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Title Building Momentum 1. Title 2 We will cover... Fuel Cells Why Alkaline Fuel Cells? Markets and Applications Manufacturing Independent Review Intellectual.

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Presentation on theme: "Title Building Momentum 1. Title 2 We will cover... Fuel Cells Why Alkaline Fuel Cells? Markets and Applications Manufacturing Independent Review Intellectual."— Presentation transcript:

1 Title Building Momentum 1

2 Title 2 We will cover... Fuel Cells Why Alkaline Fuel Cells? Markets and Applications Manufacturing Independent Review Intellectual Property Road to Commercialisation 2

3 Title … its a bit like a battery that works continuously generating electricity without combustion… HYDROGEN AIR HEAT WATER ELECTRICITY What is a Fuel Cell? 3 Schematic of the original fuel cell

4 Title 4 Fuel Cell Technologies Fuel Cell type Alkaline Molten Carbonate Solid Oxide PEM (Proton Exchange Membrane) Direct Methanol Phosphoric Acid There are many chemistries that can generate electricity......all involve reacting hydrogen with oxygen to form water, electricity and heat in the presence of a catalyst

5 Title 5 Fuel Cell Technologies TypeOperating Temp Alkaline70 o C Molten Carbonate 600 - 700 o C Solid Oxide 600 - 1000 o C PEM 50-100 o C Direct Methanol60 - 90 o C Phosphoric Acid150 - 200 o C Industrially pure water is a product of the reaction, so an operating temperature above 100 o C generates steam......which requires additional product safety engineering and increases manufacturing costs

6 Title 6 Fuel Cell Technologies TypeOperating Temp Electrical Efficiency Alkaline70 o C55 – 60% Molten Carbonate600 - 700 o C45 - 47% Solid Oxide600 - 1000 o C35 – 43% PEM50-100 o C25 - 35% 53 – 58% Direct Methanol60 - 90 o C30 – 35% Phosphoric Acid150 - 200 o C40 – 50% Fuel cells generate electricity directly without combustion or mechanical steps such as do engines or turbines....... this makes fuel cells the most efficient devices for generating electricity from fuel

7 Title 7 Fuel Cell Technologies TypeOperating Temp Electrical EfficiencyApplications Alkaline70 o C55-60% Industrial Stationary Space Military Molten Carbonate600 - 700 o C45 - 47%Large utility Large distributed generation Solid Oxide600 - 1000 o C35 – 43%Auxiliary power PEM50-100 o C25 - 35% 53 – 58% Back up power Transportation Direct Methanol60 - 90 o C30 – 35%Portable power Phosphoric Acid150 - 200 o C40 – 50%Industrial Stationary Different fuel cell types are suitable for different applications...

8 Title 8 Fuel Cell Technologies TypeOperating Temp Electrical EfficiencyApplications Alkaline70 o C55 – 60% Industrial Stationary Space Military Molten Carbonate600 - 700 o C45 - 47%Large utility Large distributed generation Solid Oxide600 - 1000 o C35 – 43%Auxiliary power PEM50-100 o C25 - 35% 53 – 58% Back up power Transportation Direct Methanol60 - 90 o C30 – 35%Portable power Phosphoric Acid150 - 200 o C40 – 50%Industrial Stationary Of all the fuel cell types Alkaline is the most efficient and does not have to be engineered for higher pressures that result from steam

9 Title 9 Fuel Cell Technologies Fuel Cell type Alkaline Molten Carbonate Solid Oxide PEM Direct Methanol Phosphoric Acid Alkaline fuel cells are a proven technology......used in manned US and Russian space missions and in submarines to provide power and drinking water

10 Title 10 Historically......historically alkaline fuel cells have also been demonstrated in a wide variety of applications...... but were unable to compete against low fossil fuel costs because...

11 Title 11 Fuel Cell Technologies TypeOperating Temp Electrical EfficiencyApplications Alkaline Traditional platinum 70 o C60%Space Military Molten Carbonate600 - 700 o C45 - 47%Large utility Large distributed generation Solid Oxide600 - 1000 o C35 – 43%Auxiliary power PEM50-100 o C25 - 35% 53 – 58% Back up power Transportation Direct Methanol60 - 90 o C30 – 35%Portable power Phosphoric Acid150 - 200 o C40 – 50%Industrial Stationary...Platinum catalysts added significant cost and also required pure oxygen as well as hydrogen... which is essentially rocket fuel

12 Title 12 Fuel Cell Technologies TypeOperating Temp Electrical EfficiencyApplications Alkaline AFC Energy non-platinum 70 o C55 – 60% Industrial stationary Distributed energy Alkaline Traditional platinum 70 o C60%Space Military Molten Carbonate600 - 700 o C45 - 47%Large utility Large distributed generation Solid Oxide600 - 1000 o C35 – 43%Auxiliary power PEM50-100 o C25 - 35% 53 – 58% Back up power Transportation Direct Methanol60 - 90 o C30 – 35%Portable power Phosphoric Acid150 - 200 o C40 – 50%Industrial Stationary...AFC Energy has re-engineered the proven alkaline technology removing cost. Platinum has been replaced with ceramic based catalysts at less than 5% of the cost of platinum......and oxygen is taken from air...... This opens up the market for large-scale industrial power generation....

