Advent Technologies Holdings, Inc. · OTC:ADNH
Advent Technologies — AMCI Acquisition — SPAC Merger (October 2020)
45 slides from Advent Technologies's SPAC merger presentation, Oct 13, 2020
Slide 1: Next Generation Fuel Cell Technology
www.advent.energy Investor Presentation October 2020 NEXT GENERATION FUEL CELL TECHNOLOGY
Slide 2: Disclaimer
2 This presentation has been prepared by Advent Technologies Inc. (“Advent”) and AMCI Acquisition Corp. (“AMCI”) to assist interested parties in making their own evaluation with respect to the proposed business combination between Advent and AMCI and for no other purpose. The data contained herein i
Slide 3: Forward-Looking Statements
3 This presentation contains “forward-looking statements” within the meaning of applicable securities laws, including statements with respect to Advent’s strategies, future opportunities and growth prospects, Advent’s financial statements, as well as other information and statements that are not his
Slide 4: Transaction Summary
Transaction Summary 4 Vasilis GregoriouFounder & CEO Emory De CastroCTO Nick StampCFO Advent Technologies, Inc. AMCI Acquisition Corp. Bill HunterCEO & President AMCI Acquisition Corp. (“AMCI”) has proposed to enter into a business combination with Advent Technologies, Inc. (“Advent”), an innovation
Slide 5: Investment Highlights
Investment Highlights Experienced management team delivering breakthrough technology in partnership with world class research centers Advent is the missing puzzle piece to unlocking the Hydrogen Economy with low-cost energy solutions Proven, scalable business model that delivers consistent and recur
Slide 6: 1. Company Overview
1. Company Overview
Slide 7: We Are Advent
Pioneering, critical technology for the Hydrogen Economy We Are Advent Next Generation Fuel Cell TechnologyBacked by 50+ international technology and process patentsFuel-flexible, lower cost, longer life – works anywhereSupported by industry leading partners Our Partners Our Markets Fuel cells for E
Slide 8: Advent Fuel Cell is Flexible
Advent Fuel Cell is Flexible Broad market, low infrastructure cost Advent’s fuel-flexible capabilities solve the hydrogen infrastructure problem opening an immediate market opportunity 8 AdventMEA Inside Advent Hydrogen, (green) methanol, natural gas, biofuels, ammonia Now: Multi-fuelInfrastructure
Slide 9: MEA Application in Transportation
MEA Application in TransportationAdvent Solves the Range and Recharge Problems 9 Advent provides consumers with the same convenience as a conventional vehicle without the pollution
Slide 10: Solving the Hydrogen Infrastructure Problem
Solving the Hydrogen Infrastructure Problem Advent’s fuel-flexible capabilities allow for significantly reduced infrastructure requirements and provides energy solutions for billions of people in the developing-world 10 ~$50billion RENEWABLE &LOW-CARBON FUELS Retrofit trucks, tanks and pumps DISTRIB
Slide 11: Next Generation fuel cell technology that improves hydrogen power economics
Next Generation fuel cell technology that significantly improves the economics of hydrogen power What We DoOur Products High-Temp Fuel Cell Complete Systems Develop, Manufacture & Sell Develop & License Fuel-flexible fuel cells that significantly reduce need for hydrogen infrastructureEnter into joi
Slide 12: Unique Market Position in the Fuel Cell Value Chain
Unique Market Position in the Fuel Cell Value Chain Only vertically-integrated supplier of HT-PEMs to fuel cell OEMs and system manufacturers 12 % of fuel cell cost HT-PEM LT-PEM SOFC Membrane MEA manufacture & assembly Fuel cell technologyEngineering/Licensing Fuel cell OEMs, and System Manufacturi
Slide 13: Advent's MEAs are the heart of the fuel cell
Advent’s MEAs are the “heart” of the fuel cell & all electrochemistry applications – analogous to Li-ion cell for battery packs Advent MEAMarket Changing Technology $350b by 2040 Telco, O&G, Mining, CHP powerAPUDefense, security, marine Off-grid Power $1,200bby 2027 Heavy-duty trucksCommercial vehic
Slide 14: Evolution & Innovation
Scale-up fundraising; progressing majorcontracts Consolidating 50+ international patents and $500m+ of technology investments by partners, predecessors and strategic licensing & acquisition agreements Evolution & Innovation 2012 Collaboration with US DoE Los Alamos, Brookhaven labs Incorporate in US
