Be Semiconductor Industries N.v. · EURONEXT:BESI
Be Semiconductor Industries — Investor Day (June 2023)
69 slides from Be Semiconductor Industries's investor day presentation, Jun 6, 2023
Slide 1: Capital Markets Day Presentation
CAPITAL MARKETS DAY PRESENTATION June 6, 2023
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the presentation, including, but not limited to, statements relating to exp
Slide 3: Agenda
Agenda I. Strategic Overview Richard Blickman II. Market Trends Chris Scanlan III. Wafer Level Assembly Peter Wiedner IV. Mainstream Die Attach Christoph Scheiring V. Packaging Jeroen Kleijburg VI. Plating Bart Berenbak VII. Q&A Besi Team June 6, 2023 3
Slide 4: I. Strategic Overview
I. STRATEGIC OVERVIEW Richard Blickman CEO June 6, 2023 4
Slide 5: CEO Summary
CEO Summary Hybrid Bonding Continues to Gain Traction • Hybrid bonding not a question of if, but when, and how large the opportunity • AMD/TSMC achieved full commercial production for initial devices • Adoption increasing by industry and development community. Better than anticipated • Path won’t be
Slide 6: Chiplets/Hybrid Bonding Increasingly in Focus
Chiplets/Hybrid Bonding Increasingly in Focus 6 June 6, 2023 6
Slide 7: CEO Summary - Continued
CEO Summary - Continued Strong Performance in Current Downturn • Revenue, orders and operating profit up 44.7%, 66.5% and 82.7% vs. last cycle • Peer leading gross and operating margins up 5.6 and 8.1 points • Addressable market share increased in key die attach and packaging markets • Record capita
Slide 8: Strong Through Cycle Revenue and Gross Margin Development
Strong Through Cycle Revenue and Gross Margin Development € millions Revenue Gross Margin Gross Margin 800 70% 62.9% 700 60% 58.0% 600 51.1% 749 50% 600 500 516 593 39.5% 40% 424 400 34.1% 379 30% 300 302 4 year 351 averages 20% 200 164 191 10% 100 0 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2
Slide 9: Attractive Profit Efficiency Maintained In Downturn
Attractive Profit Efficiency Maintained In Downturn Strategic Initiatives Keep Opex in Check Despite Increased R&D Revenue, Orders and Gross Margin Baseline Operating Expenses 50.0 90.0% 250 90% Book/Bill 1.0x 0.7x 0.7x 1.3x 1.1x 44.0 85% 80.0% 214 39.9 202 205 40.0 37.9 200 80% 37.1 11.2 70.0% 181
Slide 10: Besi Addressable Market Share Increasing Particularly in Key Die Attach Markets
Besi Addressable Market Share Increasing Particularly in Key Die Attach Markets 2016 2018 2020 2021 2022 ∆ ‘22/‘21 ∆ ‘22/’16 Assembly Market ($MM) 3,587 4,542 3,916 6,597 5,540 -16.0% +54.5% Besi Market Share 9.9% 11.2% 10.5% 11.7% 11.5% -0.2pts +1.6pts Addressable Market ($MM) 1,507 1,859 1,439 2,4
Slide 11: Leader in Addressable Market, Die Attach Market and Advanced Die Placement
Leader in Addressable Market, Die Attach Market and Advanced Die Placement Die Attach Advanced (79% of Revenue) Die Placement** Other 26% Besi 2022 Addressable Market* 40% $1.3 Billion $400 Other Million 60% Besi 74% Besi 32% $2.0 Billion Packaging & Plating (21% of Revenue) Other 68% Besi 18% $683
Slide 12: Growth Expected to Favor Besi's Product Portfolio, Particularly Die Attach
