Ceres Power Holdings Plc · LSE:CWR
Ceres Power — Investor Day (November 2019)
32 slides from Ceres Power's investor day presentation, Nov 12, 2019
Slide 1: Capital Markets Day
Capital Markets Day Phil Caldwell and his executive team host a tour of Ceres’ new manufacturing facility in Redhill Tuesday, 12 November 2019 Ceres Power Unit 3, Gatton Park Business Centre Wells Place, Redhill RH1 3SL 0
Slide 2: Disclaimer
Disclaimer The contents of this presentation have not been approved by an authorised person within the meaning of Section 21 of the Financial Services and Markets Act 2000 (as amended) ("FSMA"). Reliance on the contents of this presentation for the purpose of engaging in any investment activity may
Slide 3: Today's agenda
Today’s agenda 09.45 Welcome and introductions Phil Caldwell, CEO 10.00 Establishing the global standard in SOFC Mark Selby, CTO The addressable market for fuel cells Tony Cochrane, CCO Overview of Redhill manufacturing James Falla, COO 10.45 Split into Tour Groups Tour of Manufacturing (25mins) Jim
Slide 4: Welcome & Introductions
WELCOME & INTRODUCTIONS Phil Caldwell, Chief Executive Officer CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 5: High growth UK technology licensing company
• High growth UK technology licensing company with global world-class partners • World leading Solid Oxide fuel cell technology – Imperial College • Unique IP ~50 Patent families + know how • 240+ highly skilled scientists and engineers based in UK • £71m cash and £28m order book and £50m pipeline •
Slide 6: Objectives for the day
Objectives for the day Mark Selby, CTO Tony Cochrane, CCO James Falla, COO Establishing the industry Growing a global licensing Putting in place the building standard and maintaining the business as momentum blocks to enable global adoption Ceres advantage in fuel cell industry grows by the world’s
Slide 7: Fuel cell's role in energy transition
Fuel cell’s role in energy transition Air Quality Climate Change • Batteries & fuel cells key to • Path to Net Zero Zero emissions • Nat Gas to hydrogen • Pressure on charging infrastructure Balancing renewables Energy efficiency • Cheap renewable energy • Better than centralised disrupting centrali
Slide 8: Over US$1bn invested by OEMs over the past 18 months
Over US$1bn invested by OEMs over the past 18 months August 2019 April 2019 June 2019 July 2019 September 2019 October 2019 $163.6m €50m license Hydrogenics 81% Linde invests Total investment IPO of Doosan investment in agreement with acquired for £38m into ITM of $230m in Fuel Cell on KSC Ballard P
Slide 9: Partnership progression
Partnership progression 1. Joint product development 2. Licence: system/manufacturing 3. Royalties from products sold Engineering services Fees for tech transfer Royalties per kW CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 8
Slide 10: Technology to Address Climate Change
TECHNOLOGY TO ADDRESS CLIMATE CHANGE Mark Selby, Chief Technology Officer CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 11: A Change of Power
A CHANGE OF POWER We’re a fuel cell technology and engineering company bringing cleaner and cheaper energy to every home and business.
