ETOGAS company presentation Dr. Karl Maria Grünauer

ETOGAS GmbH Industriestrasse 6, D-70565 Stuttgart

Company presentation

2015Q1r3

World‘s largest Power-to-SNG plant with 6.3MWel – built by ETOGAS for Audi AG

ETOGAS GmbH

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ETOGAS drives the commercialization of Power-to-Gas and is the market and technology leaderCorporate history highlights

2007-2009 2009-2011 2012-2013 2014

• 2007ETOGAS founded in Salzburg (Austria) as SolarFuel

• Evaluation of renewable fuel production technologies:

– CO2/H2O reduction– CO2 separation– Fuel synthesis

• Economic and legal evaluation of chemical energy storage vs. conventional technologies

TECHNOLOGY

CORPORATE

• 2010Transfer to Stuttgart (Germany)

• 2011 Series-A equity financing3 employees

• 2009 Proof of concept Power-to-SNG (PtSNG): α-plant, 25kWel

• several successful test runs in various environments

• 2011Major PtSNG turnkey plant order won from Audi (β-plant; 6.3MWel)

• 2012 Series-B equity financing20 employees

• 2013Name changed to ETOGAS

• 2012PtSNG test plant (γ-design; 250kWel) = Development and validation of advanced proprietary technology

• 2013 β-plant; 6.3MWel first-of-its-kind, world‘s largest PtG plant in operation (for Audi AG)

• γ-design; First commercial order of a H2tSNG plant

• 2014Launch of 1.2MWel turnkey plant platform (γ-design)

Electrolyzer short-stack prototype; testing sucessfullycompleted (γ-design)

First commercial order of a PtH2 plant (0.6MWel) (γ-design)

2010 2011 2013 2013 2014 2014

Source: ETOGAS

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• Specifically designed for volatile renewable electricity supply (full dynamic intermittent operation)

• Minimized technology risk and costs (capex and opex)

• Strong IP position setting effective entry barriers to new entrants

• Global emerging markets: €0.8bn annual potential by 2020, €4.3bn by 2030

• Market segments: renewable fuels; conversion/storage of surplus renewable electricity; industrial H2 / SNG

• PtG market currently transitioning from pilot to first large commercial projects

• Products covering entire technology supply chain of a PtG plant • Services covering all phases of a PtG project • Turnkey plant platforms available with initial capacity of 1.2 MWel

• Platforms scalable to 2 MWel, 10 MWel, 20 MWel and 50 MWel

ETOGAS is the pioneer of Power-to-Gas (PtG)Key differentiators

Sole provider of turnkey PtG plants

for utility scale applications

Proprietary electrolysis and

methanationtechnologies

Addressable markets

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What is Power-to-Gas?A disruptive technology for building a smart energy ecosystem based on renewable sources

• PtG allows the conversion of volatile electricity into renewable, synthetic gases (H2 or SNG) with unmatched low carbon footprint, which

– can be stored, transported and commercialized

– for mobility (green synthetic fuels) and industrial markets(green chemistry).

• PtG adds flexibility to energy systems and thus enables efficient integration of high shares of volatile renewables into energy markets at low costs.

PtG facilitates this by

– creating a connection between the power grid and the gas grid with its ample storage and transport capacity;

– recharging the gas grid without timing / technical restrictions and thus allows to generate electricity at some point of time somewhere and to sell it in the form of synthetic fuel anywhere and anytime.

Concept

• Conversion of electricity into gaseous energy carriers (hydrogen, methane).

• Starts with electrolysis, the disaggregation of water into hydrogen (core product) and oxygen (by-product) by applying an electric current to water.

• Methanation, the optional second PtG process step, is an exothermal chemical reaction, which transforms the hydrogen with injected carbon dioxide into methane (synthetic natural gas, “SNG”).

