final results presentation, aug 2016
TRANSCRIPT
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FINAL RESULTS PRESENTATION AUGUST 2016 | LONDON
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Presentation Contents:
• Key Financial Results
• Products
• Power-to-Gas Projects
• Clean Fuel Projects
• Hydrogen Transportation
• Detailed Financials | Andy Allen
£15.81m under contract | £0.51m in negotiation | total £16.32m
FINAL RESULTS PRESENTATION AUGUST 2016 | LONDON
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Pipeline (£m) up 61% Total Income (£m) up 56% Losses (£m) down 24%
FINANCIALS: OVERVIEW
ENERGY STORAGE | CLEAN FUEL
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Cash + Debtors | £10.75m | 2.5x Losses
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REFUELLING STATIONS | P2G UNITS
Power-to-Gas
Refuelling Stations
ENERGY STORAGE | CLEAN FUEL
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SNAPSHOT
SNAPSHOT£15.81m under contract | £0.51m in negotiation | total £16.32m
Power-to-Gas Energy Storage
• Reference plant in Germany with The Thuga Group
• Reference plant in Germany to RWE
• Contracts with National Grid
• Technology Collaboration with BOC Linde
Clean Fuel
• Siting agreement with Shell
• Fuel contract with Toyota
• Refueller siting with Hyundai US
• Siting and BD agreement with Arup
Corporate
• Strategic investment from JCB
ENERGY STORAGE | CLEAN FUEL
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MARKET OFFERING
MARKET OFFERINGRapid Response | High Pressure | High Efficiency | MW scale
• Rapid response: less than 1s; for primary grid balancing
• High pressure: up to 80bar; for direct injection
• High efficiency: 75% measured by Thuga Group; 87% measured by RWE (with heat recovery)
• MW scale: 1MW modules available today
• Compliant: EU and USA
• Operations: 2yrs in the field
ENERGY STORAGE | CLEAN FUEL
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STANDARD PRODUCTS
PEM OFFERING
85kg/day215kW
255kg/day670kW
545kg/day1.4MW
1,365kg/day3.5MW
ENERGY STORAGE | CLEAN FUEL
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FLEXIBLE PLATFORM
PEM OFFERING
23.5 tonnes/day30MW
1,365kg/day3.5MW
ENERGY STORAGE | CLEAN FUEL
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REGULATIONS, CODES & STANDARDS
A leading role in shaping hydrogen deployment
• Secretary of BCGA Technical Steering Committee 9
• Secretary and UK Expert to ISO Technical Committee 197
• UK Expert to ISO working groups…
• …for electrolysers, dispensers & H2 quality
• Next Chair of BSI PVE/3/8
HYDROGEN ENERGY SYSTEMS
COMPLIANCE
Code of Practice 41: H2 Fuelling StationsDesign & ConstructionMaintenance & Operation
ISO 19880-1: H2 Fuelling StationsISO 22734: ElectrolyserISO 14687: H2Quality
BSI PVE/3/8: H2 Systems StandardisationProduction & StorageTransport, Measurement & Use
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P2G PROJECTS
WHY P2G
THE THÜGA GROUP
RWE
ZEAG
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WHY POWER-TO-GAS?
