FINAL RESULTS PRESENTATION
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<strong>FINAL</strong> <strong>RESULTS</strong> <strong>PRESENTATION</strong><br />
AUGUST 2016 | LONDON
<strong>FINAL</strong> <strong>RESULTS</strong> <strong>PRESENTATION</strong><br />
AUGUST 2016 | LONDON<br />
Presentation Contents:<br />
• Key Financial Results<br />
• Products<br />
• Power-to-Gas Projects<br />
• Clean Fuel Projects<br />
• Hydrogen Transportation<br />
• Detailed Financials | Andy Allen<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m
Pipeline (£m) up 61% Total Income (£m) up 56% Losses (£m) down 24%<br />
18.0<br />
9.0<br />
2014 2015 2016<br />
16.0<br />
8.0<br />
0.0<br />
14.0<br />
7.0<br />
-1.0<br />
12.0<br />
6.0<br />
-2.0<br />
10.0<br />
5.0<br />
-3.0<br />
8.0<br />
4.0<br />
-4.0<br />
6.0<br />
3.0<br />
-5.0<br />
4.0<br />
2.0<br />
-6.0<br />
2.0<br />
1.0<br />
-7.0<br />
0.0<br />
2014 2015 2016<br />
0.0<br />
2014 2015 2016<br />
-8.0<br />
Cash + Debtors | £10.75m | 2.5x Losses<br />
FINANCIALS: OVERVIEW<br />
ENERGY STORAGE | CLEAN FUEL
Power-to-Gas<br />
Refuelling Stations<br />
REFUELLING STATIONS | P2G UNITS<br />
ENERGY STORAGE | CLEAN FUEL
SNAPSHOT<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m<br />
Power-to-Gas Energy Storage<br />
• Reference plant in Germany with The Thuga Group<br />
• Reference plant in Germany to RWE<br />
• Contracts with National Grid<br />
• Technology Collaboration with BOC Linde<br />
Clean Fuel<br />
• Siting agreement with Shell<br />
• Fuel contract with Toyota<br />
• Refueller siting with Hyundai US<br />
• Siting and BD agreement with Arup<br />
Corporate<br />
• Strategic investment from JCB<br />
SNAPSHOT<br />
ENERGY STORAGE | CLEAN FUEL
MARKET OFFERING<br />
Rapid Response | High Pressure | High Efficiency | MW scale<br />
• Rapid response: less than 1s; for primary grid balancing<br />
• High pressure: up to 80bar; for direct injection<br />
• High efficiency: 75% measured by Thuga Group; 87% measured by RWE (with heat recovery)<br />
• MW scale: 1MW modules available today<br />
• Compliant: EU and USA<br />
• Operations: 2yrs in the field<br />
MARKET OFFERING<br />
ENERGY STORAGE | CLEAN FUEL
STANDARD PRODUCTS<br />
255kg/day<br />
670kW<br />
85kg/day<br />
215kW<br />
545kg/day<br />
1.4MW<br />
1,365kg/day<br />
3.5MW<br />
PEM OFFERING<br />
ENERGY STORAGE | CLEAN FUEL
FLEXIBLE PLATFORM<br />
23.5 tonnes/day<br />
30MW<br />
1,365kg/day<br />
3.5MW<br />
PEM OFFERING<br />
ENERGY STORAGE | CLEAN FUEL
REGULATIONS, CODES & STANDARDS<br />
A leading role in shaping hydrogen deployment<br />
• Secretary of BCGA Technical Steering Committee 9<br />
• Secretary and UK Expert to ISO Technical Committee 197<br />
• UK Expert to ISO working groups…<br />
• …for electrolysers, dispensers & H2 quality<br />
• Next Chair of BSI PVE/3/8<br />
Code of Practice 41: H 2 Fuelling Stations<br />
Design & Construction<br />
Maintenance & Operation<br />
ISO 19880-1: H 2 Fuelling Stations<br />
