Low Cost, Aqueous Electrolyte Sodium Ion Energy Storage

Jay Whitacre (CTO), Scott Pearson (CEO), Ted Wiley (VP B. Dev.)

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FULL TALK AVAILABLE ONLINE AT:

WWW.AQUIONENERGY.COM

SUPPORTED BY

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COMPANY OVERVIEW

•Spun-out of Carnegie Mellon University incubation in January 2010

•Experienced and innovative management team with a bias toward execution

•Board brings deep access to relevant industries and government agencies

•Funded by Venture Firm KPCB and the DoE

Organization

•Novel class of sodium ion batteries with compelling benefits for a wide range of energy storage applications

•Aquion to produce batteries and assemble them into scalable systems

Solutions Overview

•Low cost, highly efficient, thousands of 100% depth of discharge cycles

•Broad operating temperature window

•Environmentally benign and recyclable

•Hermetically sealed and maintenance free

Value Proposition

•Primary Market: grid scale energy storage

•Off-grid wind and solar support

•Lead Acid abuse cases

Target Markets

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A DRAMATICALLY BETTER BATTERY FOR ENERGY APPS

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Metric Performance Target Fully Scaled Production Price ($/kWh)

(useable, 4 to 6 hour rate) <$300/kWh

Cycle Life (>60% DoD) >>5000

Discharge Abuse Tolerance high

Energy Efficiency >85%

Operational Temperature Range (˚C) -10˚ to 60˚ C

Maintenance None

Safety Excellent

Environmental Impact None

AQUION POSITIONED TO OFFER A TRULY ENABLING SOLUTION

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TECHNOLOGY: UNIQUE AND LOW COST

Significant materials innovations have co-evolved with large-scale manufacturing technology:

1) Anode: Low-cost, high-performance carbon

2) Cathode: Alkali intercalation MnO2 system compatible with aqueous sodium ion based electrolyte

3) Low cost, water-stable, corrosion free current collector and packaging materials

RESULT: easily Scalable, extremely long Cycle Life (many thousands), high Round Trip Efficiency (>85%), completely Environmentally Benign and very Low Cost

MANUFACTURING PROCESS AND FLOW

Battery Assembly

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Electrode Production

AUTOMATED ELECTRODE PRODUCTION, SEMI-AUTOMATED ASSEMBLY

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TECHNOLOGY: DURABLE MANUFACTURED BATTERIES

Voltage vs. Capacity

• Chemistry locked down and scaling; In-house large format industrial production demonstrated

• > 30 Wh prototype batteries in production

• Industry-proven polypropylene casing and sealing technologies

• Multiple 3rd party verification tests completed by industry experts

“Battery 0”

Energy Density of Electrode Stack

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TECHNOLOGY: MODULAR PRODUCT FORM FACTOR

• Individual units strung together into 8 battery, 15 V modules

• Modules can be stacked and connected in series/parallel as needed

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TECHNOLOGY: CYCLE LIFE

5000 rapid cycles on Indicative Test Cell

Large Format Cycle Profile: +/- 1.5 Amps

• Chemistry stable over broad voltage range

• Symmetric charge/discharge profile

• >5000 Cycles shown at high rates, (100% DoD)

• >800 cycles over 15 months; ~ 6 hour rate

• Near perfect coulombic efficiency

> 1 year constant cycling 6 hour rate, 100% DoD

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TECHNOLOGY: HIGH VOLTAGE STRINGS

• >100 V strings in use currently, >1000 V planned for fall

• High tolerance to cell-to-cell mismatch

• Minimal or no BMS required

String 10 Batteries

String of 60 Batteries

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TECHNOLOGY: HIGH TEMPERATURE ABUSE TESTING

• 60˚C for 850 hours with continuous 100% DoD cycling at 6 hour rate

• Open Circuit Stand at 75% DoD for 40 hours

• No self discharge observed

• No loss in capacity/function as a result of stand

Test cycle

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TECHNOLOGY: KEMA TESTING

Fully sensored Aquion Energy 1 Wh units in environmental test chamber

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• 1 Wh units tested; wind typified power vs. time duty cycle imparted on battery

• Charge/discharge rates range from 1C discharge to 1.5 C charge

• Battery easily supports signal

APPLICATION ANALYSIS: WIND SUPPORT/MICRO CYCLE

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APPLICATION ANALYSIS: PEAK SHAVING

• 8 hour charge, 16 hour discharge

• Constant current conditions used

• Energy taken/given very consistent through many cycles

BATTERIES AND PACKS

• Modular battery building blocks that scale to any pack size

• Basic unit is a 2V battery connecting in series and parallel to any desired voltage and current

• Two main classes of battery packs :

TIMING

Late 2011 and 2012:

• Low volume production in place in Pittsburgh, PA.

• Demonstration battery packs available for customer evaluation

2013 - 2014:

• High volume production facility up in United States – initially 500 MWh per year capacity.

• Full commercial sales underway

2015 and beyond:

• Additional high volume production in place

PRODUCTS

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Low Voltage (12 – 48V)

High Voltage (500 – 1000V)

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SUMMARY

Game-Changing Technology with Low Technical Risk – Stable product and demonstrated performance

– Technology protected with appropriate balance of patents and trade secrets

– Low cost, scalable manufacturing process demonstrated

Compelling Value Propositions in Target Applications – Superior performance at low Capex / Opex points

Near Term Revenues – Initial shipments in 2011/2012, ramping in 2013

High Customer Interest – Key Customers and Partners engaged

Capable and Proven Team – Company, Management, Board, Investors

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