Advent Technologies Holdings, Inc. · OTC:ADNH
Advent Technologies — Investor Presentation (May 2024)
46 slides from Advent Technologies's investor presentation, May 22, 2024
Slide 1: Fuel Cell Technology for the Hydrogen Economy
Fuel Cell Technology for the Hydrogen Economy Investor Presentation, May 2024
Slide 2: Disclaimer
• DISCLAIMER The information, opinions, estimates, projections, forecasts, targets, or prospects contained in this presentation are provided as at the date of this presentation and are subject to change without notice . This presentation contains financial information prepared in accordance with U .
Slide 3: Forward-looking statements
This presentation contains “forward - looking statements” within the meaning of applicable securities laws, including statements with respect to Advent’s strategies, future opportunities and growth prospects, Advent’s financial statements, as well as other information and statements that are not his
Slide 4: Introduction
4 Introduction
Slide 5: Advent is the world leader in HT-PEM fuel cell technology
5 ADVENT IS THE WORLD LEADER IN HT - PEM FUEL CELL TECHNOLOGY • Our products deliver electrification powered by green energy for the Stationary , Portable , Off - Grid , Heavy - Duty Automotive , Marine , and Aerospace sectors. • Core - IP secured by 150+ patents Labs, Brookhaven Labs) • Factories a
Slide 6: Our People
Chris Kaskavelis CSO Our People Vasilis Gregoriou* Chairman & CEO Emory De Castro* CTO Jim Coffey General Counsel Nora Gourdoupi * SVP, Corporate Business Development Mogens Berg Andersen , Financial Director, Advent Technologies A/S . Morten Hougaard Sørensen SVP, Advent Technologies A/S Lawrence E
Slide 7: Organization and locations
Greece Organization 7 110 Employees & consultants 40+ Successful R&D Programs 150+ Patents Issued, Licensed, or Pending 700+ Combined Technical Years of Experience Advent Technologies LLC Silicon Valley USA • Product Development • Manufacturing Advent Technologies SA • R&D • Product Development • Ma
Slide 8: Market Opportunity & Mission
Market Opportunity & Mission Advent’s Fuel Cell 8 Buildings Power Generation Industry Mobility Emissions 35 Gt of CO₂ global/year Stationary & Off - Grid Power Long - Term Storage Steel Fertilizers Refineries Trucks Marine Aerospace 3 15 9 8 Core Beliefs • Hydrogen can address 1/3 of the world’s emi
Slide 9: Advent's HT-PEM Fuel Cell Technology
Advent’s HT - PEM Fuel Cell Technology ELECTRIFICATION Where infrastructure for refueling & local production is available. HYDROGEN eMethanol : Liquid 100% green H2 carrier Methanol/Biomethanol : Interim, low - cost option for off - grid & marine. eFuels/METHANOL Marine Stationary, Portable Off - Gr
Slide 10: Replacing the Diesel Generator With Advent Fuel Cells
Replacing the Diesel Generator 10 With Advent Fuel Cells *41% electrical efficiency, 85% incl. thermal efficiency
Slide 11: Methanol: Liquid Green Fuel and Hydrogen Carrier
Methanol= Liquid Green Fuel and Excellent Green Hydrogen Carrier • Grey methanol : Derived from natural gas, undergoing an electrochemical conversion process to produce power (and heat) in fuel cells. • Biomethanol: Sourced from biomass, waste, or biomethane via gasification methods. • eMethanol: Pr
Slide 12: Goal: Beat Diesel Engines/Gensets on Cost by 2026
Goal: Beat Diesel Engines/Gensets on Cost by 2026 € - 12 € 0.20 € 0.40 € 0.60 € 0.80 € 1.00 € 1.20 € 1.40 2025 2026 2027 2028 2029 2030 Energy Cost [€/kWh] Range of Diesel Genset LCOE • Market: 35$bn diesel genset market by 2030 is growing at 6% even in most advanced countries Strategy: • New MEA to
Slide 13: Inside the Advent HT-PEM Fuel Cell
13 Inside the Advent HT - PEM Fuel Cell One Technology: Many Markets Membrane Electrode MEA Electro - mechanical Unit Core Unit Power Electronics / Control Unit MEAs The “heart” of the fuel cell Fuel Cell Stack Fuel Cell Stack Reformer - HT - Stack Bipolar Plate Balance of Plant End Product Stationa
Slide 14: MEA technology Ion Pair
MEA technology Ion Pair TM MEA Superior Performance: HT - PEM fuel cells featuring Advent's next - gen MEA, developed in collaboration with Los Alamos National Laboratory, offer tripled lifespan and double the power density compared to previous models. Preferred Industry Choice: The Ion Pair MEA is
Slide 15: Global Commercial Collaborations, Lab Partnerships, Government Alliances
Global Commercial Collaborations, Top - tier Lab Partnerships, and Government Alliances Ongoing Joint Development Agreements Long - Term R&D Partnerships Our fuel cells have been successfully deployed by world - leading companies in the telecom industry. Marine Defense Aerospace 15 Heavy - Duty Auto
