ITM Power Final Results Presentation July 2011, London

1. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
ITM POWER DESIGNS
AND MANUFACTURES
HYDROGEN ENERGY SYSTEMS
FOR ENERGY STORAGE AND
CLEAN FUEL PRODUCTION

2. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
Contents
• Positioning
• HOST
• Products
• Technology ITM POWER DESIGNS
• Grant Awards AND MANUFACTURES
• Events HYDROGEN ENERGY SYSTEMS
• Results
FOR ENERGY STORAGE AND
CLEAN FUEL PRODUCTION

3. POSITIONING
HYDROGEN
ENERGY STORAGE
HYDROGEN
TRANSPORT FUEL

4. THE PROBLEM
Electricity cannot be easily stored
• Renewable power cannot be scheduled
• Balancing supply and demand
• The system needs energy storage
• Power to hydrogen is 70% efficient
• Hydrogen can be stored
• Hydrogen is an energy vector
POSITIONING
ENERGY STORAGE | CLEAN FUEL

5. THE SOLUTION
Production of hydrogen controlled
by the electricity companies
• Balancing supply and demand
• Control shifts to the demand side
• HFuel can be controlled remotely
• Switched on/off by the power company
• On site fuel production
POSITIONING
ENERGY STORAGE | CLEAN FUEL

6. A TRIPLE ZERO FUEL
On-site production of hydrogen from
renewable power
• Zero carbon in its production
• Zero carbon in its transportation
• Zero exhaust emissions
POSITIONING
ENERGY STORAGE | CLEAN FUEL

7. THE OPPORTUNITY
Energy storage market growth will track
renewable energy deployment
• €10bn annually by 2020
• Strong first mover advantage
• Oil industry is $3tn annually
• Fuel industry is multi trillion.
POSITIONING
ENERGY STORAGE | CLEAN FUEL

8. HOST
THE UK’S LARGEST
CROSS SECTOR
HYDROGEN TRIAL

9. TRIAL PARTNERS
The UK’s largest cross sector
hydrogen trial
• 21 commercial partners
• Balanced across 7 industrial sectors
• Launched at London Stansted Airport
• 5 trials completed to-date
• Sale of trial to Carillion plc.
HOST
HYDROGEN ON SITE TRIALS

10. TRIAL RESULTS
The 5 trials to-date have been very successful
• HFuel showed 100% availability
• 45kg of hydrogen produced
• At a rate of 56kWhrs/kg
• Efficiencies up to 69.5% (average 65%)
• Breakeven electricity price 6.5p/kWhr (HICE)
• A fuel cell vehicle would be even better!
HOST
HYDROGEN ON SITE TRIALS

11. FUEL ECONOMICS
1000
Fuel price (USD / lit petrol equiv.)
Military Fuel
100
Remote Industrial
15 kg/day (Current)
10
Automotive Power at 15p/kWhr
1
50 kg/day (HFuel)
Power at 5p/kWhr
0.1
Islands
Subsidised Automotive
0.01
0.0001 0.001 0.01 0.1 1 10 100 1000 10000
Market size (TWh / yr)
HOST
HYDROGEN ON SITE TRIALS

12. PRODUCTS
FROM TECHNOLOGY
DEVELOPER TO
PRODUCT SUPPLIER

13. THE HFUEL PRODUCT
A mobile hydrogen production and
dispensing unit
• 15kg/day; 3 van capability today
• 50kg/day; next offering for UK
• 100kg/day; 700bar for German market
15kg/day 50kg/day 100kg/day
700bar 56kg/day 186kg/day
PRODUCTS
FROM TECHNOLOGY TO PRODUCTS

14. THE BIG WIN
Clean transport fuel is a very big win
• 350 and 700bar operation
• Car | Fleet | Infrastructure
• 100kg/day; 260kg storage
• Target the German market
PRODUCTS
FROM TECHNOLOGY TO PRODUCTS

15. THE BIG WIN
Clean transport fuel is a very big win
• 350 and 700bar operation
• Car | Fleet | Infrastructure
• 100kg/day; 260 kg storage
• Target the German market
• German €2.6bn commitment
PRODUCTS
FROM TECHNOLOGY TO PRODUCTS

16. SMALL PRODUCT RANGE
Three CE marked early revenue products
• HPac
• HBox
• HFlame
PRODUCTS
FROM TECHNOLOGY TO PRODUCTS

17. COMPLIANCE
Product compliance is now an area of
considerable expertise
ISO CE Marking Compliance Product Standards
• ISO 9001 • PED • HAZOPS • BSI PVE 3/8
• ISO 14001 • LVD • HSE • ISO/TC 197
• ISO 18001 • MD • Fire Service • BSI GEL 105
• EMC • Planning • ISO/TC 105
PRODUCTS
FROM TECHNOLOGY TO PRODUCTS

