SPARK THERMIONICS
The Opportunity
There is a better way for converting heat to electricity
What if we could change this?...
…Into this?
…and unlock infinite opportunities
Thermionics can actually do this!
The Technology
Solid state heat to electricity conversion
How do thermionics work?
Rejected heat
Collector
Vacuum
Thermionic
space
emission
Cathode
Heat
Electrical
load
How is it different from thermoelectrics?
Heat source
225
725
1225
1725 (°C)
Current flows through material
n
p
n
p
Lower temperatures
1.0 eV
1.5 eV
Heat sink
I
ZLoad
Thermoelectric
ZT = 1
Typical
Thermionic
2.0 eV
Less efficient
450
1350
2250
3150 (°F)
Why Now?
Using microfabrication and vacuum gap to radically increase efficiency of
thermionics
“I still think we will achieve 30% efficiency…”
– V.C. Wilson, General Electric Research (1968)
Daniel Riley, Ph.D.
Jared Schwede, Ph.D.
Forgotten by NASA, revived by microfabrication
High Temperature
High Power Density
Low Maintenance
Scalable
Looking for markets…
The real value of thermionics lies in uses where temperature, maintenance,
scalability and weight are a constraint
Competitive technologies landscape
Fuel cell
Steam turbine
Stirling engine
Gas turbine
IC engine
Thermoelectics
Thermionics
Fuel to electricity convertor
Heat to electricity convertor
Solid state heat to electricity convertor
Competitive technologies landscape
50%
Steam turbine plant
High
45%
efficiency
40%
Efficiency %
Gas turbine plant
Fuel Cell
35%
30%
Large scale applications
IC Engine
Small scale applications
Stirling engine
25%
20%
Thermionics
15%
10%
Low
5%
efficiency
Thermoelectrics
0%
4.5
4
High cost
3.5
3
2.5
2
Cost $/W
1.5
1
0.5
0
Low cost
Competitive technologies landscape
50%
Steam turbine plant
High
45%
efficiency
40%
Efficiency %
Gas turbine plant
Fuel Cell
35%
30%
Large scale applications
IC Engine
Small scale applications
Stirling engine
25%
20%
Thermionics
15%
10%
Low
5%
efficiency
Thermoelectrics
0%
4.5
4
High cost
3.5
3
2.5
2
Cost $/W
1.5
1
0.5
0
Low cost
Competitive technologies landscape
Down scalable to Watt
50%
Steam turbine plant
High
45%
efficiency
40%
Efficiency %
Gas turbine plant
Fuel Cell
35%
30%
Large scale applications
IC Engine
Small scale applications
Stirling engine
25%
20%
Thermionics
15%
10%
Low
5%
efficiency
Thermoelectrics
0%
4.5
4
High cost
3.5
3
2.5
2
Cost $/W
1.5
1
0.5
0
Low cost
Competitive technologies landscape
No moving parts
50%
Steam turbine plant
High
45%
efficiency
40%
Efficiency %
Gas turbine plant
Fuel Cell
35%
30%
Large scale applications
IC Engine
Small scale applications
Stirling engine
25%
20%
Thermionics
15%
10%
Low
5%
efficiency
Thermoelectrics
0%
4.5
4
High cost
3.5
3
2.5
2
Cost $/W
1.5
1
0.5
0
Low cost
Competitive technologies landscape
High temperature
50%
Steam turbine plant
High
45%
efficiency
40%
Efficiency %
Gas turbine plant
Fuel Cell
35%
30%
Large scale applications
IC Engine
Small scale applications
Stirling engine
25%
20%
Thermionics
15%
10%
Low
5%
efficiency
Thermoelectrics
0%
4.5
4
High cost
3.5
3
2.5
2
Cost $/W
1.5
1
0.5
0
Low cost
Numerous potential applications
Mobile applications
Stationary applications
Submarines
Primary
power
generation
Drones
Mobile gensets
Power plants
Micro-CHP
scale
scale
Rockets
High
temperature
waste heat
recovery
Remote heating
Automobiles
CSP
Heavy industries
Aircraft
scale
scale
Numerous potential applications
Mobile applications
 Need for power density
Short term
Stationary applications
 Easier to integrate
 Larger markets
Longer term
Numerous potential applications
Primary
power
generation
High
temperature
waste heat
recovery
 High temperature
 Better economics
 Need for modularity
Short term
Longer term
Numerous potential applications
Short term
Longer term
Small scale (W to kW)
Large scale (MW to GW)
 Need for scalability
 Need for low maintenance
 Larger markets
scale
Most promising applications
Mobile applications
Stationary applications
Submarines
Primary
power
generation
Drones
Mobile gensets
Power plants
Micro-CHP
scale
scale
Rockets
High
temperature
waste heat
recovery
Remote heating
Automobiles
CSP
Heavy industries
Aircraft
scale
scale
Most promising applications
Mobile applications
Stationary applications
Power plants
Primary
power
generation
Micro-CHP
Drones
scale
High
temperature
waste heat
recovery
scale
Micro-CHP
Low
Integration
complexity
High
The path to market
Power plants
topping cycle
Drones
Short Term
Long Term
Drones
Preparing for a new era
Why?
