Cavendish Hydrogen Asa · OSL:CAVEN
Cavendish Hydrogen Asa — Investor Presentation (May 2025)
37 slides from Cavendish Hydrogen Asa's investor presentation, May 2025
Slide 1: Cavendish Hydrogen Company Presentation 2025
Cavendish Hydrogen Company Presentation 2025
Slide 2: Agenda
1. Introduction to Cavendish Hydrogen 2. The Hydrogen Mobility Opportunity Agenda 3. A Leading Player in Hydrogen Fueling Equipment 4. Cavendish Hydrogen’s Roadmap 5. Appendix 6
Slide 3: Introduction to Cavendish Hydrogen
CHAPTER 1 Introduction to Cavendish Hydrogen 7
Slide 4: This is Cavendish Hydrogen – 20 Years of Experience Developing Fueling Solutions
INTRODUCTION TO CAV ENDISH HY DROGEN This is Cavendish Hydrogen – 20 Years of Experience Developing Fueling Solutions Uniquely Positioned to Capture the Hydrogen Opportunity Geographical Presence in Key Markets +20 +140 Years of legacy within H2StationTM units sold One of the largest hydrogen fuelin
Slide 5: Fueling Plays a Critical Role in the Value Chain, Enabling Hydrogen Applications in Transport
INTRODUCTION TO CAV ENDISH HY DROGEN Fueling Plays a Critical Role in the Value Chain, Enabling Hydrogen Applications in Transport Hydrogen is compressed and cooled Hydrogen fueling is relevant for Electricity is generated from a power Electricity is used to split water (H2O) in the fueling equipmen
Slide 6: Offering Fueling Equipment and Full Scope of Services From Project Engineering to Operation Support
INTRODUCTION TO CAV ENDISH HY DROGEN Offering Fueling Equipment and Full Scope of Services From Project Engineering to Operation Support Services Supply Source Design and Manufacturing Hydrogen Storage Fueling Station Dispenser Project Engineering Project Management Installation Commissioning Mainte
Slide 7: Cavendish Hydrogen’s long history – in a young market
INTRODUCTION TO CAV ENDISH HY DROGEN 2003 H2 Logic is founded in Denmark Cavendish Hydrogen’s long 2009 history – in a young market 1st 350 bar Fueling Station 2011 1st 700 bar Fueling Station 2013 1st H2Station for bus fueling 2015 Nel acquires H2 Logic 2016 2016 2nd Gen 700 bar H2Station 1st offic
Slide 8: Cavendish Hydrogen’s Executive Management
INTRODUCTION TO CAV ENDISH HY DROGEN Cavendish Hydrogen’s Executive Management 3+ 6+ Years with Years with Nel / Nel / Cavendish Cavendish Robert Borin Marcus Halland Cavendish Hydrogen CEO Cavendish Hydrogen CFO 12
Slide 9: Extended Leadership Team
INTRODUCTION TO CAV ENDISH HY DROGEN Extended Leadership Team Michael Dahl Karsten Poulsen Peder Hykkelbjerg Martin Pfandl Head of Strategy & PMO Head of Operations Head of Projects and Service Head of Sales & Bus. Dev. Nel, MHI Vestas, Vestas Nel, Grundfos Nel, Siemens Nel, Linde Michael Stefan Els
Slide 10: Our Corporate Identity
INTRODUCTION TO CAV ENDISH HY DROGEN Our Corporate Identity OUR LEGACY OUR VISION Passion for Hydrogen End Emissions from Mobility DNA Reliable Hydrogen OUR VALUES Fueling Solutions OUR PROMISES CUSTOMERS: We promise you safe and competitive solutions with a leading Respect market reliability EMPLOY
Slide 11: The Hydrogen Mobility Opportunity
CHAPTER 2 The Hydrogen Mobility Opportunity 15
Slide 12: Overall Hydrogen Market Set To Grow Three-fold By 2050 With Mobility Being A Key Driver
THE HYDROGEN M OBILITY OPPORTUNITY Overall Hydrogen Market Set To Grow Three-fold By 2050 With Mobility Being A Key Driver Global Hydrogen Demand by Sector1 Mt per year Power Generation Power Commercial Heating Heating Industrial Heating Mobility ~300 New industrial use 18 Aviation Existing industri
Slide 13: Advantages of Heavy-Duty Hydrogen Mobility
THE HYDROGEN M OBILITY OPPORTUNITY Advantages of Heavy-Duty Hydrogen Mobility 10 min No Emissions Long Driving Range Fueling Time Grid Connection An obvious prerequisite for A well-functioning truck must Where the battery electric Battery charging a truck would all modern vehicles, making be able to