POWER-TO-GAS RATIONALE
Electricity cannot be stored easily | Hydrogen can be stored easily in the gas grid
Source: ITM Power plc
ENERGY STORAGE | CLEAN FUEL
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ENERGY STORAGE | CLEAN FUEL
ENERGY STORAGE TECHNOLOGIES
ENERGY STORAGE TECHNOLOGIES
Power-to-gas is efficient | long term | low energy cost
Source: ITM Power plc
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32MWH BATTERY | P2G COST COMPARISON
BATTERY | P2G COST COMPARISON
HYDROGEN ENERGY SYSTEMS
Lithium Ion System (6,300 sqft)
• Project will cost $53.5m
• 8MW with 4hr duration | 32MWh
• $6.7m/MW | $1.67m/MWh
Power-to-Gas System (3,530 sqft)
• Project will cost $21.6m
• 8MW with 4hr duration | 32MWh
• $2.7m/MW | $0.67m/MWh
• 8MW with 12hr duration | 192MWh
• $2.7m/MW | $0.22m/MWh
The Tehachapi Energy Storage Project features 604,832 lithium-ion battery cells, housed in
10,872 modules of 56 cells each, stacked in 604 racks arranged in rows.Tehachapi Energy Storage Project
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ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS
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ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS
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ENERGY STORAGE | CLEAN FUEL
1MW SALE TO ZEAG | DLR
1MW SALE TO ZEAG | DLR
Sale in Germany by competitive tender
• 1MW of electrolysis plus compressor for tube trailer filling
• Indoor deployment
• 5 year maintenance contract
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BIG HIT | Orkney
Eday: Curtailed wind and tidal turbines
• 0.5 MW of electrolysis | 500kg storage
• Heating of school
Shapinsay: Curtailed wind
• 1MW of electrolysis
• Heating of school
Orkney Mainland:
• 75 kW FC: heat and power to harbour and marina
• H2 refuelling station | 10x FC vans
• Transport: 5x 250 kg tube trailers
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS IN UK
POWER-TO-GAS | ORKNEY
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CLEAN FUEL
CARS
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FUEL CELL CAR ROLLOUT
1
AWA I T I N G
A N N O U N C E M E N T
ENERGY STORAGE | CLEAN FUEL
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FUEL CELL VEHICLES
VEHICLES | ROLL OUT
WHAT IS A FUEL CELL VEHICLE?
An EV drive train that’s refuelled rather than recharged
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ITM POWER | TOYOTA FUEL CONTRACT
HYDROGEN ENERGY SYSTEMS
£10/kg | Lowest cost hydrogen for cars in UK | 1595 kg/day by the end of 2018
ITM POWER | TOYOTA FUEL CONTRACT11 UK stations | 1595 kg/day by the end of 2018
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HYDROGEN ENERGY SYSTEMS
ITM EXISTING AND PLANNED HRS SITES
STATION LOCATIONS
ITM Power |Owned StationsNumber Project Funding Match Location Ely Dispenser Planning Build Status Delivery Notes
HRS 001 M1 TSB OLEV AMP Sheffield 80 350/700 approved Operational Delivered OLEV upgrade
HRS 002 Riverside CEC USA 33 700 approved Operational Delivered US power (60 herz)
HRS 003 HyFive_1 FCH JU OLEV NPL 80 350/700 approved Operational Delivered Public Access
HRS 004 HyFive_2 FCH JU OLEV CEME 80 350/700 approved In build Oct-16 Opening October 11 2016
HRS 005 HyFive_3 FCH JU OLEV Shell Cobham 80 700 approved In build Dec-16 Civils complete Aug 16
HRS 006 BIG HIT FCH JU Orkney 450 350 pre planning In design Apr-17
HRS 007 H2ME OLEV FCH JU Shell Beaconsfield 150 350/700 pre planning In build Aug-17 Full forecourt integration
HRS 008 H2ME OLEV FCH JU Shell Gatwick 150 350/700 approved In build Aug-17 Toyota preferred site
HRS 009 H2ME2_1 FCH JU Site TBC 164 350/700 pre planning Contracts 2017
HRS 010 H2ME2_2 FCH JU Site TBC 164 350/700 pre planning Contracts 2017
HRS 011 H2ME2_3 FCH JU Swindon 164 350/700 approved Contracts Mar-17
Build own and operate model
• 5 operational HRS by 2016 year end
• 2 further HRS sales (Chino and HDF)
• Collaboration wth BOC Linde
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FCEV REFUELLING STATION
VEHICLES | ROLL OUT
WHAT IS AN FCEV REFUELLING STATION?
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FCEV REFUELLING STATION
VEHICLES | ROLL OUT
WHAT IS AN FCEV REFUELLING STATION?
