xtpl s.a. –investors presentation 2017 · shaping global nanofuture xtpl s.a. –investors...
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shaping global nanofuture
XTPL S.A. – INVESTORS’ PRESENTATION 2017
Dr. Filip Granek, CEO
Maciej Adamczyk, COO
Date: 31 – 03 -2018
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OVERVIEW
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WHO ARE WE?
XTPL S.A. is a company operating in the nanotechnology segment.
The interdisciplinary team of XTPL develops on a global scale an innovative
technology, protected by international patent application, enabling ultra-
precise printing of nanomaterials. XTPL’s solution has all the features
of so-called disruptive technology and will be consistently developed
as part of advanced research & development works aimed at defining
further innovative application fields. The company is focusing now on the
fast paced commercialisation of its unique solution.
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WHAT IS OUR GOAL?
Mission:
XTPL is the leader in providing nanoprinting capabilities. We are shaping global nanofuture.
Vision:
We will support companies to outperform on their markets by using XTPL’s unique expertise & solutions in nanoprinting.
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WHAT IS OUR STRENGTH?
TECHNOLOGY
interdisciplinary, well-balanced team, with vast knowledge & experience in:
• chemistry• physics• electronics• mechanics• material science• numerical simulations
10 PhDs in the team
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business leaders & highly skilled professionals who possess know-how & experience in:
• product development• marketing & communication• implementing innovation• finance• B2B sales• capital market
... with proven successes, acquired on international markets
BUSINESS
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WHAT IS OUR SOLUTION?
Nanoprinting system designed by XTPL makes it possible to precisely apply
to the printing surface a special ink specifically formulated for this purpose
in the company’s laboratories. Under the influence of an external electric
field, the nanoparticles in the ink create conductive lines according to the
specified parameters. As such, the thickness of the individual lines, their
length and the distance between them all vary depending on a specific
application. XTPL creates complex numerical models and uses advanced
characteristics of nanoink and printed lines. This allows the company to
constantly optimize its innovative technology and adapt the process to
different implementation requirements.
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TECHNOLOGY OVERVIEW
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NANOPRINTING
XTPL Ag Line
human hair
ultra-precise printing enables achieving conductive lines up to several hundred times thinner than a human hair, invisible even for the light
nanoprinting may soon revolutionise sectors such as: printed electronics, solar cells, touch screens, wearable electronics, smart packaging, automotive, biosensors, medical devices, anti-counterfeiting & open defect repair
nanometric conductive line
XTPL’s PRINTING PROCESS
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During the process of line formation, the printing head deposits a properly formulated ink - nanoparticles in a mixture of solvents - on a non-conductive substrate, in example such as glass or flexible foil.
An external alternating electric field causes nanoparticles to assemble in a clearly defined and controlled way to form a line. The process takes place between a stationary and movable electrode.
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XTPL’s PRINTING PROCESS
Functionality of the lines: electrically conductive, optically, biologically
and chemically active
Nanomaterials: metallic & semiconductor
Line width: from 100 nm to 3 μm
Line length: up to cm range
Aspect ratio: 1, in the single run of the printing head
Very low voltage applied: 5-30 V
Substrates: i.e. glass, foil, PCB
Resistivity: 2 Ω /μm (for the line with the thickness of 1 μm),
proof of concept manufactured featuring 20-40% bulk Ag
(thickness 100-400 nm)
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Movable electrode: guides the formation of the line, which becomes an extension of the stationary electrode. Finally, the printing head short-circuits with a metallic pad, and the line connects to the pad while the printing head takes in an excess ink.
XTPL’s PRINTING PROCESS COMPARED TO OTHER METHODS
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XTPL METHOD
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PROTECTED INTELLECTUAL PROPERTY
XTPL's printing method and the ink
formula are covered by the patent
application submitted in collaboration with
the British law firm, Gill Jennings & Every
LLP. The patent protection will be
extended to around 30 countries.
