Next generation liquid hydrogen storage and transportation

Leiv Låte, CEO

Global demand for hydrogen will see significant growth towards 2050 to reach net zero

Hydrogen demand by sector needed to achieve Net Zero Emissions by 2050*

2 * IEA Global Hydrogen Review 2021. Note: "Fuel" in chart is the compound volume of "Transport", "NH3-fuels" and "Synfuels" from original report

Global liquid hydrogen (LH² ) market expected to grow rapidly in the coming years

Expected LH² production IRENA estimates

New technologies can increase the addressable market substantially from IRENA estimates

How fast can the liquid hydrogen (LH² ) market grow?

In 2021, a total of 350 tons LH² is produced
In 2020, shipping consumed a total of 412 Mt fuel, corresponding to 11 exajoules
The expected maritime consumption, based on tenders and signed contracts, corresponds to a consumption of ~3,000 tons of LH² in 2025
IRENA: 10% of the energy mix for ship fuels will be LH² -based in 2050, corresponding to 4.6 Mt LH²
Company estimates: Based on the physical properties of LH² stores with ICT storage tanks, 62% of the fuel mix for ships will be the addressable market for LH² , corresponding to 28.4 Mt ⁰

Expected LH² production

ICT and IRENA estimates

Liquid hydrogen has great benefits, but also challenges that need to be addressed

The key challenge is enabling long-term storage and transport of large quantities of hydrogen

Pros of LH²

Zero emission, non-toxic energy carrier

High energy density (energy/kg)
Allows for high fueling/bunkering rate
Low pressure, giving lower risk of explosion and lighter storage and transportation tanks

Cons of LH2

Low temperature
Prone to high boil-off/evaporation rates
Limited infrastructure in place high capex
Energy demanding liquefaction process high opex

ICT reduces constraints related to storage and transportation of liquid hydrogen

Creating the basis for both large- and small-scale storage and transportation infrastructure for LH²

Low-pressure LH² tanks have clear benefits

P 17

Lower pressure (<0.5 barg vs 6 barg) → higher energy density, less strain on tank

Lower tank weight
→ High efficiency factor (kg LH2
                                /kg steel)

Customizable to any shape → Adaptable to any ship's hull (prismatic design)

Active cooling if required

→ Ultra low boil-off
→ Minimal ullage/expansion volume

Energy efficient insulation → Low heat flux into the tank

Increased safety

→ Near atmospheric pressure and double barrier due to membrane

Thermodynamics explains why LH² will be the preferred energy carrier

ICT's technologies have clear benefits compared to existing solutions*

9 * Conventional LH2 storage tanks, referred to as "dewar", is a double-walled flask of metal or silvered glass with a vacuum between the walls, used to hold liquids at well below ambient temperature.

Norwegian technology company developing LH² applications, built on leading LNG competence

ICT improves the competitiveness of liquid hydrogen through two primary technologies

ICT's technology is suitable for a wide range of applications, from small-scale to large-scale

400.000 m³

Membrane tank for medium to very large carriers and land tanks

ICT – Deep sea and seasonal storage

2.000 m³

Membrane technology Fuel tank and portable storage technology

Fuel tank and small to medium scale portable storage technology

ICT – Short sea and distribution

ICT's membrane technology represents the future of large-scale storage and transportation of hydrogen

Two separate vacuum insulation compartments Twin primary membrane with leak detection

Modular design and construction Solid and robust vs. sloshing* or earthquake loads

Use

Membrane tank for large to very large carriers and land tanks

Tank size 1.000 – 400.000 m³

Status

✓ Patent approved in EU, US, China & Japan
✓ Approval In Principle
✓ Designed for liquid hydrogen excellent for LNG and NH3
✓ Digital twin on pilot tank

13 * Sloshing: Liquid waves inside partly filled tanks

Liquid hydrogen carrier, also for LNG, with smart cooling system

ICT membrane 9.000 m³ carrier

Regional distribution of bunkering at sea for LH2 or LNG

ICT's fuel and distribution tank combines low weight with flexible, prismatic design and optional cooling system

Light weight Integrated evaporator Flexibility in shape Portable

Use

Fuel and distribution tank for small to large marine vessels, trains, HDV and possibly aviation

Tank size 0,5 – 2.000 m³

Status

✓ Pilot tank construction ongoing

ICT enables low weight fuel tanks for LH² where weight saving is essential

Large potential within several market segments, covering small to large scale applications

Suitable for carriers, fuel tanks, distribution and energy segments

HDV, buses, trains and aviation Fast ferries and car ferries Medium-scale LH2 logistics < 6.000 m³ Large-scale LH2 logistics > 6.000 m³ Small-scale LH2 fuel tank < 1000 m3

ICT aims to bring new opportunities to the cryogenic liquid storage and transportation sectors

Full speed ahead toward making liquid hydrogen accessible

Timeline

Completed	Ongoing	Next steps
✓ Approval In Principle (AIP) for membrane tank	• Approval In Principle (AIP) for fuel and distribution tank • Pilot tank construction ongoing, scheduled to start testing in H1-22 • Evaporation system design on going, construction and testing in H2-22 • Customer dialogs world wide	• Proof of concept by representative pilot tank size in close cooperation with potential users, designer and yard, DNV and Maritime Authorization • Building organization • Fuel tank onboard installation • Large-scale applications (international)

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Saga Pure Investor Presentation 2021