M10 Bifacial Mono-PERC Solar Cells: The Future of Solar Cell Manufacturing in India

The solar energy landscape in India has witnessed remarkable transformation over the past decade, with manufacturing capacity expanding at an unprecedented rate. Among the most significant technological advancements driving this revolution are M10 bifacial mono-PERC solar cells, which represent a perfect convergence of efficiency, reliability, and cost-effectiveness. As India positions itself to become the world’s second-largest solar producer, understanding the capabilities and advantages of these advanced solar cells becomes crucial for anyone invested in renewable energy.

Understanding M10 Bifacial Mono-PERC Technology

The term “M10” refers to a specific wafer size standardization in the solar industry, with M10 wafers measuring 182mm x 182mm. This dimension has emerged as the sweet spot for solar cell manufacturing, offering an optimal balance between power output, manufacturing compatibility, and transportation efficiency. When combined with bifacial and PERC (Passivated Emitter and Rear Cell) technologies, M10 cells deliver performance levels that were considered unattainable just a few years ago.

Bifacial technology fundamentally changes how solar panels capture energy. Unlike traditional monofacial panels that only absorb sunlight from one side, bifacial cells are designed to harness solar radiation from both the front and rear surfaces. The rear side captures reflected light from the ground and surrounding surfaces, a phenomenon that can increase total energy generation by 5% to 30% depending on installation conditions. This dual-sided energy capture makes bifacial M10 cells particularly valuable in regions with high albedo surfaces like India’s desert and semi-arid zones.

PERC technology adds another layer of sophistication to these solar cells. The passivation layer applied to the rear of the cell serves multiple critical functions. It reflects unabsorbed photons back into the silicon, giving them another chance to generate electricity. Additionally, this layer reduces electron recombination, which is essentially wasted energy that never becomes electricity. The combination of these improvements allows PERC cells to achieve conversion efficiencies of 22% to 23.3% in mass production, with laboratory results exceeding 25%.

Why Choose a Bifacial Mono-PERC Solar Cell Manufacturer in India

India’s solar manufacturing ecosystem has matured dramatically, transitioning from heavy import dependence to becoming a formidable production powerhouse. By the end of 2025, India’s solar module manufacturing capacity reached approximately 144 GW under the Approved List of Models and Manufacturers (ALMM), representing a 99% year-over-year increase. This explosive growth reflects both government policy support and the technical capabilities of Indian manufacturers like Websol Energy System Ltd.

Selecting a Bifacial Mono-PERC Solar Cell Manufacturer in India offers several strategic advantages. First, domestic manufacturing significantly reduces project timelines by eliminating complex international logistics and customs procedures. Second, government initiatives like the Production Linked Incentive (PLI) scheme have made Indian-manufactured cells increasingly price-competitive while maintaining stringent quality standards. Third, working with Indian manufacturers provides better after-sales support, warranty servicing, and technical consultation tailored to local installation conditions.

The quality of Indian-manufactured M10 bifacial mono-PERC cells now rivals international standards. Advanced manufacturers employ automated production lines with multiple quality checkpoints, ensuring that cells meet or exceed efficiency ratings. The integration of multibusbar (MBB) technology, commonly featuring 9 to 10 busbars in M10 cells, reduces resistive losses and improves current collection across the cell surface. This attention to manufacturing excellence means that Indian solar cells perform reliably over their 25-year lifespan, with first-year degradation limited to less than 2% and subsequent annual degradation below 0.55%.

Technical Advantages of M10 Bifacial Mono-PERC Solar Cells

The technical specifications of M10 bifacial mono-PERC cells reveal why they’ve become the preferred choice for utility-scale, commercial, and increasingly residential solar installations. Each M10 half-cut cell typically produces between 7.5 to 7.7 watts, which means a 144-cell module can achieve power outputs ranging from 525W to 550W. This high power density reduces the number of panels needed for a given system capacity, directly lowering balance-of-system costs including mounting structures, wiring, and installation labor.

The bifacial gain – the additional energy produced by the rear side compared to what a monofacial module would generate – varies significantly based on installation parameters. Field tests in India have demonstrated bifacial gains ranging from 8% to 23%, with the variation primarily determined by ground reflectivity (albedo), module mounting height, and geographic latitude. White gravel or light-colored surfaces can boost rear-side generation substantially, while even standard cement or soil provides meaningful gains. The bifaciality factor, which represents the ratio of rear-side to front-side efficiency, typically ranges from 75% to 82% in quality M10 bifacial PERC cells.

Temperature performance represents another critical advantage. M10 bifacial PERC modules operate 1°C to 2°C cooler on average than monofacial equivalents, with maximum temperature differentials reaching 3°C to 6°C. This lower operating temperature directly translates to higher power generation, as every degree Celsius above the standard test condition temperature of 25°C typically reduces module output by approximately 0.3% to 0.35%. Over the course of a year in India’s hot climate, these temperature advantages accumulate into significant energy yield improvements.

The half-cut cell technology commonly employed in M10 modules provides additional resilience and performance benefits. By cutting each 182mm cell in half, manufacturers create modules with lower internal current and reduced resistive losses. This configuration also improves shade tolerance, as shading on one half of the module has less impact on overall output compared to full-cell designs. For installers and system owners, this means more consistent power generation even in partially shaded conditions.

M10 Cells and the Complete Solar Manufacturing Value Chain

Understanding where M10 bifacial mono-PERC cells fit within the broader solar manufacturing ecosystem helps contextualize their importance. The solar cell manufacturer in India represents a crucial middle link in a value chain that begins with polysilicon production and ends with complete solar panels ready for installation.

The manufacturing process starts with high-purity monocrystalline silicon ingots, which are sliced into thin wafers using precision wire saws. These M10-sized wafers then undergo a series of sophisticated processes. The initial steps include texturing the surface to reduce reflection, followed by diffusion to create the p-n junction that generates the photovoltaic effect. The PERC manufacturing process adds several additional steps beyond standard cell production.

After the front-side processing, PERC cells require the application of a rear-side passivation layer, typically composed of aluminum oxide or silicon nitride. This layer must be precisely controlled in thickness and composition to achieve optimal performance. Local contacts are then opened through this passivation layer using laser ablation, allowing electrical connections while maintaining the passivation benefits across most of the cell surface. Finally, metallization applies the busbar and finger contacts that collect the generated current.

For bifacial cells, the rear metallization uses an open pattern rather than the solid aluminum layer found on monofacial cells. This allows light to pass through and reach the silicon from the rear, enabling the dual-sided generation that defines bifacial technology. Quality control throughout this process is paramount, as even minor defects can significantly impact cell efficiency and long-term reliability.

Real-World Performance in Indian Conditions

India’s diverse climate and geography provide an excellent testing ground for M10 bifacial mono-PERC technology. Field installations across the country have yielded valuable performance data that demonstrates both the potential and practical considerations of this technology.

In India’s solar-rich states like Rajasthan and Gujarat, M10 bifacial installations on tracking systems have achieved total energy yields 19% to 23% higher than comparable monofacial systems. The combination of high direct normal irradiance (DNI), reflective desert soil, and optimized tilt angles creates ideal conditions for bifacial performance. Even in states with lower DNI but significant diffuse radiation, such as parts of Kerala or West Bengal, bifacial systems show energy gains of 8% to 12% compared to monofacial alternatives.

Seasonal variations in bifacial performance deserve special attention. During India’s monsoon season, when diffuse radiation increases and ground surfaces may become darker and less reflective, bifacial gains can decrease. However, the overall annual performance remains superior to monofacial systems. Interestingly, the winter months often show the highest bifacial gains, particularly in northern India where occasional snow cover can dramatically increase albedo, boosting rear-side generation by 14% to 34% compared to snow-free conditions.

The durability of M10 bifacial PERC modules in India’s challenging environment has proven excellent. High-quality cells manufactured by reputable companies demonstrate robust resistance to potential-induced degradation (PID) and light-induced degradation (LID), two issues that affected earlier PERC generations. Modern manufacturing techniques, including advanced passivation materials and improved anti-reflective coatings, have largely eliminated these concerns. Modules routinely survive accelerated testing protocols including ammonia, salt-mist, and sand-dust exposure tests that simulate decades of field operation.

Integration with Modern Solar Module Manufacturing

The journey from individual M10 bifacial mono-PERC cells to complete solar modules requires precision and expertise. The solar module manufacturer in India must master a complex assembly process that preserves the cells’ performance while creating a durable, weather-resistant final product.

