Slide 1: Technology teach-in
Technology teach-in Ceres Power Holdings plc 09 June 2023
Slide 2: Strategic overview
Strategic overview Phil Caldwell
Slide 3: Ceres Power Holdings plc | Technology teach-in
3 Ceres Power Holdings plc | Technology teach-in
Slide 4: 2050 demand for hydrogen
2050 demand for hydrogen 22% of global final energy Global hydrogen demand, MT(1) demand in 2050(1) $20tn to deliver a green hydrogen economy by 2050(2) (1): Global Hydrogen Flows, Hydrogen Council 2022 (2): The staggering cost of a green hydrogen economy, 4 Ceres Power Holdings plc | Technology tea
Slide 5: IEA estimate of electrolyser capacity needed by 2050
3,585GW IEA estimate of electrolyser capacity needed by 2050 100GW 1GW cumulative installations today of capacity every year 5 Ceres Power Holdings plc | Technology teach-in
Slide 6: Indicative 2030 project costs for 1MT of green hydrogen
Indicative 2030 project costs for 1MT of green hydrogen Low temp SOEC target System System Efficiency Efficiency 50 37 kWh/kg* kWh/kg* Green hydrogen production Per year 1MT 1MT Cost savings 26% renewable capex reduction of $6.8bn Electrolyser capacity 6.3GW 4.7GW - Renewables capacity 12GW 8.9GW $6
Slide 7: Technology platform to address decarbonisation
Technology platform to address decarbonisation Ceres technology enables high efficiency energy conversion at low cost Stack 7 Ceres Power Holdings plc | Technology teach-in
Slide 8: Multi gigawatts of manufacturing capacity under licence with global partners by 2030
Multi gigawatts of manufacturing capacity under licence with global partners by 2030 REFERENCE SCALING TO PLANT 200MW (2024) 50MW (2024) IN PLANNING Built Planned In planning 8 Ceres Power Holdings plc | Technology teach-in
Slide 9: Enable licence partners to succeed
ENABLE LICENCE PARTNERS TO SUCCEED 9 Ceres Power Holdings plc | Technology teach-in PHOTO: Doosan Fuel Cell
Slide 10: Build commercial scale
BUILD COMMERCIAL SCALE 10 Ceres Power Holdings plc | Technology teach-in
Slide 11: Maintain technology leadership
MAINTAIN TECHNOLOGY LEADERSHIP 11 Ceres Power Holdings plc | Technology teach-in
Slide 12: Future focused technology organisation
Future focused technology organisation Caroline Hargrove
Slide 13: Ceres Power Holdings plc | Technology teach-in
13 Ceres Power Holdings plc | Technology teach-in
Slide 14: Fuel cells for power and electrolysers for green hydrogen
Fuel cells for power and electrolysers for green hydrogen FUEL IN RENEWABLE ENERGY IN 14 Ceres Power Holdings plc | Technology teach-in
Slide 15: Technology platform to address decarbonisation
Technology platform to address decarbonisation Ceres technology enables high efficiency energy conversion at low cost Stack 15 Ceres Power Holdings plc | Technology teach-in
Slide 16: Modular scale-up concept
Modular scale-up concept Cell Stack Stack array Module Plant 30-150W 10-50 kW 100-500 kW 1-5 MW GWs Industrial de-carbonisation of green steel, green ammonia, e-fuels. Chemicals, oil and gas 16 Ceres Power Holdings plc | Technology teach-in
Slide 17: Technology value
Continued improvement of cell and stack technology Two-times power improvement Three-times life improvement (tested); five times (projected) Increased robustness Technology value V7 In R&D V6 Launch-readiness V5 V4 Tech transfer Field trials 2016 2018-2021 2021-2024 2023-2026 17 Ceres Power Holdings
Slide 18: Ceres building a protected patent portfolio
Ceres building a protected patent portfolio Ceres Patent Portfolio (Cumulative) 140 120 100 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 New Families (Cumulative) 18 Ceres Power Holdings plc | Technology teach-in
Slide 19: Technology innovation at cell, stack and system
Technology innovation at cell, stack and system TECHNOLOGY DIGITALISATION 19 Ceres Power Holdings plc | Technology teach-in
Slide 20: University partnerships support cutting edge research
University partnerships support cutting edge research 9 8 7 6 5 4 3 2 1 0 UK Europe US/Asia Live Prospective 20 Ceres Power Holdings plc | Technology teach-in
Slide 21: Technology innovation by design
Technology innovation by design Research and innovation Technology maturation New product introduction Scale up and Life and Scale out durability New applications Cost and markets Performance 21
