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Ceres Power Overview August 2013


Disclaimer The information in this document ("Presentation") has been prepared by Ceres Power Holdings plc (the “Company”) on the basis that each person in the United Kingdom to whom it is made available is reasonably believed to be such a person as is described in Articles 19 (Investment professionals), Article 43 (Members and creditors of certain bodies corporate) or Article 49 (High net worth companies, unincorporated associations etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or is a person to whom this Presentation may otherwise lawfully be distributed. Persons who do not fall within such descriptions may not act upon the information contained in this Presentation. By accepting and reading this Presentation you warrant, represent, acknowledge and agree that you are a person falling within such descriptions. This Presentation does not constitute a recommendation regarding the shares or other securities of the Company or any of its subsidiaries nor a representation that any dealing in those shares or securities is appropriate. The Company accepts no duty of care whatsoever to the reader of this Presentation in respect of its contents and the Company is not acting in any fiduciary capacity. This Presentation should not be considered as the giving of investment advice by the Company or any of its subsidiaries or any of their directors, officers, employees, agent or advisers. In particular, no offer or invitation or solicitation of any offer to acquire shares or other securities of the Company or any of its subsidiaries is being made now nor does this Presentation constitute or form part of any invitation on inducement to engage in investment activity as referred to in Section 21 of the Financial Services Markets Act 2000 ("FSMA") or otherwise and has not therefore been approved by an authorised person in accordance with Section 21 of FSMA. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or any assumptions made as to its completeness. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. 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The contents of this Presentation are confidential and must not be copied, published, reproduced, distributed or passed in whole or in part to others at any time by recipients. This Presentation is being provided to recipients on the basis that they keep confidential any information contained herein or otherwise made available, whether oral or in writing, in connection with the Company or any of its subsidiaries. In particular, this Presentation should not be distributed, published or reproduced in whole or in part or disclosed by recipients and, in particular, should not be distributed to United States residents, corporations or other entities, US Persons (as defined in Regulation S promulgated under the United States Securities Act of 1933 (as amended)), persons with addresses in the United States of America (or any of its territories or possessions), Canada, Japan, the Republic of Ireland, the Republic of South Africa or Australia, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any law or regulatory requirement. Notwithstanding the foregoing, the Company can distribute this document to US Persons (as defined above), persons with addresses in the United States of America (or its territories or possessions), United States residents, corporations or other entities if the Company is satisfied that an applicable exemption applies. Distribution of this document in the United States in the absence of such an applicable exemption may constitute a violation of United States securities law. By agreeing to receive this Presentation you agree to be bound by the foregoing restrictions. The content of this Presentation has not been verified.

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Ceres’ strategy is to integrate its technology into low carbon power applications through partnering with select OEMs •

Unique metal-supported solid oxide fuel cell (SOFC) technology

Targeting disruptive costs leadership in small stationary natural gas micro-CHP

and back-up power applications •

11 years and >$100m of development, >30 global patent families and extensive fuel cell system design and manufacturing know-how

Technology demonstrated in a prototype 1kW class, wall hung, residential combined heat and power (CHP) unit running off mains natural gas

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Ceres will licence fuel cell technology for multiple industrial partners who have access to market channels

Raw materials

Cell & Stack

Module

Balance of plant

Development of the technology

Ceres + supplier

Ceres

Ceres

Product manufacture and supply

Supplier

Ceres?

Supplier

System

Marketing

Partner*

Partner*

Ceres + Partner

Supplier

Partner

Service & Warranty

Partner

Partner

Fuel cell system integration requires significant resources and industrial engineering expertise

Ceres systems integration capability and CHP IP will significantly reduce system development time Š Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Ceres Power has a unique, low-cost fuel cell technology “Ceres Power SOFC technology is highly differentiated and has the potential for cost leadership in mass manufacturing of cells and stacks, with the performance and durability meeting the requirements of volume applications such as residential CHP. The Company has intellectual property rights and trade secrets which provide considerable protection against emergence of competition.” Independent report prepared by Dr N Minh, Associate Director of the Center for Energy Research at the University of San Diego, CA, USA. Dr Minh has more than 25 years experience developing SOFCs and new energy systems, was previously Chief Scientist at GE Global Research and Manager, Fuel Cells at GE Energy. He has been a consultant to and served on review panels for the US Department of Energy, Department of Defense, National Science Foundation and the Californian Energy Commission.

