tbli conference™ nordic 2014 - entrepreneurs salon - kevin brundish - cella
DESCRIPTION
“Hydrogen Storage for Defence, Aerospace and Automotive markets” Cella Energy is an advanced materials and technologies company with first-mover advantage in safe, low-cost hydrogen storage technology. Cella’s long term goal is to produce a new source of low-emission transport fuel whose ease of use and cost is competitive with fossil fuels. In the near term, Cella’s technology will add hydrogen to diesel engines to enable them to meet strict emissions standards, and provide power packs for small unmanned aircraft with three times the energy for a given weight compared to batteries. In the mid- term Cella is targeting applications such as forklifts and hybrid battery / fuel cell buses. Hydrogen is the future of clean power and transport. Fuel cells convert hydrogen to electricity and pure water, allowing cars and trucks to run with improved range but no harmful emissions. Hydrogen also stores surplus renewable energy so it is not wasted. Transport today represents a quarter of CO2 emissions and air pollution from diesel vehicles is a serious health risk, so the potential benefits of hydrogen are huge. www.cellaenergy.com TBLI CONFERENCE™ NORDIC 2014 Our first ESG & Impact Investing conference in the Nordic region, hosted by the BI Norwegian Business School in Oslo. For 2 days, the conference offered a platform to learn about current trends in sustainable investing and CSR in the Nordic region – and ample opportunity to find new business partners. Unique to this event, selected entrepreneurs have been invited to present their innovative green technology and climate change related projects to the investor community.TRANSCRIPT
www.cella.com © Copyright 2013.
• 2007: beginning of R&D work
• 2011: spin-out from Rutherford Appleton Laboratory, University College London, and Oxford University
• 70% PhDs
Cella Energy UK Cella Energy US
• Location: Rutherford Appleton Laboratory
• R&D team: 7 persons, 2 students, 3 being recruited
– Cella’s material development
– The development of the systems and applications
– Business development
• Location: Kennedy Space Center
• R&D team: 2 persons, 2 being recruited
– Cella’s material development
– Material regeneration
Cella History
• To develop and sell solid state hydrogen storage materials and products
• To manufacture and sell systems that have more than three times the specific energy of a lithium-ion battery
• To work with Automotive, Aerospace and military companies to create and sell devices that use Cella Material that compete with compressed hydrogen and batteries
Cella Mission
Company Information:
2
www.cella.com © Copyright 2013.
Rutherford Appleton Laboratory, Oxfordshire,
UK
Kennedy Space Center, Florida, USA
Company Information:
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www.cella.com © Copyright 2013.
Material Ready Commercial Prototypes Field Trials
Winter 2013 Late 2014 early 2015 Spring 2013
Proof of concept devices
Summer/Autumn 2014
• Hydrogen stored in a form of plastic pellets
• Can be recycled
• Heated above 100⁰C release the hydrogen
stored within 2 minutes
• Safe, no high pressure or cryogenic
temperatures requirements
• 10 kg of material per 100km (zero emission
vehicle)
Cella Material: Characteristics TRL levels
Cella Material 6
UAV power system 5
Emergency power system 4
Range Extender 3
4
Technology Information:
www.cella.com © Copyright 2013.
Merits NOW Long term
Cella material vs. Li-ion - 3 times higher energy density - Flexible form factor - Safe and stable storage
- Diesel cost competitive
Cella material vs. compressed hydrogen
- Safety - Cost - Significantly less infrastructure investment
- Diesel cost competitive
Applications By Power Segment
Small Energy < 6kW
UAV Soldier portable e-Scooters
Medium Energy < 20kW
Aircraft (RAT, APU, galley)
Large Energy > 20kW
Diesel abatement/ EV Range Extender
Zero Emission Vehicle
Emergency Power
Forklift Zero Emission Bus
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Market Applications:
www.cella.com © Copyright 2013.
