Itm Power Plc · LSE:ITM
Itm Power — Shareholder Meeting (September 2015)
41 slides from Itm Power's shareholder meeting presentation, Sep 16, 2015
Slide 1: Annual General Meeting
ANNUAL GENERAL MEETING 16 TH SEPTEMBER | ITM POWER | SHEFFIELD
Slide 2: Contents
ANNUAL GENERAL MEETING 16 TH SEPTEMBER | ITM POWER | SHEFFIELD Contents: • Introduction & Product Offering • Power-to-Gas Energy Storage • Clean Fuel • Launch Preview • Corporate Development • Key Performance Indicators • Results • Summary
Slide 3: Rapid Response Electrolyser
RAPID RESPONSE ELECTROLYSER Scalable | Rapid Response | Self pressurising Wind Power Energy Storage ITM Electrolyser Grid Clean Fuel PEM ELECTROLYSER SYSTEMS HYDROGEN ENERGY SYSTEMS
Slide 4: Product Offering
PRODUCT OFFERING Rapid Response | High Efficiency | Self Pressurising | Scaleable • Rapid response: less than 2s; for primary grid balancing • High Pressure: self pressurising; for onward compression & direct injection • High Efficiency: measured by third parties in the field • MW Scale: 1MW modules
Slide 5: Standard Platforms
STANDARD PLATFORMS Standardisation • A defined modular platform • Consolidation & simplification achieved • Compliance barrier overcome • Well organised & efficient manufacture • Ability to tailor & integrate improvements CONSOLIDATION HYDROGEN ENERGY SYSTEMS
Slide 6: 1MW Stack Module | Hannover Launch
1MW STACK MODULE | HANNOVER LAUNCH New 1MW Module | 3 x 350kW stacks • Hannover launch April 2015 • Smallest 1MW system on the market • Based on the new 350kW stack • Rapid response | Modular unit • Developing projects now 1MW SKID | HANNOVER LAUNCH HYDROGEN ENERGY SYSTEMS
Slide 7: Regulations, Codes & Standards
REGULATIONS, CODES & STANDARDS A leading role in shaping hydrogen deployment • Secretary of British Compressed Gas Association Technical Steering Committee 9 • Secretary and UK Expert to ISO Technical Committee 197 • UK Expert to ISO working groups for electrolysers, dispensers & H2 quality • Next C
Slide 8: P2G Projects
P2G PROJECTS THÜGA RWE OPPORTUNITY PIPELINE
Slide 9: Thüga Group
THÜGA GROUP Electrolyser system ‘exceeds expectations’ • Assessment of system efficiency 77% to 72% at full load • Qualified for grid balancing services (RNSR Aug 2015) • Operation continues & revenue generated for operator • Plans to incorporate into a wider, intelligent energy system 1 ST PEM POWE
Slide 10: RWE | Westnetz
RWE | WESTNETZ Continued engagement • Sale announced on 11 December 2014 • 65% upfront payment • Electrolyser on the ground within 10 weeks of order • RWE is one of Europe’s five leading electricity and gas companies RWE | WESTNETZ HYDROGEN ENERGY SYSTEMS
Slide 11: Acceptance Testing
ACCEPTANCE TESTING Highest recorded electrolyser system efficiency • 2nd generation HGas180 product • Integration of waste heat recovery (follow on sale) • 86% system efficiency achieved • Official inauguration 18th Aug 2015 PLANT SIGN OFF HYDROGEN ENERGY SYSTEMS
Slide 12: European Marine Energy Centre
EUROPEAN MARINE ENERGY CENTRE Storing wave & tidal power • £1.8m sale • Competitive tender • 0.5MW electrolyser | Compressor | Storage • Largest system to date EMEC HYDROGEN ENERGY SYSTEMS
Slide 13: Energiewende
ENERGIEWENDE Energy Policy Objectives excerpt | German Government • Reduction of greenhouse emissions • Increase renewables in energy mix • Complete shutdown of nuclear 2022 Target 2012 2020 2030 2040 2050 Greenhouse Gas Emissions (Vs. 1990) - 25 % - 40 % - 55 % - 70 % - 80 % Renewables Share of Ele
Slide 14: Energiewende: The Challenge
ENERGIEWENDE A new type of energy storage required Regional Analysis Source: ITM Power THE CHALLENGE HYDROGEN ENERGY SYSTEMS
Slide 15: Market Size | New EU Report
MARKET SIZE | NEW EU REPORT Germany: 46 GW (£46bn) in 2030 | 115 – 170 GW in 2050 REFUELLING STATIONS | P2G UNITS HYDROGEN ENERGY SYSTEMS
