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Hydrogen Just another fuel
Martin Borum Pedersen
Financial Director
December 2017
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Nel ASA
• Global pure-play hydrogen company – facilities in Norway, Denmark and the U.S.
• >3500 hydrogen solutions delivered in ~80 countries world wide since 1927
• 200+ employees (Hydrogen Pioneers)
Hydrogen Electrolysers Hydrogen Fueling Hydrogen Solutions
Th
ree
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sin
es
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se
gm
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2
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CONFIDENTIAL Page 3 © 2017 Nel Hydrogen | www.nelhydrogen.com
Solar Grid Wind
Nel Hydrogen Electrolysers – small to large scale
Small scale turn-key modulesUp to 600kg/day
TURNKEY ELECTROLYSER SOLUTION
Large scale plant solutionsUp to any capacity size
TAILORED ELECTROLYSER SOLUTION
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Station Module DispenserHydrogen Fueling
storage
Hydrogen supply
storage
H2Station®
• Compact, flexible and reliable
• Designed for volume manufacturing for EU & USA
Fueling station modules
70MPa
35MPa
35MPa
4
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Have started production of H2Stations in our new plant
5
• Production moved into the new facility over the summer
• Started production of first US stations mid-August
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Why now?
6
• Renewable electricity is becoming competitive = cheap Hydrogen
• Hyundai, Toyota and Honda have already started FCEV sales & lease in California.
• Hydrogen cars are available and affordable
• High global focus on zero-emission transportation
From 2017
Learn more at: www.toyota.com/fuelcell or www.hyundaiusa.com/tucsonfuelcell or http://automobiles.honda.com/clarity
$499/month lease(incl. hydrogen)
$349/month lease(incl. hydrogen)
$369/month lease(incl. hydrogen)
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Record range and low cost achieved
• Range of >800 km
• Improvements from last generation:
• ~20% lighter fuel cell, ~10 % more efficient
• ~30% higher effect density
• >60% total (tank-to-wheel) efficiency
• Commercial launch in 2018
7
Hyundai 2018 model FCEV: >800 km range (NEDC)
Initial production capacity of 3,000 vehicles annually
Toyota fuel cell concept vehicle Fine-Comfort Ride with
targeted >1000 km range
• Toyota targets 1,000 km range
• Includes artificial intelligence and automated
driving features
• Japan plans to increase the number of fuel-
cell vehicles to 40,000 by 2020, up from
today’s 2,200
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CONFIDENTIAL Page 8 © 2017 Nel Hydrogen | www.nelhydrogen.com
Aalborg
Holstebro
Esbjerg
Aarhus
Vejle
Copenhagen
KoldingKorsør
H2Station®
Copenhagen Hydrogen Network A/S
Danish Hydrogen Fuel A/S 50%
1%
First country wide network in daily operation
• 10 stations in operation
• 50% of population within 15 km to nearest station.
• Having a network increases interest to introduce new FCEV’s
Collaboration with leading oil, energy and gas companies
• 6 stations with onsite electrolysis production.
• 4 stations with central production from Nel electrolyser.
Nel Electrolyser
Renewable power:
2015: 42%
2035: 100%
Showcase Denmark: First countrywide network
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CONFIDENTIAL Page 9 © 2017 Nel Hydrogen | www.nelhydrogen.com
DENMARK2011-2016
NORWAY2016-2020
ICELAND2018-2020
10 H2Station® and
Hydrogen production
Up to 20 H2Station® and
Hydrogen production3 H2Station® and
Hydrogen production
CALIFORNIA2018-2019
Multiple H2Station® in San
Francisco and Los Angeles
H2Station® – Network roll-outs
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CONFIDENTIAL Page 10 © 2017 Nel Hydrogen | www.nelhydrogen.com
H2Station® installed – Just as another fuel
Oslo, Norway – opened Nov. 2016 Rostock, Germany – installed Dec. 2016
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Shell agreement
• Nel has contract with Shell for supply, construction and
maintenance of hydrogen stations San Francisco CA
• 14 H2Station® modules for 7 sites expected to be installed in
2018 and into 2019
• Shell has issued a request for information for additional 100
hydrogen stations to California
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Shell hydrogen stations in Northern CA
Initiatives from Shell in California
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CONFIDENTIAL Page 12 © 2017 Nel Hydrogen | www.nelhydrogen.com
Targets & strategy for competitiveness 2020+ | Fueling CAR
Targets: Electrolyser and H2Station® turnkey price to be reduced to enable fossil parity.
Strategy: Forward pricing on Electrolyser and H2Station® for customers committing to high volume.
