August 2015
Technology
Potent combination: manufacturing simplicity
Membrane Technology
Pyridine based
Electrode Technology
Internal Gasket
Gas Diffusion
Electrode
Catalyst
z
N
or
Imidazole based
[
N
N
H
H
N
]n
Membrane
Add acid
Catalyst coated on carbon cloth or paper at high
speed
Advanced coating process won US
Department of Energy Manufacturing R&D
Award
2013
Have
made
MEAs > 1,000 cm2
3
Hydrocarbons
HT PEM
Benefit to Customers
Patents
Electrodes
Membranes
5%
10%
MEAs
13%
FC Systems
72%
Products
Danish Power
Systems
Membrane Type
Strengths
Weaknesses
TPS-doped
180oC stability
Acid management
Capacity (investment
eliminates)
PBI through
PPA process
Advanced electrodes
Very high acid
PBI blend
Tougher membrane vs
BASF
160oC limit
Elcomax
PBI-doped
Experienced MEA
manufacturer
160oC limit
Primarily internal use w
Elcore CHP
Fumatech
Readily purchased
10
Financial
FINANCING HISTORY
OPERATIONAL FUNDING
To date
DATE
o $6.6M investors
o $6.7M grants, contracts and product sales
REVENUE PROJECTIONS
VALUATION
(USD)
2 million
AMOUNT RAISED
(USD)
0.4 million
2007/8
10 million
2.0 million
2009/1
20 million
2.0 million
Convertible loan
2.2 million
2005
0
2011/1
Strategic
Strategic
Revenue
EBITDA
OPERATIONAL RESULTS
2013
2014
2015*
0.5 million
1.0 million
1.1 million
EBITDA
(1.1) million
(0.3) million
0.2 million
Cash
(1.6) million
(0.2) million
0.04 million
Flow
*projected
11
12
13
CO
2
reaction
C2 H 6 O
DME
Store
Distribute
DME for
modified diesel
H2
and/or high
temperature
electrolysis
Fuel Cell (this
DME is hydrogen carrier and stores renewable energyprogram)
14
Advent seeks $5 million to sustain being the HT MEA leader and a key
player in the fuel cell and H2 separation sector
The funds will be used to:
Establish an Advent US manufacturing facility, expand US based business
development and customer support.
Support commercial sales (COGs) for commercial accounts such as UltraCell and
SerEnergy
Further develop and exploit electrochemical hydrogen separation
Leverage recent MoI with BING Energy license of 3kW uCHP system
15