ITM Power: Interim Results Jan 2012

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Positioning
Major Fuel Projects
Development Projects
HFuel Product
Grant Awards
Market Developments
Results
Outlook

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ITM Power: Interim Results Jan 2012

  1. 1. INTERIM RESULTS FOR THE PERIOD TO OCTOBER 2011 ITM POWER DESIGNS AND MANUFACTURES HYDROGEN ENERGY SYSTEMS FOR ENERGY STORAGE AND CLEAN FUEL PRODUCTION
  2. 2. <ul><li>Contents </li></ul><ul><li>Positioning </li></ul><ul><li>Major Fuel Projects </li></ul><ul><li>Development Projects </li></ul><ul><li>HFuel Product </li></ul><ul><li>Grant Awards </li></ul><ul><li>Market Developments </li></ul><ul><li>Results </li></ul><ul><li>Outlook </li></ul>ITM POWER DESIGNS AND MANUFACTURES HYDROGEN ENERGY SYSTEMS FOR ENERGY STORAGE AND CLEAN FUEL PRODUCTION INTERIM RESULTS FOR THE PERIOD TO OCTOBER 2011
  3. 3. POSITIONING HYDROGEN ENERGY STORAGE HYDROGEN TRANSPORT FUEL
  4. 4. <ul><li>Electricity cannot be easily stored </li></ul><ul><li>Renewable power cannot be scheduled </li></ul><ul><li>Balancing supply and demand </li></ul><ul><li>Required at small & large scale </li></ul><ul><li>Energy storage required for long periods </li></ul><ul><li>Represents major barrier to adoption of renewables </li></ul>POSITIONING ENERGY STORAGE | CLEAN FUEL THE CHALLENGE
  5. 5. <ul><li>Energy storage by DSM hydrogen production </li></ul><ul><li>Modular, scalable and rapid response </li></ul><ul><li>High conversion efficiency </li></ul><ul><li>Ability to accommodate intermittent input </li></ul><ul><li>Separates power from energy </li></ul>POSITIONING ENERGY STORAGE | CLEAN FUEL THE SOLUTION
  6. 6. <ul><li>On-site production of hydrogen from renewables </li></ul><ul><li>Zero carbon in its production </li></ul><ul><li>Zero carbon in its transportation </li></ul><ul><li>Zero carbon emissions when used </li></ul>POSITIONING ENERGY STORAGE | CLEAN FUEL A TRIPLE ZERO FUEL
  7. 7. FUEL PROJECTS UK H 2 MOBILITY ECOISLAND M&S PILOT
  8. 8. FUEL PROJECTS ENERGY STORAGE | CLEAN FUEL MAJOR FUEL PROJECTS <ul><li>Electricity cannot be easily stored </li></ul><ul><li>UK H 2 Mobility: National </li></ul><ul><li>EcoIsland: Island </li></ul><ul><li>M&S: Depot </li></ul>
  9. 9. UK H2MOBILITY ENERGY STORAGE | CLEAN FUEL <ul><li>The development of a national hydrogen plan </li></ul><ul><li>To determine the infrastructure investment required </li></ul><ul><li>4 Gas companies </li></ul><ul><li>6 Automtive OEM’s </li></ul><ul><li>3 Government departments </li></ul>FUEL PROJECTS
  10. 10. ENERGY STORAGE | CLEAN FUEL ECOISLAND PARTNERSHIP <ul><li>Hydrogen Energy Storage Smart Grid </li></ul><ul><li>First installation 100kg/day refueller </li></ul><ul><li>Fleet of 20 vans in first phase </li></ul><ul><li>ITM Power own conversion technology </li></ul><ul><li>Fuel Cell vehicles in second phase </li></ul>FUEL PROJECTS
  11. 11. ENERGY STORAGE | CLEAN FUEL MATERIALS HANDLING <ul><li>M&S Materials Handling Pilot Trial </li></ul><ul><li>First trial of its type in the UK </li></ul><ul><li>Rapidly growing early adoption market </li></ul><ul><li>installation 100kg/day refueller </li></ul>FUEL PROJECTS