Growth Expected to Favor Besi’s Product Portfolio, Particularly Die Attach CAGR (2020-2025) Die Attach 12.2% Packaging & Plating* 9.8% 7,000 6,490 6,145 Other Assembly 8.7% 5,785 6,000 Total 9.7% 1,566 5,202 1,621 1,349 5,000 4,445 799 1,353 3,863 $ millions 767 784 4,000 1,139 911 663 566 3,000 491
Slide 13: Strong Liquidity Position Maintained to Finance Future Growth
Strong Liquidity Position Maintained to Finance Future Growth 800 Cash and Deposits Net Cash 700 672.2 671.7 Strong liquidity base consisting of cash and 644.9 deposits of € 644.9 million 598.7 600 500 Net cash of € 325.8 million equals 54% of LTM revenue • Significantly in excess of 20% threshold €
Slide 14: Capital Allocation Increasing to Shareholders
Capital Allocation Increasing to Shareholders 500 € 1.6 Billion Distributions Since 2011* 416.3 400 Dividends 347.8 146.8 ~ € 320 million capital allocation YTD-23 Share Repurchases 300 € 300 million share buyback program 125.7 € millions ~75% completed : • ~ € 75 million per quarter 179.5 • ~3.5 mi
Slide 15: Business Model
Business Model Business Model Revenue € 1 billion+++ Addressable Market Share 40%+ Gross Margin 60-64% Operating Margin 30-45% Headcount Split 80% Asia/20% Europe/NA Scope 1 and 2 Emissions 62% reduction Global Energy Needs 75% from renewable sources June 6, 2023 15
Slide 16: II. Market Trends
II. MARKET TRENDS Chris Scanlan SVP Technology June 6, 2023 16
Slide 17: Long-Term Semiconductor Demand Growth Continues
Long-Term Semiconductor Demand Growth Continues 1,400 2030 1,200 Semi revenue > $1T 2018 1,000 Machine generated data > • Market required ~50 years to human generated data reach $500 billion in sales Semi revenue = $469 bn 800 • Estimates call for > $1 trillion in $ billion 2002 Quantum Era First Bl
Slide 18: Industry Downturn Continues in 2023
Industry Downturn Continues in 2023 TechInsights Global Chip Making Climate Trend Index 120 2/21: Intel, TSMC, 7/22: Memory 110 Samsung hike capex Inventory Correction 100 Temperature in Degrees F 90 2/20: COVID-19 outbreak 80 70 Growth Decline Line 60 5/19: U.S.- China trade war escalates 50 40 30
Slide 19: Semi Capex Expected to Decline 17% in 2023
Semi Capex Expected to Decline 17% in 2023 200.0 TOP 20 CAPEX SPENDERS (Capital expenditures by company, $M, ranked by 2023 Capex) 180.0 IDM & Foundry Capex ($B) 160.0 20.5 CAGR 2019 2020 2021 2022 2023 140.0 13.5 28.2 TSMC 14.9 17.2 30.0 36.3 34.9 20.5 Samsung 19.3 28.1 38.0 36.6 33.3 120.0 26.8 +3
Slide 20: Long Term Investment Continues, Aided by Government Support
Long Term Investment Continues, Aided by Government Support $82.6 Billion Direct and $159.2 Billion Indirect Spending/Annum Planned TechInsights May 2023 Date Amount $ Timing $ p.a. Location Purpose Direct Investments TSMC Dec 2022 40.0B 5 years (2027) 8.0B AZ New 4nm fab (late 2024) & 3nm fab (2026
Slide 21: Assembly Market Estimates Reduced for 2023
Assembly Market Estimates Reduced for 2023 Rebound Forecast 2024-2025 8.0 68.0% 80% Market Size YoY Growth Rate 7.0 6.5 6.1 5.8 60% 6.0 5.2 40% US$ billions 5.0 4.4 3.9 4.0 3.2 17.0% 18.1% 20% 21.2% TechInsights now forecasts 23.2% 3.0 downturn in 2023 0% 2.0 -10.9% • Versus -16.8% prior forecast 1.
