Solidion Technology, Inc. · NASDAQ:STI
Solidion Technology — Nubia Brand International — SPAC Merger (July 2023)
45 slides from Solidion Technology's SPAC merger presentation, Jul 14, 2023
Slide 1: Honeycomb Battery Company and Nubia Brand International Corp. Investor Presentation
H ONEYCOMB B ATTERY C OMPANY N UBIA B RAND I NTERNATIONAL C ORP . Advancing energy storage in a smart, sustainable way INVESTO R PRESENTATION J U L Y 2023
Slide 2: About This Presentation
H ONEYCOMB B ATTERY C O . + N UBIA B RAND I NTERNATIONAL C ORP . AB OU T T HI S P R ESE N T A T IO N This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination (the “
Slide 3: What if EV battery materials could be derived from renewable sources
What if… El ec tri c Veh i c le ba tt e r y ma t e ri a l s cou l d b e de ri ved f r o m r ene w ab l e sources… Ni cke l an d Coba lt cou l d b e r ep l aced wit h r ead ily ava il ab l e abundant ma t e r ial s …
Slide 4: Green Graphite
“Green” Graphite • S y n t he t i c G r aph i t e • de r i ve d f r o m B i o m ass • Les s cos t l y t han pe tr o l eu m coke , l ess i m pac t o n env i r on m en t • M i t i gate s C li mat e Chang e G r aph i t e m ake s u p 25 % - 28 % o f E V ba tt e r y • O n l y tw o na t u r a l G r aph i
Slide 5: Next-Gen Cathode
Next - Gen Cathode • Hi g h - capac i t y su lf u r • ca t hod e m a t e r i a l s • N o nee d f o r Ni cke l, C oba l t o r M anganes e • M os t p r ocess - f r i end ly so li d - s t a t e e l ec tr o l y t es E x cep t i ona l s pec ifi c energy • Lo w e r cos t t han conven t i ona l so l u t i
Slide 6: Summary Transaction Terms and Pro Forma Valuation
H ONEYCOMB B ATTERY C O . + N UBIA B RAND I NTERNATIONAL C ORP . Sum mary Transaction Terms Pro Forma Valuation Share Price Pro Forma Shares Outstanding (MM) (8) Notes: (1) Existing Honeycomb shareholders (G3) at time of transaction close is entitled to the earn - out shares (2) Price targets achiev
Slide 7: Honeycomb Battery Co. overview
H ONEYCOMB B ATTERY C O . + N UBIA B RAND I NTERNATIONAL C ORP . 6 1 KnowMade Report, 12/2021; 2 KnowMade report, 04/2022 ; 3 LexisNexis Report 03/2022 Recognized as a global leader in both high - capacity anode & high - energy solid - state batteries. ▪ Advanced anode materials that deliver specifi
Slide 8: Overview of Nubia Brand International Corp., officers and board
90+ Combined Years of Experience Significant experience in the private & public markets and regulatory bodies Extensive background in operational and management roles within manufacturing Broad Business networks Robust M&A and investing experience 1 5 4 3 2 O V E RVI E W O F NU BI A BRA N D IN TE R
Slide 9: Differentiated and Transformative Battery Technologies
Differentiated and Transformative Battery Technologies Leading innovations in energy density and safety, while removing reliance on critical nickel and cobalt materials Recognized Global Leader in Battery Intellectual Property Extensive IP portfolio that includes industry - leading solid - state ele
Slide 10: Leadership team
Strong combination of battery technology innovators, entrepreneurial and execution mindsets ▪ A nnua ll y na m e d t o B e s t La wy e r s i n A m e r ic a ( an d m u l t i p l e wi nne r o f P a t en t La w Law y e r o f t h e Y ea r f or C o l o r ado ) , AV - r a t e d ▪ P a rt ne r a t M a r sh
Slide 11: Honeycomb Products