18. TECHNOLOGY
HYDROGEN ENERGY
SYSTEMS FOR
ENERGY STORAGE
AND CLEAN FUEL
PRODUCTION

19. HYDROGEN ENERGY SYSTEMS
Customers buy products which are
complete systems
• Power system
• Water system
• Gas system
• Control and communications system
• At the heart of each system is a stack
TECHNOLOGY
HYDROGEN ENERGY SYSTEMS

20. CORE TECHNOLOGY
An electrolyser stack is at the heart
of every hydrogen energy system
• Efficiency
• Response time
• Scale
• Pressure
• Cost
TECHNOLOGY
HYDROGEN ENERGY SYSTEMS

21. GRANT AWARDS
DEVELOPING
INTERNATIONAL
RELATIONSHIPS
THROUGH GRANT
FUNDED PROJECTS

22. GRANT AWARDS
Developing international partnerships
through grant funded projects
• HydroGen ITM Power
• Home Refueller Next Energy; 8 OEM’s
• CREO Ford; Land Rover; JM
• Fuel Cell 3 OEM’s
• Hydrogen Storage E.oN
GRANT AWARDS
PARTNERSHIPS THROUGH PROJECTS

23. HOME REFUELLER
A 700bar single car home refueller
• Using a 200bar electrolyser
• Funded by the DoE
• An 8 OEM consortium
GRANT AWARDS
PARTNERSHIPS THROUGH PROJECTS

24. CREO
On-board hydrogen production for
emissions control
• Engine optimisation
• NOx removal with hydrogen
• Injected into the exhaust
GRANT AWARDS
PARTNERSHIPS THROUGH PROJECTS

25. FUEL CELL MEA’S
Developing high power density fuel cell MEA’s
for the automotive sector
• Highest known power density
• 5.5W/cm2 on Oxygen
• 2.1W/cm2 on Air
• Enthusiastic OEM engagement
• At the sample evaluation stage
GRANT AWARDS
PARTNERSHIPS THROUGH PROJECTS

26. EVENTS
BUILDING PRODUCT
AND BRAND
AWARENESS ON AN
INTERNATIONAL STAGE

27. EVENTS
An efficient way to meet customers and
partners
• Established presence at key events
• Presenting capability internationally
• Conveying to technical and political communities
• Most opportunities originated from such events
• 12 European Events
• 2 North American Events
EVENTS
BUILDING PRODUCT & BRAND AWARENESS

28. MAJOR UK EVENTS
Open Day and Stansted Launch attract over
300 visitors
• Opened our doors to investors and customers
• Demonstrating products, technology and capability
• Sharing our vision
• 300 visitors signals the high level of interest
EVENTS
BUILDING PRODUCT & BRAND AWARENESS

29. AWARENESS
A policy of openness and immediate news flow
• Meetings with David MacKaye, Greg Barker, Boris Johnson
• Hydrogen now tops DECC’s strategic technologies list
• Press: Sunday Times, Mirror, Yorkshire Post
• 73 separate email campaigns
• 53 RNS announcements
• Product focused mobile web application
EVENTS
BUILDING PRODUCT & BRAND AWARENESS

30. RESULTS
FIRST
PRODUCT REVENUES
ABOVE EXPECTATIONS

31. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
Products
• CE marking of HPac, HBox and HFlame
• First product sale to Univ of Birmingham
• HFlame field trial with Ametek
• HBox field trial with Glamorgan Hydrogen Centre
• First sale of HFuel production module with Glamorgan
• Post-period product orders of £0.43m
• Well ahead of expectations

32. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
Financials
• Net cash-burn of £4.8m (£4.9m 2010)
• Cash at 30 April 2011 £12.2m (£16.9m 2010)
• £1.09m of income from grant bodies
• Grants from the Technology Strategy Board & Carbon Trust
• A future £0.82m in grant funding has been secured
• Applying to larger schemes with significant partners

33. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
Corporate
• Appointment of Lord Freeman as Non Executive Director
• Establishment of wholly owned German subsidiary ITM Power GmbH
• Appointment of Phil Doran as MD of ITM Power GmbH

34. OUTLOOK
UNIQUE TECHNOLOGY
PRODUCT REVENUES
RAPIDLY DEVELOPING
GLOBAL MARKET
FIRST MOVER
ADVANTAGE

35. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
Outlook
• Adoption of hydrogen is accelerating
• Good progress developing commercial relationships
• Early revenue streams developing
• Product orders of £0.43m in Q1 UNIQUE TECHNOLOGY
• Grant funding of £0.82m in Q1 PRODUCT REVENUES
RAPIDLY DEVELOPING
GLOBAL MARKET
FIRST MOVER ADVANTAGE

36. FINAL RESULTS
PRESENTATION
FOR YEAR ENDED 30 APRIL 2011
UNIQUE TECHNOLOGY
PRODUCT REVENUES
RAPIDLY DEVELOPING
GLOBAL MARKET
FIRST MOVER ADVANTAGE