Technology

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ETOGAS addresses three segments in global emerging marketsOverview

ETOGAS products• PtH2, H2tSNG plants

Growth drivers• Chemical industry has identified hydrogen

from renewable sources as priority “game changing” technology to reduce GHG emissions

• Increasing understanding that waste gases (CO2, lean gases) can be turned into raw material

Business case• Avoiding carbon emission costs• Cost savings through upgrading waste gas

to raw material

ETOGAS products• PtH2, PtSNG plants

Growth drivers• Ambitious governmental targets for GHG

reduction in the mobility sector• Automotive suppliers’ obligation to

massively reduce their fleets’ CO2emissions (EU, US, Japan)

Business case• Producing renewable fuel with unmatched

low carbon footprint at low cost

IndustrialRenewable fuels

ETOGAS products• PtH2, PtSNG plants

Growth drivers• Trend toward wind and solar leading to

surplus electricity• More electricity at attractive spot prices• More wind electricity curtailments

Business case• Optimizing energy trading economics

through adding flexibility by linking the electricity market with fuel and heating markets

• Energy price arbitration

Renewable Electricity

11%

41%

48%5%

83%

12%

Source: ETOGAS

Renewable ElectricityIndustrialRenewable fuels

€0.8bn annual potentialby 2020

€4.3bn annual potentialby 2030

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With three product segments based on ETOGAS technology, we address five different customer benefitsProduct segments vs. offered value propositions

Source: ETOGAS

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ETOGAS offers a complete scope of services and a proprietary technology portfolio: water electrolysis and methanation technology as well as system integration including BoP componentsBusiness Model

Source: ETOGAS

Concept ConstructionEngineering

• Feasibility Study – Concept Evaluation– Basic Engineering– Business Model and

Case Evaluation– Legal Framework

Analysis• Price indication (± 30%)

• Pre-commissioning• Commissioning• Training of operators• and/or maintenance

crews• As-Built-Documentation

• Site Engineering (±10%)• Detail Engineering• Project Management• HAZOP Study• Procurement• Schedule & Cost Control

• Construction Mgmnt.• Construction Supervision• Safety• Quality Control• Schedule & Cost Control• Field Engineering

CommissioningStart-up Maintenance

• Maintenance support• Spare parts, in particular

catalyst

Pre-sales / Consulting Turnkey plants & systems:Power-to-SNG, Power-to-Hydrogen, Hydrogen-to-SNG Aftermarket

ETOGAS delivers turnkey plant with electrolyzer & methanation systems based on ETG technology

Engineering / BoP

MEAEL

ETOGAS delivers turnkey electrolyzer system with ETG technology incl. system integrationEng./ BoP

AEL

ETOGAS delivers turnkey methanation system with ETG technology incl. system integrationEng./ BoP

ME

Alkaline ELectrolysis, MEthanationBalance of Plant

out of scope of overall project

Power-to-SNG(combined electrolysis and methanation)

Power-to-Hydrogen(stand-alone electrolysis)

Hydrogen-to-SNG(stand-alone methanation)

I

II

III

ETOGAS’ product segments:

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Modular design is basis for all our products – ETOGAS electrolyzer is the central building blockComponents Overview

Component Power-to-SNG Power-to-HydrogenIndustrial (Greenfield) Hydrogen-to-SNG

Electrolysis package -

Feed gas/biogas purification -

Hydrogen storage -

Compressor - -

Methanation reactor -

Demin water unit () -

SNG drying -

Heat management () -

EMSR

Piping -

Instrument air () -

Engineering

Housing of ancillary units - -

Source: ETOGAS

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ETOGAS acted as turnkey supplier in charge of design, installation and ramp-up of the world’s largest industrial Power-to-SNG project to dateAudi renewable fuel “e-gas” plant in Werlte, Germany (6.3MWel) - in operation since 2013

Electrolyzer hall One of three 2MWel electrolyzers Methanation reactorSource: ETOGAS, Audi

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The Audi e-gas plant was designed and built by ETOGAS - and demonstrates that alkaline electrolyzer technology can follow dynamic loads and provide balancing powerMeasured data: Dynamic operation of the 6.3 MW PtG plant in Werlte

Source: ETOGAS

load: electrical input power

e-gas output power (basis: lower heating value)

CH4 concentration in e-gas

time

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Audi with ETOGAS among the Top 50 Disruptive Companies 2013

Source: MIT Technology Review, 2013

since 05/2013: ETOGAS

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The 1.2 MW PtSNG plant with proprietary technology is based on modular building blocks, has a cost-optimized BoP solution and is capable of directly using raw biogas as a CO2 sourceETOGAS 1.2 MW Power-to-SNG turnkey plant with 62.5 Nm³/h SNG production

Source: ETOGAS

• Turn-key system with 30 x 30 m² footprint

• 62.5 Nm³/h SNG output(125 Nm³/h SNG/biogas mix if raw biogas is used as CO2 source)