Slide 14: Current Regulatory Momentum is Creating Strong Tailwinds for Hydrogen Adoption in Mobility
THE HYDROGEN M OBILITY OPPORTUNITY Current Regulatory Momentum is Creating Strong Tailwinds for Hydrogen Adoption in Mobility Selected Multinational Hydrogen Regulations As of April 2024 2023 AFIR - Legislated Going forward Hydrogen refueling 2024-2030 stations every 200km by Expected continued regu
Slide 15: Hydrogen Fueling Station Market is set to Grow
THE HYDROGEN M OBILITY OPPORTUNITY Hydrogen Fueling Station Market is set to Grow # of Accumulated New Stations Implied by Market Korea Demand Estimates EMEA 6,000 ~6.7 EURbn Americas Market opportunity in Europe and Americas 5,000 from now to 2030 ~4,2001 stations 4,000 3,000 2,000 ~2,7001 stations
Slide 16: Strong Commitment From Reputable Players Throughout the Hydrogen Mobility Value Chain
THE HYDROGEN M OBILITY OPPORTUNITY Strong Commitment From Reputable Players Throughout the Hydrogen Mobility Value Chain Hydrogen Production High-Capacity Hydrogen Fueling Heavy-Duty Hydrogen Road Transport Operators Producers Operators Producers Operators Producers 20
Slide 17: Strong Momentum for Hydrogen Solutions Within Heavy-Duty Vehicles – OEMs Preparing for Launch
THE HYDROGEN M OBILITY OPPORTUNITY Strong Momentum for Hydrogen Solutions Within Heavy-Duty Vehicles – OEMs Preparing for Launch >100 Current number of hydrogen bus and truck vehicle models here today… Nikola TRE FCEV heavy-duty truck now in Hyundai XCIENT fuel cell truck ready for production – MAN
Slide 18: Financially Well Positioned to Capture the Hydrogen Opportunity
FINANCIALS Financially Well Positioned to Capture the Hydrogen Opportunity Public Well-Invested Funding & Well Capitalized Platform Partnership Opportunities EUR ~125 million invested Strong cash position with EUR Actively explore public funding capital since 20151 ~40 million in runway and no and p
Slide 19: A Leading Player in Hydrogen Fueling Equipment With Real Global Experience
CHAPTER 3 A Leading Player in Hydrogen Fueling Equipment With Real Global Experience 23
Slide 20: Cavendish Hydrogen Has The Experience and Building Blocks Needed to Succeed
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Cavendish Hydrogen Has The Experience and Building Blocks Needed to Succeed Long history in a young market • 20 years of experience and learnings accumulated to propel product development and capture market share Technology protected by patents • Cur
Slide 21: Experienced global organization and well-invested production facility
INTRODUCTION TO CAV ENDISH HY DROGEN Experienced global organization and well-invested production Herning facility ▪ 20+ years of experience and learnings accumulated ▪ 60+ research and development professionals globally developing the next generation High Capacity fueling station ▪ 75+ patents on c
Slide 22: Real-Time Station Monitoring & Diagnostics
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Real-Time Station Monitoring & Diagnostics 1. Remote monitoring Instant remote event-solving by hydrogen service technicians 2. Dispatching of service team If event is not solved remotely, local service technicians are sent to site Global Reach Hydro
Slide 23: Cavendish Hydrogen Offers a Clear Value Proposition to a Strong Base of Blue-Chip Customers
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Cavendish Hydrogen Offers a Clear Value Proposition to a Strong Base of Blue-Chip Customers Major U.S. Energy company 6 sites in U.S. 9 sites California and Holland 5 sites in Holland, Germany, and 7 sites in Poland Denmark 7 sites in Korea 5 sites i
Slide 24: Hydrogen Refueling Station Order From Alperia Greenpower SRL