Gill Jennings & Every LLP, London UK
Printing headUnique nano-ink
Patent cloud
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APPLICATION SEGMENTS
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APPLICATION SEGMENTS
OPEN DEFECT REPAIR - removing broken metallic links for:
TRANSPARENT CONDUCTIVE FILMS (TCF) for:
• displays• thin film photovoltaic cells• touchscreens or smartphones
BIOSENSORS
LAB-ON-A-CHIP SOLUTIONS
SMART PACKAGING SOLUTIONS
WEARABLES
ANTI-COUNTERFEITING SOLUTIONS
PRINTED ELECTRONICS
• solar cells• displays TFT/LCD/OLED• integrated circuits (IC)• printed circuit boards (PCB)• multichip modules (MCM)• photolithographic masks
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APPLICATION SEGMENTS
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OPEN DEFECT REPAIR
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Micro- and nano-conductive structures are indispensable in the broadly understood electronics
(i.e. integrated circuits, LCD/ OLED displays, PCBs, solar cells and many others) The conducting
structures depending on the application are manufactured with the following technologies:
a) thin film (paths width 7nm-50 μm, photolithography, vapor deposition, sputtering, etching)
b) thick film (paths width 50-100 μm, screen printing, inkjet printing, stencil printing , etching)
The most common production defects in producing such micro- and nano-structures are:
• breaking of conductive paths due to local lack of conductive material (opens 'defects)
• narrowing of conductive paths (near opens' defects) occurring when the width or height of the
conductive path is less than required. Narrowing of conductive paths can degrade to complete
breaking of paths due to further production processes or stress related to exploitation.
The problem is significant because previously mentioned conductive lines are applied to semi-
finished products whose production price is a significant part of the cost of the final product.
The continuous trend towards miniaturization of electronic devices is exceeding the problem.
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OPEN DEFECT REPAIR – POTENTIAL SECTORS
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SOLAR CELLS
defects of the conductive lines are the most common production error leading to the rejection of the finished solar cell (58% of
rejected solar cells)
TFT / LCD DISPLAYS
sector characterized by a very large number of defects; the share of rejects in production can
reach up to 50%; the increase in resolution with simultaneous enlargement of the display
dimensions increases the number of conductive lines and the risk of defects
high material costs in production ranging from 50% to 70% of total manufacturing costs =
pressure to obtain high yields and an effective method of repair
PCBs
current trend in the development of PCBs results in the need for the paths to be more narrow d <20 μm & insulation panels from
materials with a low melting point like polytetrafluoroethylene (PTFE), polyamide,
benzocyclobutane (BCB) and glass-epoxy (i.e.FR-4), which presents new challenges before
defects repair methods
MCM MULTICHIP MODULES
a typical package for multichip modules has over 1000 input/output signals. Unfortunately, the thin-
film technology of MCM modules is prone paths being broken.
INTEGRATED CIRCUIT
Along with the miniaturization of integrated circuit structures, the editing and repair of metal
paths has become more and more complex. Currently, the only developed method of editing
contacts with a width of less than 1 μm is focused ion beam (FIB) - not suitable for editing
metal paths above 100 μm, characterized by high electrical resistance of the tracks & causes the destruction of active electronic systems in integrated systems (ESD-electrostaic discharge defects) and other adverse effects hindering or
preventing correct repair and analysis of the integrated system
PHOTOLITHOGRAPHIC MASKS
they are a key element in the production of microelectronics, with progressing miniaturization and increase in the complexity of structures, the price of
a set of photolithographic masks increases;the cost of repairing defects, analysis & ensuring the quality of the mask represents 40% of the total cost
of the mask, exceeding the cost of manufacturingDefects of the local lack of the metallic layer
(transparent defects) are frequent and difficult to repair production errors.
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OPEN DEFECT REPAIR - CURRENT STANDARD
Current technology
extremely complex (LCVD, FIB)
uses toxic and hazardous gases (LCVD)
long processing time (LCVD, FIB, DLD)
No alternative…?
yes !there is
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LCVD (Laser Chemical Vapour Deposition), DLD (Direct Laser Deposition), FIB (Focused Ion Beam)
limited possibility to obtain 10 µm and less (LCVD, DLD);
destruction of the active systems in integrated circuits (FIB)
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OPEN DEFECT REPAIR – XTPL SOLUTION
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XTPL developed innovative printing-head and dedicated nanoinks
for repairing defects in electrical connections in micrometric & nanometric
scale (<1 μm), which together with the optical detection systems already
used on the market will provide a comprehensive technological solution
to be implemented on production lines, among others, for the production
of solar cells, LCD/OLED displays, PCBs, MCM multichip modules &
integrated circuits. XTPL’s solution allows to repair the interrupted thin
conductive lines already in production stage, without complicated, slow
and expensive vacuum processes.
