Seraphim USA is a world-class, innovative solar photovoltaic module manufacturer

Industry

Manufacturing

Company Type

Clean Energy

Location

Houston, Texas

Size

$21,000,000

Investment Type

Equity/Debt

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Helping Great Companies Grow

Overview

  • Seraphim USA (Seraphim) manufactures and supplies one of the world’s most advanced and cost-effective solar photovoltaic (PV) modules
    • focused on the US and Latin American markets
    • founded in 2014; headquartered in Houston, TX – manufacturing operations in Jackson, MS
    • fully operational plan – orders shipped daily
    • 300% growth over the past twelve months in target markets
    • YTD revenue as of 11-30-17 of over $3 million – up 55% year-over-year
  • Seeking to raise $21 million of equity/debt to support rapid growth in the US and establish a local presence in Latin America
    • $10+ million already invested in land, facilities, equipment, working capital and personnel
  • Trademark licensing and technology transfer agreement with Jiangsu Seraphim Solar (JSS)
    • JSS (based in China) is a leading PV manufacturer – known for superior quality/innovation
    • Bloomberg-rated Tier 1 (top 2% of PV manufacturers)
  • Andrew Fuselier leads a strong management team with extensive experience in all aspects of solar industry and product manufacturing
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Helping Great Companies Grow

Opportunity

US and Latin American solar markets are growing rapidly

  • US solar distributed generation (DG – decentralized solar panels for onsite energy usage) grew 59% per year over the past six years – $15 billion market value
  • LATAM markets (DG and powerplants) grew 100% per year for the past five years

US represents 20% of world’s PV demand – growth constrained by lack of local supply

  • US manufacturers can only meet 10% of domestic demand
  • Most US manufacturers produce PVs with older technology and use less efficient, higher-cost processes
  • US investment tax credit for solar is in place through 2021

Strategic arrangement with Tier I PV manufacturer – JSS

  • Trademark licensing and technology transfer agreement
  • Offers significant competitive advantages
6
Helping Great Companies Grow

Solution/Strategy

Strategic Agreement with JSS

  • 1.5+ GW installed globally – Bloomberg Tier 1 rated (top 2%)
  • Exclusive manufacturing and distribution rights for Western Hemisphere (and some European countries)
  • accelerates business plan – no R&D expenses
  • highly efficient, low-cost products

State-of-the art manufacturing facility – one of the largest in the US

  • 160MW production line in 80,000 SF facility – produces 470,500 panels with 340W capacity
  • Current capacity is only 30% – significant room for growth with existing line
  • 11-acre property in Jackson, MS – can expand to 1GW of capacity

Jackson, MS – Strategic Location

  • Seraphim USA granted ten-year abatements on sales and use taxes as well as state and local taxes
  • Top-five ranking for local government permitting speed
  • Highly available workforce
  • Jackson State Univiersity – engineering program with solar technology R&D
  • Single-day delivery to 55% of USEntergy, local utility – low power cost
  • Entergy, local utility – low power cost

Products offered through multiple, proven sales channels

  • Targeted distributors/dealers
  • Strategic factory-direct partnerships
  • Licensed developers/EPCs
  • Regional residential/commercial installers
3
Helping Great Companies Grow

Management

ANDREW FUSELIER

President and COO

  • Joined Seraphim in 2016
  • Oversees all operations, strategy, commercial development and daily business functions as the company scales to keep pace with market demand
  • Previously, was COO and VP of Operations for Innovari
  • Led rapid expansion from 15 to over 100 employees in five countries deploying edge-of-grid enablement software solutions for electric utilities
  • Integrated and managed key acquisition that led to 500% market growth in 18 months
  • Prior to Innovari, grew the commercial solar division at Gridpoint from 2MW to over 20MW per year
  • Also worked in a variety of engineering, sales, and business development positions for GE and Schneider Electric
  • B.S. Mechanical Engineering, Texas A&M University

PERRY FREEMAN

CFO

  • Over 30 years in finance with past twelve years at C-level
  • Past and current responsibilities include oversight of the entire accounting, financial, treasury, back office operations, banking and contract review functions, including extensive experience with merger and acquisition transactions, business development, due diligence, integration and company valuations
  • Previously held finance positions at Moore, Stephens and Co., Keystone International, Inc., Pioneer International, Inc., TYCO and Lockwood International, Inc. as well as several smaller private companies
  • B.S. Accounting, Oklahoma State University

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Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784
kmargolis@castleplacement.com

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