13 Title Low risk business model 13... Our proto-type system was tested in the field and led to...... Our first market is the surplus hydrogen generated from the production of chlorine and caustic soda. Our first customer is Akzo Nobel.

14 Title Electronics/ Fluid controls Alkaline electrolyte tank Cartridge docking Cartridge assembly... the Beta System: Modular Power 14 Fuel cell stack in cartridge

15 Title Beta System Design... the Beta System is designed for low lifetime cost of ownership It is easily mass produced, assembled and installed. It operates continuously and is controlled remotely, hot swapping means the Beta System does not have to be shut down even when electrode cartridges are changed. It is modular and designed for heat recovery...the result is a low cost per MWeh over the lifetime of the installation CHP = Combined Heat and Power MWeh = Megawatt hours of Electricity 15

16 Title Beta System: Fuel Cell Development At the end of their useful life cartridges are removed and disassembled. Electrodes are cleaned and reused… 16... a refurbished cartridge is only a third of the cost of a new cartridge of the same power.

17 Title Beta System: 17...Designed for easy containerising or skid mounting...

18 Title Multi-megawatt Power Plant (6MW) 18...Designed for large-scale installations...

19 Title Markets 19

20 Title Markets....for this reason AFC Energy is focussed directly on the chlor-alkali market where waste hydrogen is readily available and the electricity is required on site... Other sources of hydrogen usually require an intermediate step... Several countries such as Korea, USA and Germany offer financial incentives for electricity produced from fuel cells, making them more attractive....essentially AFC Energys alkaline fuel cell generates electrical power from hydrogen fuel at the lowest unit cost......the economics of any particular application depend upon the cost of the fuel and the value of the outputs, principally the electricity.... 20

21 Title Installations successfully trialled by AFC Energy Installations currently planned by AFC Energy Municipal Waste Municipal Waste Natural Gas Biogas Coal Waste H 2 Feedstock Fuel Processing Plasma Gasification Methane Reforming Methane Reforming Underground Coal Gasification Underground Coal Gasification Water Power Heat Gas Solid Utilised Output Low Oxygen Air H2H2 Ammonia Cracking AFC Water Gas Shift H 2 Purification Raw Syngas (Mainly H 2 +CO) Mainly H 2 +CO 2 H 2 + N 2 Syngas Clean Clean Syngas Markets: Sources of Hydrogen 21

22 Title Chlor-alkali: AkzoNobel 22...two commercial systems were installed at AkzoNobels Bitterfeld plant in Germany, Q4 2011......an agreement is in place for further supply... AFC Energy works closely with AkzoNobel to demonstrate the commercial fuel cell system

23 Title... Our primary market is Chlor-alkali, where hydrogen availability is plentiful......it consumes 1% of the worlds electricity… …and produces 1.65 million tonnes of hydrogen a year as a by-product... …Globally this industry can support more than 3000 MWe of generating capacity Chlor-alkali Market 23

24 Title Ordinary household waste can be converted into hydrogen. UK generates 60 million tonnes of carbon- based waste every year… equivalent of 15,000 MW of electricity. Fuel cell increases output efficiency of Waste to Energy plants by c.40%. AFC Energy is accessing this market through Waste2Tricity Limited (W2T) W2T is gaining commercial traction and positioning WtE facilities so that they are fuel cell ready... Waste to Energy Market WtE = Waste to Energy AFC Energy owns 25% of Waste2Tricity Limited 24

25 Title...with planning permission now in place Air Products' Tees Valley Renewable Energy Facility will generate 49MW of renewable power. In the longer-term, Air Products' plant has the potential to produce renewable hydrogen and is being considered for a demonstration of AFC Energys fuel cell technology. This would involve alkaline fuel cells generating power, alongside more conventional CCGT, using hydrogen separated from the syngas stream. Waste to Energy Market: Tees Valley CCGT = Combined Cycle Gas Turbine 25