Slide 16: Markets
Markets
Slide 17: Key Markets
Key Markets 1. Stationary & Portable Power x Diesel Generator replacement (infrastructure, construction, telecom, data centers) 3. Heavy - Duty Automotive x Focus on heavy - duty trucks and eFuel EV range extenders 4. Aerospace x Main propulsion for aircrafts in the next decade (start with under 2hr
Slide 18: Critical Communications Backup Power
Critical Communications Backup Power Telecom Backup Power Advent Product Deployments Over 730,000 Operational Hours in the Field (as of March 2024) Globe Telecom 5G upgrades – Philippines • 10kW systems on rooftop sites in rural and urban areas • Proved resilient against natural disasters • Off - Gr
Slide 19: Stationary & Portable Power: New Markets
Stationary & Portable Power: New Markets Construction Remote EV Charging Stations Data Centers MW - Scale Off - Grid Support for Microgrids and Industrial & Hospital Applications With new data centers scaling up to 19 hundreds of GWs, reliable backup solutions are now essential, replacing traditiona
Slide 20: Portable & Stationary Power Products
Requires recharging. Off - grid batteries must be transported back to the grid for recharging every day. Battery - Only Competition: 6 - 8kg/kWh Portable & Stationary Power Products Fuel cells charge the battery, providing unlimited green power generation . Just add methanol fuel . What’s Inside Adv
Slide 21: Portable Power Case Studies
Construction Events Portable Power Case Studies Municipality projects Denmark • Advent's clean power solution charges electrical machinery, replacing 60kVA diesel genset. • Average power output of 5.8kW with a peak of 21kW, results in monthly reductions of 2.2 tons of CO2 emissions for each diesel g
Slide 22: Marine Deployments
Marine Deployments Rivercell Advent has partnered with Meyer Neptun , Siemens Energy and Lloyd's Register to develop 50kW Fuel Cell modules utilizing Advent's Ion Pair MEA technology, with a minimum total system size of 250kW. 22 22 Siemens Energy Advent and Siemens Energy are collaborating through
Slide 23: Marine Products: No Range Anxiety
No Range Anxiety. No Battery Recharging. No Noise. Battery Only System Advent’s Serene Electric Power Systems Comparison based on a 3 - day (6MWh/day load) trip 13 times lower weight than battery only 72% less space required 9.4 times lower cost Advent USPs: Made to fit your boat : free from moving
Slide 24: Automotive
Automotive • 2023 : Hyundai Motor Co . Joint Development . Technology assessment with four more top - 15 Automotive & Equipment manufacturers • 2024: First phase completion and potential move to large - scale Joint Development Agreements for Technology commercialization • 2025 - 2026: Aim for multim
Slide 25: Aerospace: Fuel Cell-Powered Aircraft
Aerospace: Fuel Cell - Powered Aircraft Airbus Utilizing our exclusive Ion Pair MEA technology , we are at the forefront of fuel cell development with the objective of enabling flights of up to 1000 kilometers solely powered by fuel cells. Through a $13 - million Joint Development Agreement , Advent
Slide 26: Human-Portable Power
Human - Portable Power 26 Honeybadger 50 Ultra - compact fuel cell, offering quiet, lightweight power generation on - the - move • In September and December 2023, contracts totaling $2.2 million and $2.8 million , respectively, were signed with the U.S. Department of Defense . These contracts focus
Slide 27: Business Model
Business Model, __
Slide 28: Business Model
Business Model Membrane Electrode MEA Fuel Cell Stack Balance of Plant Manufacture and sell MEAs at scale Core - IP protected by know - how and patents Low capex needed to increase production (coaters) 25% gross margin 20% - 25% of fuel cell cost License technology to Top Manufacturers Selectively m
Slide 29: Managing Growth: Go to Market Strategy
Managing Growth: Go to Market Strategy STAGE 1 2022 - 2024 Technology Assessments World - leading partners evaluate the technology, through benchmarking programs to determine suitability for their market. Completed Successfully: Hyundai Motor Company , Airbus , and Siemens Energy. Ongoing assessment
Slide 30: Joint Development Agreement and Customer Growth Strategy
Joint Development Agreement (JDA) $3m - $5m/year/partner (2x with R&D grants) Year 4: 20 MW Year 6: 100 MW Year 5: 50 MW Year 7: 500 MW Market Potential (per partnership) Low Volume Production 2oMW - 50MW 10 - 25m$/year Target 2026 High Volume 100MW - 1GW 40+m$/year Customer Growth Strategy Year 8:
Slide 31: What is 100MW Equivalent To