ISO 22734: Electrolyser<br />
ISO 14687: H 2 Quality<br />
BSI PVE/3/8: H 2 Systems Standardisation<br />
Production & Storage<br />
Transport, Measurement & Use<br />
COMPLIANCE<br />
HYDROGEN ENERGY SYSTEMS
P2G PROJECTS<br />
WHY P2G<br />
THE THÜGA GROUP<br />
RWE<br />
ZEAG
WHY POWER-TO-GAS?<br />
Electricity cannot be stored easily | Hydrogen can be stored easily in the gas grid<br />
Source: ITM Power plc<br />
POWER-TO-GAS RATIONALE<br />
ENERGY STORAGE | CLEAN FUEL
ENERGY STORAGE TECHNOLOGIES<br />
Power-to-gas is efficient | long term | low energy cost<br />
Source: ITM Power plc<br />
ENERGY STORAGE TECHNOLOGIES<br />
ENERGY STORAGE | CLEAN FUEL
32MWH BATTERY | P2G COST COMPARISON<br />
Lithium Ion System (6,300 sqft)<br />
• Project will cost $53.5m<br />
• 8MW with 4hr duration | 32MWh<br />
• $6.7m/MW | $1.67m/MWh<br />
Power-to-Gas System (3,530 sqft)<br />
• Project will cost $21.6m<br />
• 8MW with 4hr duration | 32MWh<br />
• $2.7m/MW | $0.67m/MWh<br />
• 8MW with 12hr duration | 192MWh<br />
• $2.7m/MW | $0.22m/MWh<br />
Tehachapi Energy Storage Project<br />
The Tehachapi Energy Storage Project features 604,832 lithium-ion battery cells, housed in<br />
10,872 modules of 56 cells each, stacked in 604 racks arranged in rows.<br />
BATTERY | P2G COST COMPARISON<br />
HYDROGEN ENERGY SYSTEMS
POWER-TO-GAS<br />
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS<br />
ENERGY STORAGE | CLEAN FUEL
1MW SALE TO ZEAG | DLR<br />
Sale in Germany by competitive tender<br />
• 1MW of electrolysis plus compressor for tube trailer filling<br />
• Indoor deployment<br />
• 5 year maintenance contract<br />
1MW SALE TO ZEAG | DLR<br />
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS IN UK<br />
BIG HIT | Orkney<br />
Eday: Curtailed wind and tidal turbines<br />
• 0.5 MW of electrolysis | 500kg storage<br />
• Heating of school<br />
Shapinsay: Curtailed wind<br />
• 1MW of electrolysis<br />
• Heating of school<br />
Orkney Mainland:<br />
• 75 kW FC: heat and power to harbour and marina<br />
• H2 refuelling station | 10x FC vans<br />
• Transport: 5x 250 kg tube trailers<br />
POWER-TO-GAS | ORKNEY<br />
ENERGY STORAGE | CLEAN FUEL
CLEAN FUEL<br />
CARS
A W A I T I N G<br />
A N N O U N C E M E N T<br />
FUEL CELL CAR ROLLOUT<br />
ENERGY STORAGE | CLEAN FUEL
WHAT IS A FUEL CELL VEHICLE?<br />
An EV drive train that’s refuelled rather than recharged<br />
FUEL CELL VEHICLES<br />
VEHICLES | ROLL OUT
ITM POWER | TOYOTA FUEL CONTRACT<br />
11 UK stations | 1595 kg/day by the end of 2018<br />
£10/kg | Lowest cost hydrogen for cars in UK | 1595 kg/day by the end of 2018<br />
ITM POWER | TOYOTA FUEL CONTRACT<br />
HYDROGEN ENERGY SYSTEMS
ITM EXISTING AND PLANNED HRS SITES<br />
Build own and operate model<br />
• 5 operational HRS by 2016 year end<br />
• 2 further HRS sales (Chino and HDF)<br />
• Collaboration wth BOC Linde<br />
ITM Power |Owned Stations<br />
Number Project Funding Match Location Ely Dispenser Planning Build Status Delivery Notes<br />
