H-power Plc · LSE:HPOW
H-power — AFC Energy — Shareholder Meeting (April 2017)
27 slides from H-power's shareholder meeting presentation, Apr 25, 2017
Slide 1: AFC Energy plc AGM Presentation 25 April 2017
AFC Energy plc AGM Presentation 25 April 2017 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by AFC Energy plc (the “Company”). By attending this presentation and/or reviewing the slides you agree to be bound by the following conditions. The information and opinions contained in this presentation have not been independently verified, are provid
Slide 3: Contents
Contents 01 02 Introduction Technology Overview 03 04 Business Overview Conclusion www.afcenergy.com 3
Slide 4: Introduction
01 Introduction
Slide 5: Three Year Accelerated Path to Commercialisation
Three Year Accelerated Path to Commercialisation In December 2014, AFC Energy’s commercialisation strategy was updated to deliver technical and commercial progression over a three year window. 2015 2016 2017 Focus: build and commission world’s largest Focus: delivery of second generation fuel cell a
Slide 6: Reflection on 2016
Reflection on 2016 How to build upon delivery of 240 kW FC at Stade? What lessons did the 240 kW Stade project provide? Can AFC Energy demonstrate its P.L.A.C.E? Why not just chase projects? Does AFC Energy have the right team to deliver? Communication? www.afcenergy.com 6
Slide 7: Technology Overview
A . y SS \\\) ake — A\\\ \ \ Lp my a |\ ei echnology Overview
Slide 8: Industrial Metrics Targeted by AFC Energy (P.L.A.C.E)
Industrial Metrics Targeted by AFC Energy (P.L.A.C.E) Power Longevity Availability Cost Efficiency 10kW / cartridge (ca. 100W Current Target > 9,000 >90% Commercially Sensitive 60% LHV, Target 65% per cell). hours. www.afcenergy.com 8
Slide 9: Fuel Cell System Development Highlights
Fuel Cell System Development Highlights Acceptance of lower grade hydrogen at industry standard Significant reduction in electrode failure rate Underlying chemistry – no material change Ongoing initiatives to remove nickel from substrate – significant cost saving Catalyst recovery and recycling Mate
Slide 10: State-of-the-art Power Results
Milestone 10 Power - Results (Oct 15) Left – Low power stack Left - 10kW stack High power cells with high Milestone 11 standard deviation of cell voltages (Jan 16) Below - 10kW stack High power cells with low standard deviation of cell voltages State-of-the-art (April 17) 10
Slide 11: Longevity - Results
Longevity - Results 1 Longevity test results on AFC Energy Fuel cell stacks Majority of improvement on cell longevity Cell Voltage (V) down to stack design and configuration 0.5 April 2017 stack operation ongoing Apr-16 Gen 2 Jan-17 Apr-17 0 Time (hours) www.afcenergy.com 11
Slide 12: Availability - Results
Availability - Results 100% Key contributor to system availability (> 90%) is the performance of the Balance of Plant (BoP). Reliability is focused on areas of mechanical, chemical and 95% control systems. Run availability (%) Specific target areas in the BoP design being tested at Stade are : 90% A
Slide 13: Cost - Results (observations only)
Cost - Results (observations only) 1000 Commercially sensitive but worthy of some observations 900 o Most significant cost driver is to target longevity of the cells o AFC Energy with De Nora are targeting doubling of current 800 target stack lifetime within the next 12 months Electrode price [EUR/m
Slide 14: Efficiency (Electrical) – Results
Efficiency (Electrical) – Results Figure: Efficiency of an AFC stack based on average cell voltage 14
Slide 15: De Nora Joint Development Agreement
De Nora Joint Development Agreement ➢ Joint Development Agreement (JDA) signed in August 2016 between AFC Energy and De Nora Purpose: to target technical advancement of AFC Energy fuel cell system and accelerates commercialisation of AFC Energy’s technology platform. ➢ Focus to date on electrode p
Slide 16: De Nora Joint Development Agreement (cont’d)
De Nora Joint Development Agreement (cont’d) Work to commence on Phase 2 effective immediately with commitment to increase resourcing and funding from both parties Outcome of Phase 2 collaboration expected to include: Focus on full commercial integration of fuel cell electrodes into stack design Val
Slide 17: De Nora Joint Development Agreement (cont’d)
De Nora Joint Development Agreement (cont’d) The electrode durability challenge is largely centred on the cathode. A flat line at a high potential is targeted Right: Accelerated ageing test of a cathode under the Joint Development Agreement against an AFC Energy Generation 2 cathode. KEY: JDA Cathod
Slide 18: Business Overview
03 Business Overview
Slide 19: Addressable Markets
Addressable Markets Immediate Addressable Market Opportunities Large scale stationary industrial Integration with industrial and Off grid decentralized power power plants chemical plants with surplus generation hydrogen New Fuel Cell Integration Solution Opportunities Hydrogen Battery Integration wi
Slide 20: Hydrogen Battery
Hydrogen Battery The AFC Energy fuel cell can be deployed as part of a ‘Hydrogen battery’ scheme. When grid demand is low excess power generated from renewable sources, such as wind or solar can be diverted to a water electrolyser for hydrogen generation. The produced hydrogen can then be stored and
Slide 21: Business Model
Business Model www.afcenergy.com 21
Slide 22: Commercial Pipeline
Commercial Pipeline Converting the opportunities being discussed requires; ➢ Hydrogen of a quantity and quality - addressed via Scoping Studies / Front End Engineering Design work ➢ Demonstrable data for a FC design that can be scaled ➢ Commercial model that works for both parties ➢ Manufacturing ca
Slide 23: Commercial Pipeline – Peel Environmental
Commercial Pipeline – Peel Environmental Peel Group – Leading infrastructure, transport and real estate investors in the U.K Peel Environmental is at the forefront of developing new infrastructure for the environmental technology, waste management and mineral sectors across the U.K Owner of Protos I
Slide 24: Conclusion
04 Conclusion
Slide 25: AFC Energy Targets for 2017
AFC Energy Targets for 2017 Progression with De Nora towards delivery of a commercial fuel cell system with confirmed electrode and stack design capable of mass manufacture and warranties Validation of commercial fuel cell stack and electrode performance of Stade, Germany Verification of multiple fu
Slide 26: Robust Foundation for Industrialisation
Robust Foundation for Industrialisation Experienced Leadership and Management team now in place to drive technology commercialisation forward Excellent progress with world leading industrial partner to support robust technology platform Strong evidence of significant progress on fuel cell developmen
Slide 27: Thank you for your kind attention
Thank you for your kind attention – we are now open for questions. www.afcenergy.com