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Investor Presentation
December 2019
1
Welcome message
Zero-carbon hydrogen is key to succeed in the global fight against Climate Change.
As a global innovative player, McPhy has in a decade positioned itself among the leaders in clean H2.
Now is the time to accelerate the pace of change, to scale-up and to industrialize clean hydrogen technologies
to lower their costs and boost the rise of clean, secure and cost-competitive hydrogen ecosystems.
WELCOME TO THE “UNLIMITED HYDROGEN” ERA.
LAURENT CARME | CHIEF EXECUTIVE OFFICER
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2
Today’s speakers and Agenda
3
McPhy at a Glance1
Technology & Strategy3
Key Achievements & Next Steps4
Laurent Carme Chief Executive Officer
Emilie Maschio Chief Financial Officer
Markets Trends2
McPhy at a Glance| Driving clean energy forward
Shutterstock
Born from Innovation, Driven by Ambition | Major step changes
2008
IncubationHydrogen solid-state storage, technological and scientific partnership with CEA and CNRS
2010
Fundraising€9.2m raised from Sofinnova Partners, Gimv and Amundi Private Equity
2012
Fundraising & PIEL€10.1m raised from BPIfrance Investissement
Acquisition of PIEL in Italy (small and medium electrolyzers)
2013
DiversificationMoved beyond electrolyzersinto hydrogen refueling stations
2014
IPOIPO on Euronext Paris enabled McPhy to raise €32m
2018
PartnershipStrategic partnership with EDF via a €16m reserved capital increaseEDF becomes the main shareholder of McPhy
2018
Industrialization& Scale up“Augmented” product range:multi-MW and multi-tons equipment,large scale units, deep integration
1
2
3
5
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Technologies & Markets| Covering all H2 market segments
* References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract [18 June 2020]
A fit-for purpose offer, ideally positionedto capture the market opportunities
Electrolyzers
Refueling Stations
• Pressurized Alkaline 30 bar
• Capacity to integrate PEM
• 1MW high-density stack
• 41 MW installed base*
• Already in multi-MW industrial market
• Full range covered, from 20 to 800 kg,350b, 700b & DP
• 30 HRS installed base*
• Patented Augmented McFilling (> 2 tons / day)
• Ready for very large scale
THE “MARKET ENABLER”• H2 is best solution for heavy mobility decarbonization (buses,
trucks, trains, boats)
• Large stations (> 200 kg/day) require ELY/HRS integration
• Mobility is also the way to grow public awareness and acceptance on H2
THE “SCALE-UP DRIVER”• “Grey” H2 production for industry generates 2% of world emissions
• Key applications are Refineries, Ammonia, Methanol and DRI
• Large capacity electrolyzers (> 100MW) are required, allowing cost-out through economies of scale
THE “MEDIUM-LONG TERM GROWTH RELAY”• Growing intermittent renewables require energy storage for
surpluses
• H2 produced can be reused to generate electricity or to be injected in gas networks (H2 or synthetic CH4)
INDUSTRY
MOBILITY
ENERGY
Industrial infrastructure| A scalable European industrial base, with global reach
FRANCE
Engineering& Manufacturing
Refueling stations manufacturingand assembly, unique innovation
platform and test bench
GERMANY
EngineeringEngineering development and EPC
for multi-MW electrolysis units
ITALY
Engineering& ManufacturingStack manufacturing, electrolyzers assembly, small electrolyzers engineering
98 PEOPLE
< Production capacity per annum >
GLOBALLY
Sales & ServicesGlobal reachBacked by our technological & industrial partnership: EDF / Hynamics, De Nora…
20 to 30stations p.a.
100 to 300MW p.a.