  12. 12. DEVELOPMENT PROJECTS HOST HFUEL HERE ITM POWER GMBH
  13. 13. DEVELOPMENT PROJECTS ENERGY STORAGE | CLEAN FUEL MARKET DEVELOPMENT PROJECTS <ul><li>Taking the technology to the customers </li></ul><ul><li>HOST: Commercial Fleet engagement </li></ul><ul><li>HFuel Here: FC Automotive engagement </li></ul><ul><li>Germany: Early adoption, huge investment </li></ul>
  14. 14. HYDROGEN ON SITE TRIALS HOST <ul><li>Steady build of operational experience </li></ul><ul><li>200+ refuelling events </li></ul><ul><li>450+ kg of hydrogen generated on-site </li></ul><ul><li>10,000+ km travelled on hydrogen </li></ul><ul><li>50+ different van drivers </li></ul><ul><li>100% availability on HFuel plant </li></ul><ul><li>Technology is practical and operational </li></ul>DEVELOPMENT PROJECTS
  15. 15. ENERGY STORAGE | CLEAN FUEL HFUEL HERE <ul><li>A Collaboration with Event Organisers </li></ul><ul><li>WHTC 2011 developed the model </li></ul><ul><li>All-Energy official UK launch </li></ul><ul><li>Hannover Messe </li></ul><ul><li>Many strategies possible </li></ul>DEVELOPMENT PROJECTS
  16. 16. ENERGY STORAGE | CLEAN FUEL HOSTING <ul><li>HOST in Germany is about compliance </li></ul><ul><li>NPL project established FC grade compliance </li></ul><ul><li>HFuel CE marked </li></ul><ul><li>TUV SUD to comply in Germany </li></ul><ul><li>CEP determines overall criteria </li></ul><ul><li>Target is the “ride & drive” at Hannover Messe </li></ul>DEVELOPMENT PROJECTS
  17. 17. HFUEL A COMPLIANT HYDROGEN REFUELLING SYSTEM
  18. 18. <ul><li>Clean transport fuel is a very big win </li></ul><ul><li>350 and 700bar operation </li></ul><ul><li>Car | Fleet | Infrastructure </li></ul><ul><li>100kg/day; 260kg storage </li></ul><ul><li>I container + 3 containers </li></ul>THE BIG WIN DEPLOYMENT HYDROGEN ENERGY SYSTEMS
  19. 19. MODULAR DEPLOYMENT HYDROGEN ENERGY SYSTEMS
  20. 20. HFUEL COSTS HYDROGEN ON SITE TRIALS COSTS: HYDROGEN PRODUCTION <ul><li>A range of hydrogen costs from £5/kg to £10/kg </li></ul><ul><li>Hydrogen price includes amortisation of capital & electricity cost </li></ul><ul><li>Assume 100% utilisation over plant life </li></ul><ul><li>Compression & storage quoted separately </li></ul><ul><li>Maintenance contract dependant on usage profile & location </li></ul>Hydrogen Cost (£/kg) 4p/kWhr 6p/kWhr 8p/kWhr Electricity 2.40 3.60 4.80 Capital Grant 0% 50% 0% 50% 0% 50% 5 Years 8.31 5.35 9.51 6.55 10.71 7.75 10 Years 5.35 3.88 6.55 5.08 7.75 6.28 20 Years 3.88 3.14 5.08 4.34 6.28 5.54
  21. 21. CASE STUDY ON SITE HYDROGEN GENERATION UNIVERSITY OF NOTTINGHAM <ul><li>A fully compliant hydrogen refuelling system </li></ul><ul><li>Refueller sale won under competitive tender </li></ul><ul><li>CE compliance achieved for integrated system </li></ul><ul><li>Delivery H2 2012 at Energy Technologies Building </li></ul><ul><li>Supply fuel for small FC vehicle fleet </li></ul>
