Invinity Energy Systems Plc · LSE:IES
Invinity Energy Systems — Camco Clean Energy — FY2014 Earnings Presentation
22 slides from Invinity Energy Systems's earnings presentation, June 2015
Slide 1: Final Results 2014 Presentation
Final Results 2014 Presentation Scott McGregor, CEO Jonathan Marren, CFO Confidential June 2015
Slide 2: Highlights FY 2014 & 2015 Progress
Highlights FY 2014 & 2015 Progress • REDT – Liquid Energy Storage – Jabil global manufacturing agreement for volume sales – Focus on production of market seeding units and Gigha system – Product segments identified - marketing efforts focused – Continuing efforts on cost down initiatives • Africa –
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Slide 4: REDT Customer Proposition
REDT Customer Proposition • A storage system need not be confined to a cell • A storage system can never go flat • A storage system can last over a quarter of a century • You can size storage to your exact requirements • Storage can increase your FIT payment • You can get paid for multiple storage s
Slide 5: REDT Renewable Energy Storage
f REDT Renewable Energy Storage Positive (AC/DC Converter _) Negative <_ —_> > <+ Pump Electrode Membrane Pump Discharging Charging State State Positive Electrode V“ <————$ —V"+e Negative Electrode V*+e <> v”
Slide 6: Storage technologies by power and duration
Power Mature 1 GW Deployment Demonstration Grid Storage 100 MW Lithium-Ion Grid Pumped-hydro/CAES Services Grid RE 10 MW 1 MW Lead-Acid Duration Efficiency range 100 kW Pump Hyd 70-85% Commercial RE Comp Air 40-75% UPS REDT Flow Batt 75% 10 kW Fuel Cells 25-45% REDT Flow Battery Lithium 85-90% Lead
Slide 7: Validation
Validation • Operating since 2012 30kWh Energy Storage • No degradation/capacity fade Pilot Unit • Equates to predictable life of over 10,000 cycles REDT 60kWh Energy Storage PV • Operating since 2013 Crops system, Portugal • >80% charge/discharge efficiency • Due for installation 2015 REDT 1.68MWh
Slide 8: REDT Market Seeding Deliveries
REDT Market Seeding Deliveries 2015 focus - deliver Jabil commodity manufactured units across product segments – Key market segments seeded with product – Prove systems with strong brand customers – Industry accessible testing sites – Key customers with high volume follow on demand – Technically pro
Slide 9: 2015 Plan - Market Seeding Deliveries
2015 Plan - Market Seeding Deliveries Isle of Gigha UK 1.68 MWh 40kWh Wokingham Wind & Grid constrained 40kWh Dairy PV+grid 40KWh Wind + grid Europe 40kWh Utility trial 40kWh Utility trial Africa 40kWh telco 40kWh telco 40kWh ecolodge Johanesburg SE Asia 240kWh 40kWh telco PV+Diesel+weak grid Camco
Slide 10: Jabil production well underway
Jabil production well underway – 1.68 MWh Isle of Gigha system – Ten 40 kWh market seeding units – Stacks built and tested, parts ordered and production line Camco Clean Energy – Passionate about clean energy and reducing emissions for a sustainable future 10
Slide 11: Product Segments
Product Segments Segment Product Market access Key drivers 2015 Market Potential long (Indicative) Size term annual sales Products Telecommunication 4-20kWh Market seeding units Cost Implement 1m units to 10,000 units for extensive trials and improvement 3 MS units 2020 $10.5bn build follow on over
Slide 12: FY 2014 Financials
FY 2014 Financials Camco Clean Energy – Passionate about clean energy and reducing emissions for a sustainable future 12
Slide 13: Income statement
Income statement H1 2014 H2 2014 FY 2014 FY 2013 €'000 €'000 €'000 €'000 Revenue 4,843 5,105 9,948 12,305 Revenue Cost of sales Gross Margin Cost of sales (2,351) (2,557) (4,908) (5,336) 2,492 2,548 5,040 6,969 FY FY FY FY FY FY 2014 2013 2014 2013 2014 2013 Other Income 139 150 289 276 €'000 €'000
Slide 14: Balance Sheet
Balance Sheet FY 2014 FY 2013 PPE €'000 €'000 €'000 Fixed Assets PPE 16,613 15,581 Jerome Facility 14,446 Intangible assets 0 0 Twin Falls Facility 2,128 Investment in REDH 2,533 2,576 Other 39 Other 109 32 16,613 19,255 18,189 Current Assets Jerome Twin Falls Prepayments & Accured Income 1,896 1,45
Slide 15: Cash Flow Statement
Cash Flow Statement FY 2014 FY FY 2014 FY 2013 2013 €'000 €'000 €'000 €'000 Loss for the period (2,183) (3,747) Cash generated by operations (1,780) (4,487) Tax Paid 0 0 Depreciation 1,063 1,097 Deferred income amortization (313) (276) Disposals 84 5,526 Share based payment charge 110 359 Acquisitio
Slide 16: Africa Activities
Africa Activities • Activity transitioning towards higher margin business – revenue earned from GAP in H2 2014 • Lower level of revenue from core consulting activity in FY 2014; focus on higher margin activity • Focus on reducing costs and increasing gross margins to continue Africa Activity H1 2014
Slide 17: Other Activities (Inc REDH(CCE))
Other Activities (Inc REDH(CCE)) Group (Other) H1 2014 H2 2014 FY 2014 H1 2013 H2 2013 FY 2013 • Gross margin from €'000 €'000 €'000 €'000 €'000 €'000 legacy carbon Revenue 1,611 963 2,574 1,831 4,221 6,052 business of €840k Cost of sales (872) (862) (1,734) (1,266) (974) (2,240) – Majority from Gro
Slide 18: Admin Expenses
Admin Expenses • CCE costs associated with running REDT business allocated out (from Other (Group)) in 2014 • 42% reduction in Other (Group) & REDT(CCE); reduction across other non-biogas areas • Share based payment charge equally spread over 2014 (final charge) H1 2014 H2 2014 FY 2014 H1 2013 H2 20
Slide 19: Conclusion
Conclusion 19
Slide 20: Conclusion
Conclusion Strategic position of businesses exceeded upper end of our expectations • REDT – new tech – Technology proven – Low cost production underway – Large pipeline of customer interests • Africa – Advisory and finance platform cash contributing to CCE – Growth opportunities with further mandate
Slide 21: Appendix
Appendix Camco Clean Energy – Passionate about clean energy and reducing emissions for a sustainable future 21
Slide 22: Vanadium Redox Flow Batteries – market ready
Vanadium Redox Flow Batteries – market ready • Long life - 20 + years, safe – >10,000 cycles without significant degradation – Electrolyte reusable (no life cycle issues) – Non flammable, non explosive • Performance – Handles very frequent shallow or deep cycles (ideal for wind application) – Handle