ITM Power Electrolyser
80kg/day expandable to
500kg/day in 20ft container
Dispenser
350 and 700 bar refuelling point
Buffer Tank
20bar 15m3 tank
BOC | Linde Compression
Ionic Compressor and gas storage,
600kg/day
Payment Unit
Card reader, touchscreen and
printer for cash register receipt
Tube trailer connection
Off take of hydrogen for back up
supply and other applications
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SHELL COBHAM
UK INFRASTRUCTURE ROLL OUT
ENERGY STORAGE | CLEAN FUEL
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HYDROGEN ENERGY SYSTEMS
SHELL EXTRA SERVICES AT COBHAM (M25)
SHELL FORECOURT AGREEMENT
*Source: ITM Power
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BUS HRS CONFIGURATIONS
BUS REFUELLING STATIONS
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FINANCES
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DEAL PIPELINE
ENERGY STORAGE | CLEAN FUEL
DEAL PIPELINE
£15.81m under contract | £0.51m in negotiation | total £16.32m
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31/07/2014 31/07/2015 31/07/2016
£m
Results announcements
Pipeline at Year end - Progress
Under Contract In Negotiation
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Contract Pipeline
Under Contract In Negotiation
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PRODUCT SALES | PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
PRODUCT SALES | PROJECT INCOME
£15.81m under contract | £0.51m in negotiation | total £16.32m
For year ending April 30th 2014
• £3.12m total inflow
• £1.16m product sales
• £1.96m project funding
For year ending April 30th 2015
• £5.06m total inflow
• £1.63m product sales
• £3.43m project funding
For year ending April 30th 2016
• £8.18m total inflow
• £1.93m product sales
• £6.25m project funding -
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
2010 2011 2012 2013 2014 2015 2016 2017Brokernote
2018Brokernote
Sales Revenue
Project Income
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PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
PROJECT INCOME
£0
£1,000,000
£2,000,000
£3,000,000
£4,000,000
£5,000,000
£6,000,000
£7,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Collaborative Project Funding
In negotiation
Secured
Paid
£15.81m under contract | £0.51m in negotiation | total £16.32m
For year ending April 30th 2014
• £3.12m total inflow
• £1.16m product sales
• £1.96m project funding
For year ending April 30th 2015
• £5.06m total inflow
• £1.63m product sales
• £3.43m project funding
For year ending April 30th 2016
• £8.18m total inflow
• £1.93m product sales
• £6.25m project funding
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LOSSES | FINANCIAL ASSETS
ENERGY STORAGE | CLEAN FUEL
LOSSES | FINANCIAL ASSETS
£15.81m under contract | £0.51m in negotiation | total £16.32m
• Post 2014, starting with Mainova
• Continued cost control
• Reductions in losses
• 2016 Financial Assets = 2x losses
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COMPANY RESEARCH
COMPANY RESEARCH
HYDROGEN ENERGY SYSTEMS
Zeus Capital
• In-house broker and NOMAD
• Tom McColm
Roth Capital
• US placing agent
• Craig Irwin
Align Research
• Equity holder
• Mark Parfitt
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Key Financial Results for the period ended 30 April 2015:
Total Revenue & Grant Funding of £8.19m (2015: £5,061m) up 56%, comprising:
Revenue - £1.930m (2015: £1.635m) up 18%
Grant income - £3.188m (2015: £1.777m) up 80%
Grants receivable for capital projects - £3.069m (2015: £1.649), up 86%
Increase in property, plant and equipment to £3.024m from £2.546m, up 19%
Loss from operations £4.359m (2015: £5.723m), down 24%
Cash balance £3.336m (2015: £6.576m), down 49%
Debtors £6.487m (2015: 4.113m), up 58%
Development costs of £0.252m recognised in the year
FINAL RESULTS PRESENTATION AUGUST 2016 | LONDON
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Commercial progress to date:
A Total of £16.32m of projects under contract or in the final stages of negotiation
£15.81m of projects under contract
£0.51m of contracts in the final stages of negotiation
Strongly developing pipeline of commercial sales and funded projects
FINAL RESULTS PRESENTATION AUGUST 2016 | LONDON
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FINAL RESULTS PRESENTATION AUGUST 2016 | LONDON