HON EYC O M B PR O D U CT S Product(s) : Sustainable graphite using biomass as feedstock Value Proposition : 20 - 30% reduction in CAPEX Customer : Conventional/Solid - state battery manufacturers Expected start of production : Q4 2024 Product(s) : Sulfur - based V al u e P ropo siti o n : rep l a c
Slide 12: Market Opportunity
H ONEYCOMB B ATTERY C O . + N UBIA B RAND I NTERNATIONAL C ORP . 11 MARKET O PP O R T UNI T Y
Slide 13: Global demand for batteries expected to soar
Global Li - ion Battery demand, which includes mobility, stationary storage and consumer electronics is expected to see a 27% CAGR from 2022 to 2030, reaching 4,700 GWh 1 . Key demand drivers: ▪ Improved technology ▪ Growing consumer demand for clean energy vehicles ▪ Regulatory shift towards sustai
Slide 14: Favorable Market and Legislative Trends
M AR K E T O PP O R T UNI T Y Favo r ab l e M a r ke t an d Leg i s l a t i v e Tr ends Inflation Reduction Act (IRA) Accelerates Clean Energy Transition ▪ Designed to move future materials reliance to domestically sourced supply ▪ An additional $500m in critical mineral investments ▪ $60B Productio
Slide 15: Problems with Current Battery Solutions
M AR K E T O PP O R T UNI T Y Low Energy Density Range anxiety is still a roadblock to EV purchase decisions Expensive Current battery cell cost of $138/kWh 1 too high for widespread EV adoption and not - competitive against ICE vehicles Increasingly Scarce Raw Materials 2 Reliance on cobalt and nic
Slide 16: Solid-state performance, safety, recharge and cost advantages
SOLID - STATE PERFORMANCE (fastest time to market) S AF E FASTER RECHARGE (under development) LOWER COST PER KWH (15 - 35% cost advantage) ENERGY DENSITY 20% to 80% increase in EV driving range to eliminate range anxiety Converting Li - ion battery facilities into solid - state lithium battery produ
Slide 17: Performance Improvements vs Conventional Li-Ion
Improvement T o da y’ s Li - I o n 92% 350L (480 Wh/L) 350L (250 Wh/L) P a c k V olum e 94% 165 kWh 85 kWh P a c k E n e r g y ( g i ve n sam e pac k vo l ume) 94% 620 Miles 320 Miles Range 50% <15 minutes (0%~80%) >30 minutes (5%~80%) Charge ( 0% ~ 80% ) 62.5% 650 kW 400 kW Power Much safer FireShi
Slide 18: Products
PRODUCTS
Slide 19: Honeycomb's Battery Materials & Solutions
PRODUCTS H oneyco m b ’ s B a tt e r y M a t e r i a l s & S o l u t i on s Distribution agreement with 3rd party 1. quasi - solid electrolytes (solvent - in - salt & solvent - in - polymer) 2. solid polymer electrolytes (in situ polymerization & solid elastomeric electrolytes) 3. polymer composite
Slide 20: Honeycomb's Solid-State Battery Cells
Thin lithium metal anode, a graphene - enabled sulfur or conversion - type cathode, and a polymer - inorganic composite electrolyte Thin lithium metal anode or an initially lithium metal - free anode (“anode - less”) and a polymer - inorganic composite electrolyte Si - rich anode and a quasi - solid
Slide 21: Cell generations comparison
PRODUCTS Cross - section of a pair of electrode, showing thickness C a t hod e G ra ph ite Anode Liquid Electrolyte Current Day Lithium - ion Cell C u rr en t D a y L i t h i um - i o n Ce lls Gen1 L i t h i u m - i o n Ce lls Gen2 L i t h i u m me t a l ce l l s Gen3 L i t h i um - s u lf u r ce ll
Slide 22: Technology
TECHNOLOGY
Slide 23: Key inventions and technology areas
Anode/Cathode Materials 41% Lithium Metal Anodes/Li - S cells 28% Beyond Lithium 7% No n - flammable Electrolytes 6% Fast Charging 5% Advanced Current Collectors 4% Others (stack designs, etc.) 9% Nex t - ge n all - soli d s t a t e o r li t hiu m me t a l ba tt er i e s (40 0 - 55 0 W h / kg) A d v
