Hydrogen Refueling Solutions Sa · EURONEXT:ALHRS
Hydrogen Refueling Solutions Sa — Investor Day (November 2023)
58 slides from Hydrogen Refueling Solutions Sa's investor day presentation, Nov 23, 2023
Slide 1: HRS Investor Day 23/11/2023
HRS 23 / 11 / 2023
Slide 2: Disclaimer
Disclaimer This presentation was prepared by HYDROGEN-REFUELING-SOLUTIONS (the "Company") for the sole purpose of being used at investor presentations. By receiving this presentation and attending this meeting, you acknowledge yourself to be acquainted with the following restrictions. This presentat
Slide 3: Hydrogen market & HRS Global Business Strategy
Hydrogen market & HRS Global Business Strategy Industrial project of the new plant Business model and financial objectives ESG Strategy HRS ambitions in terms of innovation and R&D 23/11/23 4
Slide 4: Hydrogen market
Hydrogen market Marketdata Olivier Dhez, DeputyCEO 23/11/23 5
Slide 5: The EU and the US strongly support hydrogen mobility
The EU and the US strongly support hydrogen mobility install a 1-2 ton/day station every 200 km $369 billion in along the main roads subsidies for the electric car and renewable energy sectors in the US AFIR : regulation for the deployment of alternative fuel infrastructure EU INDUSTRY DEFENSE PLAN
Slide 6: Strong acceleration in the supply of hydrogen vehicles
Strong acceleration in the supply of hydrogen vehicles 2019 PASSENGER CARS FORKLIFTS TRAINS 2023 PASSENGER CARS UTILITY VEHICLES TRUCKS BUS FORKLIFTS TRAINS/LOCOMOTIVES CONSTRUCTION MACHINES BOATS/FERRYS WASHER MACHINES 23/11/23 7
Slide 7: Technological maturity
Technological maturity Vehicles autonomy distances in kilometers Vehicles autonomy distances in kilometers PASSENGER CARS TRUCKS Battery Hydrogen Battery Hydrogen 1000 km 666 Electric Fuel cell Electric Fuel cell 805 505 502 km Max EU daily truck distance: c.800km 420 395 Average EU weekly distance:
Slide 8: U.S. Market for hydrogen refueling stations
U.S. Market for hydrogen refueling stations Promising market with exponential growth potential to 2030 e ar Number of large th/y + 34%G row 4300 stations in the U.S. by 2030 e ar ow th/y r 82%G + Number of large 1000 stations in the U.S. by 2025 * Large fueling stations: hydrogen fueling stations wi
Slide 9: Largest market for hydrogen infrastructure: China awakening
Largest market for hydrogen infrastructure : China awakening Major ambition contemplated by the Chinese government's plan Hydrogen vehicles 1M 5 000 Stations 2030 NET ZERO CARBON EMISSION TARGETED 50k 2025 IN 2050 FOR To 1 000 VEHICLES 100k Hydrogen vehicles Stations Source: IEA – www.ieafuelcell.co
Slide 10: Promising market for hydrogen infrastructure: Middle East
Promising market for hydrogen infrastructure : Middle East um stati im on Min s 200 By 2030 JV under discussion for distribution, and maintenance services Hydrogen Refueling Solutions Investor Day – 23 November 2023 11 23/11/23 11
Slide 11: HRS Global Business Strategy
HRS Global Business Strategy Introduction | Market| International Olivier Dhez, DeputyCEO 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 12
Slide 12: Hydrogen station integrator
Champagnier, Grenoble 2004 2009 2019 INDUSTRIAL PIPING HYDROGEN DESIGNER & ENGINEERING STATION MANUFACTURER OF INTEGRATOR HYDROGEN STATIONS 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 13
Slide 13: HRS ambition
HRS ambition stat nover € ed tal ents ur er i on T d Or s 2021/2022 : 17M 61 78 EUROPEAN u r nover € d or to be or re T de Orde LEADER 2022/2023 red 30 M 87 128 IN HYDROGEN Sta +77% tions talents REFUELING V S 202 1/20 22 202 0/2026 STATIONS e re d s t a t i iv on Del s by 2025: > 85M 100 160 Tu 20
Slide 14: HRS position in the hydrogen value chain
HRS position in the hydrogen value chain HYDROGEN HYDROGEN REFUELING STATION VEHICLES SOURCES Hydrogen compression, storage and distribution H2 STATION PURE PLAYER PIPELINE « TURNKEY » OFFER ELECTROLYSIS SIG UC OD TI LLATIO MISSION NTENAN DE N ON STA M AI PR IN IN CE M N CO TUBE TRAILER G 23/11/23 H
Slide 15: Proven competitive advantages
Proven competitive advantages MODULAR CONSTRUCTION HIGH FLOW RATE, DUAL PRESSURE Capacity available (from 14 kg/h to 80 kg/h) SAEJ-2601 T30 refueling certifiedby the European Clean Energy Partnership (CEP) | Reduced back-to-back FAST PRODUCTION N#1 8-week production lead time FULL DEDICATED SUPPORT
Slide 16: HRS stations map
HRS stations map OUR CUSTOMERS 12 Operational HRS14 stations 21 Ordered HRS14 stations 14 Ordered HRS40 stations 23/11/23 17
