Presentation from the New Mexico Regional Energy Storage & Grid Integration Workshop: Low Cost Catalysts, presented by Tom Stephenson, Pajarito Powder LLC, August 24, 2016.

1. Low Cost Catalysts
Tom Stephenson (CEO & Chairman)
Dr. Barr Halevi (CTO & President)
Webb Johnson (Director of Bus. Dev.)
317 Commercial St. NE
Albuquerque, NM 87102
V: (505) 293‐5367
F: (505) 244‐8040
info@pajaritopowder.com
www.pajaritopowder.com
1August 24, 2016 ©2016 Pajarito Powder, LLC.

2. • Founded January 2012 in Albuquerque, NM
• Producer of PGM‐Free catalysts and Engineered
Carbon Supports for Fuel Cells
– Two Primary products available now: NPC‐2000 & PHC‐3000
• Right‐sized Production Plant
• Strong Team
– Dr. Barr Halevi, CTO & President
– Tom Stephenson, CEO & Chairman
– World‐Class Technical Advisory Board
• IP Licensed from multiple sources
– University of New Mexico
– Los Alamos National Laboratory
2
Company Overview
Mission:
Fundamentally Change
the Economics of Fuel
Cell Catalysts
August 24, 2016 ©2016 Pajarito Powder, LLC.

3. August 24, 2016 ©2016 Pajarito Powder, LLC. 3
What Is a Fuel Cell?
US DoE Fuel Cell Technologies Office

4. April, 2016 4
Fuel Cell Component Chain
Catalyst
Membrane Electrode
Assemblies
Fuel Cell
Stacks
Integrated
Systems
Companies
Johnson‐Matthey
TKK
Umicore
3M
Greenerity
IRD
Johnson‐Matthey
Ballard
Elcore
Intelligent Energy
Nuvera
AFCC/Daimler
Elcomax
GM/Honda
Nissan, Toyota
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5. End of Internal Combustion?
5
2015 Mirai Model 2015 Camry
115 KW Engine Size 115 KW
109.4” Wheelbase 109.3”
$58,325 U.S. MSRP ~$35,000 (*)
(*) Fully Loaded
Toyota Motor Company: No New
Internal Combustion Engines by 2050
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6. 6
Other Fuel Cell Vehicles
2016 Honda Clarity FCV2016 Honda Clarity FCV2015 Tucson CUV 2015 Tucson CUV
2018 Mercedes GLC SUV Hydrogen2018 Mercedes GLC SUV Hydrogen
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7. 7
What is the Problem?
Catalyst is 30‐50% of today’s Fuel Cell Cost
Platinum, at $40‐60/g, drives Catalyst cost
High‐volume economies of scale do not
help to reduce Platinum cost
Platinum Catalyst costs will go up as a
percentage of total Fuel Cell cost
Pt Catalyst Cost is Preventing Market from Achieving Full Potential
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8. 8
Applications and Markets
• Fuel Cell Vehicles
– Today: Forklifts, Buses
– Future: Cars
• Industrial & Household
– Today: Cell Towers
– Future: Residential
• Portable & Back‐up
– Today: Camping, Toys
– Future: Aux. Power Units
Source: Fuji Keizai 2015; Market numbers in Millions of US Dollars
Total Available Market: Fuel Cell Catalyst
August 24, 2016 ©2016 Pajarito Powder, LLC.

9. Fuel Cell Catalyst Needs
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New Materials
– Reduce platinum loadings for
catalysts
– Harden catalyst layers against
corrosion
Multiple Formulations Made
– Tunable to specific customer
needs
– Emphasis on scalability
New Manufacturing
– Build inexpensive processes
– Design scalable processes
Economic Production of
Many Supports/Catalysts
– Scaled for today, designed for
tomorrow

10. Pajarito Product Offerings
• NPC‐2000
– PGM‐free cathode catalyst
– Customizable formulations
– Manufactured today in ~0.2Kg batches → Path to 0.5Kg+
– Cost‐effective solution for lower power density applications
• PHC‐3000
– Engineered Carbon Support for low‐loaded Pt catalysts
– High corrosion resistance (durability) & dispersion of Pt
– Near‐term solution for improved End of Life performance
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11. Engineered Carbon Supports
• Optimized for corrosion resistance (durability) and
dispersion of Pt
– Higher graphitization
– Targeted morphology
• Support particle size and pore size distribution
• Surface area
• Surface functionalization
• Pt deposition done in house and by partners
– Pt particle size control achieved
– Long‐term goal to use partners for Pt deposition
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12. Promising Solutions
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13. High Benefit/Price at Scale
Production
(Kg/Mo.)
10 100 1,000 10,000
Price
($/Gram)
$10 $3 $1.20 $0.75
Price ($/KW)
(*) From DOE “Fuel Cell System Cost – 2015”; Pt price fixed at 2015 levels
13
Bulk raw
materials
August 24, 2016 ©2016 Pajarito Powder, LLC.
0
10
20
30
40
50
2015 2016 2020 2030
The competition(*)
Today's product
Tomorrow's product

14. Strong and Growing IP
• Multiple Intellectual Property Sources
– Los Alamos National Laboratory
– University of New Mexico
– INRS
– Northeastern University
– “Native” intellectual property
• Partners on U.S. Government Grants
– U.S. DOE ARPA‐E Grant (prime)
– U.S. DOE “Incubator” grants (sub‐awardee)
– SBIR grant (sub‐awardee)
– U.S. DOE Small Business Voucher pilot
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