1. ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION

2. Contents:
• Introduction
• Production
• Projects: Power-to-Gas Energy Storage
• Projects: Refuelling Station
• Financials
ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION

3. REFUELLING STATIONS | P2G UNITS
HYDROGEN ENERGY SYSTEMS
Power-to-Gas
Refuelling Stations

4. MARKET OFFERING
HYDROGEN ENERGY SYSTEMS
MARKET OFFERING
Rapid Response | High Pressure | High Efficiency | MW scale
• Rapid response: less than 2s; for primary grid balancing
• High pressure: up to 80bar; for direct injection
• High efficiency: 75% measured by third parties in the field
• MW scale: 1MW modules available today
• Compliant: EU, USA and Asia
• £9.97m of projects under contract
• A further £5.79m in final stages

5. STANDARD PLATFORMS
HYDROGEN ENERGY SYSTEMS
PRODUCT CONSOLIDATION
10ft. ISO
10ft. ISO20ft. ISO
20ft. ISO
20ft. ISO40ft. ISO

6. REGULATIONS, CODES & STANDARDS
A leading role in shaping hydrogen deployment
• Secretary of BCGA Technical Steering Committee 9
• Secretary and UK Expert to ISO Technical Committee 197
• UK Expert to ISO working groups…
• …for electrolysers, dispensers & H2 quality
• Next Chair of BSI PVE/3/8
HYDROGEN ENERGY SYSTEMS
COMPLIANCE
Code of Practice 41: H2 Fuelling Stations
Design & Construction
Maintenance & Operation
ISO 19880-1: H2 Fuelling Stations
ISO 22734: Electrolyser
ISO 14687: H2Quality
BSI PVE/3/8: H2 Systems Standardisation
Production & Storage
Transport, Measurement & Use

7. HYDROGEN ENERGY SYSTEMS
JCB £4.9M STRATEGIC INVESTMENT
JCB £4.9M STRATEGIC INVESTMENT
Volume Manufacturing
• The world's third-largest supplier of earth-moving equipment
• Sales of £2.68bn (2014), £313m (2014) profit
• Sold 66,227 machines
• 22 factories across Asia, Europe, China, North America and South America
• 12 factories in the UK and 5 in India
• JCB products are sold in over 150 countries
JCB India,115 acre site, Jaipur.

8. P2G PROJECTS
THÜGA PROJECT
RWE
EMEC | ORKNEY
NG | AMEC
1MW PRODUCT

9. WHY POWER-TO-GAS?
POWER-TO-GAS RATIONALE
Electricity cannot be stored easily | Hydrogen can be stored easily in the gas grid
Source: ITM Power plc
HYDROGEN ENERGY SYSTEMS

10. HYDROGEN ENERGY SYSTEMS
MARKET SIZE | NEW EU REPORT
Germany: 46 GW (£46bn) in 2030 | 115 – 170 GW in 2050
POWER-TO-GAS

11. ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS

12. ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS

13. ENERGY STORAGE | CLEAN FUEL
EMEC | Orkney
• £1.8m sale
• Competitive tender
• 0.5MW electrolyser + storage
• Complete hydrogen energy system
• Largest system to date
• Many follow on projects
POWER-TO-GAS IN UK
POWER-TO-GAS

14. POWER-TO-GAS
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS IN UK
National Grid | AMEC
• Grid Gas: NG | SSE | Shell
• NG/AMEC 1: Feasibility study | £120k funded by NG
• 200/300 x Multi-MW opportunities in the UK alone
• NG/AMEC 2: Contract to identify the first project sites
GridGas NG/AMEC 1 NG/AMEC 2
First Plant
Sale

15. HYDROGEN ENERGY SYSTEMS
1MW P2G SKID | HANNOVER LAUNCH
New 1MW Skid | 3 x 350kW stacks
• Hannover launch April 2015
• Smallest 1MW on the market
• Based on the new 350kW stack
• Rapid response | Modular unit
• Developing projects now
POWER-TO-GAS

16. GRIDGAS: PROJECT RECOMMENDATIONS
LONDON, 24TH OCTOBER 2013
Recommendations to DECC:
• Form a Power-to-Gas working group of stakeholders
• Review the inclusion of hydrogen from electrolysis in the Renewable Heat Incentive
• Initiate a consultation/call for evidence of injection of hydrogen into the UK gas grid
• Initiate a consultation/call for evidence of P2G energy storage in the UK
• Include Power-to-Gas in the 2050 pathways analysis
• Agree the definition of "green hydrogen“ eg: recommended by TUV of 50gCO2/kWh
Recommendations to the HSE:
• Review the current hydrogen limit of 0.1%
• Standardise the procedure for exemptions under the current rules
• Form a standards working group specifically looking at hydrogen in the gas grid
• Identify requirements for adopting a much higher concentration in the 2020s

