Yesterday Wedge Partners published a research report on Timminco Limited (TSX: TIM C$ 34.50). The analysts discovered that Canadian Solar “this year has imported only 3 tons of UMG from Timminco.” The research report states that Canadian Solar’s Timminco claims were vastly overstated and “that UMG is not currently a viable alternative to solar-grade polysilicon-at CSIQ or elsewhere.”
Wedge Partners also found that Timminco’s patent, which the company and its promoters have called “revolutionary,” has “been tested and rejected by other manufacturers.” The analysts “do not see much to be excited about.” Wedge states that “like other UMG producers, Timminco “must blend” and that “Timminco’s 0.8ppm of boron and 5ppm phosphor in the UMG are substantially higher than those impurities in virgin and scrap polysilicon and will, we believe, lead to higher decay rates.”
Click here to read the report.