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Company Overview Presenatation

Company Overview Presentation 2
Nel presentation Jon André Løkke Chief Executive OfficerNel ASA Nel ASA • Pureplay hydrogen company listed on the Oslo Stock Exchange – facilities in Norway and Denmark • Three divisions offering hydrogen technology and solutions for industrial and energy applications • More than 850 hydrogen solutions delivered in 60 countries world wide since 1927 • World 1 on hydrogen electrolysers and hydrogen fueling – unrivalled performance and trackrecord • Financially strong company with a worldclass experienced management team in place Hydrogen Electrolysers Hydrogen Fueling Hydrogen Solutions 2Nel Hydrogen Electrolyser Nel Hydrogen Electrolyser • Global leader in hydrogen prod. plants highest uptime, lowest conversion cost, robust and reliable • More than 850 hydrogen solutions delivered in 60 countries world wide since 1927 • Scalable production capacity for industrial and energy/transport applications – small scale to large scale solutions Solar Grid Wind CSeries ASeries Small scale turnkey modules Electrolyser Large scale plant solutions Up to 600kg/day Scalable and modular Up to any capacity size 3Nel Hydrogen Fueling Nel Hydrogen Fueling • Global leader within hydrogen fueling solutions for vehicles, first to adapt the newest fueling standards • Delivered more than 30 stations in 8 countries across Europe since 2003 • Highest reported availability and innovative, inhouse developed technologies High capacity, smallest footprint Flexible installation, smallest footprint Largest manufacturing facility 2 200 kg/day, 10m 50 m from station, 1/3 size of normal dispenser 300 station per year capacity 4Nel Hydrogen Solutions Nel Hydrogen Solutions • Unified delivery of complex renewable hydrogen solutions, efficient system integration, project development and sales across segments • Only provider of integrated solutions along the entire value chain: 1. Fueling Networks • Develop entire fueling networks, incl. renewable hydrogen production • Service and maintenance • Network monitoring services 2. Renewable Hydrogen Storage Solutions • Renewable hydrogen • Production based hydro, wind or solar • Large, medium or small scale • Storage solutions and “constant” renewable supply 5Solid backlog for 2017 • Orders received 2016: NOK 150 million • Orders received to date 2017: NOK 190 million • Main order announcements to date: • Iceland EUR 4 million • Royal Dutch Shell Plc (California) NOK 140 million • H2 Frontier Inc. USD 1 million • Current order backlog NOK 250 million Hyundai 2018 model concept FCEV: 800 km range 6The hydrogen opportunityWhy now The hydrogen opportunity Renewable electricity is becoming competitive also creates new challenges • Cheap renewable = cheap hydrogen, creating “fossil parity” • Timing of supply/demand does not always match hydrogen “bridges the gap” • Hydrogen solutions needed to realize full potential of renewable energy Hydrogen cars are available and affordable • High global focus on zeroemission transportation • Climate, environment, local energy security health • Big advances in cost/quality within hydrogen technology for automotive purposes • Majority of car manufacturers see hydrogen as the main breakthrough for electric/zero emission mobility 8Renewable hydrogen has reached “fossil parity” in multiple markets The hydrogen opportunity Renewable hydrogen is set to outperform gasoline on a cost basis, due to substantial cost reductions for renewables hydrogen technologies Norway Europe California avg. grid price Wind land based Solar (LCOE) Assumptions: • Pump price for hydrogen is converted to a €/litre equivalent • Incl. both CapEx and OpEx without subsidies • Electricity and gasoline prices incl. applicable energy taxes, excl. VAT • Capacity utilization makes the difference, assumes utilization of 70 on installed equipment 9 gasoline/diesel gasoline/diesel gasoline/dieselAvailable and affordable The hydrogen opportunity • All major car manufacturers are deploying Fuel Cell Electric Vehicles (FCEVs) • Hyundai, Toyota and Honda have already started FCEV sales lease in California at affordable prices • Additional car manufacturers are expected to launch FCEVs models in the coming years 369/month lease 349/month lease 499/month lease From H2’17 (incl. hydrogen) (incl. hydrogen) (incl. hydrogen) Learn more at: www.toyota.com/fuelcell or www.hyundaiusa.com/tucsonfuelcell or http://automobiles.honda.com/clarity 10The automotive industry sees hydrogen as the most important fuel of the future The hydrogen opportunity 78 of executives absolutely or partly agree that FCEVs will be the real breakthrough for electric mobility KPMG: Global Automotive Executive Survey 2017 62 of executives absolutely