Slide 22: Highly differentiated technology
Highly differentiated technology Subhasish Mukerjee
Slide 23: Solid oxide is a fully reversible technology
Solid oxide is a fully reversible technology 23 Ceres Power Holdings plc | Technology teach-in
Slide 24: World-class performance
World-class performance Highest efficiency Most durable Most robust Fuel flexible 24 Ceres Power Holdings plc | Technology teach-in
Slide 25: Low-cost, sustainable materials
Low-cost, sustainable materials Ceria costs Low-cost ceramics 1/1,000th platinum 1/70,000th iridium Ferritic steel 1/10th nickel Low operating substrate and Ceria electrolyte temperature interconnect 500 to 600C 25 Ceres Power Holdings plc | Technology teach-in
Slide 26: Why solid oxide offers the highest efficiency
Why solid oxide offers the highest efficiency Ceres stacks operate at: 2 Kinetic/thermal 1.8 • 100% electrical efficiency losses 1.6 • Using a third less energy Water splitting Cell Voltage [v] 1.4 compared to low Steam splitting temperature electrolysers 1.2 1 0.8 0.6 0.4 SOEC Low Temperature Alkal
Slide 27: Heat drives efficiency in electrolyser mode
Heat drives efficiency in electrolyser mode Voltage HEAT HEAT Fuel cell Electrolysis Current 27 Ceres Power Holdings plc | Technology teach-in
Slide 28: SOEC intrinsic thermodynamic advantage
SOEC intrinsic thermodynamic advantage Stand Coupled with 600-850°C alone industrial processes With SOEC From From high water steam grade heat ECM tested PEM 70-120°C Alkaline 60 55 50 45 40 35 kWh/kg 56% 61% 67% 74% 83% 95% LHV Green Hydrogen Cost Reduction Scaling up Electrolysers to Meet the 1.5°
Slide 29: Thermoneutral operation offers maximum efficiency
Thermoneutral operation offers maximum efficiency ∆𝐻𝑓,𝐻2 𝑉𝑇𝑁 = 2∙𝐹 29 Ceres Power Holdings plc | Technology teach-in
Slide 30: Constant hydrogen output by increasing temperature through life
Constant hydrogen output by increasing temperature through life 30 Ceres Power Holdings plc | Technology teach-in
Slide 31: Robustness to thermal cycling
Robustness to thermal cycling Ceres stack is fundamentally robust due to metal support, welded assembly and materials selection 31 Ceres Power Holdings plc | Technology teach-in
Slide 32: Robust due to metal support, electrode and low temperature
Robust due to metal support, electrode and low temperature 32 Ceres Power Holdings plc | Technology teach-in
Slide 33: Metal supported technology highly differentiated
Metal supported technology highly differentiated Highest efficiency Cost-efficient Durable and robust Scalable solution 33 Ceres Power Holdings plc | Technology teach-in
Slide 34: Modular design that scales up to market
Modular design that scales up to market Jon Harman
Slide 35: Ceres Power Holdings plc | Technology teach-in
35 Ceres Power Holdings plc | Technology teach-in
Slide 36: SOEC technology maturation and demonstration approach
SOEC technology maturation and demonstration approach Cell and stack development x8 Electrolysis module development 8 stacks x9 SOEC system development 72 stacks 36 Ceres Power Holdings plc | Technology teach-in
Slide 37: SOEC module demonstrated at 38kWh/kg
SOEC module demonstrated at 38kWh/kg Specification Target value Electrical power ~100kW input Hydrogen 65kg per day production Module efficiency 38kWh/kg Steam input 150°C 37 Ceres Power Holdings plc | Technology teach-in
Slide 38: Ceres Power Holdings plc | Technology teach-in
38 Ceres Power Holdings plc | Technology teach-in
Slide 39: MW-class SOEC system installed at test site in Germany
MW-class SOEC system installed at test site in Germany 39 Ceres Power Holdings plc | Technology teach-in
Slide 40: Collaboration with Bosch and Linde Engineering
Tech focus: SOEC Collaboration with Bosch and Linde Engineering Bosch has significant Linde Engineering has expertise in product world-leading capabilities industrialisation and in hydrogen process mass manufacturing. technology and a global customer footprint in industrial facilities. 40 Ceres Powe
Slide 41: Roadmap to first commercial deployments