Electrolysis Distribution DispensingRenewables
$30/MWh <$7/kg$3,6/kg $1,2/kg $1,5/kg $0,7/kg + + + =
Margin Fossil parity
€40/MWh <€10/kg€4,4/kg €1,4/kg €3,2/kg €1,0/kg + + + =
$2,95/gallon gasoline
€1,17/liter gasolineexcl. VAT
53% electrolyser utilization (off-grid). 80% hose utilization.10 year depreciation. 10% profit at pump.
70% electrolyser and hose utilization.
10 year depreciation. 10% profit at pump.
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Pollution – Public health – Fuel Cell busses
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Hydrogen Fuel Cell buses are environmentally-friendly vehicles for public transport: they generate no
emissions and have a reduced noise level.
1 FC bus will remove particles from 2 diesel trucks. Refueling in 5-10 minutes. Range >400km
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CONFIDENTIAL Page 14 © 2017 Nel Hydrogen | www.nelhydrogen.com
H2Station® for bus fueling in Latvia
● Bus depo facility in Riga, Latvia
● Onsite reforming of natural gas.
● H2Station® for busses and cars.
● 70MPa: 200kg in 12 hours
● 35MPa: 300kg in 5 hours
● 10 busses and 10 trams
● Delivery: 2017
High capacity station for 20 busses – includes dispenser for car fueling
70MPa
35MPa
Hydrogen storage Station module DispensersReforming
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CONFIDENTIAL Page 15 © 2017 Nel Hydrogen | www.nelhydrogen.com
H2Station® installation in Riga
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CONFIDENTIAL Page 16 © 2017 Nel Hydrogen | www.nelhydrogen.com
H2Station® for bus fueling in Palm Springs (CA)
● Sunline facility in Palm Springs, California
● First integration Nel/Proton product offering
● 2MW PEM Electrolyser
● Two H2Station® for bus refueling
● Delivery: 2018
High capacity station for +25 busses
35MPa
Hydrogen storage Station module Dispensers
35MPa
PEM Electrolyser
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Number one by nature
A 12m hydrogen city bus is competitivewith diesel, when it reaches:
350.000€ sales price
0,35c€/km in O&M
5€/kg Hydrogen
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CONFIDENTIAL Page 18 © 2017 Nel Hydrogen | www.nelhydrogen.com
Price of Fuel Cell bus - Learning curve
-
200
400
600
800
1.000
1.200
1 10 100 1000 10000 100000
Bu
s P
ric
e in
10
00
EU
R
Cumulative Bus Shipments
Experience CurveFuel Cell Transit Bus
CHIC3EMotion
JIVEJIVE2
H2BUS
1000 busses
CHINA
20.000
busses
• From the first projects the price has come
down with every new demonstration project
• ~15% cost reduction from every doubling of
accumulated shipment (learning curve)
• Volume will drive down cost further.
• 1.000 busses needed to make last step to
make Fuel Cell busses commercial.
• At 20.000 busses FCV will compete with
current diesel bus cost. Room for tax on H2
fuel.
• *CHIC: http://chic-project.eu/
• *3Emotion: http://www.3emotion.eu/
• *JIVE: http://www.fch.europa.eu/project/joint-initiative-hydrogen-vehicles-across-europe
• *JIVE2: Upcomming
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● Potential project of ~20 MW electrolysis
● Renewable hydrogen for multiple purposes:
• Replace fossil hydrogen used in refinery process
• Energy storage and power generation
• Hydrogen used directly for transportation purposes, fuel cell electric
busses and cars (FCEV’s)
● Other value streams:
• Oxygen used locally within refinery
• Heat used for city district heating
● Developed solution relevant in many other oil refineries
across the globe
Multi-value stream project in Denmark = cheap H2
Potential large scale energy storage project in Fredericia, Denmark
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Shell oil refinery in Fredericia, Denmark
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Number one by nature
H2Bus Europe partnership1000 Fuel cell busses can be made TCO
competitive with Diesel!
100 busses in 10 European cities.
Who want’s to join?
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Think big - Project development: 400MW renewable H2 plant
• GIGA factory concept for renewable hydrogen production
• Largest electrolyser plant ever designed
• Tied to renewable power
• Hydrogen possible in steel production
• Competitive with natural gas reforming
• 98-99% of today’s hydrogen is based on
fossil fuels.
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Hyon – Joint Venture – One stop hydrogen shop
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CONFIDENTIAL Page 23 © 2017 Nel Hydrogen | www.nelhydrogen.com
Green Hydrogen for US trucking industry:
● NEL provide Engineering, Electrolysis, Fueling equipment, and Services.
● Station design:
First: 2 demo stations by 2018
Hereafter: 14 stations with 8 Ton/day capacity, scalable to 32 Ton/day
● Leasing of Nikola truck incl. fuel, cheaper than diesel truck.
NIKOLA – NEL agreement
H2Station for Nikola Motor – changing the trucking industry in the United States
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Hydrogen – Just another fuel
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Q&A