Investor Presentation • Nov 20, 2014
Investor Presentation
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Q3 - Company presentation, November 2014
Condensed Interim Financial Statement
| 2014 | 2013 | 2014 | 2013 | |
|---|---|---|---|---|
| (figures NOK million) | Q3 | Q3 | 9M | 9M |
| Comprehensive income | $\blacksquare$ | 0.04 | $\blacksquare$ | 0.13 |
| Total operating cost | (0.76) | (9.54) | (6.11) | (30.52) |
| Pre-tax profit (loss) | (0.48) | (9.28) | (5.50) | (29.93) |
| Net cash flow from operating activities | (1.06) | (9.25) | (9.00) | (29.28) |
| Cash balance end of period | 50.47 | 18.12 | 50.47 | 18.12 |
| Income statement | ||
|---|---|---|
| 2014 | 2014 | |
| (figures NOK thousands) | Q3 | 9M |
| Total operating revenue | 19068 | 57 259 |
| Total operating costs | 13983 | 42866 |
| Operating profit (loss) | 5085 | 14 393 |
| Net financial income (expense) | -17 | -17 |
| Pre-tax profit (loss) | 5048 | 14376 |
| Balance sheet | |
|---|---|
| 2014 | |
| (figures NOK thousands) | 30 Sept |
| ASSETS | |
| Non-current assets | 2729 |
| Current assets | 40 201 |
| Total assets | 42930 |
| EQUITY AND LIABILITIES | |
| Equity | 24551 |
| Liabilities | 18379 |
| Total equity and liabilities | 42930 |
Condensed Interim Financial Statement
NEL Hydrogen at a glance
Our technology and current business
The game changer: Hydrogen as energy carrier
Our value proposition
Source: CryoGas International, MarketsandMarkets, Navigant Research. Compiled by Arkwright
Condensed Interim Financial Statement
NEL Hydrogen at a glance
Our technology and current business
The game changer: Hydrogen as energy carrier
Our value proposition
• By increasing plant size from 250kW to 2,5MW, capex for production capacity reduced by >60%.
Condensed Interim Financial Statement
Source: EIA – "Medium-Term Renewable Energy Market Report 2014"
Source: Toyota Motor Corporation & Report: A portfolio of Powertrains for Europe
It's the most important car since the car was invented"
The need for an alternative to fossil fuel is real. And in time, hydrogen will be our most sustainable option. Not only because hydrogen can be produced from renewables like solar and wind but also because the only emission from the tailpipe is water vapor. So what was once seen as a pipe dream now has more potential than ever."
• Use case costs include refuelling station costs, compression, storage, and distribution as appropriate – electricity price: ~50 €/MWh
Ensuring commercial introduction of hydrogen in the Oslo-region.
• Porsgrunn, Kjellstad & Økern, Norway
Condensed Interim Financial Statement
Our value proposition
Unique electrolyser technology
Superior energy efficiency
Design and scalability
Quality and reliability
Green technology
o Non-patented active coating
o 3 - 15% more efficient than competitors*
o Flexible design & competitive systems from 500 kW – multi-MW
o High regularity & long lifetime
o Enables fully zero-emission hydrogen production
Profitable business o Positive cash flow from current business
Electrolysis is the process of splitting water into hydrogen and oxygen using an electrical current. The inputs to this process are simply feed water and electrical power. Below a schematic of a typical hydrogen generation plant is seen:
| Lars Markus Solheim CEO |
Erik Evju Director, Finance |
|
|---|---|---|
| With NEL Hydrogen since 2005 Long experience from employment |
With NEL Hydrogen since 1994 Education: Bank, insurance and |
|
| in NEL, with previous positions as Lead Automation Engineer and Director Operations |
business administration from Norwegian School of Management (BI) |
|
| BSc in System Engineering from Buskerud University College |
Norwegian School of Export |
|
| Bjørn Simonsen Director Market development and public relations |
Ole Arnt Lindgren Director, Production |
|
| With NEL Hydrogen from September 2014 |
With NEL Hydrogen since 2009 Previous experience include ABB |
|
| Experience with hydrogen since 2008: Researcher (IFE), followed by |
(assembly and logistics mgr) and GPV (production and logistics mgr) |
|
| key positions in the HyNor-project, The Norwegian Hydrogen Council and Norwegian Hydrogen Forum. |
Education: Spec. In Logistics, Norwegian School of Management (BI) |
|
| Education: M.Sc. in Energy and Environmental Engineering (NTNU) |
Tel: +47 35 09 38 38 E-mail: [email protected] Web: www.nel-hydrogen.com
Address: P.O. Box 24, NO-3671 Notodden, Norway
| NEL A.150 | NEL A.300 | NEL A.485 | |
|---|---|---|---|
| Capacity / Nominal Flow Rate | |||
| Capacity range ( $Nm^3 H_2/hr$ ) per unit | $50 - 150$ | $151 - 300$ | $301 - 485$ |
| Production capacity dynamic range | 20 - 100% of nominal flow rate | ||
| Energy (electrolyser cell stack) | |||
| Typical power consumption ( $kWh/Mm^3 H_2$ ) | $3.8 - 4.4$ | ||
| Purity (measured on dry basis) | |||
| $H_2$ purity $(\%)$ | $99.9 \pm 0.1$ | ||
| $O2$ purity (%) | $99.5 \pm 0.2$ | ||
| After purification (1) | |||
| $O2$ -content | $< 2$ ppm $v$ | ||
| $H2O$ -content | $< 2$ ppm $v$ | ||
| Pressure | |||
| $H_2$ outlet pressure after electrolyser | 200 - 400 mm WG | ||
| $H_2$ outlet pressure after compressor (2) | Max 250 bar g | ||
| Operation | |||
| Operating temperature | 80 ° C | ||
| Electrolyte | 25% KOH aqueous solution | ||
| Feed water consumption | 0.9 litre / $Nm^3 H_2$ |
| COMPANY | Illovo Sugar SA Ltd |
|---|---|
| COUNTRY | South Africa |
| PRODUCT | NEL A•485 |
| CAPACITY | 360 Nm3 /hour |
| APPLICATION | Refined Sugar |
| INSTALLED | 1983 |
"The original electrolyser is still in operation today and is extremely reliable. It runs at full capacity 24 hours a day. No significant maintenance is required"
Alastair Warman Engineering Manager Illovo Sugar Ltd
| COMPANY | Guardian – Egyptian Glass Company |
|---|---|
| COUNTRY | Egypt |
| PRODUCT | NEL A•150 |
| CAPACITY | 120 Nm3 /hour |
| APPLICATION | Float Glass |
| INSTALLED | 1998 |
"Since the start-up of the plant in May 1998, we have enjoyed a stable production with high gas purity, without any problems whatsoever"
Ihab Ishak UtilityManager Egyptian Glass Co.
| COMPANY | Industria de Aceite FINO S.A. |
|---|---|
| COUNTRY | Bolivia |
| PRODUCT | NEL A•300 |
| CAPACITY | 300 Nm3 /hour |
| APPLICATION | Edible Oils & Fats |
| INSTALLED | 2012 |
"The refurbished electrolyser works perfect for us. It is very easy and safe in operation. In addition we have made significant savings in our energy costs with this electrolyser."
Cesar Campoverde Production Manager Industrias de Aceite Fino
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