Slide 1: Interim Results Presentation: For the Period Ending October 2014
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014
Slide 2: Contents
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014 Contents: • Introduction • Positioning | Products | Production • Power-to-Gas Energy Storage: Projects • Power-to-Gas Energy Storage: Pipeline • Refuelling Station: Projects • Refuelling Station: Pipeline • Financials • Summary
Slide 3: Commercial progress to date
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014 Commercial progress to date: A Total of £8.76m of projects under contract A further £2.61m in the final stages of negotiation A further £1.340m of income already recognised in the period All projects bid with a 50% upfront paym
Slide 4: Refuelling Stations | P2G Units
Power-to-Gas Refuelling Stations REFUELLING STATIONS | P2G UNITS HYDROGEN ENERGY SYSTEMS
Slide 5: Reference Plant | Germany | UK | USA
REFERENCE PLANT | GERMANY | UK | USA A major barrier to entry overcome • NRE (Non Recurring Engineering Costs) have been invested • Products have been standardised • Compliance in UK | EU | USA achieved • Power-to-Gas and Refuelling Stations reference plants in the field REFERENCE PLANT HYDROGEN ENE
Slide 6: Projects Under Contract
PROJECTS UNDER CONTRACT Pipeline of projects is rapidly growing Contract Contracted Outstanding Project Type to ITM on Contract • £11.37m of projects under contract or in the EcoIsland 360kW £302k £1.5m Grant Refueller final stages of negotiation Chino I 360kW £239k £773k Sale Refueller • £8.76m of
Slide 7: Projects Under Contract
£12.0m In Negotiation PROJECTS UNDER CONTRACT Under Contract Pipeline of projects is rapidly growing £10.0m • £11.37m of projects under contract or in the final stages of negotiation £8.0m • £8.76m of projects under contract • £2.61m of contracts in final negotiation • Growing pipeline £6.0m £4.0m P
Slide 8: Production Expansion
PRODUCTION EXPANSION Production ramping rapidly • Standardisation has enabled cost reduction • Expansion with new test bays and 1MW substation • Factory throughput significantly increased • Announced 05 January 2015 PLANNING HYDROGEN ENERGY SYSTEMS
Slide 9: Atlas Way
ATLAS WAY HYDROGEN ENERGY SYSTEMS
Slide 10: Atlas Way: 20% Expansion
Testing ATLAS WAY: 20% EXPANSION HYDROGEN ENERGY SYSTEMS
Slide 11: P2G Projects
P2G PROJECTS THÜGA PROJECT RWE NG/AMEC
Slide 12: P2G Plant & Visitor Centre
P2G PLANT & VISITOR CENTRE HYDROGEN ENERGY SYSTEMS
Slide 13: NRM: Mixing Plant
NRM: MIXING PLANT HYDROGEN ENERGY SYSTEMS
Slide 14: Sale to RWE | Westnetz
SALE TO RWE | WESTNETZ Rapid engagement • Announced on 11 December 2014 • RWE is one of Europe’s five leading electricity and gas companies • In fiscal year 2013, RWE recorded €54 billion in revenue • 65% upfront RWE | WESTNETZ HYDROGEN ENERGY SYSTEMS
Slide 15: Power-to-Gas in UK
POWER-TO-GAS IN UK National Grid | AMEC • Grid Gas: NG | SSE | Shell • NG/AMEC 1: Feasibility study | £120k funded by NG • 200/300 x Multi-MW opportunities in the UK alone • NG/AMEC 2: Contract to identify the first project sites First Plant GridGas NG/AMEC 1 NG/AMEC 2 Sale POWER-TO-GAS ENERGY STORA
Slide 16: 1.3GW Energy Storage Mandate in California
1.3GW ENERGY STORAGE MANDATE IN CALIFORNIA CPUC Sets the energy storage mandate for the power sector • Energy storage target of 1,325 megawatts • Obligation on 3 major CA utilities by 2020 • Optimization of the grid, including peak reduction • Integration of renewable energy • Reduction of GHG emiss