Slide 12: Industry leading robustness and low cost
Industry leading robustness and low cost Metal 3 Generation Supported 2 Anode Supported 1 Electrolyte Supported 500 600 700 800 900 Temperature ºC Maturity ◒ ◒ ● Stack Cost ● ◒ ◯ System Cost ● ◔ ◯ Robustness ● ◯ ◯ CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 13: SteelCell product platforms
SteelCell® product platforms 1kW stack 1 kW class home system 5 & 10 kW Commercial and SteelCell® data centres 5kW stack 30-100s kW Hybrid EV buses Power generation CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 12
Slide 14: SteelCell is the solution for distributed generation
SteelCell® is the solution for distributed generation PEM cell SOFC cell SteelCell Cost Efficiency Robustness Fuel flexibility CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 13
Slide 15: Transition to a Hydrogen Future is enabled by Fuel Cell Technology
Transition to a Hydrogen Future is enabled by Fuel Cell Technology Real experimental data with OEM partner CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 14
Slide 16: Zero carbon future, with significant cost savings
Zero carbon future, with significant cost savings Fuel Hydrogen Net Power 700W Net electrical efficiency >50% Zero emissions No CO2, SOx, NOx or PM 100 Simplification 80 Cost [%] 60 H2 40 20 SteelGen On Fuel Flex H2 SteelGen NG SteelGen CONFIDENTIAL Power for the energy transition Ceres Power Ltd. ©
Slide 17: Licensing Model & Achieving Scale
LICENSING MODEL & ACHIEVING SCALE Tony Cochrane, Chief Commercial Officer CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 18: Ceres partnerships in multiple applications globally
Ceres partnerships in multiple applications globally De-centralised Clean power Electric vehicles Power for datacentres Market size 1 ~100 GW >300 GW >50 GW Possible annual U$360m U$400m U$270m revenues for Ceres Rapidly growing • 1 kW residential to 10’s to 100 • Use as range extender for EVs in •
Slide 19: Ceres licensing business model
Ceres licensing business model 1 Ceres develops fuel cell technology that is licensed to OEMs and manufacturing partners Product Sales 2 Ceres receives payments through engineering services and up front license fees 3 Ceres secures future royalties on every system and stack that uses Ceres technolog
Slide 20: Commercial progress
Commercial progress • Strategic partnerships signed with Bosch and Weichai including equity investment and licensing agreements • First product launch with Japan’s Miura Co. using Ceres’ SteelCell® in a CHP system for commercial use • New system licence and JDA worth £8.0m over two years signed with
Slide 21: Commercial partners in every major FC market
Commercial partners in every major FC market CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 20
Slide 22: Scaling the business
Scaling the business Potential cell and stack licensee Product applications in each region factories suppling multiple products in (system licenses) regions of greatest demand CHP Data HD LD Dist. Utility Marine, Centre Vehicle Vehicle Power Gen. Train Gen 0-5kW 5-20kW 20-200kW 200-1000kW 1MW+ Exist
Slide 23: Overview Redhill Manufacturing
OVERVIEW REDHILL MANUFACTURING James Falla CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 24: UK's first SOFC reference plant: Redhill
UK’s first SOFC reference plant: Redhill • £8m investment creating ~60 skilled jobs in UK • Near term capacity for customers and “blueprint” for tech transfer to manufacturing partners • Fit-out completed Q1 2019 • Equipment installed Q2 2019 • Site training and validation H2 2019 Located near Redhi
Slide 25: UK Manufacturing enables global licensees
UK Manufacturing enables global licensees Annual capacity equivalent in units: R&D Scale Horsham 2018 2019 2020 2021 HOME WORK CLOUD ROAD UK Technical Centre develops next generation V5, V6 & V7 SteelCell® 1kW 10kW Datacentres 30kW CP2 Reference plant Phase 1 2 MW 2,000 200 - 60 Phase 2 3 to 10
Slide 26: Process Overview
Process Overview Ink Deposition Ceramic Powder Formulation Laser Heat Steel Substrate Drilling Treatment Interconnect Cell Laser Heat Treatment & Spacer Welding Outsourced Stack Assembly In House CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019 25
Slide 27: Bosch & Ceres Partnership
BOSCH & CERES PARTNERSHIP CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 28: What does the future of IoT and energy look like?
Electrification MOBILITY Automation Connectivity WHAT DOES Digitalisation IoT THE FUTURE Big Data INTERNET OF THINGS AND SERVICES LOOK Power/Data Security LIKE ? Air Quality CO2-Reduction ENERGY Decentralisation
Slide 29: Bosch SOFC
Bosch SOFC Efficiency Scalability up to several MWel Resilience Profitability. 28 Confidential | M/PJ-SOFC | 2019-11-11 2019-0217_V1_CPL_Investor_conference_Kern.pptx © Robert Bosch GmbH 2019. All rights reserved, also regarding any disposal, exploitation, reproduction, editing, distribution, as wel
Slide 30: SOFC – Use Cases (Selection)
SOFC – Use Cases (Selection) Various Application Opportunities Growing on Demand Preventing overcapacities and downtimes of power stations by using a decentralized energy system Combined Heat and Power Providing precious electricity with 60 % AC efficiency and additional thermal power Unlimited Scal
Slide 31: Summary
SUMMARY Phil Caldwell, Chief Executive CONFIDENTIAL Power for the energy transition Ceres Power Ltd. © 2019
Slide 32: Summary
Summary • Market has never been more real and with tangible momentum • Ceres highly differentiated and establishing the industry standard • Now have all the building blocks in place to enable global adoption by the world’s largest engineering companies CONFIDENTIAL Power for the energy transition Ce