Slide 22: Advanced Packaging Revenue Growing Rapidly
Advanced Packaging Revenue Growing Rapidly Fastest Growing Assembly Segment High End Performance Packaging Revenue ($B) by End Market $16.7B CAGR (2022-2028)E Auto & Mobility 72% Mobile & Consumer 50% • Driven by multi-chip packaging Telecom & Infrastructure 32% and chiplet transition Total 40% • Re
Slide 23: Besi Principal End User Markets/Drivers
Besi Principal End User Markets/Drivers Mobile Internet (28%) Computing (30%) Automotive (16%) Industrial/Other (9%) Lidar Camera Innovation Generative AI Vehicle Electrification Clean Energy 5G Advanced → 6G Datacenter Autonomous Driving Smart Grid Wearables Gaming Connectivity Industrial IoT On De
Slide 24: Slowing of Moore's Law Drives Adoption of Chiplet Architectures
Slowing of Moore’s Law Drives Adoption of Chiplet Architectures and New Assembly Solutions Problem Solution • Moore’s Law slowing as data volumes grow • Split SoC into multiple, smaller chiplets exponentially and commercial applications expand • Optimize scale per function • Cost per transistor incr
Slide 25: Chiplet Adoption is Expected to Increase Rapidly
Chiplet Adoption is Expected to Increase Rapidly Driven by Increasing Cost of Advanced Logic Nodes Millions of Chiplet Packages 405 • At 3nm node, economics will drive most applications to chiplets 344 • Market forecast includes CPUs for server, desktop, laptop, GPU devices, network switch, AI / mac
Slide 26: New 3D Chiplet Structures Use Variety of Assembly Processes
New 3D Chiplet Structures Use Variety of Assembly Processes 2 1 3 3D Chiplet 5 Chiplet 4 Hybrid Bond Chiplet Bridge Die Interposer 6 Bridge Die Package Substrate 1 2 3 4 5 6 Hybrid Bonding Chip to Wafer TCB High Bandwidth Embedded Bridge Wafer Level HD Interposer to Memory Stacking Die Attach Die Mo
Slide 27: Hybrid Bonding Extends Moore's Law
Hybrid Bonding Extends Moore’s Law Enables faster, more complex devices with submicron placement accuracy Direct Cu-Cu Interconnect in 3D Heterogeneous integration of chiplets Source: Intel Source: IMEC 1000x increase in contact density More transistors per package New Chip Architectures Increased P
Slide 28: Applications Driving Hybrid Bonding Growth
Applications Driving Hybrid Bonding Growth High Performance Compute Advanced Memory Mobile Sensors & Photonics Unified Advanced Memory Application Processors Integrated Silicon Compute/Memory Stacking mmWave RF Photonics Core on Core AI HBM4 Smartphones Image Sensors Gaming DRAM AR/VR Display Datace
Slide 29: AMD Has Announced More Products Using Hybrid Bonding
AMD Has Announced More Products Using Hybrid Bonding Ryzen CCD with 3D V-Cache Ryzen™ 9 7900X3D MI300 • CPU/memory for server and gaming • Gaming processor • GPU + CPU for super computing • Additional 64 MB SRAM stacked atop • Hybrid bonding of two Ryzen CCD • First logic-on-logic stacking with Ryze
Slide 30: New Chiplet Architectures Increase Process Steps/Capital Intensity
New Chiplet Architectures Increase Process Steps/Capital Intensity 2017 2019 2023 1st Gen EPYC 2nd Gen EPYC 4th Gen EPYC 4 flip-chip placement steps 9 flip-chip placement steps > 50 die placement steps including hybrid and flip-chip Besi Process Solution: 8800 FC Quantum 8800 Ultra Accurate C2W Hybr
Slide 31: Industry Leaders Driving Adoption of Chiplet Standards
Industry Leaders Driving Adoption of Chiplet Standards Standardization critical to incorporate heterogeneous UCIe Board Representatives chiplets from multiple producers in same package • Universal Chiplet Interconnect Express (UCIe) emerging standard defining interconnect between chiplets in package
Slide 32: 2.5D Interposer Market Expanding Rapidly From Small Base
2.5D Interposer Market Expanding Rapidly From Small Base Currently CoWoS = (Chip-on-Wafer-on-Substrate) 2.5D Interposer Package Revenue 2022-2028E Source: Yole May 2023 Highest growth rate for active Si interposer packages: $2.42B Intel Foveros and TSMC CoWoS-S Multiple die attach steps: • Chip-on-W