or partly agree that BEVs will fail due to infrastructure challenges 11..and is putting money behind their words: pledges USD 10.7 billion investment The hydrogen opportunity 12Acquiring Proton OnSite 13Nel will be able to offer any type of electrolyser in any market • Signed a nonbinding termsheet to acquire Proton OnSite and successfully closed private placement • Settlement to be done through a 20 MUSD cash payment and… • …a fixed number of Nel shares (140 million) paid in two installments (12 24 months after closing) PEM ALKALINE ATMOSPHERIC ALKALINE PRESSURIZED  “Proton OnSite will fasttrack Nel into the PEM electrolyser market” “Nel will be a onestopshop completely independent of technology preference, and the combined sales teams will be a global force to recon with” 14Proton OnSite in numbers USD 27m 2600+ 75+ 2016 revenue Installations Countries with worldwide generators installed 20 80 Years of installation Registered patents 100 Employees 15Proton OnSite transaction rationale Nel will become the world’s largest producer of electrolysers with a global outreach Nel will get strong foothold in the U.S. hydrogen market accelerating Nel’s growth ambitions Complementing Nel’s current business with several areas of synergies Nel will cover relevant sizes and technologies in the rapidly growing worldwide hydrogen market Nel will more than double its revenue and be a player with industry leading scale Strong cultural fit combining two organizations with stellar trackrecord in the hydrogen industry Optimally positioned to benefit from global opportunities arising within energy storage and hydrogen fueling 16Two companies with strategic and geographical fit Several synergistic areas to benefit from Complementary sales organisation and market reach  Provide strong foothold in the U.S. and new markets  Complementary product offering, full range of electrolyser technologies  Extending range of product offering (XS, S, M, L, XL, XXL, XXXL)  Accelerating technological development  Cost reduction through sourcing synergies  Financial muscles to support ambitious development roadmap  Few areas with overlap both along product and market dimension  17Key product overview • Proton OnSite offers a HSeries CSeries M Series wide range of products, which are sold to 1 MW Process Skid approximately 75 countries worldwide • Customers range from Net production rate: 1030 Nm3/hr Net production rate: 100200 Nm3/hr Net production rate: 26 Nm3/hr industrial companies to laboratory institutes 2 MW Process Skid SSeries Lab Gas Generators • Proton Onsite additionally offers services, including installation training, service at delivery and maintenance kit Net production rate: 0.531.05 Nm3/hr Net production rate: 300400+ Nm3/h 18The PEM megawatt (MW) electrolyser Announced the world’s largest megawatt PEM deal • Announced the world’s largest megawatt PEM electrolyser deal in December 2016, three systems to be delivered in 2017, possibilities for additional ten systems over next 18 months – total deal value for the 13 units in excess of USD 20m • Growing market, opportunities for additional Key fact sheet M Series systems to be sold in different markets Net production rate (Nm3/hr) 100 – 400+ Purity 99.9995 • Several nearterm opportunities for order Output Pressure 15 barg (218 psig) / 30 barg (435 psig) wins Key features: 0100 variable output, 99 availability Cold start less than 5 minutes • Proton OnSite is going into 2017 with a Full ramp up/ramp down in seconds prospective pipeline for its PEM electrolyser Indoor or outdoor options system Instantaneous response to variable requirements Sense demand and automatically adjust production accordingly 19Other recent developments 20All new multi purpose H2Station® Other recent developments • Can fuel up to three different types of vehicles • Cars, busses, heavy duty trucks and forklifts • At both 700 and 350 bar pressure 21Partnership with SunPower Corp. Other recent developments • February 2017, Nel entered into a framework agreement with SunPower to construct and operate renewable hydrogen production tied directly to solar • First project of its kind in the U.S., located in California • Will serve the local market with 100 TRUE renewable hydrogen, target H2’17 • Plant can produce up to 120 metric tons per year • Target to market the renewable hydrogen at the plant for 35/Kg • Experience gained will allow for deployment of significantly larger plants going forward 22Agreement with Royal Dutch Shell Plc Other recent developments st • On February 21 , 2017, exclusive frame agreement with Shell Map of current hydrogen stations in CA • Represents Nel breakthrough into California and U.S. • Shell will cooperate with Toyota on 7 locations in San Francisco area • California Energy Commission contributing 