• Proprietary electrolysis and methanationtechnology by ETOGAS

• Modular building blocks

• Unique and cost-optimized BoP solution including container housing for electrolyzer incl. heating/cooling management, power connector, transformer incl. control, conditioning of raw biogas, water treatment

P-t-SNG turnkey plant details

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Power-to-SNG product overview1.2 MW turnkey plant

Source: ETOGAS, 1 based on lower heating value of CH4

Data Sheet 1.2 MW P-t-SNG (excerpt)USPs for P-t-SNG solution

Nominal load20 kV@1,4 MVA kWel 1.200

Load range (electrical load) % 10-110

Dynamic (electrical load) %Nominal /sec 15

Feed gas CO2Raw biogas as CO2 source (50% CO2, 50% H2)

Nm3/hNm3/h

62,5125

SNG production from pure CO2SNG production from raw biogas

Nm3/hNm3/h

62,5125

Efficiency1 w/o heat utilizationw/ heat utilization % 52

>52-80

SNG gas purity DVGWDVGW

260262

Export of steam@ °CbarG

250-30070

Footprint area (turn-key) m2 30 x 30

Lowest system capital cost and scalability to multi-MW utility scale capacity

Superior conversion efficiency minimizes OPEX

Lowest system capital costs

Very good coverage of all dynamic operation requirements

Fully fledged turn-key modular design ready for outdoor installation allows for fully transparent pricing without high add-on charging for “options” and additional infrastructure

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In 2014, ETOGAS launched its proprietary Power-to-Hydrogen technology and has won the leading gas storage operator RAG as a reference customerTest phase of electrolyzer development successfully completed

Source: ETOGAS

0.6 MW alkaline pressurized electrolyzer system World’s largest active area per cell (6,000 cm2)

Turnkey plant for reference projectElectrolyzer short stack

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Power-to-Hydrogen (PtH2) product overview1.2 MW electrolyzer module

Source: ETOGAS1) based on lower heating value of H2

Lowest system capital cost and scalability to multi-MW utility scale capacity

Superior conversion efficiency for pressurized system minimizes OPEX

Lowest electrolyzer component capital costs

Very good coverage of all dynamic operation requirements

Fully fledged turn-key modular design ready for outdoor installation allows for fully transparent pricing without high add-on charging for “options” and additional infrastructure

Data Sheet PtH2 1.2 MW (excerpt)USPs of PtH2 solution

Nominal load20 kV@1,4 MVA kWel 1.200

Load range % 10-110

Dynamic %Nominal /sec 15

H2 production @15 barG, H2 >99,9% Nm3/h 250

AC Efficiency at full load kWhel/Nm3 H2%1)

4,862

Active cell area cm2 6.000

Number of stacks # 4

Tap water requirement l/h 350

Footprint area (turn-key) m2 30 x 15

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Hydrogen-to-SNG turnkey plants can be used to upgrade low-caloric waste gases: First plant successfully commissionedExample: Proprietary methanation technology by ETOGAS used in an industrial production process

…and is now looped back using ETOGAS technology, reducing fuel demand dramatically

Previously, waste gas from the production process was not utilized…

Productionprocess

LNGtank 30% H2

70% CH4

Productionprocess

CH4

Hydrogen-to-SNGsystem

CO2

LNGtank

> 95% CH4

product product

Loop:30% H270% CH4

Source: ETOGAS

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Hydrogen-to-SNG product overview62.5 Nm3/h methanation module

Source: ETOGAS; 1 based on lower heating values of H2 and CH4

Conversion efficiency near thermodynamic optimum

Two-step process (plate reactor together with downstream membrane system) enables lowest system capital cost and scalability to multi-MW utility scale

Proprietary process allows for high SNG purity at low standard nickel-catalyst consumption which results in lowest OPEX profile

Integrated reactor steam-cooling concept has distinct advantages over conventional molten-salt cooling

Optimized gas flow profile of plate reactor leads to higher contaminant tolerance

Data Sheet H2-t-SNG (excerpt)USPs for H2-t-SNG solution

Feed gas CO2Raw biogas as CO2 source (50% CO2, 50% H2)

Nm3/hNm3/h

62,5125

Load range % 70-100

SNG production from pure CO2SNG production from raw biogas

Nm3/hNm3/h

62,5125

Conversion efficiency H2-to-SNG %1 83

SNG gas purity DVGWDVGW

260262

Export of steam@ °CbarG

250-30070

Export of low temperature heat @ °C 80

Footprint area (turn-key) m2 30 x 20