Slide 16: Power-to-Gas Projects Pipeline
POWER-TO-GAS PROJECTS PIPELINE Exploit reference plants • Germany: Thüga wider energy system | Project development with RWE • California: Developing projects with utilities | Shaping grid balancing services • UK: EMEC project follow on | Waitrose pilot to synthesise ammonia • Multiple projects in de
Slide 17: Clean Fuel
CLEAN FUEL HYFIVE ISLAND HYDROGEN UKH 2 MOBILITY CALIFORNIA
Slide 18: London Hydrogen Partnership
3 ITM refuelling stations in London • Supported by the Fuel Cell & Hydrogen Undertaking • 100 Fuel Cell Electric Vehicles from 5 OEMs • ITM to build 3 refuelling stations in London • Site 1 | NPL, Teddingham • Site 2 | CEME, Rainham • Site 3 | Site identified, under negotiation • €18m total EU (JTI)
Slide 19: Island Hydrogen
2 ITM refuelling stations • 80kg/day electrolyser & refueller in Rotherham – launch tomorrow • 15kg/day electrolyser & refueller on Isle of Wight – installed • Main deliverables were two hydrogen refuelling stations • Establish a car club to trial hydrogen cars (Microcab) & vans (ITM) ISLAND HYDROGE
Slide 20: UK Refuelling Stations
2 ITM refuelling stations • Signed a strategic siting partnership with Shell • Support roll out of forecourt HRS in UK • £2.89m award | Office for Low Emission Vehicles • 2 new refuelling stations in London • To be sited on Shell forecourts • Upgrade of existing stations • Secured 67% of available m
Slide 21: California
2 ITM refuelling stations • To be deployed in Chino & Riverside • Both passed factory acceptance • Riverside shipped • Commissioning to start September 2015 CALIFORNIA HYDROGEN ENERGY SYSTEMS
Slide 22: ITM Power Refuelling Stations: A Growing Portfolio
ITM POWER | REFUELLING STATIONS A growing portfolio Code Status Project Location Specification Funding Contract Ownership Value HRS 001 Operating Nottingham Univ of Notts 5kg/day 350 bar TSB (UK Gov) £275k Notts Uni HRS 002 Operating HOST Mobile refueller 15kg/day 350 bar TSB (UK Gov) £326k ITM Powe
Slide 23: Refuelling Station Roadmap
REFUELLING STATION ROADMAP EcoIsland (TSB) HyFive (EU) OLEV (UK) EU H2Mobility 1x80kg | 1x15kg 3x80kg 2x80kg 4x80kg 65x80kg £1.5m €3.0m £2.89m Proposal Tender Chino (CEC) Riverside (CEC) 2015 Call 2016 Call 7 More Calls 1x100kg 1x33kg 10x150kg Planning Budgeted $1.5m $3.0m Tender Tender Annual Tende
Slide 24: Update: Project Pipeline – Fuel in the USA
UPDATE: PROJECT PIPELINE Californian call 2015/2016 • Draft released 3rd August 2015 • Anticipated timeline for official release – end 2015 • 150kg per day station size, expandable to 250kg/day • 33% of all fuel dispensed must be renewable H2 • Upgrades to pre 2010 stations allowed • $17.3m availabl
Slide 25: Launch
LAUNCH Mi WIND HYDROGEN (¢') ITM POWER ii Energy Storage | Clean Fuel
Slide 26: M1 Station Launch
M1 STATION LAUNCH 17th September 2015 • 130 delegates | Commercial, Press, Government • Toyota | Hyundai | Honda FCEV cars attending • Ride and Drive opportunities • Coverage from BBC | Financial Times | The Times • Coverage in Handelsblatt, Finance Industry Daily M1 WIND HYDROGEN EVENT HYDROGEN ENE
Slide 27: M1 Wind Hydrogen Station Agenda
M1 WIND HYDROGEN STATION Agenda 10.00 Registration and refreshments 10.30 Opening address – ITM Power - Prof Roger Putnam 10.35 ITM Power - Dr Simon Bourne, CTO 10.50 Toyota GB - Jon Hunt, Marketing Manager 11.00 Hyundai UK - Tony Whitehorn, President and CEO 11.10 InnovateUK - Kevin Baughan, Direct
Slide 28: Corporate KPI's
CORPORATE AWARENESS JCB BOARD KPI’S
Slide 29: Marketing: Social Media
09.09.2015 MARKETING: SOCIAL MEDIA LinkedIn | Twitter | Facebook | YouTube • 2,101 Twitter followers | 650 Facebook Likes • 1, 610 followers on LinkedIn • YouTube 741,023 views | 255 subscribers • Significant press coverage ahead of launch SOCIAL MEDIA HYDROGEN ENERGY SYSTEMS