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OPEN DEFECT REPAIR – REMOVING LOCAL DEFECTS IN METALIC LINKS
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There is a demand for a new technology for repairing damaged conductive structures
XTPL’s technology will address those requirements byeliminating all the disadvantages of current methods
OPEN DEFECT REPAIR - COMPARISON OF METHODS
ParameterFIB LCVD XTPL*
(initial lab results)
Impact on
Minimal feature size [um] < 0.05 > 5 0.2 – 1 flexibility of process
Deposition rate [um3/s] 0.05 10 50 throughput
Maximal line length <100 um mm range cm range flexibility of process
Vacuum chamber required yes yes no process cost and throughput
Toxic/ dangerous gases/media required no yes no process cost and throughput
Surface damage yes yes no flexibility of process
Price$$$
high
$$
medium
$
lowprocess cost
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OPEN DEFECT REPAIR - XTPL’S VALUE PROPOSITION
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XTPL’S TECHNOLOGY
will address those
requirements
by eliminating all the
disadvantages of current
methods
There is a demand for
a new technology
for repairing damaged
conductive structures
cost-effective repair of the severed
lines
reduced width of the printed conductive lines with concurrent reduction of the distances between them
increased total length of the conductive lines
reduction of mechanical, thermal & electromagnetic stress during production & repair process
allows for low cost repair
does not require any toxic substances
is aimed to ensure high efficiency for industrial use
REQUIREMENTS
ADVANTAGES
TRANSPARENT CONDUCTIVE FILMS (TCF)
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Transparent Conductive Films - the value of this market was estimated at approx. USD 5
billion in 2016. (based on IDTechEx report from 2016 and data from www.statista.com). The
operation of displays, solar cells, touch screens and smartphones requires application of
conductive layers (TCF) with the greatest possible neutrality to light (absorbed or emitted by
the device) and at the same time with the highest possible conduction parameters. Currently,
the most commonly used TCF layers are based on indium-tin oxide (ITO). Indium is a rare
element whose supply on a global scale is mostly controlled by China (about 50% -60% of
global production) and Korea (15% market share). Layers based on ITO are not flexible (a
significant limitation for electronics manufacturers), they do not conduct enough electricity
and have limited optical transparency. Due to the limitations of ITO, technology companies
around the world are looking for new generation TCF layers technology as an alternative to
ITO. Such technology has been developed and implemented by XTPL.
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TRANSPARENT CONDUCTIVE FILMS – CURENT STANDARD
Current technology
multistep, complicated process
low optical transparency & low conductance
expensive – based on rare element - idium
No alternative…?
yes !there is
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lack of flexibility
TRANSPARENT CONDUCTIVE FILMS - XTPL’S VALUE PROPOSITION
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XTPL has developed
such technology and is
currently implementing
it – the solution
ensures:
Operation of displays,
solar cells, touchscreens
or smartphones include
among others
application of
transparent conductive
films (TCFs)
highest possible
neutrality to light
(absorbed or emitted
by the device)
highest conductance
parameters
full transparency
excellent conductance parameters
low production costs due to the use of commonly available materials i.e. silver) that can provide the sought-after technological independence from indium
REQUIREMENTS
ADVANTAGES
flexibility of the conductive films, which will enable electronics manufacturers to develop and provide new generation of revolutionary solutions to customers
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PRINTED ELECTRONICS
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It is expected that printed electronics will favor the spread of cheaper, energy-efficient electronics for
applications such as flexible displays, monitors, touch screens, smart labels, decorative signs and
animated posters or active clothing. The field of applications is extremely wide.
According to available studies, the value of this market in 2017 is estimated at approx. USD 9.3 billion,
while in 2027, the forecasted value of this sector is USD 73.4 billion, which gives CAGR in 2017-2027
at 10 %. The XTPL solution, due to its platform character, is to be offered to the entire printed
electronics industry.
