Technology, costs and projections ITM Power RHA Technology, costs and projections Stephen Jones| Managing Director sj@itm-power.com

PRESENTATION CONTENTS Hydrogen energy systems Introduction Technology Product Standardisation Price Trajectory Examples Sumitomo Corporate visit to ITM Power

What WE do Unique selling points: Hydrogen energy systems Unique selling points: Rapid response: less than 1 second Elevated Pressure: 20 -50 bar High efficiency: 70 -86% (with heat recovery) Small Footprint: smaller than alkaline Low cost: approaching large scale alkaline Reference plant: at MW scale Experience in the field: in many applications ITM Power manufactures integrated hydrogen energy systems

Overview: Full year results Hydrogen energy systems

Markets Strong growth of revenue generating assets: Hydrogen energy systems Strong growth of revenue generating assets: Currently 16 tonnes | £160k of hydrogen sales Up 700% YoY New fleet of 200 FCEVs are not included 3 tonne/day capacity (40 buses and 800 cars) Potential Hydrogen sales of £9.3m when the existing portfolio is fully utilised.

Product Evolution Hydrogen energy systems ITM Power manufactures integrated hydrogen energy systems

Product Standardisation Product Offering Cost Structure Production Capacity 2MW Standard Module

Technology Considerations Hydrogen energy systems ITM Stack Platform PEM stack technology Modular design philosophy Flexible system capacity Scalable & phased deployment options Stack generates hydrogen at pressure Minimise requirement for compression High energy efficiency Differential pressure stack Simplified safety case | High hydrogen purity Use low cost, light weight & non polluting pipework High Availability No single point of failure Rapid stack exchange in field | No down time during maintenance ITM PEM Technology

Product Standardisation Hydrogen energy systems ITM Stack Platform Proton Exchange Membrane technology Differential pressure operation Oxygen pressure close to ambient No tie-rods | Rapid assembly | Rapid exchange Process temperature of circa 55oC Mature PEM technology Low part count & lean principles Cell Area: 1,000cm2 Cells/Stack: 100 Current density 3A/cm2 Existing Stack Platform | Modular Philosophy | Mature Technology

Product Standardisation Hydrogen energy systems Standardisation | Production | Market Offering Definition of 2MW module & 10MW stack skid Enables efficiencies in manufacture & test Well defined cost & trajectory Modular system provides flexibility of offering New projects all specified using known modules Minimises design time & cost for each project Scalable to 100MW with balance of plant 2MW Standard Module

10MW STACK SKID Standardisation | Production | Market Offering Hydrogen energy systems Standardisation | Production | Market Offering Definition of 2MW module & 10MW stack skid Enables efficiencies in manufacture & test Well defined cost & trajectory Modular system provides flexibility of offering New projects all specified using known modules Minimises design time & cost for each project Scalable to 100MW with balance of plant Standard 10MW Stack Skid of five 2MW Standard Modules

Shell 10MW project | Hydrogen energy systems 10MW Stack Skid in Shell Refinery building 10MW PEM electrolyser system for refinery applications Flagship 10MW project with Shell Largest refinery in Germany Benefit of Shell engineering & permitting rigor Excellent reference plant & customer Strong engagement from refinery hydrogen sector 10MW Electrolyser System in Shell Refinery building 10MW Electrolyser System in Shell Refinery building Building Germanys largest PEM electrolysis plant at Rhineland refinery.

100MW Plant Designs 100MW PEM electrolyser system Hydrogen energy systems 100MW PEM electrolyser system Based on 10MW standard skids Increasing industrial interest Shell experience: Benefit of Shell engineering & permitting rigor Excellent reference plant Strong engagement from refinery hydrogen sector Industrial Hydrogen | P2G | Refineries | Ammonia | Steel

NEW FACTORY Capacity | General Hydrogen energy systems Grounds 30,000 m2 Floor Space 11,610 m2 125 Car parking spaces 7MW power supply Product Assembly External Product Testing Stack Production Technology Centre Sales, Marketing & Corporate Area Offices | Canteen

Production capacity in the current S2 facility Hydrogen energy systems Production Capacity Colocation into new production facility Manufacturing space increased by 5x Adoption of semi-automated stack component preparation Increase of power on-site to allow testing of larger systems Heads of terms agreed Costs in-line with expectations Production capacity in the current S2 facility Production capacity based on standard 10MW stack skids and 2MW standard modules

Production Capacity ITM Electrolyser Cost Projections Hydrogen energy systems ITM Electrolyser Cost Projections Expect system sizes to grow over time Larger scale enable cost reduction Larger volume enable efficiencies Continuous technology improvements Sensitive to scope of supply <€1,000/kW today @ MW scale | <€800/kW @ 10MW | <€500/kW by mid 2020’s

ELECTROLYSER SYSTEM COST CONSIDERATIONS Hydrogen energy systems ITM Electrolyser Cost OpEx more important than CapEx Example TCO for 10MW system: Capex is 15-25% of TCO Total OpEx is 75-85% Electricity price is 80-90% of OpEx Cost of electricity is primary factor for cost of hydrogen ($/kg) Cost reduction will come via volume manufacture BUT more important is Power density of systems to reduce capex and net price of electricity. Factors of total cost of ownership

Technology, costs and projections ITM Power RHA Technology, costs and projections Stephen Jones| Managing Director sj@itm-power.com