Slide 24: Full spectrum of anode materials
TECHNOLOGY 0 100 200 300 400 500 600 100 200 300 372 500 600 700 800 900 1000 1200 1400 1600 1800 2000 2200 2400 2600 2800 3000 3500 3580 Anode specific capacity (mAh/g) Cell specific energy (Wh/kg) Estimated Cell Specific Energy vs. Anode Specific Capacity 1 Current EV batteries G r aphite Graphite
Slide 25: Si-rich anode material
TECHNOLOGY • HBC‘s patented technologies enable highly scalable low - cost Si - rich products. ▪ In contrast, competitors produce Si anode materials via Chemical Vapor Deposition (CVD) method, which is expensive and difficult to scale up, and uses toxic or explosive gaseous raw materials • Compatibl
Slide 26: Si anode materials meet Tesla requirements
TECHNOLOGY Tesla suggested on “Battery Day” (09/22/2020) that the best Si anode should have the following features: Low - cost Si particles (simple design, instead of highly engineered structures such as CVD Si; hence, lower anode material cost) Elastic, ion - conducting polymer coating that protect
Slide 27: Graphene-enhanced Si anode vs CVD processes
H O NE Y C O M B B ATT ER Y C O . + N UB I A B R A N D I N T ERN ATI O N A L C O R P . 26 TECHNOLOGY G C A - Si Low - cost h i gh - v o l u me production equipment G r aphen e Low - cost s ili co n o r coated Si Other add i t i v es Chemical Vapor Deposition (CVD) Silicon source ( Silane can be expe
Slide 28: HBC vs other silicon anode start-ups
TECHNOLOGY A B C CVD Si e l ec tr opho r e t i c manufacturing CVD silicon nanowire cells CVD Si manufacturing Graphene/Si powder & cells P ri mar y B us i nes s S cop e ? ? ? ***** Scalability *** *** *** ***** C os t C ompet i t i venes s *** ***** *** ***** S pec ifi c C apac i t y @ P r oduc t L
Slide 29: Fireshield solid-state electrolyte platform
TECHNOLOGY Traditional Electrolyte Fireshield Electrolyte A Truly Disruptive Solid - State Platform Technology that Can Help Solidify th e Batter y S a f et y o f th e E n t i r e E V I ndustry ▪ Invented elastomeric solid electrolytes ▪ Has most significant IP in in - situ curing or in - situ solid
Slide 30: Hybrid or composite solid-state electrolyte
TECHNOLOGY H BC’ s H yb r i d o r C o m pos i t e S o lid - St a t e E l ec tr o l y te Low stack - holding pressure, low impedance, high energy density, easy to process using current Li - ion cell facilities Common inorganic solid - state batteries Require high stack - holding pressure and high ina
Slide 31: Lithium metal anode protection and elastomeric electrolyte
Graphene/Polymer - Enabled Protective Layer Li - Metal Li - Metal Anode May be initially Li metal - free (anode - less) Elastomer or elastomer composite solid electrolyte Elastomeric solid electrolyte/separator: a critical technology enabling all types of high - energy Li metal batteries Cathode ▪ G
Slide 32: Commercialization & Manufacturing
C OMM E RC I A L IZ A TI O N & MANUFACTURING
Slide 33: Made in America Movement - Inflation Reduction Act
MANUFACTURI NG Made in America Movement – Inflation Reduction Act By 2026, 80% of battery materials must meet these content requirements 1. Critical minerals in the EV battery be extracted or processed in the U.S., countries with which the U.S. has a free trade agreement or have been recycled in Nor
Slide 34: Green Graphite manufacturing