Slide 17: Commercial and technological partnership with ENGIE
Commercial and technological partnership with ENGIE Develop a range of hydrogen refueling stations adapted to the needs of ENGIE Solutions Developing 15 hydrogen projects 15 together between 2022 and 2026 First station ordered 1+3 and 3 additional stations planned by 2024 23/11/23 18
Slide 18: Support and drive Plug Power's commercial deployment
Support and drive Plug Power’s commercial deployment with a specific refueling station Specific stations designed to supply hydrogen to fleets of forklifts fitted with Plug’s fuel cell 60,000 fuel cells solution around the world 5 Stations ordered in H2 2022/2023 To be installed in: 5 Other stations
Slide 19: Selected for large-scale projects
Selected for large-scale projects Zero Emission Valley -ZEV Largest green station project in France 18 hydrogen stations by 2024 HRS14 stations Request to move 450 captive vehicles 2 already ordered 3 upmarket to HRS40 -1 ton/ day 115 heavy vehicles Lieu à confirmer STATION HRS STATION HRS INSTALLÉE
Slide 20: GCK and Flex'hy choose HRS
GCK and Flex’hy choose HRS to speed up the implementation of its charging solutions for hydrogen mobility AGILE HYDROGEN DISTRIBUTOR 2 Station HRS14 ordered (o/w 1 in September 2023) Ambition to address heavy mobility market with green H2 solutions -supply + distribution 23/11/23 Hydrogen Refueling
Slide 21: An ambitious partnership strategy
An ambitious partnership strategy| Zoom on 3 partnerships DEVELOP A RANGE OF HYDROGEN Develop 15 hydrogen projects First station ordered and REFUELING STATIONS ADAPTED TO together between 2022 and 3 additional stations THE NEEDS OF ENGIE SOLUTIONS 2026 planned by 2024 SUPPORT AND DRIVE PLUG POWER’S
Slide 22: Targeted markets
Targeted markets Global market size From $4,8 B to +$25,7 B CAGR 17,9% (2022-2032) 105 s tations i n 2022 56 s ta tions i n 2022 400 stations in 2025 1000 stations in 2030 >300 s tations in 2022 1000 stations in 2025 2 s tations i n 2022 105 s tations i n 2022 5 s tations i n 2022 670/1160 stations
Slide 23: Hydrogen market & HRS Global Business Strategy
Hydrogen market & HRS Global Business Strategy Industrial project of the new plant Business model and financial objectives ESG Strategy HRS ambitions in terms of innovation and R&D 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 24
Slide 24: Industrial project of the new plant
Industrial project of the new plant On-site visit(afterlunch) 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 25
Slide 25: The new production site
The new production site 30M€ investment 2.6ha area Grenoble Champagnier Start of the production in 2023 Champ-sur-Drac Station 1 ton/day Factory Social Premises 10 000 m² 1 000 m² 180 stations/year 14 300 sqm Offices Test area 3 300 m² 2 000 m² With the support of 23/11/23 Hydrogen Refueling Solutio
Slide 26: The new production site
The new production site Social premises Production Offices - restaurant - 10 000 sqm 3 300 sqm Testing facilities - R&D - 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 27
Slide 27: The new production site | Visit
The new production site | Visit Access ZAC du Saut du Moine Testing facilities - R&D - Production Offices Social premises - restaurant - Urgency meeting point Emergency exit Pedestrian traffic zone Production facilities visit In the event of evacuation, = Protective overshoes Infirmary Smoking area
Slide 28: Hydrogen market & HRS Global Business Strategy
Hydrogen market & HRS Global Business Strategy Industrial project of the new plant Business model and financial objectives ESG Strategy HRS ambitions in terms of innovation and R&D 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 29
Slide 29: HRS Business model & financials, ESG Strategy
HRS Business model & financials ESG Strategy Kader Hidra, Chief Financial Officer 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 32
Slide 30: HRS pure-player hydrogen
Business model key points Pure-playerwith end-to-end manufacturingcapabilities Key activities & Clients segments • Captive fleet Value proposition • Public entities • H2 Stations Design • • Best-in-class sourcing • Manufacturing end to end HRS • H2 projects developers Energy suppliers • Installation
Slide 31: Full-year 2022/2023 revenue growth of +77%