Slide 30: JCB £4.9M Strategic Investment
JCB £4.9M STRATEGIC INVESTMENT Volume Manufacturing • The world's third-largest supplier of earth-moving equipment • Sales of £2.68bn (2014), £313m (2014) profit • Sold 66,227 machines • 22 factories across Asia, Europe, China, North America and South America • 12 factories in the UK and 5 in India
Slide 31: The Board
THE BOARD Welcome Bob Pendlebury & Rachel Smith • Bob joined as JCB nominee, July 2015 • Extensive experience within Ford and JCB Robert Pendlebury Rachel Smith • Immediate Engineering & Manufacturing impact • Rachel has been with ITM since 2002 • Coordinates all collaborative projects THE BOARD HYD
Slide 32: Key Performance Indicators
KEY PERFORMANCE INDICATORS Clear measures of business performance • Technology KPI 1 • Cumulative test hours • Technology KPI 2 • Cumulative installed capacity • Commercial KPI 3 • Product sales • Commercial KPI 4 • Project income • Commercial KPI 5 • Projects under contract • Financial KPI 6 • Head
Slide 33: KPI 1: Cumulative Test Hours
KPI 1: CUMULATIVE TEST HOURS Over 1 million test hours • Test stands fully automated & data logged • Qualifying performance of key cell & stack components • Developing predictive tools • Recent expansion to factory acceptance testing KPI 1: CUMULATIVE TEST HOURS HYDROGEN ENERGY SYSTEMS
Slide 34: KPI 2: Installed Capacity
KPI 2: INSTALLED CAPACITY 6MW of plant deployed & under contract • Tracks the technology deployment • Tracks available reference plant • Installed capacity is a key metric in tender documents • Equivalent to 3.7MW deployed & further 2.3MW under contract KPI 2: INSTALLED CAPACITY HYDROGEN ENERGY SYST
Slide 35: KPI 3: Product Sales & Project Income
KPI 3: PRODUCT SALES & PROJECT INCOME Customers are often confidential; we announce when possible. Order book needs strong balance sheet For year ending April 30th 2014 9,000,000 • £3.12m total inflow • £1.16m product sales 8,000,000 • £1.96m project funding 7,000,000 6,000,000 For year ending April
Slide 36: KPI 4: Project Income
KPI 4: PROJECT INCOME Customers are often confidential; we announce when possible. Order book needs strong balance sheet For year ending April 30th 2014 6,000,000 • £3.12m total inflow • £1.16m product sales 5,000,000 • £1.96m project funding For year ending April 30th 2015 4,000,000 • £5.06m total
Slide 37: KPI 5: Projects Under Contract
KPI 5: PROJECTS UNDER CONTRACT September snapshot • £10.79m of projects under contract or in the final stages of negotiation • £10.49m of projects under contract • £0.30m of contracts in final negotiation Project Type Grant/Sale Project Value Under Contract • Growing pipeline OLEV - 2 Stations Refue
Slide 38: KPI 6: Head Count | Staff Costs
KPI 6: HEAD COUNT | STAFF COSTS Staff and Country Reps | £4m pa • Headcount remaining consistent with prior year despite increased activity • £1.2m of costs (labour and overhead) funded by grants Staff numbers per month 90 80 70 60 50 40 Overseas 30 Staff 20 10 - 01/05/2013 01/06/2013 01/07/2013 01/
Slide 39: Key Financial Results for the period ended 30 April 2015
ANNUAL GENERAL MEETING 16 TH SEPTEMBER | ITM POWER | SHEFFIELD Key Financial Results for the period ended 30 April 2015: Total Revenue & Grant Funding of £5.061m (2014: £3.077m) up 64%, comprising: Revenue: £1.635m (2014: £1.127m) up 45% Grant income: £1.777m (2014: £1.370m) up 30% Grants re
Slide 40: Commercial progress to date
ANNUAL GENERAL MEETING 16 TH SEPTEMBER | ITM POWER | SHEFFIELD Commercial progress to date: A Total of £10.79m of projects under contract or in the final stages of negotiation £10.49m of projects under contract £0.30m of contracts in the final stages of negotiation Strongly developing pipeli
Slide 41: Annual General Meeting
ANNUAL GENERAL MEETING 16 TH SEPTEMBER | ITM POWER | SHEFFIELD