HRS 001 M1 TSB OLEV AMP Sheffield 80 350/700 approved Operational Delivered OLEV upgrade<br />
HRS 002 Riverside CEC USA 33 700 approved Operational Delivered US power (60 herz)<br />
HRS 003 HyFive_1 FCH JU OLEV NPL 80 350/700 approved Operational Delivered Public Access<br />
HRS 004 HyFive_2 FCH JU OLEV CEME 80 350/700 approved In build Oct-16 Opening October 11 2016<br />
HRS 005 HyFive_3 FCH JU OLEV Shell Cobham 80 700 approved In build Dec-16 Civils complete Aug 16<br />
HRS 006 BIG HIT FCH JU Orkney 450 350 pre planning In design Apr-17<br />
HRS 007 H2ME OLEV FCH JU Shell Beaconsfield 150 350/700 pre planning In build Aug-17 Full forecourt integration<br />
HRS 008 H2ME OLEV FCH JU Shell Gatwick 150 350/700 approved In build Aug-17 Toyota preferred site<br />
HRS 009 H2ME2_1 FCH JU Site TBC 164 350/700 pre planning Contracts 2017<br />
HRS 010 H2ME2_2 FCH JU Site TBC 164 350/700 pre planning Contracts 2017<br />
HRS 011 H2ME2_3 FCH JU Swindon 164 350/700 approved Contracts Mar-17<br />
STATION LOCATIONS<br />
HYDROGEN ENERGY SYSTEMS
WHAT IS AN FCEV REFUELLING STATION?<br />
FCEV REFUELLING STATION<br />
VEHICLES | ROLL OUT
WHAT IS AN FCEV REFUELLING STATION?<br />
Tube trailer connection<br />
Off take of hydrogen for back up<br />
supply and other applications<br />
Buffer Tank<br />
20bar 15m 3 tank<br />
ITM Power Electrolyser<br />
80kg/day expandable to<br />
500kg/day in 20ft container<br />
Dispenser<br />
350 and 700 bar refuelling point<br />
Payment Unit<br />
Card reader, touchscreen and<br />
printer for cash register receipt<br />
BOC | Linde Compression<br />
Ionic Compressor and gas storage,<br />
600kg/day<br />
FCEV REFUELLING STATION<br />
VEHICLES | ROLL OUT
SHELL COBHAM<br />
UK INFRASTRUCTURE ROLL OUT<br />
ENERGY STORAGE | CLEAN FUEL
SHELL EXTRA SERVICES AT COBHAM (M25)<br />
*Source: ITM Power<br />
SHELL FORECOURT AGREEMENT<br />
HYDROGEN ENERGY SYSTEMS
BUS HRS CONFIGURATIONS<br />
BUS REFUELLING STATIONS
FINANCES
£m<br />
DEAL PIPELINE<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m<br />
Pipeline at Year end - Progress<br />
24m<br />
22m<br />
20m<br />
Contract Pipeline<br />
18m<br />
18.0<br />
16.0<br />
14.0<br />
12.0<br />
10.0<br />
16m<br />
14m<br />
12m<br />
10m<br />
8m<br />
8.0<br />
6m<br />
6.0<br />
4m<br />
4.0<br />
2m<br />
2.0<br />
0m<br />
0.0<br />
31/07/2014 31/07/2015 31/07/2016<br />
Results announcements<br />
Under Contract<br />
In Negotiation<br />
Under Contract<br />
In Negotiation<br />
DEAL PIPELINE<br />
ENERGY STORAGE | CLEAN FUEL
PRODUCT SALES | PROJECT INCOME<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m<br />
For year ending April 30 th 2014<br />
• £3.12m total inflow<br />
• £1.16m product sales<br />
• £1.96m project funding<br />
For year ending April 30 th 2015<br />
• £5.06m total inflow<br />
• £1.63m product sales<br />
• £3.43m project funding<br />
16,000,000<br />
14,000,000<br />
12,000,000<br />
10,000,000<br />
8,000,000<br />
6,000,000<br />
Sales Revenue<br />