17. CLEAN FUEL

18. Code Status Project Location Specification Funding Contract
Value
Ownership
HRS 001 Operating Nottingham Univ of Notts 5kg/day 350 bar TSB (UK Gov) £275k Univ of Notts
HRS 002 Operating HOST Mobile refueller 15kg/day 350 bar TSB (UK Gov) £326k ITM Power
HRS 003 Operating Ecoisland marine Ventnor, Isle of Wight 15kg/day 350 Bar TSB (UK Gov) £326k ITM Power
HRS 004 Commissioned M1 vehicle M1 Junction 33 80kg/day 350Bar TSB (UK Gov) £1.2m ITM Power
HRS 005 In Build HyFive 3 stations in London 80kg/day 700 bar FCH JU (EU) £1.55m ITM Power
HRS 006 In Build HyFive 3 stations in London 80kg/day 700 bar FCH JU (EU) £1.55m ITM Power
HRS 007 In Build HyFive 3 stations in London 80kg/day 700 bar FCH JU (EU) £1.55m ITM Power
HRS 008 In Build CHINO Hyundai Chino, California 100 kg/day 700bar CEC £812k Hyundai
HRS 009 In Build Riverside Riverside, California 33kg/day 700 bar CEC £1.7m ITM Power
HRS 010 Contracts UKH2M 2 stations in London 80kg/day 700 bar OLEV | FCH JU £1.80m ITM Power
HRS 011 Contracts UKH2M 2 stations in London 80kg/day 700 bar OLEV | FCH JU £1.80m ITM Power
ITM POWER | REFUELLING STATIONS
REFERENCE PLANT | ASSETS
HYDROGEN ENERGY SYSTEMS

19. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL

20. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL

21. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL

22. ENERGY STORAGE | CLEAN FUEL
OLEV | London
• £2.89m award
• £1.89m for 2 new London HRS
• £1m for upgrades including the M1 HRS
• Siting partner (oil & gas major)
• Awarded 67% of the available money
• Matched with £1.7m EU money
• Further procurement post election
UKH2MOBILITY
ON-SITE HYDROGEN PRODUCTION

23. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
80KG/DAY REFUELING SYSTEM

24. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL

25. ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL

26. FINANCIALS

27. PRODUCT SALES & PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
PRODUCT SALES
Lumpy sales and getting lumpier
• Typical deal £300k to £3m
• Product sales increasing

28. PRODUCT SALES & PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
PRODUCT SALES & PROJECT INCOME
High growth in revenue
For year ending April 30th 2013
• £1.45 total inflow
• £0.09m product sales
• £1.36m grant funding
For year ending April 30th 2014
• £3.12m total inflow
• £1.16m product sales
• £1.96m project funding
£0
£1,000,000
£2,000,000
£3,000,000
£4,000,000
£5,000,000
£6,000,000
2010 2011 2012 2013 2014 2015
Broker
note
Sales Revenue
Project Income

29. PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
PROJECT INCOME
High growth in revenue
For year ending April 30th 2013
• £1.45 total inflow
• £0.09m product sales
• £1.36m grant funding
For year ending April 30th 2014
• £3.12m total inflow
• £1.16m product sales
• £1.96m project funding
£0
£1,000,000
£2,000,000
£3,000,000
£4,000,000
£5,000,000
£6,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Collaborative Project Funding
Negotiation
Secured
Paid

30. STAFF COSTS
ENERGY STORAGE | CLEAN FUEL
STAFF COSTS
High growth in revenue
For year ending April 30th 2013
• £1.45 total inflow
• £0.09m product sales
• £1.36m grant funding
For year ending April 30th 2014
• £3.12m total inflow
• £1.16m product sales
• £1.96m project funding

31. OBJECTIVES & GROWTH STRATEGY
OBJECTIVES & GROWTH STRATEGY
Objectives:
• ITM Power achieving positive cash flow in the shortest possible time
• ITM Power products becoming the adopted standard in Power-to-Gas energy storage
• ITM Power products being integrated into market leading hydrogen refuelling stations
Growth Strategies:
• ITM Power is now firmly focussed on large scale solutions
• The Thüga reference plant in Germany is being used to drive Power-to-Gas sales
• The M1 and the London HyFive refuelling stations will be used to drive sales in the mobility sector
• National mobility programmes will drive initial refuelling station sales
• Product development will be achieved through securing and utilising project funding
• Project funding reduces cash outflow and creates key industrial partnerships
• Quoting for sales with upfront payments to reduce working capital requirements
HYDROGEN ENERGY SYSTEMS

32. Summary
• £9.97m of projects under contract
• A further £5.79m of contracts in final stages of negotiation
• Rapidly developing quoted project pipeline
• Strong corporate partner engagement
ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION

33. ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION