H-power Plc · LSE:HPOW
H-power — AFC Energy — Shareholder Meeting (April 2023)
34 slides from H-power's shareholder meeting presentation, Apr 27, 2023
Slide 1: Annual General Meeting
Annual General Meeting 27 April 2023
Slide 2: A Year of Unprecedented Progress
A Year of Unprecedented Progress • Successful field deployments of new H-Power Tower hydrogen powered generator - product platform delivered in less than 12 months - deployments already resulted in follow on orders - focus on construction industry - growing pipeline of contracted customers and propo
Slide 3: A Year of Unprecedented Progress (cont.)
A Year of Unprecedented Progress (cont.) • Successful delivery of Season 2 of Extreme E - Provided zero emission EV charging to all 2021 and 2022 races • Successful launch of new Ammonia Cracking platform - cracker technology to support localised hydrogen generation - maritime and stationary applica
Slide 4: Financial Update
Financial Update Peter Dixon-Clarke
Slide 5: Financial Highlights: Y/E October 2022
Financial Highlights: Y/E 31 October 2022 5
Slide 6: Financial Highlights: ABB Original vs Revised Contracts
Financial Highlights: ABB Original vs Revised Contracts Original Revised Contract value: £'m Contracted System Purchase £4.0m £4.0m Optional Systems Purchase - Increased Units: 200kW fuel cells Contracted sale 1 1 Optional sales - 9 Pre-agreed discount applicable - 10 Profit & loss: £'m Maximum reve
Slide 7: Use of funds – Highlights (£'m)
Use of funds – Highlights (£’m) 2022 2021 Non-Qualifying Qualifying R&D Non-Qualifying Qualifying R&D Qualifying Research & Development (9.0) (3.1) Non-qualifying (7.3) (5.1) (16.3) (8.2) Ratio: Qualifying vs non-qualifying 1.2 0.6 R&D tax credit generated 3.0 1.1 7
Slide 8: Business Model
Business Model Product-led strategy Development Development Revenue Oct 22 8 7 AFC Energy
Slide 9: Fuel Cell Power Generators
Fuel Cell Power Generators 9
Slide 10: Hydrogen Power Generator Addressable Markets
Hydrogen Power Generator Addressable Markets Today's market applications Construction sites Temporary power Rapid vehicle charging Future market applications Rail Data centres Shipping and ports 10
Slide 11: Construction Market Focus
Construction Market Focus • In 2020, UK construction industry used 2.5 million tonnes of diesel • Low barrier to entry • Industry now recognising need for transition to cleaner alternative • Constructors and developers reporting ESG emissions • Clean temp. power recognised as a premium priced produc
Slide 12: Construction Market – Business Model
Construction Market – Business Model Current Model • AFC Energy currently renting H Power generators to construction company - grow market awareness and gain market access Generator Construction Manufacturer Plant Hire • By-passing plant hire business (who traditionally purchase Company generators f
Slide 13: H-Power Tower Case Studies
H-Power Tower Case Studies “One of the first experiences, “We’re proud to be teaming up “Supporting HS2 with its low carbon “This deployment further worldwide, of real use of this with AFC Energy plc to showcase aspirations the electricity generated demonstrates our commitment to type of "zero emiss
Slide 14: H-Power Tower Case Studies
H-Power Tower Case Studies “Our collaboration with AFC Energy “We are pleased to be working demonstrates a more sustainable with AFC Energy to support our manufacturing process. …we have plan to reduce emissions by been able to develop a gin which not 40% by 2030” only tastes excellent, but also has
Slide 15: Construction Market – Today's Focus
Construction Market – Today’s Focus • Shareholder since April 2021 • Support for new 200kW S+ Liquid Cooled Fuel Cell Platform • First 100kW stack validation – October 2022 • Follow on investment – March 2023 • Delivery of high power 200kW “S+” Series H-Power Generator this year (2023) “The investme
Slide 16: Success in Delivering Air Cooled Platform
Success in Delivering Air Cooled Platform Taylor Woodrow Deployment Keltbray, Mace and Kier Deployments ACCIONA Deployment First H-Power Tower March 2023 Commissioning Design and Build December 2022 First 4 x H-Power Towers September 2022 Design &Build First 2.5kW module August 2022 July 2022 Decemb
Slide 17: Success in Delivering Liquid Cooled Platform