Slide 33: What's Next in Mobile? New Features/Functionality in High End
What’s Next in Mobile? New Features/Functionality in High End Smartphones and Wearables Drives Long-Term Growth Mobile Data Traffic Growing Rapidly. Continued Deployment of 5G And Development of 5G Advanced Drives Need For Advanced Assembly Technologies Advanced Camera Technology On Device AI AR / V
Slide 34: Automotive: Growth of EV and Autonomous Driving Will Increase Semiconductor Content
Automotive: Growth of EV and Autonomous Driving Will Increase Semiconductor Content and Cost per Car Electric Vehicle Adoption Forecast to Accelerate Semiconductor Content per Car Increasing Source: Power Electronics News, January 2023 ~12% CAGR in automotive semi sales (2021 – 2030)* Positive growt
Slide 35: Rapid Growth in SiC and GaN Power Devices Will Aid Besi's Product Groups
Rapid Growth in SiC and GaN Power Devices for Automotive Will Aid Each of Besi’s Product Groups SiC – 30% CAGR 2022 – 2028 GaN – 53% CAGR 2022 – 2028 High-speed operation and lower power loss High efficiency, fast power switching High power On-board 5G Base xEV EV Charging Charger Station Energy Por
Slide 36: Market Trends Favorably Position Besi for Long-Term Growth
Market Trends Favorably Position Besi for Long-Term Growth Slowing of Moore’s Law drives chiplet architectures and hybrid bonding adoption • Increasing cost per transistor in advanced nodes drives new chiplet solutions • Hybrid bonding adds a new dimension to enable system scaling besides node shrin
Slide 37: III. Wafer Level Assembly
III. Wafer Level Assembly Peter Wiedner Senior VP Sub-Micron Die Attach June 6, 2023 37
Slide 38: Three Principal Wafer Level Die Bonding Platforms
Three Principal Wafer Level Die Bonding Platforms 3D Chiplet Chiplet Chiplet Hybrid Bond Interposer Bridge Die Bridge Die Package Substrate Hybrid Bonding Thermo Compression Embedded Bridge Attach • 8800 CHAMEO ultra plus • 8800 TC advanced • 8800 CHAMEO ultra • 8800 CHAMEO ultra plus AC Q1’24 • 980
Slide 39: Chiplet Designs Require Ever Smaller Interconnect Pitch and Higher Contact Density
Chiplet Designs Require Ever Smaller Interconnect Pitch and Higher Contact Density 1,000,000 Transition to Wafer Level Assembly with Sub-Micron Accuracy MI 300 M1 Ultra Meteor Lake Fan-out Bridge TCB Chip-to-Wafer 100,000 Sapphire Rapids EMIB - TCB Contacts per Square mm 10,000 Source: Apple 3D VCac
Slide 40: 8800 Chameo Ultra Plus
8800 Chameo Ultra Plus: Reflects Industry Shift To Smaller, Integrated, Heterogeneous Chip Designs Leading Hybrid Die Bonding Target Markets & Customers System on Market ▪ Computing: Chiplet integration for HPC • Direct Cu-Cu Heterogeneous integration Interconnect • Design Flexibility ▪ Memory: High
Slide 41: AMAT Joint Development Center of Excellence
AMAT Joint Development • Relationship since 2019 • Anticipate expanding cooperation • CoE fully operational since 2022 • Engagement with all leading players Cluster Tool: COE Singapore: Fully integrated Shared facility for Hybrid Bonding Development and Solution Customer Demos Center of Excellence p
Slide 42: Hybrid Technology/Market Roadmap
Hybrid Technology/Market Roadmap First HB Product Launched Additional Product Launches AMD Ryzen 9 7900X3D AMD EPYC, Milan X Q3/22 Q4/22 Q1/23 Q2/23 First integrated First 100nm R&D Bonder 200 nm Bonders production line shipped shipped for product installed for HVM qualification June 6, 2023 42
Slide 43: Future Hybrid Technology/Logic Market Roadmap
Future Hybrid Technology/Logic Market Roadmap AMD MI 300 super computer to Second major logic Next gen products incorporate launch Summer 23 with >13 hybrid customer confirmed even greater Hybrid integration bonded chiplets HVM ramp Q3/23 Q4/23 Q1/24 Q2/24 Additional cluster 100 nm production HBs to
Slide 44: HBM Stacking Will Drive Even Further Capital Intensity
