ITM Power Interim Results Presentation for the Six months Ended 31st October 2010

ITM Power plc Interim Results Presentation, 20th Jan 2011 “With more than 500 Fuel Cell cars covering over 15m km and 90,000 refuellings the focus has now shifted from demonstration to planning commercial deployment” McKinsey & CompanyITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

ITM Power plc Interim Results Presentation, 20th Jan 2011 Contents Progress Summary Product CE and Commercialisation Product Trials Projects Interim Results OutlookITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Summary of Successes A Year of Accreditation, Trials, Grants and Early Revenue 2011 will be the transformational year • Strong technology progress • Game changing Fuel Cell performance • 5 products defined and launched • HPac CE mark achieved • 3 product trial partners • 21 HOST trial partners • £1m of grants from TSB, CT, YF and EPSRC • Awareness campaign has been hugely successfulITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Summary of Challenges A Year of Accreditation, Trials, Grants and Early Revenue Some key challenges to address • Establish product longevity • Fuel cell business model and long term partner • Product manufacturing to cost and volume • Product reliability in the field • Product sales channels with healthy margins • A small number of significant grants • Awareness turned into revenue • Adoption of hydrogen refuellingITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

CE Marking UpdateITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

CE Marking Strategy and Current Status Documented evidence of compliance to the relevant directives • Prioritised HPac (>3,500 hours system operation) • HBox and HFlame in a more rapid follow-on process • Progress on HLab has been temporarily suspended to prioritise others ISO CE Marking Sales Timescale CAD BoM Routing Procure PED MD Atex EMC Trials Pricing Channel HPac Completed HBox End of Q1 HFLame End of Q1 HLab End of Q2ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

CE Marking New Universal Control System Documented evidence of compliance to the relevant directives • Developed a new, compliant control system • Can be used for all products to increase volume and reduce cost • Significant cost reductions in production • Option to part populate for less complex products • Data logging and telemetry incorporatedITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

The CE Marking Process A Framework for CE Approval Have established good working relationships • Hydrogen was new to most of the Notified Bodies • Initially NoBo’s were slow to respond • We have led the framework for compliance Product Relevant Directives MachD EMC ATEX PED HPac X X X X HLab X X X HBox X X X X HFlame X X XITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

HPac Market Offering HPac10 Market Offering Available for sale at Hannover Messe in April • Fuel cell labs • Universities • Hydrogen demonstration projects • Small refuelling demonstrationsITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

HPac Market Offering HPac10 Manufacturing Partnership with Tharsus • Well respected company • Many blue chip partners • From bespoke to batch production • High volume capability • Coherent manufacturing approachITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Product TrialsITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Product Trials HPac | Birmingham University First product sale, first major trial • Product Delivered • Commissioning Jan • On board telemetry • Dedicated technician • Integration with fuel cell lab • Integration with vehicle refuellingITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Product Trials HBox PV | Glamorgan University First green hydrogen trial • Verbally agreed, negotiating contract • Delivery Q2 • Commissioning Q2 • Strategic relationship • Spingboard to M4 corridor tenders • On board telemetryITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Product Trials HFlame | Ametek Brazing Trial First niche flux-less brazing of refrigeration systems • Portable flame generator • High temperature thermal process • Delivery Jan 31 • Trials during Q1ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

HOSTITM POWER | Final 9th December 2010 3M Results Presentation, 30 July 2010 ITM POWER | Interim Results Presentation 20th Jan 2011 ITM POWER | Interim Results Presentation 20th Jan 2011

HOST | Phase One HOST | Phase One The Largest UK Cross-Sector Hydrogen Trial • 21 commercial trial partners • Balanced across 7 major industrial sectors • No further partners will be offered a free trial • Conducted over a year long period • Using a dedicated team • Data comprehensively reported to partners • Non confidential results will be publishedITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

HOST | Partners Hydrogen on Site Trials Trials begin Q1 2011ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