What is 100MWs Equivalent To: 1 Data Center 5000 Telecom Towers 31 STATIONARY POWER MARKET MOBILITY 350 Building/Hotel Backup 350 Construction Portable Power Systems Power Systems Global diesel genset market: 2022: $ 20bn billion to grow to 2031: $41bn 10 ATR type Aircrafts Global Market: 2,450 turb
Slide 32: Market Opportunity for HT-PEM Technology and Advent
Market Opportunity for HT - PEM Technology and Advent • We predict that HT - PEM Fuel Cells can address a 1.6GW opportunity by 2030, mainly by replacing diesel generators and engines in stationary, portable, off - grid, and marine applications. Scaleup of mobility is a much bigger opportunity. 32 •
Slide 33: Active R&D Programs
Active R&D Programs 21 Programs of $16m in EU and USA to support R&D in 2024 and forward EU Project Funding Green HiPo: Innovative Production of HT - PEM Fuel Cells and Electrolyzer Systems in Western Macedonia, Greece Advent's Green HiPo, a €60 - million EU - approved key IPCEI Hydrogen Technology
Slide 34: AEM Electrolyzers R&D
AEM Electrolyzers R&D H2 SOLAR WIND 34 Pt No Platinum Unlike PEM electrolyzers, AEM does not require Pt that costs $100s per kW Ir No Iridium Unlike PEM electrolyzers, AEM does not require Ir that costs $100s per kW IP Advent’s strong IP in electrodes & membranes & scale - up readiness Manufacturing
Slide 35: Advent Develops AEM Electrolyzers to Lower Cost of Green Hydrogen
Advent Develops AEM Electrolyzers to Lower the Cost of Green Hydrogen Production Low OPEX: • Advent’s MEA achieves 90% voltage efficiency (key to achieving hydrogen at $1/kg) • At the MEA level, Advent has exceeded the U.S. DoE target of under 45 kWh/kg H2 Low CAPEX: • No Platinum, Iridium, or Titan
Slide 36: Financial
Financial
Slide 37: Financial Highlights
Financial Highlights* 37 2024: Revenue & Grants: Target is set at $13m ($11 million in revenue and $2 million in grants). Most of the revenue is already contracted and subject to Advent delivering against milestones. IPCEI should bring another $3 million to $5 million that are not included in the ab
Slide 38: Price/Sales Ratio Peer Comparison
1.1x 5.1x 16.6x 9.1x 8.1x 3.5x 2.6x 16.8x 38 Developer & producer of hydrogen fuel cell stacks and systems Designer and manufacturer of heavy - duty commercial battery - electric vehicles (BEV), fuel cell electric vehicles (FCEV), and energy infrastructure solutions. Fuel cell technology & engineeri
Slide 39: Thank you.
39 Thank you.
Slide 40: Appendix: Technology
2 ADVENT Technology Appendix
Slide 41: Why Fuel Cells?
Why Fuel Cells? Why Fuel Cells? Fuel Cell VS Batteries VS Diesel Generator 1 time per year 2 - 3 times per year 6 - 8 times per year Maintenance - 20 o C to 50 o C Intolerant Good Resilience Just add fuel 1 - 2 hours Just add fuel Duration 80% - 100% emissions reduction Grid - based (20% - 40%) redu
Slide 42: Technology: HT-PEM USPs vs LT-PEM
Technology Resilience at Extreme Environments Logistics Liquid eFuel – ready (Methanol) Efficiency Heat - Management HT - PEM: USPs vs LT - PEM No - water in the fuel cell membrane results in simpler system that can operate in hot or cold environments efficiently. HT - PEM works at ideal temperature
Slide 43: SereneP Portable Power Products
7 SereneP Portable Power Products For Construction Sites, EV Charging Stations, Microgrids, Events & Buildings • Combines a battery, a fuel cell, and green liquid fuel to provide clean power (10kVA to 300kVA). • Operates on methanol, biomethanol, or eMethanol. • Unlike traditional grid charging, Ser
Slide 44: SereneP: Comparison with Batteries
SereneP: Comparison with Batteries 44 Advent’s SereneP System Vs Battery - Only Solution Comparison SereneP (Fuel Cell + Battery) Fuel cells charge the battery, providing unlimited green power generation. Logistics Cost Emissions No Recharging Constant power potential limited only by fuel supply. Lo
Slide 45: SereneM Marine Power Comparison
No Range Anxiety. No Battery Recharging. No Noise. Comparison based on 1 day (6MWh/day load) trip 45 Comparison based on 3 day (6MWh/day load) trip Battery Only System Advent’s Serene Electric Power Systems Battery Only System Advent’s Serene Electric Power Systems 7 times lower weight than battery
Slide 46: Types of Methanol vs Diesel
Diesel 0.6 - 1.15 Unburned Hydrocarbons (HC), carbon monoxide (CO), nitrogen oxides (NOx), SOx, particulate matter (PM), BC, OC Types Of Methanol Vs Diesel Advent Fuel Cells can also use H2 or natural gas, ethanol Fuel Cost vs Diesel TCO/kWh (incl. capex, service, fuel) CO2 Emissions Pollutants CO2
Advent Technologies Holdings — Investor Presentation (May 2024) on 6ix