Project Income<br />
For year ending April 30 th 2016<br />
• £8.18m total inflow<br />
• £1.93m product sales<br />
• £6.25m project funding<br />
4,000,000<br />
2,000,000<br />
-<br />
2010 2011 2012 2013 2014 2015 2016 2017<br />
Broker<br />
note<br />
2018<br />
Broker<br />
note<br />
PRODUCT SALES | PROJECT INCOME<br />
ENERGY STORAGE | CLEAN FUEL
PROJECT INCOME<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m<br />
For year ending April 30 th 2014<br />
• £3.12m total inflow<br />
• £1.16m product sales<br />
• £1.96m project funding<br />
For year ending April 30 th 2015<br />
• £5.06m total inflow<br />
• £1.63m product sales<br />
• £3.43m project funding<br />
For year ending April 30 th 2016<br />
• £8.18m total inflow<br />
• £1.93m product sales<br />
• £6.25m project funding<br />
£7,000,000<br />
£6,000,000<br />
£5,000,000<br />
£4,000,000<br />
£3,000,000<br />
£2,000,000<br />
£1,000,000<br />
Collaborative Project Funding<br />
In negotiation<br />
Secured<br />
Paid<br />
£0<br />
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019<br />
PROJECT INCOME<br />
ENERGY STORAGE | CLEAN FUEL
LOSSES | FINANCIAL ASSETS<br />
£15.81m under contract | £0.51m in negotiation | total £16.32m<br />
• Post 2014, starting with Mainova<br />
• Continued cost control<br />
• Reductions in losses<br />
• 2016 Financial Assets = 2x losses<br />
LOSSES | FINANCIAL ASSETS<br />
ENERGY STORAGE | CLEAN FUEL
COMPANY RESEARCH<br />
Zeus Capital<br />
• In-house broker and NOMAD<br />
• Tom McColm<br />
Roth Capital<br />
• US placing agent<br />
• Craig Irwin<br />
Align Research<br />
• Equity holder<br />
• Mark Parfitt<br />
COMPANY RESEARCH<br />
HYDROGEN ENERGY SYSTEMS
<strong>FINAL</strong> <strong>RESULTS</strong> <strong>PRESENTATION</strong><br />
AUGUST 2016 | LONDON<br />
Key Financial Results for the period ended 30 April 2015:<br />
Total Revenue & Grant Funding of £8.19m (2015: £5,061m) up 56%, comprising:<br />
Revenue - £1.930m (2015: £1.635m) up 18%<br />
Grant income - £3.188m (2015: £1.777m) up 80%<br />
Grants receivable for capital projects - £3.069m (2015: £1.649), up 86%<br />
Increase in property, plant and equipment to £3.024m from £2.546m, up 19%<br />
Loss from operations £4.359m (2015: £5.723m), down 24%<br />
Cash balance £3.336m (2015: £6.576m), down 49%<br />
Debtors £6.487m (2015: 4.113m), up 58%<br />
Development costs of £0.252m recognised in the year
<strong>FINAL</strong> <strong>RESULTS</strong> <strong>PRESENTATION</strong><br />
AUGUST 2016 | LONDON<br />
Commercial progress to date:<br />
<br />
<br />
<br />
<br />
A Total of £16.32m of projects under contract or in the final stages of negotiation<br />
£15.81m of projects under contract<br />
£0.51m of contracts in the final stages of negotiation<br />
Strongly developing pipeline of commercial sales and funded projects
<strong>FINAL</strong> <strong>RESULTS</strong> <strong>PRESENTATION</strong><br />
AUGUST 2016 | LONDON
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