Full-year 2022/2023 revenue growth of +77% 26,6M€ Growth of 75% for the Stations activities: • €24.7 million: Start of production on new orders • €1.8 million: Remaining revenue from the previous year 15,1M€ 3,5M€ 1,9M€ 87% growth linked to 2 contracts H2 Stations Indus. Piping 2021/2022 2022/2023 A
Slide 32: Operating performance under control with Recurring EBITDA at breakeven in H2
Operating performance under control with Recurring EBITDA(1) at breakeven in H2 External expenses under Recurring EBITDA improved Full-year 2023 gross Strengthening control at 11.7% of revenues slightly versus H1 margin at 28% vs. 41% recruitment to versus 14.2% of revenues H2 Recurring EBITDA : in
Slide 33: Cash position at end of June 2023: 30.5 M€
Cash position at end of June 2023: 30.5 M€ Comfortable financial capacity to support the HRS’ ambition Closing cash position reflects c. 4 M€ cash consumption in million euros Better clients cash collection and catch- up from last year -1.4 M€ in loan -2.3 M€: R&D efforts repayments -13.9 M€: net in
Slide 34: 2023/2024 revenue growth target between +50% and +100%
2023/2024 revenue growth target between +50% and +100% Revenue >€85m EBIT ≈20% Snapshot between mid-2020 and mid-2025 +100 new stations to be delivered Revenue €45-60M Revenue € 30.1M Revenue Stations € 17.0M Target may Revenue be reviewed Revenue € 10.5M in January €26.6M € 2.5M Stations 2024 €15.1
Slide 35: Recurring revenues from maintenance contracts could reach €40M-€70M by 2030
Recurring revenues generated by maintenance contracts could reach between €40M and €70M on 2030 horizon STATIONS MAINTENANCE Key assumptions for recurring maintenance revenue estimates on 2030 horizon: Assuming 300 HRS Start 12 to 24 months stations installed by 2030 after the installation horizon,
Slide 36: 2022/2023 Key takeaways
2022/2023 Key takeaways H2 Comps • CONTINUED STRONG GROWTH WITH BETTER-THAN-EXPECTED P&L REVENUES • Dozens of negative million euros of EBITDA • H2 22/23 EBITDA AT BREAK-EVEN SIGNALING INFLECTION POINT • Weak revenue growth ON OPERATIONAL LEVERAGE BALANCE • DEBT ON NEW INDUSTRIAL SITE FINANCED AT A
Slide 37: Hydrogen market & HRS Global Business Strategy
Hydrogen market & HRS Global Business Strategy Industrial project of the new plant Business model and financial objectives ESG Strategy HRS ambitions in terms of innovation and R&D 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 40
Slide 38: HRS extra-financial reporting initiative
HRS extra-financial reporting initiative HRS HRS being an impact driven company, a proactive communication RAPPORT around its governance and environmental and social initiatives comes naturally EXTRA-FINANCIER Increased transparency with HRS’ Investors and ecosystem 2023 Voluntary and ahead of the c
Slide 39: CSRD and extra-financial reporting implementation process
CSRD and extra-financial reporting implementation process Voluntary and best-in class compliance with upcoming regulations Aligning CSR Strategy through with well-defined ESG Progressive CSRD Implementation risks and opportunities Relevant framework(s) 2023 2024 ESG risks and opportunities (2022/202
Slide 40: Main ESG risks and opportunities – double materiality
Main ESG risks and opportunities – DOUBLE MATERIALITY Stakeholders’ engagement and materiality matrix Stakeholders' engagement Gender equality and Double Materiality Matrix Stakeholders Mode of engagement diversity Training and skills development Board members Interviews Working conditions R&D, inno
Slide 41: ESG Reporting: Action Plan up to 2025
ESG Reporting: Action Plan up to 2025 TARGETS DEADLINE Installation of solar panels in order to achieve self-sufficiency for self-consumption 2024/2025 Promote carbon-free mobility for home/work journeys through the initiation of a mobility plan 2024 Establishment of partnerships with green hydrogen
Slide 42: CSR strategy to address well defined risks and opportunities
CSR strategy to address well defined risks and opportunities Climate change mitigation and adaptation (European Sustainability Reporting Standards E1) Our climate change related commitments are based on 2 priorities: ➢Reduction of HRS Carbon Footprint • In 2023, HRS's Scope 1 and 2 GHG emissions amo
Slide 43: CSR strategy: Human Capital – Own workforce
CSR strategy to address main risks and opportunities Human Capital – Own workforce European Sustainability Reporting Standards E1) Our culture is focused on the pursuit of technological excellence, industrial efficiency and the well-being of our employees. Our employees have access to several advant