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FINANCIAL RESULTS
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P&L
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The name of the position 2016 2017
A. Net revenues from sales and equivalent, including: 38,58 2 205,90
- from subsidiaries and affiliates 0,00 0,00
I. Net sales revenues (including subsidies) 0,00 1 774,34
II. Change in the balance of products (increase – positive value, decrease – negative value) 38,58 431,56
B. Operating expenses 2 321,73 6 044,14
I. Depreciation and amortisation 295,63 469,88
II. The consumption of materials and energy 71,14 312,18
III. Outsourcing 928,80 2 239,52
IV. Taxes and fees, including: 13,05 47,37
V. Salaries 827,32 2 291,50
VI. Social security and other benefits, including: 155,00 394,61
VII. Other expenses by type 30,79 289,08
VIII. Value of sold goods and materials 0,00 0,00
C. Profit (loss) on sales (A-B) -2 283,15 -3 838,24
D. Other operating income 1,20 0,01
E. Other operating expenses 0,13 0,94
F. Profit (loss) on operating activities (C + D-E) -2 282,08 -3 839,17
G. Financial income 0,00 35,73
H. Financial costs 6,89 47,18
I. Gross profit (loss) (F+G-H) -2 288,97 -3 850,62
J. Income tax 0,00 0,00
L. Net profit (loss) (I-J-K) -2 288,97 -3 850,62
CASH FLOW
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2016 2017
A. Cash flows from operating activities
I Net profit (loss) -2 288,97 -3 850,62
II. Total adjustments 403,22 179,62
1. Depreciation and amortisation 295,63 469,88
2. Profit (loss) due to exchange differences 0,00 0,00
3. Dividend and share in profits 0,00 36,17
4. Profit (loss) on operating activities 0,00 -35,73
5. Change in provisions 0,00 0,00
6. Change in inventory -94,93 87,98
7. Change in receivables -106,02 -143,66
8. Change in short-term liabilities excluding loans 352,61 304,41
9. Change in prepayments and accruals -5,49 -539,43
10. Other adjustments -38,58 0,00
III. Net cash flows from operating activities (I + II) -1 885,75 -3 671,00
B. Cash flows from investing activities
I Inflows 0,00 35,73
II. Outflows 231,99 617,24
1. Purchase of intangible assets and tangible fixed assets 231,99 617,24
III. Net cash flows from investing activities (I-II) -231,99 -581,51
C. Cash flows from financing activities
I Inflows 3 386,42 10 724,08
1. Net inflows from issuance of shares and other capital instruments and from capital contributions 2 894,96 9 389,33
2. Loans payable 350,22 1 265,95
4. Other inflows from financial activities 141,24 68,80
II. Outflows 0,00 1 682,26
4. Repayment of loans and advances 0,00 1 605,27
7. Payment of liabilities arising from financial leases 0,00 40,82
8. Interest 0,00 36,17
III. Net cash flows from financing activities (I-II) 3 386,42 9 041,82
D. Total net cash flows (A.III±B.III±C.III) 1 268,68 4 789,31
E. Balance sheet change in cash, including 1 268,68 4 789,31
F. Cash opening balance 152,26 1 420,94
G. Closing balance of cash (F±D), including 1 420,94 6 210,25
STOCK QUOTATIONS
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The company plans to become listed on the main market of the Warsaw Stock Exchange and to obtain the so-called ‘Single European Passport’. At the sametime, the Management Board of XTPL intends to pursue a secondary listing on the Open Market in Frankfurt (operated by Deutsche Börse). The dual listingwill bring XTPL closer to investors from Western Europe, an area that is one of the key directions for foreign expansion planned for 2018 in the process ofcommercialization of solutions offered by the company.
SHAREHOLDING STRUCTURE
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XTPL’s founders, Filip Granek and Sebastian Młodziński, as
well as the investor Konrad Pankiewicz (who finances the
company through the company Leonarto) control more
than 50% of votes at the General Meeting. The
shareholding structure also includes two German
investment funds, with over 5% of the share: Acatis
Investment GMBH and Heidelberger Beteiligungsholding
AG (a subsidiary of Deutsche Balaton AG).