16.4 MUSD and Shell/Toyota their part • Contract value for Nel could exceeded 140 MNOK • Stations to be shipped in 2017 and 2018 • Still working towards other applicants to secure additional orders th • On March 6 , 2017, received order from H2 Frontier Inc for H2Station® • Total value USD 1 million, shipment towards the end of 2017 Green = open Yellow = under construction Source: California Fuel Cell Partnership 23Three stations + an electrolyser to Iceland Other recent developments Initial hydrogen network in Iceland th On February 13 , 2017, awarded contract by Icelandic Hydrogen for three H2Station® hydrogen fueling stations and one NEL Cseries electrolyser • Icelandic Hydrogen is the customer, JV between Nel and oil retail company Skeljungur Reykjavík • Skeljungur 90 and Nel owns 10 • Target to deliver first fueling station and electrolyser towards end of 2017 • Aim to expand the network along with FCEV deployments Central production Hydrogen station • Total contract value EUR 4 million 24Case: 5 hydrogen busses to Bodø, Norway, with locally produced hydrogen Other recent developments Project overview: 5 VanHool FC buses (EU financing in place), C150 Electrolyser 1 H2Station® with multifuel dispenser Key figures: • Price of dispensed hydrogen: 42 NOK/kg • Price of diesel for bus: 10,50 NOK/liter • FC bus consumption: 9 kg/100 km • Diesel bus consumption: 40 l/100 km • Annual driving range: 60,000 km Enables fuel savings of 10/bus/year 25Project develop.: 400MW renewable H2 plant to outcompete natural gas reforming Other recent developments • Working on GIGA factory concept for renewable hydrogen production to outcompete natural gas reforming • Largest electrolyser plant ever designed • International industrial customer • Tied to solar power • CapEx of USD 175 million • Benchmark CapEx ratio: • 0.45 MUSD/MWHeavy duty transportation opportunities28New support program for zeroemission vehicle (ZEV) procurement Heavy duty transportation opportunities • Support program from Enova for ZEV procurement for professional/nonprivate users • Supports added costs of purchasing ZEVs: • Small companies: 50 • Large companies: 40 • Taxis, trucks fork lifts included • Program for establishment of hydrogen infrastructure will follow during spring 2017 29Nikola One unveiled, Nikola Two announced Heavy duty transportation opportunities Nikola One Class 8 hydrogen truck unveiled December 1st 2016 • Up to 1,900 km range • 100 kg onboard hydrogen storage 320 kWh battery • Surpassed 4 billion in preorders • Norwegian orders: • Tine, Tenden Transport, VT Gruppen, Per E. Kristiansen Nikola Two • Will build a network of 364 stations across the U.S. and Canada, and provide renewable hydrogen at 3.5/kg 30Hydrogen can be produced at a very competitive price from renewable Heavy duty transportation opportunities Renewable power at 50/MWh enables production of H2 at plant 3.5/kg (compared to a pump price of 1015/kg) 55.000 vars/year 1.000 buses/year 24 x NEL A485 electrolysers – 50MW 50/MWh 3.5/kg 500 trucks/year 31Hydrogen ferry project Heavy duty transportation opportunities Nel part of the Norwegian project “HYBRIDskip” • Purpose of project: establish knowledge base for longer journeys/operational times in bigger vessels, based on battery and hydrogen technology • Target to realize a hybridferry in operation by 2020 • Nel role: provide information on fueling/bunkering, technoeconomical analysis and safety considerations • Other partners: Fiskerstrand Holding, AS, Fiskerstrand Verft Fiskerstrand FV Hydrogen powered – Zero emission AS, Multi Maritime AS, Stiftelsen SINTEF, Hexagon Raufoss ASA, DNV GL, Sjøfartsdirektoratet, Direktoratet for Samfunnsikkerhet og Beredskap (DSB), Møre og Romsdal Fylkeskommune 32Scandinavian Powerhouse on Hydrogen Heavy duty transportation opportunities The hydrogen specialists in Scandinavia join forces to create a JV, taking advantage of worldleading hydrogen technology and competence Leading company on hydrogen Leading company on composite Leading company on fuel cell production and fueling technologies hydrogen storage solutions technology • The JV will be a onestopshop for worldclass hydrogen solutions tailored for selected emerging, high growth hydrogen energy markets 33Summary/outlookSummary 1. Alltimehigh project activity level and order backlog, expected to grow 2. Exclusive supplier to Shell/Toyota in California, the most important market for hydrogen 3. Set to become the world’s largest producer of electrolysers with a global outreach 4. Strong financial and strategic position, successful private placement undertaken (NOK 170 million) 5. High liquidity share, interest from institutional investors towards next industrial development phase 35QA
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08-07-2017