® INVESTORS UPDATE H12024 &

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GenCell 2024 (projected) - Key Highlights:

→ Increases sales by ~70% to ~\$8m (compared to 2023)
→ Reduces expenses in 2024 by ~\$3.4m vs 2023
→ Launches a new plan to reduce expenses on an annual basis by an additional ~\$5m (as of 2025)

GenCell H1 2024 - Key Figures

~\$22m*	Cash Reserves: June 30th, 2024

~\$10m	Order Backlog: August 26th, 2024

~ SBOm	Opportunity Pipeline: August 26m, 2024

Over 200 *	Estimated Total # Units Installed by End of 2024
	* ~ ~ \$1.8m of total are held in restricted deposits ** including units deployed against earlier orders

® Communications - Orders Backlog Trend for Fuel Cell Backup Power for Critical Communications Infrastructure in Europe

\$4.9M telecom deal with European provider to deploy and maintain emergency backup power units in remote locations:
- → GenCell won tender -H2 2023
- 4 Contract signed -H1 2024
- Deployment starts -H2 2024
4> Climate Disruptions extending mandatory backup power to 72+ hours across Europe.
→ Unique Cold Start Technology kick-starts units in sub-zero temperatures in under an hour with no external power.
Specialization: GenCell supports Europe's strict TETRA and TETRAPOL critical communications standards.
→ Additional Telecom Deployments: sent and installed at NTT-AT and JEPICO sites in Japan.

By EOY24 to be largest fuel cell deployment in utility

In 2024, CFE exercised its right to order additional GenCell REX units in a multi-million-dollar deal.
→ GenCell will deliver in the third quarter of 2024 half of this order for ~\$4.4m.
→ The company expects to finalize the entire deal against another ~\$4.4m by the end of 2024.
4> Until now, 100+ GenCell REX™ units have been successfully deployed in compliance with CFE's requirements.

Filling the Power Gap:

4> The need for fast EV charging, especially of fleets that must be operationally ready at all times, challenges the U.S. power grid in many locations.
د Lacking grid infrastructure to charge its EV fleet, the UCLA Transportation Department ordered a first EVOX system to be deployed in Q4 2024 with potential to add multiple future units.

Strategic Plan for Penetration into the U.S. Power Utilities Market

Strategic U.S. Expansion

Comprehensive plan to penetrate the U.S. market with a strong focus on expanding sales of the company's current and future products.

Product Focus

Product line meets critical needs of both U.S. power utilities and their mission-critical power end-user customers to mitigate increasingly frequent and severe power outages.

Key States

Focus on disaster-prone Texas seeking energy security and independence and California driving advanced policies and incentives for sustainable innovation & climate resilience

Distributed Energy

GenCell's hydrogenfueled distributed energy solutions are adapted for U.S. federal programs funding hybrid microgrids to provide power where the existing grid infrastructure is insufficient or nonexistent.

ீ ஜே Progress in USA Focus Markets: California & Texas

→ EVOX units deployed at first US-based sites:

→ UCLA, CA: Deploying EVOX in fourth quarter of 2024 to power EV fleets and meet sustainability goals.
→ EVOX Expo @ CMC Sacramento, CA: Showcasing EVOX in action at California Mobility Center as a prototype for local EV mobility hubs.
→ EVOX Launch @ Austin, TEXAS: Demos and panel for key decisionmakers from the state's utillities, emergency and first responder agencies.

Workforce Reduction

Reduction of G&A Expenses
- Reduced Investment in R&D
  - Reduction of Manufacturing Area & Office Space

5 Increased Utilization of Outsourced Production Services

Outsourced Production to Slash Costs & Add Agility

Outsourcing Plan

The company has executed a plan to outsource a majority of its production operations substantially reducing production costs.

Cost Conversion

Conversion of fixed costs to variable costs.

Diversification of Facilities

Diversification of production facilities to ensure operational continuity.

Compliance with Standards

Compliance with TAA and BIA standards prerequisite for contracting with U.S. government bodies.

Concentration on Killer Technologies

Main Activities

→ Hold on development of OX and new electrode development
→ Ammonia Cracking Unit: Redesign of ACU completed to support a 10kW fuel cell for EVOX and dual fuel integration - hydrogen and ammonia.
५ Green Ammonia Technology:
- → Achieved target ammonia production rate and Faradaic efficiency.
- → Alpha prototype operational and meeting program milestones.
Enhancement of GenCell GEMS™ energy management software suite: Launch of GenCell GEMS Edge, Charge and Community applications