Slide 44: A culture based on knowledge sharing & mutual support
A culture based on knowledge sharing & mutual support TRAINING PROGRAMME LAUNCHED IN 2023, 3-week programme HRSCHOOL ADDRESSES dedicated to newcomers in shortage and retraining positions CHALLENGES OF RECRUITMENT Tailor-made course in partnership with training center AND SKILLS DEVELOPMENT Technical
Slide 45: Simplified organizational chart
Simplified organizational chart CEO 128 Hassen Rachedi DEPUTY CEO CFO R GE T 202 Business development Accounting 30% TA 5 Research & Development Operations Human Resources Communication R&D 160 Commissioning/ Purchasing t a l e nt s Maintenance QHSE Legal 23/11/23 48
Slide 46: Hydrogen market & HRS Global Business Strategy
Hydrogen market & HRS Global Business Strategy Industrial project of the new plant Business model and financial objectives ESG Strategy HRS ambitions in terms of innovation and R&D 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 49
Slide 47: HRS ambitions in terms of innovation and R&D
HRS ambitions in terms of innovation and R&D Rémi Marthelot, Chief TechnicalOfficer 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 50
Slide 48: HRS product vision
HRS productvision LARGER CAPACITY STATION 160 kg/h SAFETY H2 / heure kg / min RELIABILITY AVAILABILITY 80 ENERGY CONSUMPTION 40 18 kg/min kg/h 14 COLLABORATIVE TEST AREA kg/min 3 2022 2023 2024 2025 2030 51 23/11/23
Slide 49: Our product certifications
Our product certifications HYDROGEN DISTRIBUTION CONFORMITY VALIDATED BY CEP1 CLEAN ENERGY PARTNERSHIP is a reference entity in the H2 sector gathering the main vehicle manufacturers (Toyota, Hyundai, Daimler, BMW, Faurecia…) in accordance with the SAE J2601 protocol and process limits for hydrogen
Slide 50: HRS14 - on site installation
HRS14 - on site installation 0 2 1 3 0 Inlet module 1 Compression 2 Storage 3 Cooling Unit 4 4 Dispenser 53 23/11/23
Slide 51: HRS14 – the principle
HRS14 – the principle 14 1 kg/h 2 3 4 CO ON ON DI S HYDROGEN M ST TR I PR ES SI O R A GE COL D B U TI SOURCE VEHICLES 350 bar 700 bar 350 bar HF REDUNDANCY 50% EXTRA STORAGE High Pressure compressors duplicated Optional, depending on peak usage 23/11/23 Hydrogen Refueling Solutions Investor Day – 23
Slide 52: HRS40 - typical layout
HRS40 - typical layout 40 kg H2 / h 350 bar 700 bar SIMULTANEOUS REFUELING 1 Two bi-pressure dispensers (350 bar - 700 bar) 0 2 3 RELIABILITY & REDUNDANCY 0 Inlet module Duplicated high pressure 1 Compression (MP) 5 4 compression and distribution lines 2 Storage (MP) 3 Compression (HP) 6 4 Storage (
Slide 53: HRS40 - the principle
HRS40 - the principle 40 kg/h HYDROGEN SOURCE CO 1 2 3 4 5 6 VEHICLES CO ON ON D IS ON M TO M TO TR P RE S SI P RE S SI CO L D I B UT I S S RA G RA G E E 350 bar 700 bar 350 bar HF MIDDLE PRESSURE REDUNDANCY 50% REDUNDANCY Compression & storage High¨Pressure (HP) Distribution lines at 500 bar (MP) c
Slide 54: Product development roadmap
Product developmentroadmap 2026-2030 2021-2022 2023 2024 2025-2026 First H14 More than 10 1st client 1st installation for Maritime installation HRS14 operational installation of the train refuelling refuelling H40 development Optimization on Qualification of Fast refueling the H14 the first H40 in o
Slide 55: Development of key differentiators for next generation HRS stations
Developmentof key differentiatorsfor next generation HRS stations INVOLVEMENT IN 2 EUROPEAN PROJECTS TO BOOST THE DEPLOYMENT OF HEAVY DUTY MOBILITY RHEADHY 1 H2REF-DEMO 2 Design of key components to ensure very high flow Optimization of hydraulic compression system for refueling line for 700bar H2 t
Slide 56: Most advanced hydrogen station testing facilities in Europe
Most advanced hydrogen station testing facilities in Europe 23/11/23 Hydrogen Refueling Solutions Investor Day – 23 November 2023 59
Slide 57: Most advanced hydrogen station testing facilities in Europe
Most advanced hydrogen station testing facilities in Europe 2023 2023 Refueling station – 200kg/day Compression test bench Product engineering - reliability For boosters and Hydraulic power unit December 2023 Refueling station 2024-2025 1Ton/day EU Projects Product engineering - - Rheadhy : refuelli
Slide 58: ZAC du Saut du Moine, Champagnier, France
ZAC du Saut du Moine contact@h-r-s.fr www.hydrogen-refueling-solutions.com 38800 Champagnier, France +33 476 140 778 Mnemo Code: ALHRS
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