Slide 17: Clean Fuel
CLEAN FUEL WHAT IS A FCEV THE CARS REFUELLING
Slide 18: ITM Power | Refuelling Stations
ITM POWER | REFUELLING STATIONS Code Status Project Location Specification Funding Contract Ownership Value HRS 001 Operating Nottingham Univ of Notts 5kg/day 350 bar TSB (UK Gov) £275k Univ of Notts HRS 002 Operating HOST Mobile refueller 15kg/day 350 bar TSB (UK Gov) £326k ITM Power HRS 003 Operat
Slide 19: 80kg/day Refueling System
80KG/DAY REFUELING SYSTEM ON-SITE HYDROGEN PRODUCTION ENERGY STORAGE | CLEAN FUEL
Slide 20: UK Refuelling Stations
UK REFUELLING STATIONS Development of a UK Infrastructure Business • Grant funded Capex and Opex • Maintenance contract with each award • OLEV £11m announced | OLEV £60m call in early 2015 • OLEV have indicated £100m allocated for hydrogen EcoIsland (TSB) HyFive (EU) OLEV £11m Call H2Mobility H2Mobi
Slide 21: FCH JU 2: 2015
FCH JU 2: 2015 FCH budget €1.4bn over 4yrs • Development: 100% of the total eligible cost • Demonstrations: 70% maximum will apply for profit making entities EcoIsland (TSB) HyFive (EU) P1: Transport P2: Energy FCH JU2 1x80kg | 1x15kg 3x80kg 2015: €40m 2015: €40m €1.4bn £1.5m €3.0m Tender Tender Ann
Slide 22: California Refuelling Stations
CALIFORNIA REFUELLING STATIONS California Hydrogen Infrastructure Deployment • Fund of $200m for 100 hydrogen stations with up to $20m a year for 10yrs • 2012: ITM Power Inc. established in California • 2013: ITM Power Inc. wins H2 station award with 2 North American partners at Hyundai, Chino • 201
Slide 23: Key Financial Results
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014 Key Financial Results for the period ended 31 October 2014: Total Income incorporating sales revenue and projects income £1.34m (2013: £1.61m) Sales Revenue £0.521 (2013: £0.711m) Collaborative projects income £0.823m (2013: £0.9
Slide 24: Product Sales & Project Income
PRODUCT SALES & PROJECT INCOME Customers are often confidential; we announce when possible. Order book needs strong balance sheet For year ending April 30th 2013 £3,500,000 • £1.45m total inflow • £0.09m product sales £3,000,000 • £1.36m grant funding £2,500,000 For year ending April 30th 2014 £2,00
Slide 25: Project Income
PROJECT INCOME Customers are often confidential; we announce when possible. Order book needs strong balance sheet For year ending April 30th 2013 • £1.45m total inflow Collaborative Project Funding • £0.09m product sales £3,000,000 • £1.36m grant funding £2,500,000 For year ending April 30th 2014 •
Slide 26: Head Count | Staff Costs
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 Costs per month £400,000 £350,000 £300,000 £250,000 £200,000 Consultants £150,000 Staff £100,000 £50,000
Slide 27: Cash Burn | Underlying Trends
CASH BURN | UNDERLYING TRENDS Major objective to get cash flow positive in as short a time frame as possible • Increased stock levels representative of increased activity • Increased activity in project and commercial builds • ITM Power are becoming an owner of assets that provide commercial opportu
Slide 28: Commercial progress to date
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014 Commercial progress to date: A Total of £8.76m of projects under contract A further £2.61m in the final stages of negotiation A further £1.340m of income already recognised in the period All projects bid with a 50% upfront paym
Slide 29: INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014
INTERIM RESULTS PRESENTATION: FOR THE PERIOD ENDING OCTOBER 2014