H-power Plc · LSE:HPOW
H-power — AFC Energy — Shareholder Meeting (April 2025)
25 slides from H-power's shareholder meeting presentation, Apr 23, 2025
Slide 1: Clean energy innovation
Clean energy innovation AFC Energy PLC Annual General Meeting 23rd April 2025
Slide 2: The Whole Solution – End to End
The Whole Solution – End to End Ammonia Hydrogen Power Ammonia Fuel Cell Generator Cracking Systems Systems
Slide 3: The Market Opportunity – Hyamtec
The Market Opportunity – Hyamtec UK govt has set a 2030 5% Market share* @ H2 production target of £10kg = £1.8m revenue 3,600 tonnes per day per day / £650m pa (Source: UK: hydrogen demand forecast by scenario 2050 | Statista) 360 Hy-5 units deployed * Market share relates to UK market only 3
Slide 4: The Market Opportunity – Fuel Cell
The Market Opportunity – Fuel Cell 210,000* 45kVa / 30kW generators sold 1% market share = per annum revenue of £200m pa (2,100 units) (2.1m annual volume with an estimated 10% in AFC sweet spot) * Management estimates based on 2.1m annual generator sales 4
Slide 5: The Market Opportunity – Group
The Market Opportunity – Group Fuel Cell £200m pa £850m pa revenue @ 40% Gross Margin* £340m gross profit Hyamtec £650m pa * Margin based on management estimate (only includes 2 new product launches) 5
Slide 6: Our short term focus
Our short term focus Hyamtec Product suite development to capitalise on market disruptive price point for hydrogen production Fuel Cell Gen Sets Lower cost fuel cell gen sets to enable market penetration 6
Slide 7: The Market Opportunity – Upside Potential
The Market Opportunity – Upside Potential Product Range Electrolyser Portable Off highway Extension Displacement Export revenue Appliance (100kW, 200kW, from HY-5 (Cracker 500kW) (Cracker (Fuel Cell) Technology) Technology) (Fuel Cell) 7
Slide 8: Fuel Cell Strategy – Total Cost Of Ownership
Fuel Cell Strategy – Total Cost Of Ownership Diesel Current AFC Offer Future AFC Offer* Capital Cost Servicing / Maintenance Cost Fuel (HY-5) Generator Efficiency Total Cost of Ownership +450% *Future offer includes lower cost fuel cell and Hydrogen supplied from a HY-5 unit @ £10kg
Slide 9: Fuel Cell Highlights
Fuel Cell Highlights
Slide 10: Example Case studies – Technical Validation
Example Case studies – Technical Validation Acciona • S30 Air-cooled generator system deployed & operating in Spain (30kW) • 11 MWh of energy generated so far, on continuous operating duty. • Very high uptime percentage • Field trails still ongoing – likely to be extended at the customer’s request B
Slide 11: Our Achievements 2024
Our Achievements 2024 Built on-site training facility Next-Generation lower cost & higher power air-cooled stack Refitted 5S Manufacturing spaces S30 Systems CE Mark In-house hydrogen course for construction partners Generator Assembly & Testing 11
Slide 12: Product / Cost Evolution
Product / Cost Evolution High Power Platform 100 – 500 kW Generation 1 Generation 2 Cost High -65% Weight High -28% Size Large -34% Medium Power Platform In Development 10 – 50 kW Generation 1 [10kW] Generation 2 [30kW] Generation 3 [30kW] Cost High -50% -65% (Target) Weight High +20% TBC Size Tall
Slide 13: Hyamtec Highlights
Hyamtec Highlights 13
Slide 14: Our Achievements - 2024
Our Achievements - 2024 Building on the back of extensive technical expertise Engine Integration Advanced Module Testing New High-Capacity Pilot Site Test Facility Operations
Slide 15: Deep Dive : Project ENTICE
Deep Dive : Project ENTICE Use case: Large multi-MW 4-Stroke combustion engines Ammonia SCR / ASC Exhaust < 10ppm NOx 𝑵𝑵𝑵𝑵𝟑𝟑 α= ~𝟏𝟏 𝑵𝑵𝑵𝑵𝑵𝑵 Ammonia Cracker Cracked Hot Gas & Exhaust Ammonia Products Compact Ammonia Lean Burn Engine Cracker optimised for fast- operation (Lambda ~1.2)…
Slide 16: Target Markets
Target Markets The Hyamtec ammonia cracker technology development Refuellers ICE Conversions Industrial Plant Conversions Port Side Ammonia Crackers Hydrogen Pipeline Filling
Slide 17: Introducing the HY-5 hydrogen generator
Introducing the HY-5 hydrogen generator Based on Generation 2 Family architecture Introducing the HY5, a modular hydrogen generation solution based on Hyamtec’s proprietary ammonia cracking technology • Up to 500 kg / day hydrogen output • Low power consumption • Containerised & readily deployable •
Slide 18: Why do we think ammonia is the future?
Why do we think ammonia is the future? Superior energy density with no carbon emissions Two ISO Tanks of Ammonia (26 Tonnes) Fifteen 300Kg Hydrogen Tube Trailers The AFC Energy / Hyamtec Ammonia cracker technology unlocks access to low-cost, readily transportable hydrogen
Slide 19: Industry use case example : Asphalt production
Industry use case example : Asphalt production Why ammonia makes sense as a future cleaner fuel PROPANE 13 hrs runtime HYDROGEN 1hr 20 mins runtime 20MW AMMONIA Hydrogen is commercially challenging for heavy industrial energy users, ammonia and ammonia crackers enable a clean fuel transition ~ 6 hrs
Slide 20: Making Hydrogen at a 90% cost reduction
Making Hydrogen at a 90% cost reduction Why ammonia makes sense as a future cleaner fuel 1,800 Raw Commodity cost of hydrogen 1,600 One Tonne of 0.176 1,400 Ammonia Tonnes of 1,200 Hydrogen USD / Tonne 1,000 800 600 400 200 0 $ 2.84 per kg 2015 2015 2016 2017 2018 2019 2020 2021 2022 2023 $ ~500 per
Slide 21: What about comparing costs with electrolysers?
What about comparing costs with electrolysers? Making hydrogen in locations with cheap renewables and shipping as ammonia makes sense 25 To achieve similar hydrogen costs Electrolyser operating with electrolytic generation, the cost efficiency window 20 Electricity component of Hydrogen Cost / [£/Kg
Slide 22: Focus & Summary
Focus & Summary 22
Slide 23: Business Priorities
Business Priorities • Cost reduction • HY-5 productisation • Support Speedy Hire on • Cracker product roadmap delivery deployments to gain market acceptance • Technology validation through strategic partnership • Customer specific product delivery 23
Slide 24: Summary
Summary • Business repositioned with clear commercial focus • Emphasis on product / market fit • Creates substantially greater market opportunity in target markets: • Construction and off grid applications • Hydrogen production and supply • Highly skilled workforce motivated to deliver • Increasing
Slide 25: Questions
Questions Questions ? 25