Roadmap to first commercial deployments TECHNOLOGY EVALUATION SOEC mode First SOEC 1MW system 1MW system Completion of 1MW stack tests module Tested commissioned installed system 3-year demo RELEASES PRODUCT V6 SOFC stack V7 SOEC stack design release design release COMMERCIAL RELEASE Multi-MW SOEC M
Slide 42: Modular scale-up concept
Modular scale-up concept Cell Stack Stack array Module Plant 100-150W 30-45 kW 360-540 kW 2-3 MW GWs Industrial decarbonisation of green steel, green ammonia, e-fuels. Chemicals, oil and gas 42 Ceres Power Holdings plc | Technology teach-in
Slide 43: SOEC module product concept
SOEC module product concept • 1.2 to 1.8 tonnes of H2 per day output • 2 to 3 MW electrical input • 20ft shipping container footprint 43 Ceres Power Holdings plc | Technology teach-in
Slide 44: Levelised cost of hydrogen
Levelised cost of hydrogen USD/kg $3.00 $2.50 ENERGY $2.00 Electrical power at $55/MWh $1.50 O&M Stack replacement cost, assuming conservative life $1.00 of five years CAPEX $0.50 Electrolyser system costs, including stacks, $600/kW $0.00 44 Ceres Power Holdings plc | Technology teach-in
Slide 45: Indicative 2030 project costs
Indicative 2030 project costs For 1MT of green hydrogen Low temp SOEC target System System Efficiency Efficiency 50 37 kWh/kg* kWh/kg* Green hydrogen production Per year 1MT 1MT Cost savings 26% renewable capex reduction of $6.8bn Electrolyser capacity 6.3GW 4.7GW - Renewables capacity 12GW 8.9GW $6
Slide 46: Ceres SOFC efficient and fuel agnostic
Ceres SOFC efficient and fuel agnostic Fuels supported H2 biogas CH3OH NH3 LOHC H2 CH4 CH4 Heat from SOFC used to improve efficiency with thermal integration Impurities in hydrogen and reformates can be tolerated to a high level H2O HC O2 He N2 CO CO2 No limit 5-10% NMHCs Safety limit No limit No li
Slide 47: Ceres Power Holdings plc | Technology teach-in
47 Ceres Power Holdings plc | Technology teach-in
Slide 48: Q&As
Ceres OX S7TANS
Slide 49: Engagement through the hydrogen value chain
Engagement through the hydrogen value chain Tony Cochrane
Slide 50: Asset-light, licensing business model for SOFC and SOEC
Asset-light, licensing business model for SOFC and SOEC Stack supply to OEMs Cell and stack IP System IP OEM OEM partner partner Manufacturing partner License and OEM OEM engineering partner partner License fees service fees Stack royalties £/kW sold System royalties £/kW sold 50 Ceres Power Holding
Slide 51: Engagement through the hydrogen value chain
Engagement through the hydrogen value chain Stack Module System Installer End user manufacturer manufacturer integrator 51 Ceres Power Holdings plc | Technology teach-in
Slide 52: Ceres Power Holdings plc | Technology teach-in
52 Ceres Power Holdings plc | Technology teach-in
Slide 53: Hydrogen end-use demand by region
Hydrogen end-use demand by region MT hydrogen p.a. Source: Hydrogen for net Zero, Hydrogen Council 2021. IEA net-zero scenario with 340EJ final energy demand in 2050. HHV assumed. Excluding power. Power Mobility Heating New industry uses Existing industry use 53 Ceres Power Holdings plc | Technology
Slide 54: Electrolysis builds on mature fuel cell capability
Electrolysis builds on mature fuel cell capability Both uses of our core technology have the: Same core cell Same IP Same Same and stack portfolio manufacturing partnering technology covering SOEC process and model providing platform and SOFC supply chain scale 54 Ceres Power Holdings plc | Technolo
Slide 55: Ceres partners building manufacturing scale globally
Ceres partners building manufacturing scale globally REFERENCE SCALING TO PLANT 200MW (2024) 50MW (2024) IN PLANNING Built Planned In planning 55 Ceres Power Holdings plc | Technology teach-in
Slide 56: Same partnership progression as fuel cells
Same partnership progression as fuel cells 1. Joint product 2. Licence: system/ 3. Royalties from development manufacturing products sold Engineering services Fees for tech transfer Royalties per kW 56 Ceres Power Holdings plc | Technology teach-in
Slide 57: Growing visibility of future royalty revenue
Growing visibility of future royalty revenue For illustrative purposes only. 57 Ceres Power Holdings plc | Technology teach-in
Slide 58: Q&As
Ceres OX S7TANS