Buried screen-printed contacts for silicon solar cells

A Simple way to improve solar cell efficiency is to enhance the absorption of light and reduce the shading losses. One of the main objectives for the photovoltaic roadmap is the reduction of metalized area on the front side of solar cell by fin lines. Industrial solar cell production uses screen-printing of metal pastes with a limit in line width of 70-80 μm. This paper will show a combination of the technique of laser grooved buried contact (LGBC) and Screen-printing is able to improve in fine lines and higher aspect ratio. Laser grooving is a technique to bury the contact into the surface of silicon wafer. Metallization is normally done with electroless or electrolytic plating method, which a high cost. To decrease the relative cost, more complex manufacturing process was needed, therefore in this project the standard process of buried contact solar cells has been optimized in order to gain a laser grooved buried contact solar cell concept with less processing steps. The laser scribing process is set at the first step on raw mono-crystalline silicon wafer. And then the texturing etch; phosphorus diffusion and SiNx passivation process was needed once. While simultaneously optimizing the laser scribing process did to get better results on screen-printing process with fewer difficulties to fill the laser groove. This project has been done to make the whole production of buried contact solar cell with fewer steps and could present a cost effective opportunity to solar cell industries.

Effect of Earnings Volatility on Cost of Debt: The case of Swedish Limited Companies

The paper empirically tests the relationship between earnings volatility and cost of debt with a sample of more than 77,000 Swedish limited companies over the period 2006 to 2013 observing more than 677,000 firm years. As called upon by many researchers recently that there is very limited evidence of the association between earnings volatility and cost of debt this paper contributes greatly to the existing literature of earnings quality and debt contracts, especially on the consequence of earnings quality in the debt market. Earnings volatility is a proxy used for earnings quality while cost of debt is a component of debt contract. After controlling for firms’ profitability, liquidity, solvency, cashflow volatility, accruals volatility, sales volatility, business risk, financial risk and size this paper studies the effect of earnings volatility measured by standard deviation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) on Cost of Debt. Overall finding suggests that lenders in Sweden does take earnings volatility into consideration while determining cost of debt for borrowers. But a deeper analysis of various industries suggest earnings volatility is not consistently used by lenders across all the industries. Lenders in Sweden are rather more sensitive to borrowers’ financial risk across all the industries. It may also be stated that larger borrowers tend to secure loans at a lower interest rate, the results are consistent with majority of the industries. Swedish debt market appears to be well prepared for financial crises as the debt crisis seems to have no or little adverse effect borrowers’ cost of capital. This study is the only empirical evidence to study the association between earnings volatility and cost of debt. Prior indirect research suggests earnings volatility has a negative effect on cost debt (i.e. an increase in earnings volatility will increase firm’s cost of debt). Our direct evidence from the Swedish debt market is consistent for some industries including media, real estate activities, transportation & warehousing, and other consumer services.

Determinants of Capital Structure of Swedish limited companies : Testing Trade-off Theory Against Pecking Order Theory

Research question- This thesis investigates the determinants of capital structure of the Swedish companies. In order to do so, the two dominant theories of the corporate structure are studied and their assumptions are tested. Thus, the study researches which one of the two theories is more appealing for the Swedish market. Methodology-The study follows a purely quantitative study, by conducting an econometric analysis. The data are collected from a secondary source and more particularly the "Retriever" database, which contains financial data of the Swedish companies. Findings- The findings indicate that the determinants of the corporate structure for the Swedish market do not differ from other studies which have been conducted in other countries. However, there is a difference when it comes to tax and non-tax shields. The results suggest that in most cases the Pecking Order Theory appears to be more representative for the Swedish market, since most of the coefficient appear to be in favour of it. Moreover, the significance of the effect of the industry for the financial leverage is confirmed.