Module assembly begins with careful sorting and matching of cells to ensure consistent performance characteristics across all cells within a module. Even small variations in cell efficiency or current output can create electrical mismatches that reduce overall module performance. Advanced manufacturers employ automated testing systems that measure each cell’s I-V curve and group cells accordingly.

The interconnection of M10 half-cut cells uses refined soldering techniques that minimize stress on the delicate silicon. Modern soldering robots apply precisely controlled heat and pressure, creating reliable electrical connections while avoiding cell microcracks that could propagate over time. The use of multiwire interconnection systems, sometimes featuring ultra-thin wires instead of traditional flat busbars, further reduces shadowing losses and improves current collection.

For bifacial modules, the choice of encapsulant and backsheet materials critically impacts rear-side performance. Transparent encapsulants with high light transmission allow maximum rear-side generation. Glass-glass constructions, where both the front and rear of the module use tempered glass, provide the best optical properties and the highest bifacial gains, though they add weight and cost compared to glass-transparent backsheet designs. Each approach offers different trade-offs between performance, durability, and economics.

Economic Considerations and Return on Investment

The economics of M10 bifacial mono-PERC solar cells have evolved favorably as manufacturing scales have increased and technology has matured. While bifacial modules typically command a 5% to 15% price premium over monofacial equivalents, the additional energy generation they provide usually justifies this investment within the first few years of operation.

Levelized cost of energy (LCOE) calculations consistently favor M10 bifacial PERC modules for utility-scale installations in India. The combination of higher energy yield and falling manufacturing costs has driven discovered tariffs in Indian solar auctions below INR 2 per kWh, establishing new national benchmarks. As cell efficiencies continue improving and manufacturing processes become further optimized, some analysts project that utility-scale solar tariffs could fall below INR 2 per kWh by 2027.

For commercial and industrial (C&I) applications, the compact power density of M10 modules reduces required roof space, which is often at a premium in urban installations. A commercial rooftop system using 550W M10 bifacial modules requires approximately 15% less area than an equivalent system using older 400W modules. This space efficiency can make solar viable for facilities that previously lacked sufficient roof area, expanding the addressable market for solar installations.

Residential applications, while traditionally cost-sensitive, are increasingly adopting M10 bifacial technology as prices decline and awareness of performance benefits grows. Government schemes like the Pradhan Mantri Suryodaya Yojana, which aims to install rooftop solar on 10 million households, create significant demand for high-efficiency modules that maximize generation in limited space. The superior aesthetics of modern M10 modules, with their uniform dark appearance and minimal visible busbars, also appeal to residential customers.

Quality Assurance and Certification Standards

The reliability of M10 bifacial mono-PERC cells depends entirely on rigorous quality control throughout the manufacturing process. Leading Indian manufacturers have implemented comprehensive testing protocols that exceed international standards, ensuring that cells perform as specified over their warranted lifetime.

Electrical testing forms the foundation of quality assurance. Each cell undergoes electroluminescence (EL) imaging to detect microcracks, broken fingers, and other defects that might not be visible to the naked eye but could compromise long-term performance. Flash testing verifies the cell’s power output, efficiency, and I-V curve characteristics under standard test conditions (STC: 1000 W/m², 25°C, AM1.5 spectrum). Cells that fall outside acceptable tolerance bands are rejected or downgraded.

Environmental stress testing subjects sample cells to accelerated aging conditions that simulate years or decades of field operation. Thermal cycling tests, which rapidly alternate between extreme hot and cold temperatures, verify that cells can withstand the thermal stresses of daily operation. Humidity-freeze testing, damp-heat testing at 85°C and 85% relative humidity for 1000+ hours, and UV exposure tests all ensure that cells maintain their performance and structural integrity under challenging environmental conditions.

For bifacial cells specifically, bifaciality testing measures the rear-side efficiency and confirms that it meets specifications. Manufacturers also verify that the rear-side passivation remains intact and effective after stress testing. The bifaciality factor must remain stable within narrow tolerances to ensure that modules deliver the promised rear-side generation throughout their operational lifetime.

