Open Hydro

OpenHydro Engineers Ireland Conference | 22nd April 2010 g p © OpenHydro Group Limited 2010 | Confidential | James Ives Slide 1 | © OpenHydro Group Limited 2010

Agenda 1. Tidal Energy 2. Technology Development Open-Centre Turbine Turbine Testing Subsea Installation 3. Commercial Developments 4. OpenHydro 5. Financials Slide 2 | © OpenHydro Group Limited 2010

Tidal Energy Why Tidal Predictability Energy Density No Visual / Noise Impact Tidal Wave - - Wind - - - Bio Fuels - - Solar - - - Slide 4 | © OpenHydro Group Limited 2010

Tidal Energy Slide 5 | © OpenHydro Group Limited 2010

Tidal Energy Tidal Measurements Tides are governed by the Sun and Moon’s gravitational field; making them completely predictable. Tidal velocities can be measured using an Acoustic Doppler Current Profiler (ADCP). Using harmonic analysis, 28 days of measurement (2 x 14 day cycles) can be extrapolated to calculate tidal velocities accurately into the future. Slide 6 | © OpenHydro Group Limited 2010

Open-Centre Turbine Open-Centre Turbine The key to the Open-Centre Turbine lies in the simplicity of design. If a turbine is to survive in the marine environment it is essential that it be both simple and robust robust. OpenHydro owns the worldwide rights to the technology; portfolio of over 30 secured or pending patents. Slide 8 | © OpenHydro Group Limited 2010

Open-Centre Turbine Technology 1. Simple construction with only one moving part and no seals. 2. Permanent magnet generator, no gearbox. 3. Scalable design, currently at 10m [1MW rated]. Environmental 1. Large open centre provides an exit route for marine life. 2. Design avoids the need for oils, greases or other lubricating fluids. g 3. Retention of rotor blades within the outer housing. Slide 9 | © OpenHydro Group Limited 2010

Turbine Testing Turbine Testing Testing performed at the publicly financed European Marine Energy Centre1 (EMEC) in Orkney off the coast of northern Scotland. No ‘soft option’ with some of Europe's strongest tides (8 5 knots) and extreme (8.5 weather climate. OpenHydro is the only tidal developer to have installed and tested a device at EMEC. 1 Reference: OpenHydro s OpenHydro’s Turbine Research Structure www.emec.org.uk Slide 11 | © OpenHydro Group Limited 2010

Turbine Testing Installation Work (2006) Slide 12 | © OpenHydro Group Limited 2010

Turbine Testing Grid Connection 500m of subsea cable was recovered and relayed to OpenHydro’s platform to complete the 11kV grid connection. Slide 13 | © OpenHydro Group Limited 2010

Turbine Testing Slide 14 | © OpenHydro Group Limited 2010

Turbine Testing Slide 15 | © OpenHydro Group Limited 2010

Turbine Testing Grid Operation First company to connect and generate onto UK national grid (2008). Slide 16 | © OpenHydro Group Limited 2010

Turbine Testing Turbine Exchange Since 2006, OpenHydro have tested five 6m Open-Centre Turbines at the EMEC facility. Slide 17 | © OpenHydro Group Limited 2010

Turbine Testing Lessons Learnt The installation at EMEC provides OpenHydro with an invaluable platform for tidal turbine research and development. OpenHydro’s team have unique knowledge and experience of operating in strong tidal sites and with grid connection. For commercial deployments, OpenHydro do not regard piled structures as viable. Slide 18 | © OpenHydro Group Limited 2010

Subsea Installation Subsea Deployment Commercial design is for turbines mounted directly on the seabed. During 2008 OpenHydro 2008, built and deployed its first seabed mounted turbine at EMEC. Slide 20 | © OpenHydro Group Limited 2010

Subsea Installation Slide 21 | © OpenHydro Group Limited 2010

Subsea Installation Lessons Learnt Our experience has shown us that the appropriate equipment for installing tidal turbines does not exist in the general marine market. This new deployment method turns a difficult and lengthy project of many months into a quick and cost-efficient single day operation. A cost effective deployment method is essential for developing commercial farms farms. Slide 28 | © OpenHydro Group Limited 2010

Commercial Developments Group Structure OpenHydro Group Ltd is organised into two principal operating groups: OpenHydro Group Ltd OpenHydro Technology OpenHydro Site O S Development Engineering Manufacturing Operations Site Development Design and Manufacture of Services to Developer of tidal development of tidal turbines, subsea developers including farms up to point of energy systems. bases and electrical site selection, construction; either systems. systems consenting, consenting directly or in installation and partnership. ongoing maintenance. Slide 30 | © OpenHydro Group Limited 2010

Commercial Developments Nova Scotia Power Inc (NSPI) Installation of 10m (1MW rated) turbine in Bay of Fundy for Nova Scotia Power. ( ) y y Slide 31 | © OpenHydro Group Limited 2010