Slide 15: World-Class Customer Base
Vancouver-based developer of fuel cells for the Chinese marketApplications in automotive, stationary, off-grid marketsAdvent supplies key component Award-winning Munich-based fuel cell manufacturer. Recently secured EU Horizon 2020 funding approvalSiqens has developed the Ecoport 800 HT-PEM fuel cel
Slide 16: Fuel Cell Market Opportunity
Fuel Cell Market Opportunity TYPICAL SIZE OF ONE UNIT 1-5kW OFF-GRID, CHPSTATIONARY 250-520GW PASSENGER, COMMERCIAL EV 15-30kW 120-680GW HEAVY-DUTY TRUCKMUNICIPAL BUS 100kW+ 40-100GW EVTOL, COMMERCIAL DRONE, PORTABLE REMOTE POWER 1-30kW ~20GW(1) MARKET SIZE2040 16 Customer’s Power Requirements 1 GW
Slide 17: Strategic partnerships accelerate product development
Strategic partnerships accelerate product development and reduce customers’ launch timeframes Industry Leading Access and Technology DoE, L’Innovator Program: Partner with top US-labs for next-gen developmentBegan partnership with Los Alamos L’Innovator program in 2019 UltraCell: Licensing agreement
Slide 18: Fuel Cell Technology Evolution
Advent’s technology is the right choice for mobility and affordable power anywhere Fuel Cell Technology Evolution 18 Fuel-Flexibility (Wide Market Opportunity) Fit for Mobility (Power Density, Heat Management, System Simplicity) Resilience, Durability, Lifetime Affordability (Total Cost of Ownership
Slide 19: Leadership & Expertise
Proven track-record of technological development and commercialization Leadership & Expertise Vasilis GregoriouFounder & CEO 30+ years of operational and strategy experience in the US and EuropeWorld-renowned renewable energy expertExtensive experience in product development and company managementPh
Slide 20: 2. Next Generation Fuel Cell
www.advent.energy 2. Next Generation Fuel Cell
Slide 21: Fuel cells solve for issues that cannot be solved by batteries alone
Fuel cells solve for issues that cannot be solved by batteries alone True net-zero (not grid-dependent) with green fuels Next Generation Technology Accelerates Clean Energy Transition 21
Slide 22: Advent Fuel Cells Outperform Competition
Bringing down cost/kW – Advent’s fuel cell technology enables longer-lasting, lower cost, more robust and more powerful fuel cells Advent Fuel Cells Outperform Competition Advent vs incumbent LT-PEM technology Any Fuel, Anywhere Advent technology allows fuel cells to be: Long lasting Degradation is
Slide 23: Enabling the Hydrogen Economy
Enabling the Hydrogen Economy Cost Increasing Range of Applications Advent Primary Applications HCV, Municipal Bus Transportation Off-Grid Power Generation ~100-700GW ~40-100GW Market Size2040 ~250-500GW 23 Current Future Any Fuel Anywhere Extreme Heat (+55oC) Freezing Temperatures(-20oC) Pollution
Slide 24: Advent is winning the race to be the low cost provider
Advent is winning the race to be the low cost industry provider able to take market share from battery and ICE vehicles Low Cost Drives Adoption Substantial unit cost savings as MEA production builds up due to raw material purchasing efficiency & reduced processing costsProcurement, labor and proces
Slide 25: 3. Beyond Fuel Cells
www.advent.energy 3. Beyond Fuel Cells
Slide 26: Vast Market Opportunities Beyond Fuel Cells
Vast Market Opportunities Beyond Fuel Cells Energy Storage Green Hydrogen Production: Electrolysis IoT Sensors Description Storage solutions for wind or solar energy (utility, commercial & industrial, off-grid) Green Hydrogen is essential for decarbonization, energy storage, and can be converted to
Slide 27: 4. Business Plan
www.advent.energy 4. Business Plan
Slide 28: Business Model
Engineering Fees Prototype Phase:We develop in cooperation with OEM specific prototype fuel cell system for application/market $2m $60m Year 3: 30 MW Year 5:450 MW Year 4: 120 MW Year 6: 750 MW Advent’s business model provides strong customer traction and high revenue visibility Business ModelIllust
Slide 29: Revenue Growth Plan
Advent’s revenue growth is driven by significant power requirements across our target markets Revenue Growth Plan Projected revenue composition by category 2021-2025 ($m) 29
Slide 30: Highly Attractive Pipeline of Customers