HBM Stacking Will Drive Even Further Capital Intensity HBM GPU Hybrid Bonding can be used to stack 16 or more die, starting with HBM4 • HBM mounted beside high-performance CPU or GPU on interposer Image source: Techsearch • Height of HBM stack no greater than XPU chip thickness • 36% of HBM will use
Slide 45: Future Hybrid Technology/Memory Market Roadmap
Future Hybrid Technology/Memory Market Roadmap Further sampling and development COE Singapore: first samples built in 2023 by leading memory producers 22 Q2/23 Q3/23 Q4/23 Q1/24 Demo Bonder shipped to 1st Memory cluster 2nd Memory cluster first memory customer tool shipment tool shipment June 6, 202
Slide 46: Hybrid Bonding Market Potential
Hybrid Bonding Market Potential Cumulative TAM of installed hybrid bonding systems Estimated 800 – 1,900 systems cumulative by 2030 2000 1800 Application High case • Logic device production and adoption continues Processors 1600 adopting • Low case represents adoption in logic only 1400 Hybrid Mid c
Slide 47: Next Generation TCB C2W System Important in Wafer Level Roadmaps
Next Generation TCB C2W System Important in Wafer Level Roadmaps First System Sold in Q1-23 9800 TCNext Target Markets & Customers ▪ Computing: HPC, Heterogeneous Integration Si interposer attach ▪ Memory: HBM stacking • Market for logic primarily 1 customer currently. New customers evaluating • TCB
Slide 48: Besi's TCB C2W Development Roadmap
Besi’s TCB C2W Development Roadmap 1st system sold to lead customer Production system to be shipped 1st Memory Demo system to be shipped Q2/23 Q3/23 Q4/23 Q1/24 Fluxless Process Development Next accuracy step: 800 nm June 6, 2023 48
Slide 49: IV. Mainstream Die Attach
IV. MAINSTREAM DIE ATTACH Christoph Scheiring Senior VP Die Attach June 6, 2023 49
Slide 50: Besi Die Attach Summary
Besi Die Attach Summary Revenue ~70% of BESI Market Share ~40% in Die Attach ~75% in Advanced Die Attach Market Die Attach 12.2% CAGR (2020-2025)* Drivers Mobile, Auto, Computer Source: TechInsights May 2023 June 6, 2023 50
Slide 51: Industry Leading Die Attach Equipment Portfolio
Industry Leading Die Attach Equipment Portfolio Die Bonding Multi-Module Attach • 2100 hS • 2200 evo • 2100 hS i • 2200 evo plus • 2100 sD advanced i • 2200 evo hS • 2100 hS ix • 2200 evo advanced • 2200 evo hf Multi- Mainstream module Epoxy Flip-Chip Soft Solder FlipChip SoftSolder • 8800 FC Quantu
Slide 52: Die Attach End-User Market Positioning
Die Attach End-User Market Positioning REVENUE Multi Module Attach • Camera&Sensing FlipChip • CPU/GPU Die Bonding • HPC Multi Module • 5G • IoT / Wearable Multi Module Attach • Power modules Attach • HDD/Server SoftSolder • HPC, CoWoS • Discretes • Modules Mobile Computing Automotive June 6, 2023 5
Slide 53: 2200 Multi-Module Attach: Industry Leading Multi-Die Platform
2200 Multi-Module Attach: Industry Leading Multi-Die Platform Continuously Upgraded for New Applications > 7,000 Units Shipped Target Markets & Customers Highlights 2023 Advance Camera Assembly POR for NextGen Periscope camera Increased Cleanliness Significant yield improvements for Key competitive
Slide 54: 2100 Epoxy Die Attach: Industry Leading Platform
2100 Epoxy Die Attach: Industry Leading Platform Highest Speed and Accuracy for Single Die Placement > 4,000 Units Shipped Target Markets & Customers ▪ Mobile, 5G: PA, RF front end modules, Sensors, PMIC, analog ▪ Automotive: MEMS and Sensors, Auto CIS ▪ Storage: NAND ▪ Industrial: Analog, power, MC
Slide 55: Industry Leading Flip-Chip Product Portfolio
Industry Leading Flip-Chip Product Portfolio Advanced Flip-Chip, Fan-out and Bridge Attach Mass Reflow Flip-chip 8800 CHAMEO 8800 QUANTUM & 2100 FC hs BGA, CSP, 5G SiP, Memory • Accuracy: < 3 (1) µm • Throughput: 10,000 UPH • Die size: 40mm, 300mm substrate • EFEM Loader, Factory Automation • ISO 5
Slide 56: 2100 Soft Solder System: Quantum Step Forward for Automotive and Industrial