Projected cost leadership with multiple potential applications © Ceres Power 2013

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The core of the Ceres proposition is its unique metal-supported cell AIR

Cathode Layer

Stainless Steel Substrate

Thin steel substrate with even thinner layers of active SOFC materials coated on top

ELECTRICITY FUEL

Low temperature electrolyte (ceria) enables operation at <600 oC

Key advantages:

Ceria Electrolyte Layer Anode Layer

– Low cost cells – Enables compact, lightweight system designs – Mechanically tough – Simple & reliable stack sealing – Enables low cost balance of plant

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The fuel cell module (FCM) integrates fuel processing with the stack Fuel Cell Stack

Prototype Fuel Cell Module (FCM)

Fuel Processing Assembly

• Approximately 100 cells / stack

• Integrated stack and fuel reformer

• Robust gasket & weld sealing

• In: fuel & air | Out: power & heat

• Simple assembly automation

• Compact size and lightweight

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Example application in residential micro-CHP (1kWe Class)

Prototype FCM

Prototype Natural Gas Wall-Mounted CHP Product Condensing Boiler

FCM Wall mountable weight and size ~100 kg 90x60x40 cm Fuel filter System Controller & Power Electronics

Ceres compact FCM technology is uniquely suited to a range of mass market, distributed generation and auxiliary power applications Š Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Global fuel cell markets will take off in the next 2 years Industry market share by applications 100% = $5.9bn, 2009 Fuel cell industry revenues for stationary application $m

Portable

21 47 Stationary

+13%

32 Vehicle

5,080

+8% Industry market share by country 100% = $5.9bn, 2009 Others Italy 14 Canada 3 4 Korea 4 France 4 5 China

14

Germany

2,600

2,800

2,210

2,390

2006

07

08

09

US

35 2014E

17 Japan

Š Ceres Power 2013 Title: Ceres Power Overview â&#x20AC;&#x201C; August 2013 Source: McKinsey: derived from Innovative Research & Products, Inc.

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Ceres aims to address volume markets for fuel cell products Global market in next 10-20 years estimated1 at >$14 bn for Stationary applications Stationary Fuel Cells Market Growth1

Source:1 Pike Research, SBI , US DOE

Ceres’ initial focus is 1-5kW Micro-combined heat & power (mCHP) for residential and commercial markets © Ceres Power 2013

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Stationary fuel cell CHP and back-up power is growing rapidly • Domestic combined heat and power (CHP) is ~50% of stationary sales • The domestic CHP market is dominated by Japan,

• ~$500m market (28,000 units) growing at >50%, • Toshiba, Panasonic, Kyocera and others • Early 700W products sold for $20,000 to $30,000 • There was a dramatic increase in sales following Fukushima disaster Panasonic / Tokyo Gas unit

• Growing interest in South Korea, with 350 units sold in 2011. The Million Green Home 2020 project was established to install 1 million green appliances in homes by 2020, with a subsidy of up to 80% for <1kW residential fuel cell systems. • ClearEdge Power has shown how to market domestic CHP in the US (5 kW polymer electrolyte (PEM) units) • Gensets for grid support and off-grid power for telecoms is now emerging in India and China (Dantherm and Ballard)

© Ceres Power 2013 Title: Ceres Power Overview – August 2013 Source: Fuel Cell Today Industry Review 2012; McKinsey, Panasonic, Tokyo Gas

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Ceres’ technology in a mCHP allows homes & small businesses to save money

Distributed Generation (DG): Power Generation at point of use:  No generation & transmission losses  Cleaner use of existing fuels  Flexible generation asset  Demand management device

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Ceres will exploit technology platform with multiple applications Application

Business driver

Natural gas microCHP

Reduce residential / commercial energy costs (by up to 50% or >$1,000 per annum in UK) mains gas properties, supports smart grid

Non-natural gas micro-CHP

As above, but using packaged fuels (e.g. LPG and LNG to upgrade from home heating oils) and biofuels

Residential power continuity

Continuity of power in regions where mains grid is unreliable

Other future markets after residential market capture Large/mid scale stationary power

Greater efficiency / lower maintenance than Internal Combustion engines in distributed generation

Rural electrification

Clean, reliable power (e.g. using LPG or biofuels ) where no mains grid exists

Cellphone base station power

Lower running costs, lower emissions, higher reliability than diesel gensets

Truck auxiliary power (APUs)

Supports air conditioning + other loads with vehicle engine off; regulatory driver

Remote equipment power

Longer mission and higher powers than batteries for in-field equipment

Initial focus is partnering with OEMS for 1-5kW natural gas CHP Š Ceres Power 2013

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Major global market opportunity for residential micro-CHP • Ceres estimates market for natural gas residential micro-CHP at >18 million units pa

– Dominated by conventional furnace / water heater replacements / upgrades & some new build – Addressable through OEM sales channel and some utilities

• Type of product varies significantly by region

• Wall mounted unit key for EU, Korean & Japan (circa 80% share) • Floor mounted in US with footprint same or smaller than existing technologies • Water heater product optimised for North American market Sources: BSRIA, AHRI, Natural Resources Canada, Boiler Manufacturers