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Q12015
Q22015
Q32015
Q42015
Q12016
Q22016
Q32016
Q42016
Q12017
Tho
usa
nd
s
Financial Year (ending in March)
2 year Income
Income (Product)
Income (licencing)
Income (projects)
-200%
0%
200%
400%
600%
800%
1000%
2015 2017 2019 2021 2023 2025
Discounted ROI
Using a discount rate of 10%
• Small systems: Cella will manufacture
and sell the system
• Large System: Cella is partnering with
businesses who have the access to the
end user market and licence the material
production
Business Strategy
Cash flow from operations is expected to
reach break even by 2016. Currently Cella
has::
• Over $1.7M of grants and development
contract secured for financial year 2015
with a further $3.5m secured or in
negotiation for 2016
• Over $300K of research license income
in financial year 2015.
2 year Income
6
Adoption Strategy:
www.cella.com © Copyright 2013.
3 248
533 345
56 31 19 7.3 4.4 2.7 1.9 1.7
-
1,000
2,000
3,000
4,000
USD
/Kg
Cella Material - Average Selling Price
◊ Taking the UAV power supply through
field trials to first sales
◊ Starting field trials of the soldier portable
power systems
◊ The development of a commercial electric
vehicle range extender
◊ The development of a commercial
emergency power system
◊ Toll manufacturing around 4 tons of
material in financial year 2016
2 Year Technical Milestones
◊ To be cash flow neutral
◊ To have the correct certification for the
UAV power supplies
◊ Flight certification of the first Aerospace
application
◊ To have developed the complete value
chain for the material and UAV power
supplies
◊ To have grown the company and
management team to around 25 – 30
people
2 Year Business Milestones
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Adoption Strategy:
www.cella.com © Copyright 2013.
• Organization/management strengths
• Prior successes, partners
• Contracts or awards received
• Scaled the production of its hydrogen storage material
• Completed two demonstration devices:
− Powering an unmanned aerial vehicle using a fuel cell
− A proof-of-concept 1kW hydrogen supply system for
automotive or aerospace applications
Technical Achievements to Date
• Won prestigious awards including
− Shell Spring Board 2011
− Energy Storage Challenge 2011 – sponsored by ONR
• Proven track record of winning and delivering government
projects:
− Five UK Technology Strategy Board awards (4 active)
− Two US DOE grants awarded, but not yet funded
• Secured a 1 year exclusive arrangement with a very large
aerospace company to develop hydrogen storage
technology for aerospace applications.
Business Achievements to Date
Executive Team
Stephen Bennington, Managing Director & Co-
founder: 20 years in research. Main inventor of
Cella’s technology
Janet Donovan, CFO: 12 years in senior finance
roles in GE Aviation Systems, FD of GE Aviation
Digital and Power UK
Kevin Brundish, COO: 18 years at QinetiQ, the
international defense group, latterly as COO of
Energy Division
Alex Sorokin, CEO,:30 years experience as
CEO and consultant across industries including
lithium-ion batteries and applications
Jay Lifton, Chairman: 25 years of corporate
finance, capital markets and investing
experience including alternative energy
Professor Sean McGrady, CSO: Over 20 years
experience in research in academic and industrial
environments. An expert in hydrides.
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Ability to Deliver:
www.cella.com © Copyright 2013.
• Advice on specification
• Partners to test and evaluate the
technology
• Understanding certification
Testing / Field Trials / Certification
Cella is seeking to raise up to $5.0 million
(USD) to finance its transition from being
primarily R&D oriented to a product and
materials based business by 2016:
• $2.5 million is to supplement
approximately the $6.3 million in revenue
from projects and grants through 2016,
and
• Up to $2.5 million is to provide a reserve
for opportunities to further accelerate
growth.
Equity
Cella Uses grant income to fund projects
that are in its business plan and cement
relationships with development partners
Grants
Cella wish to partner with military,
aerospace and automotive companies to
develop and test the equipment that use
Cella Material.
Development Contracts
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What is your Ask?
www.cella.com © Copyright 2013.
Thank You! Cella Energy
Kevin Brundish, Chief Operating Officer T: +44 (0)1235 567508
E: Kevin,[email protected]
W: www.cellaenergy.com
Stephen Bennington, Managing Director T: +44 (0)1235 567505
W: www.cellaenergy.com
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