ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION
ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION
Contents:
•
Introduction
•
Production
•
Projects: Power-to-Gas Energy Storage
•
Projects: Refuelling Station
•
Financials
Power-to-Gas
Refuelling Stations
REFUELLING STATIONS | P2G UNITS
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
MARKET OFFERING
HYDROGEN ENERGY SYSTEMS
STANDARD PLATFORMS
10ft. ISO
20ft. ISO
20ft. ISO
10ft. ISO
40ft. ISO
PRODUCT CONSOLIDATION
HYDROGEN ENERGY SYSTEMS
20ft. ISO
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
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
COMPLIANCE
HYDROGEN ENERGY SYSTEMS
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.
JCB £4.9M STRATEGIC INVESTMENT
HYDROGEN ENERGY SYSTEMS
P2G PROJECTS
THÜGA PROJECT
RWE
EMEC | ORKNEY
NG | AMEC
1MW PRODUCT
WHY POWER-TO-GAS?
Electricity cannot be stored easily | Hydrogen can be stored easily in the gas grid
Source: ITM Power plc
POWER-TO-GAS RATIONALE
HYDROGEN ENERGY SYSTEMS
MARKET SIZE | NEW EU REPORT
Germany: 46 GW (£46bn) in 2030 | 115 – 170 GW in 2050
POWER-TO-GAS
HYDROGEN ENERGY SYSTEMS
POWER-TO-GAS
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS
ENERGY STORAGE | CLEAN FUEL
POWER-TO-GAS IN UK
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
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
POWER-TO-GAS
ENERGY STORAGE | CLEAN FUEL
First Plant
Sale
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
HYDROGEN ENERGY SYSTEMS
GRIDGAS: PROJECT RECOMMENDATIONS
LONDON, 24 TH 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
CLEAN FUEL
ITM POWER | REFUELLING STATIONS
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
REFERENCE PLANT | ASSETS
HYDROGEN ENERGY SYSTEMS
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
UKH2MOBILITY
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
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
80KG/DAY REFUELING SYSTEM
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
ON-SITE HYDROGEN PRODUCTION
ENERGY STORAGE | CLEAN FUEL
FINANCIALS
PRODUCT SALES
Lumpy sales and getting lumpier
•
Typical deal £300k to £3m
•
Product sales increasing
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
£6,000,000
£5,000,000
£4,000,000
£3,000,000
Sales Revenue
Project Income
£2,000,000
£1,000,000
£0
2010
2011
2012
2013
PRODUCT SALES & PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
2014
2015
Broker
note
PROJECT INCOME
High growth in revenue
For year ending April
30th
Collaborative Project Funding
2013
£6,000,000
•
£1.45 total inflow
•
£0.09m product sales
•
£1.36m grant funding
£5,000,000
For year ending April 30th 2014
£4,000,000
•
£3.12m total inflow
•
£1.16m product sales
•
£1.96m project funding
Negotiation
£3,000,000
Secured
Paid
£2,000,000
£1,000,000
£0
2010
PROJECT INCOME
ENERGY STORAGE | CLEAN FUEL
2011
2012
2013
2014
2015
2016
2017
2018
2019
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
STAFF COSTS
ENERGY STORAGE | CLEAN FUEL
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
OBJECTIVES & GROWTH STRATEGY
HYDROGEN ENERGY SYSTEMS
ITM POWER PLC: (LSE: ITM.L)
JUNE 2015 | COMPANY PRESENTATION
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