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HIGHLIGHTS IN 2017
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Subscription of Series M Shares. Debut on NewConnect and International Investors in the Company
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In Q3 2017 the Company conducted a public offering of its series M shares,
raising 2.5 million EUR to finance the commercialisation of its newly
developed technology. On September 8, 2017, the Management Board of
the Warsaw Stock Exchange passed a resolution on the introduction of XTPL
S.A. shares to trading in the Alternative Trading System on the NewConnect
market. On September 14, 2017, the Company shares were listed for the first
time. As a result of the public offering, registration of series M shares, and
transactions on the Issuer's securities, two large international investment
funds: ACATIS Investment GmbH and Heidelberger Beteiligungsholding AG
have exceeded the threshold of 5% of votes at the General Meeting of
Shareholders.
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R&D Successes and a New Application for the XTPL Technology
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As a result of its R&D activities in 2017, the Company has managed to
overcome the technological barrier in the precise printing of conductive lines.
The current XTPL technology allows for printing lines with thickness below
100 nm (with the initial target of 400 nm). The Company's technological team
has also successfully completed the pilot stage of its works in the area of
open-defects repair, thus opening a possibility of using the Company's own
technology to repair metallic connectors in thin film electronic circuits that
have been broken at the production stage. Potentially, the solution can be
implemented by manufacturers of TFT/LCD displays, silicon solar cells,
integrated circuits and PCBs, i.e. on the market worth as much as 4.5 billion
USD.
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Grant Agreement for the Development of Laboratory Printer Demo Prototypes
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On December 13, 2017, the Company signed a grant agreement for
the development of laboratory printer demo prototypes under the
Regional Operational Programme for the Lower Silesian Voivodeship
2014-2020. The grant is to sponsor the commercialisation of laboratory
printers, including the development of laboratory printer demo
prototypes with compatible nano ink formulas. The project also
provides for internal and external printer testing. Once the Company
plans are completed, it will be another crucial step towards
commercialisation of the ground-breaking ultra-thin conductive line
printing technology for use in printed electronics. The grant amounts to
0.6 million EUR, whereas the total value of the project is 1.1 million
EUR.
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Decision to Change the Listing Market
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On December 12, 2017, the Management Board of XTPL S.A. adopted a
resolution to start work towards changing the listing market of the
Company shares from the Alternative Trading System (NewConnect
market) to the regulated market of Warsaw Stock exchange in Warsaw.
A single European passport obtained upon transition to the regulated
market will allow the Company to pursue the dual listing of its shares on
the regulated Open Market (Freiverkehr) operated by Deutsche Börse
AG, one of the largest stock exchanges in the world.
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Technical Development Manufacturing Award and the Economic Award of the President of the Republic of Poland
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The prototype of the XTPL laboratory printer, presented during the
IDTechEx Show Printed Electronics Europe in Berlin in May 2017 won
the prestigious industry award, namely the Technical Development
Manufacturing Award. The jury of the award included: Ashutosh Tomar,
Principal Engineer for Technical Strategy at Jaguar Land Rover and
Professor Ulrich Moosheimer from Munich University of Applied
Sciences.
On November 16, 2017, during Congress 590 in Rzeszów, President
Andrzej Duda honoured XTPL with the Economic Award of the
President of the Republic of Poland. The award is presented to
companies which significantly contribute to Poland’s economic
development and build a positive image of Poland worldwide. The
award was granted in a special Startup_PL category, dedicated
specifically to the enterprises with the market presence of less than 5
years, which have created an innovative product or technology.
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FUTURE GOALS
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STAGES OF COMMERCIALIZATION
• Developing a lab prototype of the printer & a printer-compatible nano ink formula
At this stage, company did not generate any operating revenue; most of its operations were financed from external sources, such as grants, subsidies and funds obtained from the issue of shares.
STAGE I (completed)
Prototype development.
• MVP on offer (minimum viable product) in the form of a lab printer
• Lab printer is designed for R&D centres of business & scientific entities.
• Validation the technology & showcasing it to the research & development departments of prospective customers,
• Building technological relationships & allowing customers to create prototypes
• Defining other potential uses for specific application areas
First revenues to be expected a) sale of lab printers & nanoinks b) concluding joint development agreements (JDAs) for technology development
• Providing full solutions for the industry • Industrial printer will differ from the lab printer
in terms of size, functionality (better performance) & technological maturity
• Direct sales of the nanoink & print heads, as well as implementation the technology at the customer's site (technological consulting).