2100 Soft Solder System: Quantum Step Forward for Automotive and Industrial Applications Next Generation Soft Solder Target Markets & Customers ▪ Automotive: High Rel Power packages, SiC, Diffusion Bonding ▪ Industrial: All power devices, IGBT, IPM, Clip Bonding Source: Infineon Technologies Key com
Slide 57: Key Die Attach Growth Drivers and Development Projects
Key Die Attach Growth Drivers and Development Projects DRIVER KEY TECHNOLOGY REVENUE • Advanced Camera Functionality • Under display biometric • Periscope camera modules Mobile identification • Integrated sensing/camera/display • New Devices AR / VR • SiC/GaN • EV adoption Auto • Sintering • ADAS •
Slide 58: V. Packaging
V. PACKAGING Jeroen Kleijburg Senior VP Packaging June 6, 2023 58
Slide 59: Best in Class Packaging Portfolio
Best in Class Packaging Portfolio Focused on Leading Edge Applications and Customers Substrate Molding Substrate Singulation Wafer & Panel Molding 5G and Wearables AMS-LM FSL FML • Two sided substrate molding • Substrate strip singulation • Wafer molding • Exposed die; • Sorting IoT/Computing • Pane
Slide 60: Molding: AMS LM Substrate Molding
Molding: AMS LM Substrate Molding: Leading Exposed Die System for 5G and Complex 3D Molding Applications 350+ Systems Shipped Target Markets & Customers ▪ 5G : Advanced RF front-end modules ▪ Wearables : SiPs with intricate 3D designs ▪ Memory : Stacked Die and FC DRAM 5 Key competitive advantages N
Slide 61: Molding: AMS-X Leadframe Molding
Molding: AMS-X Leadframe Molding: Power and SIP Packages for Automotive and Industrial Market First systems in production Target Markets ▪ Automotive: High rel power packages, SiC ▪ Industrial: All power devices, IGBT, IPM New Developments 2023 Key competitive advantages Bar Molding Top Foil Reducti
Slide 62: Trim & Form: Fcl-x for Power and SIP Packages
Trim & Form: Fcl-x for Power and SIP Packages for Automotive and Server Markets Target Markets 1500+ Systems Shipped ▪ Server : System in packages ▪ Automotive : IGBT, SO and TSOP packages New Developments 2023 Key competitive advantages Focus on power packages ▪ Zero defect Pitch Correction Integra
Slide 63: Singulation: FSL Stepcut Leadframe
Singulation: FSL Stepcut Leadframe: Power and SIP Packages for Automotive and Server End Users. Gaining Market Traction Singulation Target Markets ▪ Server : System in packages ▪ Automotive : SOIC and TSOP packages ▪ Memory : Stacked Die and FC DRAM 5 ▪ 5G : Advanced RF front-end modules New Develop
Slide 64: Wafer Level Molding For Chiplet Applications
Wafer Level Molding For Chiplet Applications Emerging Process Technology Target Markets Wafer level mold with exposed die ▪ Computing: Chiplet integration for HPC Heterogeneous integration ▪ Mobile: 3D Wafer level fan-out FML New Developments 2023 Key competitive advantages Auto leveling TSV Wafer m
Slide 65: Packaging Growth Drivers and Key Development Projects
Packaging Growth Drivers and Key Development Projects DRIVER KEY TECHNOLOGY REVENUE • SiP packages • 5G mm Wave Mobile • Battery management unit • 3D Image Sensing • Wearables • Power switching • SiC/GaN • Battery charging Auto • High density frames • Battery management • Silicon Gel To Expoxy • Saf
Slide 66: VI. Plating
VI. PLATING Bart Berenbak VP Plating June 6, 2023 66
Slide 67: Besi Plating: Dominant Market Share In Leadframe Plating
Besi Plating: Dominant Market Share In Leadframe Plating For Automotive/Industrial Power Markets Leading plating equipment for a range of wet chemical surface treatments Tin solder plating • Technology leadership since 1978 • Key supplier to leading IDM’s and OSATs • Principal applications: Automoti
Slide 68: Besi Plating Growth Drivers
Besi Plating Growth Drivers More Stringent Automotive Quality Demands Require High-power modules require new plating solutions Additional Wet Process Technologies • Mold Deflashing and adhesion promotion Chemical Deflash Flux cleaning • For use in EV drive trains, renewables, industrial, household a
Slide 69: VII. Q&A
VII. Q&A June 6, 2023 69
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