Dyesol: Update – 3rd Quarter 2010

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The third quarter of FY 2010 has seen Dyesol record a number of significant successes in perpetuating our
role as world leader in DSC technology and we have solid plans to execute these and other initiatives in the
remainder of 2010.

We have agreed with Pilkington North America to form a joint venture to establish a joint platform technology solution for glass based DSC for the massive international façade market. Pilkington is 100% owned by the
NSG Group. The NSG Group is one of the world’s largest manufacturers of glass and glazing products for the building, automotive and specialty glass markets. Employing around 31,400 people, it has manufacturing
operations in 29 countries and sales in 130 countries. Pilkington’s TEC glass is the industry standard for
DSC glass product development. Together, Dyesol and Pilkington plan to address a market of over 500 million sqm per annum of façade products. The solutions made available are planned to be commercialised in collaboration with a range of high technology façade companies around the globe. The assured expansion of global urbanisation provides the proposed venture with an exciting future.

We announced successfully completing the penultimate development milestone in our partnership with Corus and the Welsh Government to bring coil coated DSC steel to the market. At the Milestone 7 review
held in the joint PV Accelerator at the Corus Shotton site, Dyesol and Corus showed the processes used to produce modules already manufactured on the pilot production line and demonstrated the long-term accelerated testing and outdoor weathering facilities that are now being used to evaluate the Alpha Model

The Alpha Model programme produces panels on the roll to roll pilot plant for conformance testing. During this phase over the next few months the processes are being refined and new tooling and automation are being introduced to enhance reproducibility and manufacturability of the roll-to-roll facility. This Alpha phase product approval programme will be followed by the beta testing phase involving extensive applications
assessment. Dyesol and Corus are now in the planning phase for commercialisation. The payment for the February Milestone was received in April and will be recognised in the Q4 cash report.

During the quarter we completed our deliveries and installation of the prototyping facility for Universiti Teknologi Petronas in Malaysia. Training has been finalised in April and the revenue will be recognised in Q4.

We have also delivered equipment for the G-Energy project at Tsinghua University in China and plan to complete that project by first quarter 2011.

In February, Dyesol formally opened our Dyesol Japan operations at PV Expo in Tokyo where Dyesol once again had an outstanding exhibition stand with a strong marketing and technical presence. The company is now finalising plans for collaborative development and commercialisation projects in Japan.

To enhance market presence and facilitate e-commerce, we launched a new website in January with an expanded product range. Distribution capacity was established at our St Asaph facility in the UK to service

the European markets. We continue our association with Sigma Aldrich for sales to the R&D community and with JGC in Japan for regional distribution.

Subsequent to the third quarter, we announced the collaboration with Singapore Aerospace Manufacturing (SAM) Pte Ltd (a Temasek group company) for development and manufacture of DSC production equipment and automation capability. This project arose from well over a year of practical collaboration in equipment design, development and construction with SAM subsidiary LKT Industrial Bhd.

The announcement of the A- rating by Oekom Research has enhanced Dyesol’s sustainability credits in the international investment sphere. Dyesol is classified as “Prime”, meaning it “ranks amongst the world’s best companies in its industry”. The “A-” or “excellent” rating is based on a composite of a social and an environmental rating. It is also the highest rating awarded in Oekom’s global coverage of over 130 companies in this industry category.

During Q3, all director loans were repaid to the company returning $1.5M in loans plus market rate interest.

Operational expenditure remained steady with that of the first 2 quarters, while revenue was lower ($476K)  due to timing on revenue recognition on projects discussed above and prioritisation to major international initiatives over short term regional projects.

 The company closed the quarter with $4.53M cash at bank, reduced creditors and no debt.

During Q4 we are undertaking our annual strategy and planning meetings involving all regional and corporate executives. During this period we expect to be able to conclude some concrete commercial and product initiatives as we move inexorably to full commercialisation.

 For further information contact Viv Hardy at Callidus PR on +61 (0)2 9283 4113 or on +61 (0)411 208 951.