Revenues are to be generated from the sale of print heads (one-off revenues), sales of nanoinks (recurring revenues), & from the sales of dedicated implementation services (one-off revenues).
STAGE II (underway)
Sale of equipment to R&D centers & conclusion of JDAs.
STAGE III
Sale of the industrial equipment and provision of the complexed solutions.
2017 2018-2019 Q3 2019 >
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IMPLEMENTATION STATUS OF GOALS FOR THE PUBLIC OFFER
Task Current state
Set up of Business Development
Department, Sales Department and other
marketing activities
• Two business development leaders recruited (start: October/November)
• ID TechEX market survey done, April 2017
• Participation in IDTechEX Trade Fair – Printed Electronics, May 2017, Berlin
• Participation in Techinnovation Trade Fair, September 2017, Singapore
• Participation in IDTechEx Show! – Printed Electronics, November 2017, Santa Clara (USA)
Set up of application laboratories • First laboratory is operating;
• Development in progress (additional 2 lab printers and 2 researchers)
• New application segment verified (open defects repair)
Laboratory printers production for external
customers
• Internal alpha-tests in progress (lab printer and ink)
• Concluding conceptual work regarding β-version of the printer
Industrial printhead and printer prototype
development
• 2019
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MOST IMPORTANT STRATEGIC ACTIONS PLANED
ACTION TIMING
Assembly & internal complex test of β-version printer Q1 2018
JDA with mature players in verified application segments - leading to industrial implementation in the future 2018
Initiation of Advisory Board H1 2018
Patent family development 2018
Transition to the main market of stock exchange in Poland H1 2018
Parallel quotation on other European stock exchange (e.g. Frankfurt) H2 2018
Additional grant to enforce commercialization process 2018
Implementation of the new business development strategy 2018
XTPL SUBMICRON LAB PRINTER – β-VERSION CONCEPT
Lab Printer β-version will allow for:
• validation of the technology
• showcasing it to the research & development departments of prospective customers
• building technological relationships
• customers to create prototypes
• defining other potential uses for specific application areas
Key features:
Functionality: electrically conductive, optically, biologically and chemically active
Line width: from 100 nm to 3 μm
Line length: up to cm range
Aspect ratio: 1, in the single run of the printing head
Very low voltage applied: 5-30 V.A
Resistivity: 2 Ω /μm (for the line with the thickness of 1 μm), proof of concept manufactured featuring
20-40% bulk Ag (thickness 100-400nm)
Examples of applications: printed electronics, solar cells, touch screens, wearable electronics, automotive,
smart packaging, automotive, biosensors, medical devices, anti-counterfeiting & open defect repair
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WORLDWIDE RECOGNITION
Dr. Adam WeissCEO & PresidentWDI
Dr. Pierre VerlindenVP Chief ScientistTrinaSolar
Dr. Markus GlatthaarLeader of the Department of Novel ProcessesFraunhofer ISE
Dr. Homer AntoniadisGlobal Technology DirectorDuPont
“…make a clear value proposition for this market segment.”
“…if successfully scaled, would fit very well into the
Technological Roadmap…”
“…unique and very attractive feature
for next generation silicon solar cells.”
“We would consider the implementation
of the XTPL technology…”
SELECTED AWARDS & GRANTS
GRANTFINALISTWINNER
THE ECONOMY AWARD OF THE PRESIDENT OF THE REPUBLIC OF POLAND ANDRZEJ DUDA 2017
IDTECHEX PRINTED ELECTRONICSTECHNICAL DEVELOPMENTMANUFACTURING AWARD
MIT ENTERPRISE FORUM POLAND
CLIMATE KIC ACCELERATION PROGRAMM POLAND 2016
CLIMATE VENTURE SUMMIT
INPHO VENTURE SUMMIT
WOLVES SUMMIT
ABSL START-UP CHALLENGE
SME INSTRUMENTS
RPO
NCBR FAST PATH
PARP
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SUMMARY – MOST IMPORTANT ASSETS
GreatMarket
response
Clearstrategy
Strongteam
Globaltechnology
XTPL S.A.
Stabłowicka 147
54-066 Wrocław, Poland
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M. +48 717 072 204