The document discusses a breakthrough grid-scale energy storage technology called EnergyNest thermal energy storage (TES). EnergyNest offers a modular and scalable solution for grid-scale energy storage at a low cost of $20-25/kWh that is environmentally friendly and has a long system life of over 50 years. EnergyNest has successfully demonstrated its technology through an operational pilot and is working with partners across Europe, China, and the Middle East to execute its first commercial projects and revenue. The global market for large-scale energy storage is expected to grow significantly, and EnergyNest's proprietary technology positions it well to succeed in this growing industry.

1. Breakthrough
technology for grid-
scale energy storage
Company teaser
October 2017

2. The problem
We want to…
2
… reach more than 50%
renewables on grid
… enhance efficiency of
energy-intensive industries
… establish secure energy
supply everywhere
LARGE
SCALE –
ENERGY
STORAGE
But there are difficulties…
Toxic / not recyclable
High cost
Complexity

3. The solution – on the example of EnergyNest
EnergyNest grid-scale Thermal Energy Storage (TES)
3
Modular, fully
scalable solution
due to LEGO-like
principle
Low cost for owners
(USD 20-25/kWh)
Environmentally
friendly and no
'cost for society'
Globally available
and no geographical
limitations
Long system life
of 50+ years
Heatcreate®
✓
✓
✓
✓
✓

4. What and who is EnergyNest?
● Former CEO of Statoil
● Initiated privatization of Statoil
● Significant experience in the
energy sector as well as in
company leadership
Harald Norvik – Chairman
EnergyNest
• …is winner of the Nordic Cleantech Open
2017 (first ever Norwegian company)
• …is a "WWF climate solver“ (2017)
• …was awarded a EU Horizon2020 grant
● Founder of EnergyNest &
product architect
● Drove R&D as responsible SVP
at DNV-GL
● Professorships at NTNU and
KAIST
Prof. Pål Bergan – Chief Technology Officer
● Leader with rack record in
technology roll-out
● Led international market entries
for German wind power OEM
● Set up BMW Group e-mobility
development team (BMW i3)
Dr. Christian Thiel – Chief Executive Officer
Energy Innovation
Technology
roll-out
Page 4

5. Successful commercialization requires strong partners
● Operational pilot facility with >6.000
hours of seamless operation
● Performance validated by DNV GL
● Protected through patents, trade
secrets and strategic partnerships
with HeidelbergCement and Masdar
● Support from industry project
partners (Dow Chemicals, Siemens)
● Project pipeline in execution with
key leads in Europe, China & MENA
5
First commercial revenue achieved!

6. The market size for large-scale thermal energy storage
Global Energy Storage Market
USD Billion
6
0,7
1,5
1,0
1,7
1,8
0,1
1,8
5,0
CSP storage
2020
Industry, waste heat
Power grid storage
2016
CAGR
+29%

7. Concentrated solar power
7

8. Power grid
8

9. Industrial waste heat
9
Example – our Tata Steel project (public information):
• Payback of <3 years
• Overcompensating annual CO2 emissions of 90.000 cars

10. Looking at technology development and innovation:
Thermal energy storage is becoming really "hot stuff"
Pilot to be built
in Hamburg
with TUHH
In feasibility &
intel phase – no
project sold yet
Concept defined
but no physical
efforts started
• Technology
validated with
successful pilot
• Supply chain in place
ready to deliver
• Real customer
traction across 3
target segments
• Full focus
commercial contracts
Just publicly announced focus on thermal
energy storage for wind power. Technology
based around pebble-bed concept.
GE stated focus on Molten Salt as storage
technology for their turbines. Only large-scale
storage projects in focus such as CSP.
MAN with own concept for thermal and electrical
energy storage, targeting strategic portfolio
extension around power generation equipment.
Page 10

11. Energy storage companies need key value drivers to succeed
● Key technology for high growth
industries including renewables
● Unique IP and patent base, significant
entry barriers for competitors
● Proprietary software for simulations and
plant operations
● Established ecosystem with industry
leaders such as HeidelbergCement and
Masdar Institute as well as TOP global
universities
● Experienced management team
Page 11

12. “
Simplicity
is the ultimate
sophistication
Leonardo da Vinci
12
“
“