Success in Delivering Liquid Cooled Platform Design Balance of plant for 200kW stack Cumulative 100kW ABB Stack validation Milestone validation commences Delivery of first 60kW stack April 2023 Design & Build first stack March 2023 October 2022 September 2022 July 2022 2023 Milestones for Remainder
Slide 18: H-Power Tower (10kW)
H-Power Tower (10kW) • 10kW S Series fuel cell power generator • Small scale power demands including construction compounds • AC output • Field deployed • Coupled with fuel conversion tech as required • Available today 18
Slide 19: H-Power Generator (Modular 30kW)
H-Power Generator (Modular 30kW) • New modular S Series fuel cell power generator • Mid scale construction demand • Integrate with 45kWh energy storage – 50kVA • Engineered to resemble a conventional genset • Coupled with fuel conversion tech as required • Available later this year 19
Slide 20: H-Power Generator (200kW)
H-Power Generator (200kW) • New 200kW modular S+ Series fuel cell power generator • Engineered for EV charging, maritime, back up and temporary power • HVDC output • Integrate with energy storage solution • Coupled with fuel conversion technology as required • Available later this year 20
Slide 21: ABB – Decarbonised E-mobility and Backup Power
ABB – Decarbonised E-mobility and Backup Power • Shareholder since April 2021 • Supporting new 200kW S+ Liquid Cooled Fuel Cell Platform • First 100kW stack validation – October 2022 • Follow on investment – March 2023 • Delivery of high power 200kW “S+” Series H-Power Generator this year (2023) “Th
Slide 22: Flexible fuel strategy
Flexible fuel strategy 22
Slide 23: Fuel Conversion Technology – Why?
Fuel Conversion Technology – Why? • Forecasts for international trade in hydrogen (right) is forecast to focus on derivative fuels such as ammonia • Ukraine conflict is having a large impact on early ammonia import into Europe (from Middle East, Australia and Nth America) • Volume of hydrogen trade
Slide 24: Fuel Conversion Technology – Why?
Fuel Conversion Technology – Why? • Graphic highlights forecast global hydrogen trade • Europe and Asia highlight growth markets for H2 / ammonia import • However, target markets seek hydrogen – not ammonia • Ammonia cracker technology highlights material market opportunity • Stationary crackers are
Slide 25: Fuel Conversion Technology – Why?
Fuel Conversion Technology – Why?
Slide 26: Fuel Conversion Technology – Why?
Fuel Conversion Technology – Why? • Ammonia also gaining international traction as maritime fuel of the future • Far superior volumetric energy density vs hydrogen – ideal for vessels • Potential for a cracker on each vessel fuelled by ammonia: - Hydrogen generation for fuel cell - Hydrogen generati
Slide 27: Fuel Conversion Technology – Why?
Fuel Conversion Technology – Why? • Fuel conversion technology, including ammonia crackers, is set to become a multi billion dollar international market • AFC Energy’s stand alone product offering with use cases beyond just fuel cells • AFC Energy’s proprietary technology in this area positions us u
Slide 28: Fuel Conversion Market Opportunities
Fuel Conversion Market Opportunities H2 Refueller Co-Firing Maritime Offgrid Fuel Cell Pipelines Aviation 28
Slide 29: Hydrogen Carrier Fuel Conversion Technologies
Hydrogen Carrier Fuel Conversion Technologies Methanol Reformer Technology Ammonia Cracker Technology Converts Ammonia into Converts Methanol into Hydrogen Fuel Hydrogen Fuel 29
Slide 30: Ammonia Cracker Core Technology Development
Ammonia Cracker Core Technology Development Ammonia Cracker Modular Cracker Packaged Hydrogen Reactor Generator System 30
Slide 31: Concept Design for Hydrogen Refueller
Concept Design for Hydrogen Refueller • Hydrogen refueller fuelled by clean ammonia • Use cases extend to: - vehicle refuelling - construction site fuelling hub - shipping • High purity hydrogen generation technology • Option for high pressure output 31
Slide 32: Outlook
(AFC Energy Outlook Adam Bond
Slide 33: The Outlook
The Outlook • Growth in H-Power Tower rental revenues - including revenue from sale of hydrogen fuel • Contracted revenue pipeline growth - plant hire commitments • Delivery of 30kW Air Cooled Generator for delivery to ACCIONA - incorporating battery to achieve 50kVA output • Delivery of ABB’s first
Slide 34: Questions?
(AFC Energy QUESTIONS?