Ceres Power Holdings Plc · LSE:CWR
Ceres Power — FY2021 Earnings Presentation
22 slides from Ceres Power's earnings presentation, 2022
Slide 1: Slide 1
Slide 2: Leading solid oxide technology for power and green hydrogen
c2res Leading solid oxide technology for power and green hydrogen Unique IP ~100 patent families High-margin, licensing business model We collaborate with world- leading companies to deliver clean energy technology... ....at scale and pace
Slide 3: Growing commercial applications through global partners
_/ Growing commercial applications through global partners Ceres technology ceres a enables high efficiency POWER energy conversion at low cost Engaging with global majors in Oil & Gas, Industrial Gas and Clean Energy HYDROGEN © Ceres Power Ltd 2022
Slide 4: Partners scaling global manufacturing to meet demand for clean energy
_/ Partners scaling global manufacturing to meet demand for clean energy BOSCH «i cefes planed pos 2024) | ~500 people 2 @ e WEIEHAL BOSCH= Le guiura Two sites New test centre 200MW (2024) €400m investment VY to 2024 '‘DOOSAN 50MW initial capacity £90m investment in 79,200sqm plant © Ceres Power Ltd
Slide 5: Transformational year for the business
_/ Transformational year for the business * Strong progress on major contracts has driven a 44% increase in revenue to £31.7m for the year * £250m of cash following a successful fundraise of £179m for growth including development of SOEC for green hydrogen for industrial decarbonisation * Partners b
Slide 6: Slide 6
Slide 7: Financial highlights for year ended December 2021
7 Financial highlights for year ended 31 December 2021 Revenue and other Gross margin Cash and short-term Employees operating income investments £31.7m 66% £250m 489 +44% vs 31 Dec 20 CY2020: 67% Dec 2020: £110.2m Dec 2020: 325 Gross profit Adjusted EBITDA Order book! Pipeline? (£20.3m) (£16.7m) £37
Slide 8: Revenue, gross profit and gross margin
£35m 73% 80% 66% 67% 67% £30m 70% 60% £25m 50% £20m 40% £15m 30% £10m 20% £5m 10% £0m 0% CY 18 CY 19 CY 20 CY 21 Revenue Gross profit Gross profit margin ©
Slide 9: Revenue by type
£35m £30m £25m £20m £15m £10m £5m £0m CY 18 CY 19 CY 20 CY 21 Engineering services Supply Licence Other operating income ©
Slide 10: R&D, capitalised development and capital spend
• £40m £35m • £30m £25m £20m • £15m £10m £5m • £0m CY 18 CY 19 CY 20 CY 21 R&D* Capitalised development Capital spend ©
Slide 11: Investment to accelerate delivery of technology
Investment to accelerate delivery of technology + Multi-million pound agreement with HORIBA MIRA, Europe’s leading engineering and testing consultancy, expands Ceres’ test capacity + Expansion of CP2 Redhill prototype and sample facility, including investment in automation and capacity + Continued t
Slide 12: SOFC and SOEC losses
CY 18 CY 19 CY 20 CY 21 • £0m -£2m -£4m • -£6m -£8m -£10m -£12m -£14m SOFC SOEC ©
Slide 13: Growing visibility of future royalty revenue
_/ Growing visibility of future royalty revenue ! Mass market oo ' launch, China 2024: SOFC CAI mass market ! 1 | 1 | 1 nee ! iy aN i SOFC | launch @©BOSCH | HYDROGEN Partners I | WEICHAL | ; + scalingup : | ! ! HE Royalties ; towards mass j { Licence fees, ; Market faunch | L engineering services a
Slide 14: Slide 14
Slide 15: Clean energy technology to address climate change
Clean energy technology to address climate change > CEES GOS INF, A) Global demand for energy So to 20kW. 6 Potential for 150- 298 = 500kW utility POWER an = scale POWER Industry: 29% SOEC for Hz demand in * industrial uses Wie: i e.g. green steel, HYDROGEN * _#.. = ammonia, e-fuels H, & E-FUELS
Slide 16: Power products moving to commercialisation
_/ Power products moving to commercialisation DOOSAN () BOSCH WEICHAI Completed development of Investing €400m into SOFC New programme for a 30kW 10kW SOFC system for to 2024. Installing up to 100 stationary power module, buildings. Soft commercial small-scale stationary fuel cell expanding the coll
Slide 17: Heads of Terms signed for collaboration in China
Heads of Terms signed for collaboration in China + Access to China market - stationary and mobile applications — through two significant partners Weichai and Bosch + Intent that two separate JVs will be formed in Shandong Province: - A three-way System JV + A two-way (Bosch and Weichai) Stack JV + S
Slide 18: Now addressing potentially even greater market for SOEC
_/ Now addressing potentially even greater market for SOEC FUEL IN ENERGY STORAGE POWER TO BUSINESSES POWER TO H, FOR E-CHEMICALS TRANSPORT POWER TO HOMES H, FOR E-FUELS ceres HYDROGEN H, FOR INDUSTRIAL FEEDSTOCKS @ BOSCH WEICHAL miura RENEWABLE ENERGY IN H, GAS BLENDING © Ceres Power Ltd 2022 Green
Slide 19: First 1MW-class SOEC system demonstrator due to be operational in 2022
_TS First IMW-class SOEC system demonstrator due to be operational in 2022 Specification Target Production 600kg/day System efficiency >80%, LHV, AC Target cost <$1.50/kg! © Ceres Power Ltd 2022 1: Energy cost: US$20/MWh and i >80% efficiency at volume
Slide 20: Scaling the business through global licensing model
_S sealing the business through global licensing model New applications drive demand for cell Manufacturing for SOFC and SOEC and stack production Higher power systems and broadening Manufacturing partners scaling globally applications 0-20kw 20- I 200kW 200- 1,000kW 1IMW++ © Ceres Power Ltd 2022
Slide 21: Outlook and targets for the year ahead
_/ Outlook and targets for the year ahead + Continued topline growth for FY2022 with investment in SOEC and marine to drive future value + Supporting existing partners as they scale manufacturing in Germany and South Korea + Establish China JV for third global manufacturing facility - SOEC progressi
Slide 22: Investor Relations Team
INVESTOR RELATIONS TEAM: investors@cerespower.com +44 (0)1403 273463 info@cerespower.com Ceres Power, Viking House Hor: ‘oundry Lane PX UK