Customer Advent Product Details Multiple OEMs – Fuel Cell EV trucks HT-PEM fuel cells 5,000+ trucks on the road @ 200kW per truck1GW potential opportunity in 2025 Asian fuel cell manufacturer MEA Existing customerMoU in place envisages >5m MEAs in 2023 – 2x forecast MEA production US OEM – portable
Slide 31: Detailed Use of Proceeds
Use of proceeds geared towards Advent’s development program resulting in top-line growth Detailed Use of ProceedsProduct Development Plan Program(1) Total (2021 – 2025) New Production Equipment & Warehousing $52.7m US facility expansion $8.9m Advanced DOE MEA Cost $8.0m Current MEA $0.7m MEA for fli
Slide 32: Long-Term Partnership with UltraCell
Made in USAProven innovation with product in market IP STRATEGY Long-Term Partnership with UltraCell as a Platform for Growth Application Advent Inside Advent MEAs pass military grade testsNew Advent materials are game changer for portable power industry Partner Product Portable Power: Military grad
Slide 33: Financial Overview: Path to Profitability
www.advent.energy Financial Overview Path to Profitability
Slide 34: Summary Financials
Summary Financials High growth model offering stable margins whilst enabling pass-through of efficiencies to our end users $m 2020E 2021E 2022E 2023E 2024E 2025E MEAs sold (‘000s) 2 325 788 2,144 6,296 18,354 Capacity (MW) 0.1 11 26 265 779 2,271 Revenue 1.7 13.0 25.6 60.0 122.8 254.8 MEAs 0.8 5.9 1
Slide 35: Pro Forma Sources, Uses & Equity Ownership
Pro Forma Sources, Uses & Equity Ownership Sources ($m) Shares Issued to Advent Shareholders(1) $250 Estimated SPAC Cash in Trust(2) $153 Potential Financing(3) $25 Total Sources $428 Illustrative Pro Forma Ownership(1,2,3,4) Uses ($m) Rolled Advent Equity $250 Cash to Balance Sheet to Support Proje
Slide 36: Valuation & Peer Group
Legend $358 million valuation facilitates substantial value uplift based on peer group multiples Valuation & Peer Group 2021-2023 Revenue CAGR 114.8% 34.0% 69.6% (5.3%) 44.5% 38.9% 33.6% Market Capitalization ($m) $479m $5,011m $1,407m $1,642m $1,833m $9,444m $778m EV / EBITDA Multiples Core Comps O
Slide 37: Significant Strategic Interest in Fuel Cell Technology
Recent investments demonstrate strong demand for fuel cell exposure Significant Strategic Interest in Fuel Cell Technology Acquirer Announcement Date January 22, 2020 October 3, 2019 June 28, 2019 March 26, 2019 August 29, 2018 May 16, 2018 Transaction Summary Bosch increases stake in Ceres Power an
Slide 38: 6. Conclusion
www.advent.energy 6. Conclusion
Slide 39: Conclusion
www.advent.energy Conclusion Developing and manufacturing the critical components for high-growth new energy markets Provides low-cost, fuel-flexible and resilient and fuel cell technology Experienced management team partnering with world-class research centers Proven, scalable business model that d
Slide 40: Appendix
www.advent.energy Appendix
Slide 41: Product development program to reduce cost and increase power output
Product development program to reduce cost and increase power output Product Development InitiativesFuel Cells New MEAs outperform competition Achieve power density close to LT-PEM pure hydrogen MEAsWorks anywhere: extreme temperature, humidity, pollutionLong lifetime reduces total cost of ownership
Slide 42: Well-Established Global Policy Support for Fuel Cells
Well-Established Global Policy Support for Fuel Cells 42 Long-term Market Trends (Deloitte / Ballard report) Item Details Hydrogen Refueling Stations – 2030 targets US: 7,100EU: 3,700Japan: 900China: 500 (trebled capacity in 2019) Publicly-announced FCEV targets in 2030 by country US 5.3 millionJapa
Slide 43: More Countries are Looking to Phase Out ICE
More Countries are Looking to Phase Out Internal Combustion Engines (“ICE”) 17 countries have taken varying types of action, from soft targets to strong commitments, to phase out ICE vehicles and increase the number of EVs 43 Country Action Announced Date Announced Austria No new ICE vehicles sold a
Slide 44: Glossary
Glossary Abbreviation Term Description BEV Battery electric vehicle Vehicle using exclusively battery technology BOM Bill of materials List of raw materials, assemblies and parts and quantities of each to manufacture a finished product CHP Combined heat and power Also known as cogeneration, CHP is p
Slide 45: Thank you
Thank you www.advent.energy