Commercial Developments 10m Open-Centre Turbine (1MW Rated) Slide 32 | © OpenHydro Group Limited 2010

Commercial Developments Slide 33 | © OpenHydro Group Limited 2010

Commercial Developments Turbine Deployment (Bay of Fundy) The installation was completed on first attempt on the 12th November to a high degree of accuracy. Slide 34 | © OpenHydro Group Limited 2010

Commercial Developments Électricité De France (EDF) Installation of four large Open-Centre Turbines for EDF in Brittany site (2011/12). g p y ( ) Slide 35 | © OpenHydro Group Limited 2010

Commercial Developments 16m Turbine Design The project will feature an array of 4 x 16m diameter turbines. These large turbines are designed to maximise the energy generation at the project site. Slide 36 | © OpenHydro Group Limited 2010

Commercial Developments Slide 37 | © OpenHydro Group Limited 2010

Commercial Developments Turbine Technology OpenHydro and EDF are working collaboratively on the optimisation of the turbine. Slide 38 | © OpenHydro Group Limited 2010

Commercial Developments Alderney Renewable Energy (ARE) OpenHydro holds 20% investment in ARE; site with potential to develop 3GW. p y ; p p Slide 39 | © OpenHydro Group Limited 2010

Commercial Developments SSE Renewables Awarded license in UK for 200MW joint venture with SSE Renewables. j Slide 40 | © OpenHydro Group Limited 2010

Commercial Developments SnoPUD OpenHydro selected by SnoPUD for showcase tidal p j p y y project in the US. Slide 41 | © OpenHydro Group Limited 2010

Commercial Developments ? Ireland Ireland has significant tidal resource; potential to p g ;p provide 10% of energy g gy generation. Slide 42 | © OpenHydro Group Limited 2010

Commercial Developments Ireland Tidal offers two potential benefits for Ireland: 1. To become a world leader in Tidal Technology and develop a major export industry industry. 2. To provide 10% of its energy needs from a clean and predictable energy source. Slide 43 | © OpenHydro Group Limited 2010

Commercial Developments Global Resource Tidal Resource Assessment OECD Scale Canada Tier 1 UK Tier 1 US Tier 1 Japan Tier 1 France Tier 1 New Zealand Tier 2 Australia Tier 2 Falklands Tier 3 Korea Tier 3 Singapore Tier 3 Ireland Tier 3 TRANSITION China Tier 1 India Tier 2 Indonesia Tier 2 Philippines Tier 2 Brazil Tier 2 Russia Tier 3 DEVELOPING Guyana Tier 2 Bangladesh Tier 2 New Guinea Tier 2 Burma Tier 2 An industry estimated to be worth €128bn in equipment sales. Tanzania Tier 2 Slide 44 | © OpenHydro Group Limited 2010

OpenHydro Company Background OpenHydro was formed in 2004 following the acquisition of the world technology rights to the Open-Centre Turbine. 40 employees across two main locations: Greenore Technical Centre & Dublin Office Office. Project offices in Scotland and Canada. Experienced Board and Management with relevant engineering and commercial experience. Slide 46 | © OpenHydro Group Limited 2010

OpenHydro Turbine Manufacture Dedicated research and development technology centre. Capacity to manufacture 6m, 10m and 16m turbines. Slide 47 | © OpenHydro Group Limited 2010

OpenHydro OpenHydro Team OpenHydro has targeted the recruitment of exceptional individuals from international organisations with transferable skills. g Slide 49 | © OpenHydro Group Limited 2010

Financials EMEC Research Structure Tidal Farm Economics Significant reduction in capital cost already achieved. €24m /MW Primary driver is low cost of turbine and installation method. Further significant cost reductions identified and underway. Capital Cost Per MW EMEC Subsea Deployment C Nova Scotia Deployment €7m /MW First 100MW €3m/MW Installation €1.6m/MW 2006 2007 2008 2009 2013 Slide 52 | © OpenHydro Group Limited 2010

Financials OpenHydro Tidal Turbine Economics Marine - Wave Marine Tidal M i - Tid l PV - Crystalline PV - Thin Film STEG - Parabolic Trough + Storage STEG - Parabolic Trough Wind - Offshore Biomass - Anaerobic Digestion Biomass - Gasification OpenHydro predict a cost per Biomass - Incineration Wind - Onshore MWh of €117 ( fi f (ex financing). i ) Landfill Gas Municipal Solid Waste Geothermal - Binary Plant Primary drivers are low cost Geothermal - Flash Plant Natural Gas CCGT of manufacture & installation. Coal Fired $- $50 $100 $150 $200 $250 $300 $350 $400 LCOE Carbon: 15 EUR C b Carbon: NEF E ti t C b Estimates Central Scenario C t lS i Slide 53 | © OpenHydro Group Limited 2010

Thank You j james.ives@openhydro.com @ p y © OpenHydro Group Limited 2010 | Confidential | James Ives Slide 54 | © OpenHydro Group Limited 2010

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