26 Title …AFC Energy has partnered with Linc Energy... …gasification underground using Linc Energys technology largely eliminates the ecological impact of coal… …coal gasification enables CCS whilst producing hydrogen… …alkaline fuel cells increase power generation efficiency from 30% to c. 50%... Market: Clean Coal CCS = Carbon Capture and Storage 26

27 Title Steel Making Coke Oven Gas released from coal during the coking process is c. 55% hydrogen which can be separated for use in fuel cells. It is also possible to generate hydrogen using the hot (1500 o C) slag to break water molecules apart. Companies including Nippon Steel, POSCO and Tata Steel are actively working on hydrogen generation projects....AFC Energy is in discussions with potential partners 27

28 Title Other Applications There are a range of other potential applications, including: distributed energy from reformed natural gas or biogas in association with intermittent renewables where electrolysers generate hydrogen from surplus power UPS for applications such as telecoms and data centres 28

29 Title Q. How will AFC scale up production? 29

30 Title AFC Energy is Investing in automated production and assembly. Lower Cost production Develop production team Drive cost reduction and quality Volume Ramp Using standard industrial technologies High volumes Manufacturing 30

31 Title Longevity Power Density BoM saving Manufacturing economies of scale Automated Production Value engineering Anticipated Beta system cost profile 31 Factors affecting stack costs BoM = Bill of Materials FC = Fuel Cell Applications like FC vehicles and replacements for domestic boilers, which need 100,000s units to achieve target costs... AFC Energy needs just two customers!

32 Title Q. How do investors know what technical progress is being made? 32

33 Title 33 CPI Independent Review - highlights... unlike any other company developing fuel cells AFC Energys technical and manufacturing progress is regularly reviewed by an independent assessor and a summary of the review is published.... The Centre for Process Innovation has been carrying out the review and is given unrestricted access to AFC Energys work and people.

34 Title Q. What protection does AFC Energy have for its Alkaline fuel cells? 34

35 Title...present IP portfolio includes 12 families of patents... to ring-fence unique aspects of AFCs technology. More patent applications in the pipeline...... Intellectual Property (IP)...AFC Energy is the first in its field to re-engineer alkaline fuel cells using modern materials, process, modelling and manufacture.... there had been little patenting of anything to do with alkaline fuel cells since the 1960s... 35

36 Title 36 Road to commercialisation Commercial System Sales ESCo installations Commercial Demonstration & Early Adopter Licence fees/royalties Grant Funded projects Q1/2012... ESCo = Energy Supply Company

37 Title Experienced Board 37 Tim Yeo - chairmanIan Williamson - CEOIan Balchin – CSODr Gene Lewis - CTO David Marson - FDMitchell Field - NEDDavid Smith – NED Linc Energy Sir John Sunderland - NED CSO = Chief Strategic Officer CTO = Chief Technical Officer

38 Title Summary 38 AFC Energy is re-engineering proven fuel cell technology to compete with conventional power generation First contracts, licences and grants secured First market, waste hydrogen from the chlorine industry Second market waste to energy – where alkaline fuel cell systems are being designed into WtE power stations Capable of rapid scale up with automated assembly progress is independently monitored and published Intellectual property secured ESCo is the preferred route to market - selling electricity not plant. AFC Energys alkaline fuel cell systems will enable a transformation to a hydrogen economy

39 Title Legal 39 This document and the information presented verbally to you (together, the Presentation) does not constitute an admission document, a prospectus or listing particulars relating to the Company, nor does it constitute or form part of any offer or invitation to purchase, sell or subscribe for, or any solicitation of any such offer to purchase, sell or subscribe for, any securities in the Company nor shall this Presentation or any part of it, or the fact of its distribution, form the basis of, or be relied on in connection with, any contract thereof. The Presentation is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly to any other person or published in whole or part, for any purpose. Recipients of the Presentation who are considering trading in the Ordinary Shares of the Company are reminded that no reliance may be placed for any purpose whatsoever on the information, representations or undertakings contained in this Presentation nor their completeness; no liability is accepted for any such information, representation or opinions and this Presentation should not be considered a recommendation by the Company or Allenby Capital or any of their respective affiliates. Information in this Presentation must not be relied as having been verified, authorised or approved by the Company. Neither the Company, nor the directors, officers or employees, nor other person makes any guarantee, representation or warranty, express or implied, as to the accuracy, completeness or fairness of the information and opinions contained in this Presentation, nor does the Company accept any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection therewith. Certain market data used in this Presentation has been obtained from industry reports. Industry reports generally state that the information contained in them has been obtained from sources believed to be reliable. The Company has not independently verified such data. Whilst the Company has complied and extracted market


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