Advent Technologies Coproration Presentation

Corporate Presentation
SEPTEMBER
2014
MAY 2014
Fuel Cell Marketplace
Widespread adoption of fuel cells is limited by need for high purity hydrogen
oHigh purity = high cost
oLimited by hydrogen distribution, storage capacity
A fuel cell that can operate “hot” can be fed with low grade hydrogen
oUse existing low cost infrastructure like natural gas, propane, and methanol
oLonger run times using existing distribution and storage technology
Advent’s novel hot technology combines the best in low cost manufacturing with ideal
operating temperature
oUses next generation plastic electrolyte films stable at high temperature
oMakes fuel cell systems simpler and lower cost
2
Advent Technologies
Inc.Fuel Cell Technology is shifting to units that operate at higher temperature
•Operate better with fuels other than hydrogen like natural gas
•See recent success of Bloom Energy and FuelCell Energy
Advent is the leader in High Temperature Membrane Electrode Assemblies (HT MEA)
•Used in latest generation of High Temperature Proton Exchange Membrane (PEM) fuel cells and in
hydrogen separation
March 2014, completed license agreement with BASF. The agreement included:
•Immediate revenue stream from BASF’s MEA customers (PBI based membrane)
•BASF’s MEA client roster to initiate qualification of Advent membrane
•Access to BASF’s electrode for use with Advent’s TPS membrane
o
“Mates a superior electrode to a superior membrane”
Provides near term revenue stream, accounts with commercial systems, and path to
maintain or convert former PBI customers to Advent’s TPS membrane
3
Company & Product History
Advent’s revolutionary HT MEA technology is the result of years of R&D
and private investment
Selected European and Greek Grant Funding
- JOULE III 1998-2001
- APOLLON 2002-2005
- PYTHAGORAS 2004-2006
- PEMHYGEN 2003-2007
- PROMETHEAS 2002-2006
- APOLLON-B 2006-2009
- DEMMEA 2010-2012
- DEMSTACK 2013- 2016
- EUROSTARS 2010-2012
- ESA 2014-2017
Product Development
- University of Patras,
Polymer Chemistry
Laboratory
- FORTH-ICEHT,
Electrocatalysis
Laboratory
Financial and Strategic
Investor Funding
Funding
from both
Institutional
and Strategic
Investors
---16 Years of
R&D
- Northeastern University - Connecticut Innovations
- Piraeus Bank VC
NUCRET Center
- Systems Sunlight
- VCI
4
R&D Laboratories
Small scale Polymer Synthesis
Synthesis Laboratory
Test Equipment
Test Cell
Test with MEA
Existing pilot production
Electrode Coater
MEA Laminator
Large scale Polymer Synthesis
Casting Membrane
FCs 101: The Basics
What is a hydrogen Fuel Cell (FC) and
how does it work?
Why all the talk about the “PEM” aka Proton
Exchange Membrane?
The properties of the membrane are
key to deciding whether the fuel cell
stack can operate at Low Temperatures
(60oC-80oC) “LT PEM”, or High
Temperatures (120oC-150oC+) “HT
PEM”
Membrane
Membrane
Electrode
Assembly
“the Stack”
Fuel Cell End Product
7
FCs 101 continued: Types of FCs and Applications
Applications
Combined Heat
and Power
(CHP)
Back up power
(extended run )
HT-PEM
+
-
High quality heat
Uses Pt
Automotive
Prime power
(ie: Telecom,
Data)
Back up power
LT-PEM
Combined Heat
and Power
(CHP)
Combined Heat
and Power
(CHP)
Back up power
(extended run)
SOFC
PAFC
MCFC
Solid Oxide
Phosphoric Acid
Molten Carbonate
Fast start up
No Pt in fuel cell stack
Established 80k hr
warrantee
No Pt in FC stack
Low quality heat
Early stage technology
High manufacture
costs
Unproven lifetime
Unproven lifetime
8
HT PEM Fuel Cell System
Solar Energy
Wind Energy
Electrolysis
Hydropower
Electrical Power
Hydrogen
Fuel Cell System
Hydrocarbons
•Natural gas
•Methanol
Heat Power
Gas
Processor
•Diesel
Gas Diffusion Layer
Membrane
Catalyst
Refomer
Advent TPS® MEA
PCI, CT
HT PEM Fuel Cells typical electrical efficiency ~40%; with captured heat >90%
9
Advent TPS® Advantage
HT-PEM technology
A hybrid of proven phosphoric acid technology with the simplicity of a
polymer membrane electrode assembly
0.8
•
No humidification necessary
0.7
•
Tolerance to impurities in hydrogen gas
•
e.g. High level of CO is tolerated due to the high operating
temperature
•
Low Cost
•
Amenable to large scale manufacturing
•
Tough material operates under differential pressure
•
Operates at 180oC: next gen shows potential >200oC
•
Strong IP portfolio covering base technology (>28 patents)
E @ 0 .2 A /c m ² [V ]
•
0.6
0.5
0.4
0.3
TPS®
PBI
0.2
1
p
CO
[%]
200
180
2
3
160
140
T [°C
]
HT-PEM technology is a perfect fit for natural gas as hydrogen source
10
LT PEM vs HT PEM
Fuel Cell Systems have been used for decades in numerous industrial and
commercial applications
(relevant companies and applications summarized in table on slide 9)
The vast majority of these applications use a LT PEM (Low Temperature PEM) fuel cell,
because the most widely used commercial membrane (developed by DuPont) cannot
operate at high temperatures
Low Temperature FCs (60oC-80oC) come with numerous setbacks, some of which are:
•Need expensive clean hydrogen fuel (cannot handle carbon monoxide, CO)
•Produce lots of liquid water (which requires disposal, and limits FC’s use at sub-freezing
temperatures)
•As the membrane cannot operate at high temperatures, “hot” applications (like, internal
combustion automotive) are no-go
11
LT PEM vs HT PEM
Enter HT PEM (High Temperature PEM), which operate at 120oC-200oC:
•High temperature fuel cells can handle CO, and thus can be operated on reformed gas (which is
much cheaper than pure hydrogen)
•High temperature fuel cells do not have water management issue (burns off as steam, or
redirected into heat-energy application)
•Can operate in extremely hot, or extremely cold conditions
Unfortunately, low temperature MEAs benefited from a highly developed membrane, and BASF’s
PBI membrane, while capable of higher temperature, is not quite hot enough.