  22. 22. GRANT AWARDS DEVELOPING INTERNATIONAL RELATIONSHIPS THROUGH GRANT FUNDED PROJECTS
  23. 23. GRANT AWARDS ENERGY STORAGE | CLEAN FUEL GRANT FUNDED COLLABORATIVE PROJECTS <ul><li>Large Projects with Significant Consortia </li></ul><ul><li>CREO: TSB </li></ul><ul><li>SafeFlame: EU </li></ul><ul><li>PFCC: Carbon Trust </li></ul><ul><li>R&D: TSB </li></ul>
  24. 24. <ul><li>On-board hydrogen production for emissions control </li></ul><ul><li>Engine optimisation </li></ul><ul><li>NO x removal with hydrogen </li></ul><ul><li>Injected into the exhaust </li></ul>CREO GRANT AWARDS PARTNERSHIPS THROUGH PROJECTS
  25. 25. <ul><li>Oxy Acetylene Replacement </li></ul><ul><li>Equivalent flame </li></ul><ul><li>Better control </li></ul><ul><li>No bottled gas stored </li></ul>SAFEFLAME GRANT AWARDS PARTNERSHIPS THROUGH PROJECTS
  26. 26. <ul><li>High power density for the automotive sector </li></ul><ul><li>Highest known power density </li></ul><ul><li>5.5W/cm 2 on Oxygen </li></ul><ul><li>2.1W/cm 2 on Air </li></ul><ul><li>Enthusiastic OEM engagement </li></ul><ul><li>At the sample evaluation stage </li></ul>FUEL CELL MEA’S GRANT AWARDS PARTNERSHIPS THROUGH PROJECTS
  27. 27. MARKET FUEL ENERGY STORAGE EV SALES
  28. 28. MARKET DYNAMICS ENERGY STORAGE | CLEAN FUEL <ul><li>The market dynamics for hydrogen adoption are now compelling </li></ul><ul><li>Oil prices and fuel security </li></ul><ul><li>The need for energy storage </li></ul><ul><li>Stalling EV sales </li></ul>MARKET DYNAMICS
  29. 29. <ul><li>A policy of openness and immediate news flow </li></ul><ul><li>Meetings with: </li></ul><ul><li>Nick Clegg, Deputy Prime Minister </li></ul><ul><li>David MacKaye, Chief Scientific Advisory, DECC </li></ul><ul><li>Greg Barker, Minister, DECC </li></ul><ul><li>Boris Johnson, London Major </li></ul><ul><li>Kit Malthouse, Deputy London Major </li></ul><ul><li>Hydrogen energy storage tops DECC priorities list </li></ul>BUILDING PRODUCT & BRAND AWARENESS AWARENESS POLITICAL AWARENESS
  30. 30. RESULTS PRODUCT REVENUES GRANT FUNDING GREAT PARTNERS
  31. 31. <ul><li>Financials </li></ul><ul><li>Product order book of £0.54m </li></ul><ul><li>New grant awards of £0.94m </li></ul><ul><li>A further £1.5m of EU grants are in negotiation </li></ul><ul><li>Net cash burn of £3.2m (2010 £2.2m) </li></ul><ul><li>Cash at 31 October 2011 £9.0m (30 April 2011: £12.2m) </li></ul>INTERIM RESULTS FOR THE PERIOD TO OCTOBER 2011
  32. 32. OUTLOOK UNIQUE TECHNOLOGY PRODUCT REVENUES RAPIDLY DEVELOPING GLOBAL MARKET FIRST MOVER ADVANTAGE
  33. 33. <ul><li>Outlook </li></ul><ul><li>Adoption of hydrogen is accelerating </li></ul><ul><li>Good progress developing commercial relationships </li></ul><ul><li>Early revenue streams developing </li></ul><ul><li>Major partners are showing strong interest </li></ul>UNIQUE TECHNOLOGY PRODUCT REVENUES RAPIDLY DEVELOPING GLOBAL MARKET FIRST MOVER ADVANTAGE INTERIM RESULTS FOR THE PERIOD TO OCTOBER 2011
  34. 34. INCOME STATEMENT
  35. 35. BALANCE SHEET
  36. 36. CASH FLOW STATEMENT

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