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Hydrogen Refueling Station Order From Alperia Greenpower SRL • Client: Alperia Greenpower SRL • Value: ~EUR 3.8m • Location: Italy • Signed: 30. May 2024 • Hydrogen fueling equipment for one site to serve both light- and heavy-duty FCEVs in Bruneck,
Slide 25: Improved Station Utilization and Uptime
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Improved Station Utilization and Uptime Dispensed Mass In 1,000s kg hydrogen • Current technology is improving Americas with increasing demand and Korea utilization Europe Average monthly kg per station ~1,350 ~1,250 Series 1 • 15/15 Korean stations
Slide 26: Hydrogen Fueling, as Fast as Diesel Is a Must – An Industry-Wide Challenge
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Hydrogen Fueling, as Fast as Diesel Is a Must – An Industry-Wide Challenge Hydrogen and Energy Transfer During Fueling • End-users expect same performance Equivalent BEV charger as internal combustion engines (ICE) connection would be in the 8 vicini
Slide 27: Cavendish Hydrogen’s Roadmap
CHAPTER 4 Cavendish Hydrogen’s Roadmap 31
Slide 28: Developing the Next Generation Hydrogen Fueling Concept for Heavy-Duty Vehicles
ROADMAP Developing the Next Generation Hydrogen Fueling Concept for Heavy-Duty Vehicles Current Target Values • Fueling capacity: ~260kg per hour (>3.200km range for heavy trucks) • Filling time: 65kg in 10 min (~800km in 10 min) • Dispensers: Up to 6 dispensers • Standardization: Compliant with SAE
Slide 29: Cavendish Hydrogen’s Roadmap and Ambitions
ROADMAP Cavendish Hydrogen’s Roadmap and Ambitions 2023 2025 15% Initiated development of Capitalize on insights Our next-generation Ambition to capture 15% of high-capacity stations for derived from the light-duty hydrogen fueling stations the high-capacity market heavy-duty mobility in market to s
Slide 30: Questions & Answers
Questions & Answers © Cavendish Hydrogen
Slide 31: Hydrogen for Clean Mobility
Hydrogen for Clean Mobility © Cavendish Hydrogen
Slide 32: Appendix
CHAPTER 5 Appendix © Cavendish Hydrogen
Slide 33: Project Holland Hydrogen
APPENDIX Project Holland Hydrogen 1 Europe’s largest renewable hydrogen plant being developed by Shell • 200MW electrolyser project being constructed in the Port of Rotterdam, Netherlands • FID signed in July 2022 with construction commenced the same year, plant is expected operational in 2025 • Dai
Slide 34: Cavendish Hydrogen Site Case Study – Shell Groningen, Netherlands
APPENDIX Cavendish Hydrogen Site Case Study – Shell Groningen, Netherlands Shell’s 20 bus fleet 350 bar filling site Dispensed hydrogen1 Site overview Two stations provided by Cavendish Hydrogen In 1,000 kgs, monthly basis 20 • Shell’s first operational hydrogen filling point for buses globally 15 •
Slide 35: Cavendish Hydrogen Site Case Study – KOGAS-Tech #05, South Korea
APPENDIX Cavendish Hydrogen Site Case Study – KOGAS-Tech #05, South Korea KOGAS-Tech’s LDV 700 bar filling site Dispensed hydrogen1 Site overview Single station provided by Cavendish Hydrogen In 1,000 kgs, monthly basis 8 • The KOGAS-Tech #05 was the first hydrogen station in the Gyoung Gi province
Slide 36: Cavendish Hydrogen is the Third Largest Hydrogen Fueling Station Provider
APPENDIX Cavendish Hydrogen is the Third Largest Hydrogen Fueling Station Provider The 3rd largest hydrogen fueling station provider by sites in operation1 Ranked by 2023 market share, excluding China and Japan Competitive landscape2 21 11 9% 7 4 4 4 Company 1 Company 2 Company 4 Company 5 Company 6
Slide 37: Cavendish’s Rapid Technological Evolution and the Next Step
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Cavendish’s Rapid Technological Evolution and the Next Step 2008 2010 2015 2020 2025 + Vehicles Station capacity 50kg/day 100kg/day 200kg/day 500kg/day 4,000kg/day Station pressure 250 bar 350+700 bar 350+700 bar 350+700 bar 350+700 bar Capex/kg 150
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