Certification to international standards like IEC 61215 (design qualification) and IEC 61730 (safety qualification) provides independent verification of module quality and safety. For bifacial modules, the newer IEC TS 60904-1-2 standard specifically addresses bifacial performance measurements and rating. Indian manufacturers increasingly pursue these certifications to access export markets and provide customers with third-party performance validation.

Future Trajectory of M10 Bifacial PERC Technology

While M10 bifacial mono-PERC represents the current mainstream technology, the solar industry continues its relentless drive toward higher efficiency and lower costs. Understanding the trajectory of this technology helps stakeholders make informed investment decisions and prepare for future developments.

Advanced PERC variants, sometimes called PERC+, incorporate incremental improvements that push efficiency boundaries. These include optimized passivation layer compositions, improved anti-reflective coatings with broader spectral response, and refined metallization patterns that reduce shadowing and contact resistance. Some manufacturers report cell efficiencies approaching 24% with these enhanced processes, all within the existing PERC manufacturing framework.

The integration of half-cut technology with M10 cells has become essentially standard, but further cell segmentation might offer additional benefits. Some manufacturers are exploring third-cut (trisection) or even shingled cell designs where cells are cut into multiple sections and overlapped slightly. These configurations can further reduce resistive losses and improve module efficiency by 0.5% to 1% absolute, though they add manufacturing complexity.

The competition from newer cell technologies, particularly TOPCon (Tunnel Oxide Passivated Contact) and HJT (Heterojunction Technology), represents both a challenge and an opportunity. TOPCon cells, which add an ultra-thin oxide layer and heavily doped polysilicon contacts to the PERC architecture, are achieving efficiencies of 24% to 25.5% in mass production. However, PERC maintains advantages in manufacturing simplicity and capital efficiency, allowing existing production lines to be upgraded rather than replaced entirely.

Choosing the Right Manufacturing Partner

Selecting the right Bifacial Mono-PERC Solar Cell Manufacturer in India requires evaluating multiple factors beyond just price. Manufacturing capability, quality systems, technical support, and long-term reliability all play crucial roles in determining the success of solar projects.

Manufacturing scale and automation level indicate a supplier’s commitment to quality and consistency. Fully automated cell production lines, with minimal human intervention in critical process steps, deliver superior uniformity and lower defect rates compared to semi-automated or manual processes. Leading manufacturers have invested in state-of-the-art equipment from international suppliers, ensuring that Indian-made cells match or exceed global quality standards.

Technical transparency separates truly capable manufacturers from those making unsupported claims. Reputable suppliers provide detailed datasheets with I-V curves, spectral response data, temperature coefficients, and other technical specifications. They offer factory tours and process explanations, and they maintain testing facilities where customers can independently verify cell performance. This openness indicates confidence in their manufacturing processes and products.

The financial stability of the manufacturer matters significantly for long-term project success. Solar cells come with performance warranties extending 25 years or more, so selecting a manufacturer with strong financial backing ensures they’ll be able to honor warranty commitments if issues arise. Websol Energy System Ltd., with its established presence in India’s solar industry and track record of reliable manufacturing, represents the kind of stable partner that provides this crucial long-term assurance.

Research and development capabilities indicate a manufacturer’s ability to keep pace with technological evolution. Companies that invest in R&D facilities, collaborate with research institutions, and continuously improve their processes will deliver better products tomorrow than they do today. This ongoing improvement trajectory provides customers with confidence that their chosen supplier will remain competitive and relevant as the industry advances.

Environmental Impact and Sustainability

The environmental credentials of M10 bifacial mono-PERC cells extend beyond their obvious role in generating clean electricity. The manufacturing processes, material choices, and end-of-life considerations all contribute to the overall sustainability profile of this technology.

Modern PERC cell manufacturing has become significantly more energy-efficient and environmentally conscious. The energy payback time – the period required for a solar module to generate the energy consumed in its production – has fallen to approximately 1 to 1.5 years for high-efficiency M10 bifacial PERC modules installed in good locations like India. Considering that these modules generate electricity for 25 to 30 years, they produce roughly 20 times more energy than was required to manufacture them.

The water consumption and chemical use in cell manufacturing have also decreased through process improvements and recycling systems. Advanced manufacturers recover and recycle process chemicals, reducing both environmental impact and operating costs. The use of lead-free solders and cadmium-free materials in cell and module manufacturing eliminates toxic heavy metals that could pose environmental hazards.