ADVENT’S BREAKTHROUGH TPS® HT MEMBRANE ELECTRODE ASSEMBLY SOLVES THE
TEMPERATURE PROBLEM AND BOOTRAPS YEARS OF BASF DEVELOPMENT TO PRODUCE AN
ADVANCED MEA. AS A RESULT, ADVENT IS POISED TO BECOME THE DOMINANT SUPPLIER OF
HT MEMBRANE ELECTRODE ASSEMBLIES TO A MULTITUDE OF MARKETS AND END USERS
12
Current Market Applications for LT & HT PEM
[U/R, Order Applications]
LT PEM (60oC-80oC)
Power: 1 kW – 200 kW
Company
UTC
Ballard
Hydra
Hydrogenics
Plug Power
Toshiba
Toyota
Sanyo
Panasonic
Many More…
HT PEM (120oC-190oC+) Phosphoric Acid (200oC))
Power: 1 kW – 10 MW
Application
Buses
Buses
CHP (Residential)
Forklift, Backup
Forklifts
µCHP
Cars
Portable Power
µCHP
Many More…
Company
Application
Siqens
CHP
SerEnergy
Cell phone towers
UltraCell
Battery Charger
Fuel Cell
Energy
Hydrogen
Purification
Power: 250 kW-10 MW
Company
Doosan Co. Ltd
(purchased
assets ClearEdge
Power 2014)
Fuji
Application
Secure CHP
Commercial
CHP
Low temperature applications will continue to expand in only niche areas where the value can offset the expense of creating a pure
hydrogen supply. High temperature MEAs overcome this limitation by being well matched to hydrogen made in low cost reformers.
ADVENT’S MEA FOR HT PEM HAS A DECISIVE ADVANTAGE IN VIRTUALLY ALL LT PEM APPLICATIONS – OFFERING A
SIGNIFICANT MARKET OPPORTUNITY
13
Summary of Total Market
(http://www.fuelcelltoday.com/ 2013
Industry Review)
Stationary growth fueled by units that produce heat and power in Asia
(http://www.fuelcelltoday.com/ 2013 Industry Review)
14
List of representative projects
Project acronym
Contract number
Funding body
Title
Advent
DEMMEA
245156
FCH-JU
Understanding the Degradation
Mechanisms of Membrane-ElectrodeAssembly for High Temperature
PEMFCs and Optimization of the
Individual Components
Coordinator
IRAFC
245202
FCH-JU
Development of an Internal Reforming
Alcohol High Temperature PEM Fuel
Cell Stack
Coordinator
SPIN OFF SPIN
OUT
1KAIN2009A
General Secretariat
of Research and
Technology, Hellas
Combined system of hydrogen and
energy production
Sole contractor
Eurostars
No: E!5094
Eureka
Development of a combined hydrogen
and power production system with high
temperature PEM fuel cells
Coordinator
Odikes
09SYN-51453
General Secretariat
of Research and
Technology, Hellas
Design and development of a hybrid
power system for automotive vehicles
Coordinator
15
List of representative projects
Project acronym
Contract number
Title
Advent
IRMFC
32538
Development of a Portable Internal Reforming
Methanol High Temperature PEM
Partner
Fuel Cell System
DEMSTACK
325368
Understanding the degradation mechanisms of a
high temperature PEMFC stack and optimization of
the individual components
Partner
ESA
4000109578/13/NL
/SC
Development of a closed loop Regenerative HTPEM Fuel Cell system
Prime contractor
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Case for Advent
Growth in the fuel cell sector is driven by applications with higher temperature.
The stationary fuel cell market is expected to experience very strong growth over the coming
years.
Investor support for the fuel cell sector is expected to be very strong. IPO for Bloom Energy is
expected in Q4 2014.
Advent has a unique opportunity to capture the entire High Temperature MEA market and be a key
player in the sector.
Advent has all the elements of success:
•
•
•
Right markets (stationary power) and world class technology
Correct structure for maximum ROI (EU, USA locations)
Excellent team with ability to forward integrate to stacks and systems once HT MEA
monopoly is established.
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