BluGlass Limited

BluGlass is a new IPO listing on the Australian Stock Exchange, and has been the third-best performing IPO in Australia since stock started trading (Bloomberg 061101). BluGlass was created to commercialise innovative technology used to produce the semiconductor material gallium nitride (GaN).

The company is a spin off from research conducted at Macquarie University in New South Wales and represents a highly promising new technology for reducing the cost of producing GaN in the primary market of high brightness (HB) light emitting diodes (LEDs) which is expected to grow to US$6 billion by 2009* (*Strategies Unlimited 2005).

GaN and GaN Devices

As a Semiconductor Material Gan is Tipped to be the Biggest Thing since Silicon

GaN is critical to the production of a range of high performance electronic devices, particularly HB LEDs.

LEDs have found their way into an enormous variety of products, from backlights for mobile phones and PDAs to traffic lights and household lamps.

Made popular by the fact that LEDs have

• Low power requirements (can be operated by battery power)
• High efficiency
• Long life (if installed correctly a LED can function for decades)

These devices will become increasingly popular with new applications being found as cost of production comes down. The ultimate market for LEDs will be to penetrate the general lighting market which currently sits at more than US$100 billion.

The GaN Market

The worldwide market for GaN devices in 2005 was US$3.8 billion, establishing GaN as one of the most important new semiconductor materials since the dawn of the silicon age half a century ago. GaN is critical to the production of a range of high performance electronic devices, particularly high brightness HB LEDs. First invented little more than a decade ago, these devices have since found their way into an enormous variety of products, from backlights for mobile phones to traffic signals and household lamps. GaN is also used to make blue and UV laser diodes for the next generation of optical storage devices likely to success DVD.

Size of the worldwide market for GaN devices from 1995 to 2004

Historical and projected size of the worldwide market for GaN devices from 1995 to 2009. (Source: Strategies Unlimited)

Lighting Applications

Aside from the already raging market for HB LEDs, a new, much bigger opportunity is presented by the general lighting market, which has a current global market value of over US$100 billion. High-efficiency high brightness LED lighting is predicted to eventually replace current-day technology which is largely based on incandescent lights which are relatively inefficient, century-old technologies. LED lights use up to 80% less energy and last up to 100 times longer, with substantial economic and environmental benefits. The widespread adoption of LED technology is currently limited by cost, and this is something BluGlass' technology aims to help overcome.

Bluglass Technology

The technology being commercialised by BluGlass is a new process for manufacturing GaN that offers substantial competitive advantages over current commercial processes, giving it a significant edge in current markets and opening up opportunities for new applications and new markets for this semiconductor material.

The process enables GaN to be produced at temperatures significantly lower than the 1000 °C typical of current processes, allowing the GaN industry to reduce production costs by moving from expensive heat resistant materials such as sapphire and silicon carbide to much cheaper materials such as glass.

Furthermore, the process is expected to be scaleable beyond the present size limits for sapphire and silicon carbide, offering substantial improvements in production efficiency over current processes.

In a Nutshell

• Substantial cost reductions in the production of GaN
• Opens up LED applications that are currently limited by cost
• No need for the use of the highly toxic chemical ammonia
• Growth temperatures reduced to be compatible with glass
• Scalability to larger growth dimensions than present 2 inch standard for GaN i.e 6 inch, 8 inch and larger

updated 8th January, 2008

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