Silicon, the primary material in these cells, is the second most abundant element in Earth’s crust, providing a sustainable material foundation. The silicon used in solar cells is typically recycled from semiconductor industry waste or produced specifically for photovoltaic applications. At the end of their operational life, M10 bifacial PERC modules can be recycled, recovering valuable materials including silicon, glass, aluminum, and copper. While solar recycling infrastructure is still developing globally, the fundamentally recyclable nature of these products positions them well for a circular economy approach.

Installation Considerations for Maximum Performance

Realizing the full potential of M10 bifacial mono-PERC technology requires attention to installation details that might be less critical for monofacial systems. The additional complexity is modest, but understanding these factors helps optimize system performance and return on investment.

Ground surface preparation plays a more significant role for bifacial installations than for traditional systems. Installing modules over light-colored gravel, white-painted surfaces, or reflective membranes can increase bifacial gain by several percentage points. Even relatively simple interventions, like clearing vegetation to expose lighter soil or adding a layer of light-colored stones, can improve rear-side generation. The cost-benefit analysis of such surface treatments typically favors their use in permanent installations like ground-mount solar farms.

Module mounting height affects rear-side generation by allowing more reflected light to reach the module back. Elevating modules on trackers or fixed-tilt structures provides better clearance than low-profile mounting, though the incremental benefit diminishes above approximately 1.5 to 2 meters of clearance. The optimal mounting height balances rear-side performance gains against increased structural costs and wind loading considerations.

System design must account for the higher power output of M10 bifacial modules. String inverters and charge controllers should be sized to accommodate not just the front-side rated power but also the expected bifacial gain. Failing to account for this additional generation can lead to power clipping where the system cannot utilize the full output of the modules. In grid-connected systems, this means selecting inverter capacity with an appropriate DC-to-AC ratio that considers bifacial boost.

Conclusion

M10 bifacial mono-PERC solar cells represent a mature, reliable, and economically compelling technology that is driving India’s solar energy revolution. The combination of high efficiency, robust performance, and decreasing costs makes these cells suitable for virtually every solar application, from residential rooftops to utility-scale power plants.

India’s emergence as a major solar manufacturing hub provides domestic access to world-class M10 bifacial PERC cells without the complications of international procurement. Choosing a Bifacial Mono-PERC Solar Cell Manufacturer in India like Websol Energy System Ltd. ensures access to quality products, local support, and alignment with national self-sufficiency goals in renewable energy.

As India works toward its ambitious target of 500 GW of non-fossil fuel capacity by 2030, M10 bifacial mono-PERC technology will continue playing a central role. Whether you’re a developer planning a solar farm, a business investing in clean energy, or a homeowner looking to reduce electricity bills, these advanced solar cells offer the performance and reliability needed to succeed in India’s dynamic solar market.

The future of solar energy in India is bright, efficient, and increasingly self-sufficient. M10 bifacial mono-PERC cells from Indian manufacturers are helping write this success story, one high-efficiency solar cell at a time.

Privacy Policy

We at Websol Energy System Limited respect the privacy of everyone who visits this website and are committed to maintain the privacy and security of the personal information of all visitors to this website.

Our policy on the collection and use of personal information and other information is outlined below.

In case of visiting this website to read or download information, it must be known that Websol Energy System Limited collects and stores a standard set of internet-related information, such as an Internet Protocol (IP) address, the date and time, the type of browser and operating system used, the pages(s) visited. All information is collected to help Websol Energy System Limited for making this site more useful to its customer(s) and only used for statistical purposes.

Websol Energy System Limited collects and uses information such as name, telephone number, email address, etc. in order to:

  • 1. Respond to queries and requests submitted by you
  • 2. Process bids etc.

Except as set out in this privacy policy, Websol Energy System Limited will not disclose any personally identifiable information without permission, unless Websol Energy System Limited is legally entitled or required to do so or if Websol Energy System Limited believes that it is necessary to protect and/or defend it’s rights, property or personal safety etc.

Change of Privacy Policy

Websol Energy System Limited reserves the full rights to change/alter/amend/modify the contents of the privacy policy from time to time without any prior notice or intimation.