MANUFACTURI NG “ Gr een ” Gr aph ite Enabling a truly sustainable approach to synthetic graphite production Economics ▪ 20 - 30% lower CAPEX and faster time - to - market vs competing natural / synthetic graphite production peers ▪ Payback: 2.5 – 3 years ▪ Strong gross profit margins Demand ▪ Expect
Slide 35: Anode Products manufacturing
MANUFACTURI NG A nod e Pr oduc ts Delivering a full spectrum of high capacity, next generation anodes Economics ▪ Favorable unit economics using lower cost internally produced graphite ▪ Lower unit cost in future years using proprietary lower temperature process Demand ▪ Expected to 5x by 2030, driv
Slide 36: Anode commercialization timeline
COMMERCIALIZ ATION P r oduc t 202 3 202 4 202 5 202 6 202 7 202 8 202 9 2030 Graphite - based Anode Materials SiOx and GCA - SiOx Materials GCA - Si Anode Materials Graphite - based Anode Materials SiOx and GCA - SiOx Materials GCA - Si Anode Materials R e s ea r c h & D e v elopmen t Commercializat
Slide 37: Solid-State Battery Cells manufacturing
MANUFACTURI NG S o li d - St a t e B a tt e r y C e ll s Next generation battery technology to power the world Economics ▪ Approx. 29% CAPEX reductions. Requires no capital expense for equipment upgrades to conventional battery manufacturing facilities ▪ Faster time - to - market with strategic use
Slide 38: Solid-state battery commercialization timeline
COMMERCIALIZ ATION 2027 2028 2029 2030 2026 2023 2024 2025 Product 3 rd Party Manufacturing Plant (50 GWh by 2030) HBC Pilot Plant: (0.5 GWh by end of 2025) JV Gigafactory - 1 (2 GWh by 2026) Execute JV agreement JV Gigafactory - 2 (20 GWh by 2030) SOP A - Sample B - Sample C - Sample SOP A - Sample
Slide 39: CAPEX savings from solid-state manufacturing
MANUFACTURI NG Traditional liquid electrolyte - based Li - ion battery production requires conditioning steps such as pre - formation, aging, degassing, formation, and final storage. Capex needed for these steps is the largest contributor to processing cost during battery production. 1 1 Oak Ridge N
Slide 40: Financial Outlook
F IN A N C I A L OUTLOOK
Slide 41: Financial Outlook
F IN A N C I A L OU T L OO K H ONEYCOMB B ATTERY C O . + N UBIA B RAND I NTERNATIONAL C ORP . 40 2030 2029 2028 2027 2026 2025 2024 2023 ( $ i n m illi on s ) ( 1 ) $2.7 $2.5 $2.2 $2.1 $2.4 $2.2 $1.7 $0.9 GCA - Si Anode Material $1,931.3 $1,327.1 $1,061.7 $193.2 $13.7 $2.1 $1.0 $0.0 360 mAh/g Anode
Slide 42: Revenue by Product, Gross Profit and EBITDA
F IN A N C I A L OU T L OO K R e v enu e b y P r oduc t ($mm ) 112 46 15 1 2030 2029 2028 2027 2026 2025 2024 2023 761 2 , 708 4 , 717 9 , 650 GCA - Si Anode Material Solid - State Battery 360 mAh/g Anode Material Other Revenue Sources Gr/Si Anode Material G ros s P ro fi t ( $ mm) E B IT D A ( $ mm
Slide 43: Expected Use of Proceeds
F IN A N C I A L OU T L OO K E x pec t e d U s e o f Pr o ceed s G rowt h Capital R e s ea r c h & D e v elopmen t G&A ▪ Growth correlated capital to execute on buildout of anode material production facilities ▪ Efficient sales & marketing spend on go - to market strategy • Gr • Ef ▪ Continuous inno
Slide 44: Summary Risk Factors
S U MM AR Y R I S K F AC T O R S In evaluating an investment in the proposed transaction, you should carefully read the proxy statement filed by Nubia in connection with the transaction and especially consider the factors discussed in the section entitled “Risk Factors.” These risks include, but are
Slide 45: Thank You
THAN K YOU H ONEYCOMB B ATTERY C OMPANY N UBIA B RAND I NTERNATIONAL C ORP .