HOST | Opening Stansted Airport Opening On 8th March 2011 at the Hilton Hotel Stansted • Register online • 250 visitor places • 150 already booked • Presentations • Partner display area • Refuelling demonstrationITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Funded Product Development ProjectsITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Funded Product Development Projects Next Energy | Home Refuelling Design stage complete | Final report submitted • Further DoE funding sought • Car companies very interested • ITM’s reputation significantly enhanced • High pressure electrolysis desirable 200 Bar Prototype StackITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Funded Product Development Projects CREO | Emissions Control Carbon Reduction by Emissions Optimisation • On-board H2 dispensing to exhaust • TSB funded project • Led by Ford • Strong partners • A potential new product • New website coming soon • www.creoproject.comITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Fuel Cell Current StatusITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Fuel Cell MEA Performance The Fuel Cell MEA A step change in fuel cell performance • Outstanding power density | highest recorded • Vast potential in applications with challenging weight and volume constraints • Cost saving potential via miniaturisation Hydrogen & Oxygen at 30 psiITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Fuel Cell Development Path The Fuel Cell MEA Research and development challenges • Early stage project to establish performance with air • Characterise to industry protocols • Target the automotive sector • Seek end user partnerships • Address new challenges presented by ultra high current density • Funded by the Carbon TrustITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Hydrogen Refuelling | Market DevelopmentsITM POWER | FinalInterim Results Presentation th Jan 2011 ITM POWER | Results Presentation, 30 July 2010 ITM POWER | Interim Results Presentation 20 20th Jan 2011 Open Day Presentation

Hydrogen Refuelling | Market Developments Oil Prices Oil and Gasoline Prices are Steadily Rising • Crude oil approaching $100 a barrel • The age of cheap oil is overITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Hydrogen Refuelling | Market Developments Japan, US & Germany Adopt Hydrogen Toyota, Honda and Nissan join forces to promote hydrogen • Total of 100 hydrogen refuelling stations planned in Japan • 1000 refuelling stations in Germany in 4yrs ($2.6bn) • 150 planned in California (30 already built)ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Hydrogen Refuelling | Market Developments The Hydrogen Tide is Turning in the UK Energy storage for renewables is now linked to hydrogen • Questions in the house from Charles Hendry • David Willetts in presentations • Kit Malthouse in The Times • Bow Group paper • ITM power now associated with renewable energy storage • ITM featured in Boxing Day Sunday TimesITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

ITM Power plc Interim Results 20th Jan 2011ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | InterimPresentation 15th Dec 2010 2010 Board Results Presentation July

Interim Financial Results to 31 Oct 2010 Financial Highlights • Pre-tax loss down to £3.0m from £3.4m • Period end cash balance £14.7m • Cash burn in period £2.2m • Investment in fixed assets £478k, including HFuel £343k H2 2011 Focus • Maximise expenditure control • Maximise automated transactions through integrated systems • Optimise inventory and consolidated purchasingITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Grant Funding Grants to Year End 30 April 2011 To develop commercial relationships and reduce burn rate • Target £700k • £1m achieved • Targeting larger EU & US grants Grants Summary for Year End 30 April 2011 Project Grant Body Committed Invoiced Accrued Total HydroGen TSB 325,000 39,013 197,670 236,683 HFuel TSB 338,000 120,291 201,709 322,000 5kg Stack YF 195,000 102,357 71,643 174,000 Home Refueller NE 60,000 25,604 34,396 60,000 CREO TSB 247,000 0 110,000 110,000 PhDs EPSRC 88,000 0 0 0 FC Carbon Trust 108,000 0 108,000 108,000 TESS NHA Business Link 3,761 3,761 3,761 TESS Hannover Business Link 5,000 5,000 5000 Innovation Vouchers Business Link 6,000 6,000 6,000 Totals 1,375,761 297,026 728,418 1,025,444ITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

Outlook • Strong Technology Platform • ISO accreditation • Focused on products • HPac CE mark achieved • Three field trials • 21 commercial partners for HOST • Strong cash position - £14.7mITM POWER | Final Results Presentation, 3020th Jan 2011 ITM POWER | Interim Results Presentation July 2010

ITM Power Interim Results Presentation for the Six months Ended 31st October 2010

by beckymarkillie

Accessibility

Categories

Upload Details

Usage Rights

1 Embed 3

Statistics

ITM Power Interim Results Presentation for the Six months Ended 31st October 2010 Presentation Transcript