Terms and Conditions

VISITORS TO THIS WEB SITE ARE BOUND BY THE FOLLOWING TERMS AND CONDITIONS (“TERMS”). SO, PLEASE READ THE TERMS CAREFULLY BEFORE CONTINUING TO USE THIS SITE. IF YOU DO NOT AGREE WITH ANY OF THESE TERMS, PLEASE DO NOT USE THIS SITE.

The use of this website is subject to the following terms of use:

  • The content of the pages of this website is for your general information and use only. It is subject to change without notice.
  • This website uses cookies to monitor browsing preferences. If you do allow cookies to be used, personal information may be stored by us for use by third parties.
  • Neither Websol Energy System Limited nor any third parties provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or suitability of the information and materials found or offered on this website for any particular purpose. You acknowledge that such information and materials may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law.
  • Your use of any information or materials on this website is entirely at your own risk, for which Websol Energy System Limited shall not be liable. It shall be your own responsibility to ensure that any products, services or information available through this website meet your specific requirements.
  • This website contains material which is owned by or licensed to us. This material includes, but is not limited to, the design, layout, look, appearance and graphics. Reproduction is prohibited other than in accordance with the copyright notice, which forms part of these terms and conditions.
  • The  trade mark “” and all products and logos denoted with trade mark are trademarks of Websol Energy System Limited. This trade mark may not be used in connection with any product or service that is not a Websol Energy System’s product, functions or service.
  • Unauthorized use of this website may give rise to a claim for damages and/or be a criminal offence.
  • From time to time this website may also include links to other websites. These links are provided for your convenience to provide further information. They do not signify that Websol Energy System Limited endorse the website(s).
  •  
  • Applicable Law and Jurisdiction of this WEBSITE are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. The user/site visitor agrees that in the event of any dispute arising in relation to this Disclaimer or any dispute arising in relation to the web site whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Kolkata (W.B.) only for the resolution of all such disputes.

Legal Disclaimer​

Copyright Notice

Websol Energy System Limited retains copyright on all the text, contents, graphics and trademarks displayed on this site. All the text, graphics and trademarks displayed on this site are owned by Websol Energy System Limited.

General Information Disclaimer

The information on this site has been included in good faith and is for general purpose only and should not be relied upon for any specific purpose. The user shall not distribute text or graphics to others without the express written consent of Websol Energy System Limited. The user shall also not, without Websol Energy System Limited’s  prior permission, copy and distribute this information on any other server, or modify or reuse text or graphics on this or any another system.

Accuracy of Information

Although Websol Energy System Limited tries to ensure that all information and recommendations, whether in relation to the products, services, offerings or otherwise (hereinafter “information”), provided as part of this website is correct at the time of inclusion on the web site, Websol Energy System Limited does not guarantee the accuracy of the Information. Websol Energy System Limited makes no representations or warranties as to the completeness or accuracy of Information. Certain links in this site connect to other Web Sites maintained by third parties over whom Websol Energy System Limited has no control. Websol Energy System Limited makes no representations as to the accuracy or any other aspect of information contained in such other Web Sites.

Third-Party Links

Certain links in this site connect to other websites maintained by third parties over whom Websol Energy System Limited has no control. Websol Energy System Limited makes no representations as to the accuracy or any other aspect of information contained in such other websites.

Warranty Disclaimer

Websol Energy System Limited hereby disclaims all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for any particular purpose, title and non-infringement.

Limitation of Liability

In no event will Websol Energy System Limited, agents or employees thereof be liable for any decision made by the user and/or site visitor for any inference or action taken in reliance on the information provided in this site or for any consequential, special or similar damages.

Applicable Law and Jurisdiction

Applicable Law and Jurisdiction of this Disclaimer are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. The user/site visitor agrees that in the event of any dispute arising in relation to this Disclaimer or any dispute arising in relation to the website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Kolkata (West Bengal) (India) only for the resolution of all such disputes.

Forward-Looking Statements

Except for the historical information herein, statements in this website, which include words or phrases such as “will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to“, “future”, “objective”, “goal”, “likely”, “project”, “should”, “potential”, “will pursue”, and similar expressions or variations of such expressions may constitute “forward-looking statements”. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our liability to successfully implement our strategy, our growth and expansion plans, obtain regulatory approvals, our provisioning policies, technological changes, investment and business income, cash flow projections, our exposure to the market risks as well as other risks. The company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date thereof.