Challenge in drones:
Low energy density of Li-ion battery
Solution:
Spark Thermionics + Fuel
Better autonomy
Higher power
Potentially cheaper
ST Power
Generation
Unit
Fuel
Enhancing autonomy
Li-ion Battery: 12 mins
Fuel + TEC: 60 mins
10
Battery/Fuel tank weight (kg)
9
8
Battery
7
Fuel
6
5
4
3
2
1
0
12:00:00 AM
12:15:00 AM
12:30:00 AM
12:45:00 AM
Autonomy (Mins)
1:00:00 AM
1:15:00 AM
1:30:00 AM
Market Categories
Region
Type
Application
North America
Aerial
Defense
Europe
Ground
Logistics & Warehouses
Asia
Marine
Agriculture & Field Ops
Rest Of World
Other Surface
Healthcare
Entertainment
Others
Market Categories
Region
Type
Application
North America
Aerial
Defense
Europe
Ground
Logistics & Warehouses
Asia
Marine
Agriculture & Field Ops
Rest Of World
Other Surface
Healthcare
Entertainment
Others
Liberal
regulations
Energy density
(energy/weight)
Autonomy
How much?
Logistics Drone Market Size Projections [US$MM]
$20,000
By 2025…
$18,000
$16,000
$14,000
$12,000
North America
$10,000
Europe
$8,000
Asia
$6,000
ROW
$4,000
1.4 m. units
$22 bn. market
$2,000
$0
2020
2025
2030
Field Operations Drone Market Size [US$MM]
$20,000
$18,000
$16,000
$14,000
$12,000
North America
$10,000
Europe
$8,000
Asia
$6,000
ROW
$4,000
$2,000
$0
2020
2025
2030
1.6 m. units
$26 bn. market
Go-to market strategy
Revenue model
Joint technology development
• Co-develop ST power generation unit with industry drone manufacturers
Partnerships
• Logistics
Risks
Industry drone manufacturers
Agricultural inspection
Surveying & mapping
Legislation & Perception
• Legislation around drone uses
• Potential reluctance of drone manufacturers/users towards using fuel
Micro CHP
Enhancing distributed energy generation
Why?
Small: less than 1 MW
Micro: less than 5 kW
Internal
Combustion
Engine
Efficiency
Installed
Cost
($/kW)
Power
Generation
Unit
Micro turbine
˜30%
˜25%
Competitive
Fuel Cell
Stirling
Engine
˜45%
˜25%
Efficiency
Thermionic
CHP
*potentially
˜30%
$2,000
$3,000 Cost
$6,000
Lower
$8,000
<$1,000
Scalability
10kW –
5 MW
30 kW –
1 kW –
Scalable
250
kW
2 MW
<250
kW
Any
Moving
Parts?
YES
YES
NO
Fuel
No Moving
Parts
YES
NO
A $2.5 bn market in 2021
Global small-micro CHP forecast ($million)
12.2% CAGR
3000
Strong growth in the near future
2500
2000
+500 MW in 2021
1500
Capacity forecast for small/micro CHP
1000
500
0
2012
Japan and Germany
2013
2014
2015
Japan
2016
Germany
2017
UK
2018
ROW
2019
2020
2021
Best potential entry countries
Go-to-market strategy
Revenue model
CHP incumbents
• Sell thermionic converter to incumbent companies in the industry
• Co-develop product with CHP manufacturers
Partnerships
Risks
Current CHP leaders
Regulation
• Government support: FIT, tax credits, environmental regulation etc.
• Spark Spread: Cost of electricity - Cost of fuel
Power plant topping cycle
Reducing our carbon footprint
Why thermionics for power plant topping cycle
Problem: High temperature of the combustion
Huge constraints on the first blades (moving parts)
Need temperature drop before entering the turbine
Opportunity: Using thermionics (no moving
parts) as a topping cycle to extract some
energy and lower the temperature before the
turbine
Fuel
Combustion
chamber
Compressor
Fresh air
Turbine
Exhaust gases
Higher efficiency and Lower CO2 emissions
Lower cost
A $1,5b/yr market in the US only
Cumulative Electric Power Sector Additions
AEO2015 Reference case
+ 140 GW
Additional conventional power plants needed in the US
by 2040
160
140
120
+ 50 TWh/yr
GW
100
Additional power generation if thermionics were used
as topping cycle for those new plants (+10% efficiency)
80
60
40
+ $1.5b/yr
20
Additional revenue for power producers
Combined Cycle
Combustion Turbine/Diesel
Source: Energy Information Administration
2040
2038
2036
2034
2032
2030
2028
2026
2024
2022
2020
2018
2016
2014
2012
0
- 10 million tCO2/yr
Avoided CO2 emissions at constant electricity
production
Go-to-market strategy
Revenue model
Thermionics units manufacturer
• Co-develop product with turbines manufacturers
• Sell thermionics units to them
Partnerships
Risks
• Integration
• Long time to market
• Few very powerful potential clients
Gas and steam turbines manufacturers
Complexity
Path to success
Aiming at the right markets at the right time
Next Steps
Milestone
2017
Prototype 1.0 – 3.0
2020
Prototype 4.0 – 5.0
2023
Pilot Product
Funding
Partner
Goal
Grant
Prove Features
Partnership
Create Drone/CHP
Prototype
Equity / Debt
Create commercial
Pilot Product
Victor
Pol-Hervé
Gerardo
Kayo
Mitch
Stephanie
MBA Candidate
MBA Candidate
MBA Candidate
MBA Candidate
MS Mech. Engineering
Ph.D. Chemistry