appreciation to all shareholders and their ongoing support.
About Aurora Solar Technologies and BT Imaging:
BT Imaging Pty Ltd. is a global leader in photoluminescence measurement products for solar wafer, cell, and module quality control. The Company acquired BT Imaging to enhance our smart factory solutions, capitalizing on emerging trends in materials, automation, and process control. BT Imaging Pty Ltd. is now a wholly owned subsidiary of the Company.
The Company is a leading provider of inline measurement and control technology for the photovoltaic manufacturing industry. We are dedicated to delivering superior solutions that improve our customers’ cell and module production yield and efficiency. Through our commitment to ongoing innovation, we bring reliable, integrated, and cost-effective quality management systems to solar cell manufacturers around the world. Our products are used by some of the world’s most advanced and respected solar cell manufacturers. With headquarters near Vancouver, Canada, the Company has operations in Sydney, Australia, Shanghai, China, and partners in all major solar manufacturing markets. The Company is a public company, traded on the TSX Venture Exchange (ACU) and is a two-time TSX-V Top 50 winner.
For more information about our products and operations, please visit our websites at www.aurorasolartech.com and www.btimaging.com
For media inquiries or further information contact:
Phone: +1 (604) 317-3936
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.