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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There is significant global interest in our technology •

Ceres aims for its steel cell to become the global standard

Key markets being targeted are Japan, Korea, US and EU

1st deal with Korea announced on 22nd July 2013

Early engagements with major OEMs already under way in Japan and US

Ceres is targeting a handful of additional partnership deals by end 2015

Application areas – 1kW – 5kW CHP and power back-up systems – With and without back-up boiler – Floor and wall mounted variants – All using natural gas and the same cell size and design

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First major commercial deal under new strategy • • • • •

Commercial & technical partnership with KD Navien signed 22 July ‘13 KD Navien is South Korea’s largest boiler manufacturer and a major exporter to key markets including the EU and US. It has > 1m boiler manufacture capacity Korea is one of the largest domestic boiler markets with 1 million units pa Generous government subsidies available for domestic micro CHP and Korean Government has launched a ‘1 million “green homes” by 2020’ program. Contract details – – – –

A technology assessment agreement to run for 12 months KDN to trial the Ceres 1kW class natural gas fuelled fuel cell module (FCM) in Seoul Enables engineering design of a Micro-CHP Product for Korean mass residential market Ceres will provide hardware & technical support including advisory design services

Ceres and KDN intend to enter into a licensing agreement for the manufacture and distribution of CHP products for the Korean residential market

“This is the first big partnership announcement since Ceres Power changed strategy, and it has found an excellent partner in KD Navien – one that can be very fast moving yet also boasts the necessary R&D resources to help get fuel cell micro-CHP product to market. If South Korea’s generous subsidies for fuel cell are to be tapped into in order to get volumes up, the race will be on to get product to market in time before the subsidy degression advances too far. With KD Navien’s geographic reach, the partnership should have access to other markets too, including the US. Such a spread out approach is likely to be necessary anyway, should the forecasted cost reductions sought by both companies to be achieved.” Delta-ee August 2103 © Ceres Power 2013

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Ceres’ growing network of global partnerships to commercialise its technology in the targeted markets Development / Testing

Manufacture / Assembly

Appliance Sales

Global automotive heat-exchanger & HVAC manufacturer

The leading UK gas utility & boiler installer

Leading Benelux brand for water heaters & renewable technology

The leading Korean boiler manufacturer

Ceres is also working on a confidential basis with many other world class suppliers and application developers in Europe, US and Asia © Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Compactness and lightweight provide application flexibility Back-up boiler

Japanese ene.farm (available from April 2013)

‒ ‒ ‒ ‒ ‒ ‒

Technology: Weight: Size: Electrical Efficiency: Retail price: Comments:

PEM ~ 0.75kW rating 90kg – fuel cell unit (floor mount) + 44kg boiler 185x40x40cm fuel cell unit (2.0 m2 total floor area) Up to 39% (LHV) ~$20,000 (JPY 1.995M) Includes hot water tank; separate boiler

Source: Tokyo Gas, Panasonic (Jan 2013 press release)

Ceres Power [Prototype CHP]

‒ Technology: ‒ Weight:

IT-SOFC – 1kW class (800W rating)

‒ ‒ ‒ ‒

Size:

~ 90x60x40 cm (fits on wall)

Efficiency:

39 – 45% (LHV)

Retail price:

~$8,000 trending to $4,500 (in volume)

Comments:

Boiler packaged within in Ceres unit

< 100kg (wall mounted including boiler)

Large range of packaging and mounting options with Ceres Technology © Ceres Power 2013

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Efficiency and turndown characteristics of Ceres technology enable significant savings for the homeowner Efficiency of UK mCHP based on 2012 Ceres Technology

50

45 40

90

35 30

Money

Up to £750

Carbon

Up to 1800kgCO2

* Assumes – SAP2010 Carbon Intensities – Current UK Feed In Tariff – Replacing a SEDBUK A boiler

85

25 20

Estimated Annual Savings* for typical UK home

95 Total [%LHV]

Electrical [%LHV]

100

200

400 600 Generation Power [W]

80 800

Savings will be even higher if the mCHP unit replaces older less efficient boilers

High electrical efficiency even at lower power outputs allows load following and maximum energy savings for the consumer © Ceres Power 2013

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Robustness - real world products require multiple start-stops • Ceres Cell and Stack sealing technology can tolerate thermal cycling without power loss Stack power measurements at each cycle showing no power loss

Stack Power %

Test intentionally stopped

Start-stops cycles exceed those likely over a typical 10 year operating life in most markets Short stack cycled from operating point (590 oC) to 100 oC