In Europe contact Eva Reuter, Investor Relations, Dyesol Europe on +49 177 6058804

Note to editors

The Technology – DYE SOLAR CELLS

DSC technology can best be described as ‘artificial photosynthesis’ using an electrolyte, a layer of titania (a pigment used in white paints and tooth paste) and ruthenium dye deposited on glass, metal or polymer substrates. Light striking
the dye excites electrons which are absorbed by the titania to become an electric current many times stronger than that found in natural photosynthesis in plants. Compared to conventional silicon based photovoltaic technology, Dyesol’s technology has lower cost and embodied energy in manufacture, it produces electricity more efficiently even in low
light conditions and can be directly incorporated into buildings by replacing conventional glass panels or metal sheets rather than taking up roof or extra land area.

The Company – DYESOL Limited

Dyesol is located in Queanbeyan NSW (near Canberra) and in August 2005 was listed on the Australian Stock
Exchange (ASX Code ‘DYE’). Dyesol manufactures and supplies a range of dye solar cell products comprising
equipment, chemicals, materials, components and related services to researchers and manufacturers of DSC. The
Company is playing a key role in taking this third generation solar technology out of the laboratory and into the

More detail about the company and the technology can be found at: http://www.dyesol.com

Appendix 4C

Quarterly report

for entities admitted

on the basis of commitments

Name of entity



Quarter ended (“current quarter”)

 92 111 723 883

31 MARCH 2010

Consolidated statement of cash flows

Cash flows related to operating activities




Year to date

(9 months)



Receipts from customers




Payments for (a) staff costs

 (b) advertising and marketing

 (c) research and development

 (d) leased assets

 (e) other working capital










Dividends received


Interest and other items of a similar nature




Interest and other costs of finance paid




Income taxes received/(paid)




Other (R&D grant received)



Net operating cash flows






Year to date

(9 months)



Net operating cash flows (carried forward)



Cash flows related to investing activitiies


Payment for acquisition of:

 (a) businesses (item 5)

 (b) equity investments

 (c) intellectual property

 (d) physical non-current assets

(e) other non-current assets




Proceeds from disposal of:

 (a) businesses (item 5)

 (b) equity investments

 (c) intellectual property

 (d) physical non-current assets

 (e) other non-current assets


Loans to other entities



Loans repaid by other entities




Other (payment for product development cost)



Net investing cash flows




Total operating and investing cash flows



Cash flows related to financing activities


Proceeds from issues of shares, options, etc (net)


Proceeds from sale of forfeited shares


Proceeds from borrowings


Repayment of borrowings




Dividends paid


Other (provide details if material)

Net financing cash flows



Net increase/ (decrease) in cash held




Cash at beginning of quarter/year to date




Exchange rate adjustments to item 1.21




Cash at end of quarter



Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

Current quarter



Aggregate amount of payments to the parties included in item 1.2



Aggregate amount of loans to the parties included in item 1.11



Explanation necessary for an understanding of the transactions


- Directors’ and associates’ remuneration 97

- Marketing services provided by directors and related entities 78

- Technical services provided by directors and related entities 86

Non-cash financing and investing activities


Details of financing and investing transactions which have had a material effect on consolidated
assets and liabilities but did not involve cash flows


Details of outlays made by other entities to establish or increase their share in businesses in which
the reporting entity has an interest


Financing facilities available

Add notes as necessary for an understanding of the position. (See AASB 1026 paragraph 12.2).

Amount available


Amount used



Loan facilities




Credit standby arrangements



Reconciliation of cash

Reconciliation of cash at the end of the quarter (as
shown in the consolidated statement of cash flows) to
the related items in the accounts is as follows.

Current quarter


Previous quarter



Cash on hand and at bank




Deposits at call




Bank overdraft




Other (provide details)



Total: cash at end of quarter (item 1.23)



Acquisitions and disposals of business entities


(Item 1.9(a))


(Item 1.10(a))


Name of entity


Place of incorporation
or registration


Consideration for

acquisition or disposal


Total net assets


Nature of business

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting
standards as defined in the Corporations Act (except to the extent that information is not required
because of note 2) or other standards acceptable to ASX.

2 This statement does give a true and fair view of the matters disclosed.

 30 April 2010

 (Managing Director)

 Gavin Tulloch

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