56% H2/44% N2 3% H2O in Air 140 mA/cm2

Ceres technology avoids need for expensive purge gases within the mCHP system Time hrs

Test Date: Dec 2011 - Jan 2012

Number of Cycles

Ceres metal-supported fuel cell stacks are robust to repeat start-stops © Ceres Power 2013

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Robustness - Products must survive unplanned shutdowns • •

Emergency Stops – immediate cut-off of fuel and air with a thermal cycle Other fuel cell technologies can suffer catastrophic damage under this condition

Stack Power %

Stack power measurements after each cycle showing 95% power retention and no loss of cell integrity

95% Emergency stop cycles exceed those likely over a typical 10 year operating life in most markets 7 Cell Stack Test Date: August, 2012

Such operating robustness is essential in markets with unreliable electrical grids

Number of Cycles

Ceres stacks are robust to harshest cycling challenge possible: Emergency Stops © Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Ceres as world class fuel cell design, manufacturing and test capabilities in Horsham Fuel cell systems engineering expertise – Can offer fuel cell system ‘starter kit’ and guidance to OEM partners – Experience enhances potential applications development

Extensive Testing Capabilities – Short stack cell test stands – Full fuel cell module (FCM) test stands – CHP product test stands, suitable for testing FCMs

Pilot Manufacturing Facility – – – –

End-to-end manufacture of cells and stacks Full traceability and Statistical Process Control Capacity for > 10k cells per annum Assembly of FCMs

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Pilot Manufacturing in Horsham Pilot Manufacturing Capacity Pilot Manufacturing Facility >10,000 cells/annum

Quality Control Statistical Process Control Machine Capability Planned Maintenance (TPM) Š Ceres Power 2013

Title: Ceres Power Overview â&#x20AC;&#x201C; August 2013

Manufacturing Execution System Full Manufacturing Build Traceability QC data capture Integrated ERP system

Equipment & Process Using well established technology Scalable for High Volume Manufacture Modelled for 3 sec Takt time (8 million cell line) Rev: 1.0

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The Breadth of Ceres’ Engineering Capabilities

Systems Engineering

System Modelling

• Requirements management • System architecture • Safety Case Development

• Electro-chemistry • Thermal modelling • Dynamic simulation

Mechanical Design

Test

• 3D CAD • Fluid Dynamics • Stress Analysis

• Component testing • Fuel Cell Module testing • CHP Testing

Controls

Applications Support

• Software development • Sensors & actuators • Control architecture

• Rapid Prototyping • Supply chain management • On-site support

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Ceres technology will be integral to smart grids of the future

Helps consumers understand + engage with energy and reduce usage

Flexible, despatchable generation balances intermittent renewables

Creates headroom in congested distribution networks

Helps maximise demand reduction potential of Smart Meters

Displaces fossil based peaking generation, NOT renewables or baseload nuclear

Enables deployment of EVs and other new residential electrical loads Š Ceres Power 2013

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Fuel Cell CHP in a Typical European / Korean Home

CHP unit provides space & water heater & power to the home Fuelled by natural gas (most common) and LPG (a future off-grid option)

A single product providing furnace, hot water and electrical power functions Š Ceres Power 2013

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A Ceres CHP prototype product in a UK home Integrated 24kW Condensing Boiler

Ceres 1kW Fuel Cell Module

British Gas service technician

Electronics Module

Fuel Filter

micro-CHP unit in typical UK home (installed 2011)

Prototype micro-CHP product developed by Ceres included uniquely a fully integrated 24kW space & water heater

Under Ceres’ new strategy OEM partners will develop such CHP products for global residential markets © Ceres Power 2013

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Potential product concept for North America CHP using Ceres technology is a gas fuelled consumer appliance It replaces the existing gas water heater in a ‘plug and play’ manner It generates all of the hot water and the majority of the electricity needed by the home It offers energy bill savings and reduced carbon emissions

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Contents • Overview & Strategy • Ceres’ Technology & Products • Markets for Ceres’ Technology • Initial Focus Markets • Commercial Progress • Ceres’ Technology Attributes & Performance • Ceres’ Capabilities • Ceres and The Smart Grid • Example Micro-CHP Applications • Summary © Ceres Power 2013

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Summary

• Unique, disruptive, low-cost and robust fuel cell technology • 1-5kW natural gas mCHP applications • Offering technology to OEMs be integrated into products

• Gaining real traction in Korean, Japanese and US markets

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Registered Office and Headquarters Ceres Power Limited

Viking House Foundry Lane Horsham RH13 5PX United Kingdom

Phone: +44 (0) 1403 273 463 Fax: +44 (0) 1403 327 860 www.cerespower.com E-Mail: info@cerespower.com

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Ceres presentation for web site final