EDF Pulse Croissance Holding
20.70 %
BpifranceInvestissement
7.57 %
Strong shareholderssupporting McPhy
for long-term growth
Strengthening our financial position to:
Address the accelerationof the activity
Finance innovationand product development
Cover mid-term working capital requirements
Floating
71.73 %
Financing our growth| McPhy shareholding
8
Market capitalization [June 19th 2020]
> €200m
9
Markets Trends
EnergieDienst 1MW
Pure Hydrogen By-product Hydrogen
% of total demand
Uses
The Current and Future Hydrogen Market
Oil Refining
Ammonia Production
Methanol
Steel Production
Global annual demand for hydrogen since 1975 (in MtH2/year)
Demand for hydrogen is expected to boom by 2050
Hydrogen has been used extensively in many industrial sectorsHydrogen holds long-term promise in many sectors beyond
existing industrial applicationsB
10
0
100
200
300
400
1975 1980 1985 1990 1995 2000 2005 2010 2015 2018 2050 (1)
in MtH2
Source: IEA 2019, DeloitteNote: (1) only pure hydrogen
60% 40%
Zero-carbon hydrogen
Uses
Production Electrolysis Electrolysis Electrolysis
Growth prospects +++ ++ +
Mobility Energy
A
B
A
Hydrogen is dominated by mature industrial applicationsHydrogen mobility is heading for a bright future and will drive growth in demand alongside industrial sectors, territory and power
Industry
1kg H2produced
12 kg CO2emitted
3
The overwhelming majority (99%) of hydrogen produced today stems from fossil fuels
Conventional H2 is Responsible for Massive CO2 Emissions
Source: IEA 2019
1
Natural Gas75%
Oil & Coal24%
Renewables1%
Carbon Capture, Utilization and Storage
(CCUS)
Steam Methane Reformers (SMR) are the workhorse of such hydrogen production
2
Each year, the production of hydrogen by SMR is responsible for massive CO2 emissions
3
The capturing and storing of the carbon emitted is inherently not carbon-free
4
SMR
Proven
- Methane and high temperature steam react
under pressure to produce hydrogen
Competitive
- Price range: €1-2/kgH2
Mature
- Developed in the 1920’s
- Key SMR players:
Strong investment needed
- Potential additional cost of €0.5/0.7 per kg vs. hydrogen produced by SMR
Environmental and technical challenge
- CCUS leads to +10% of fuel consumption
- Storing CO2 underground acidify aquifers
Residual emission of CO2
- c.90% of CO2 is captured at best
11
CO2 related to SMR
2% of total CO2 emitted worldwide
100 Mt of hydrogen produced in 2019
Hydrogen annual production consumes c.6%
of global natural gas use and c.2% of global coal use
Zero-carbon H2 is Emerging as an Alternative to SMR
All the stars are aligned for hydrogen to experience strong growth prospects
Zero-carbon hydrogen produced by electrolysis is the hydrogen of tomorrow
1 2
We expect hydrogen to be the most effective solution in some sectors of the economy, like heavy duty transport or industrial processes
Jean-Bernard Levy – CEO of EDF
12Source: IEA 2019, The American Society of Mechanical Engineers
Electrolysis: how does it work ?
An
od
e
Cat
ho
de
+ -
Alkaline electrolyte
O2
Electron flow
Hydrogen Collector
DC power
OH- H+
- ----
-
Oxygen Collector
1 Two electrodes (anode and cathode) operate in a liquid alkaline electrolyte solution linked to DC power
2 Electricity must flow properly; positive ions (H+) and negative ions (OH-) must be directed to electrodes of opposite charge
3Potassium hydroxide is added to improve conductivity, close the electrical circuit and allow the reaction to take place
+ ++++
+
DriversImpact of
DriverToday’s situation
Carbon PriceRising carbon price set to boost momentum
Carbon prices were multiplied by almost 6 since 2017
National objectives as regards to climate change
Environmental policies have never been so stringent and ambitious
Paris Agreement, European Commission climate-neutral strategy for 2050, UK Climate Change Act etc.
Electricity price vs. primary energies price
Renewable energy sources have significantly improved zero-carbon hydrogen competitiveness
The levelized cost of electricity for solar PV is down by 75% since 2010
Technological maturityThe technology has proven its resilience and stability
Alkaline technology is a 200-year old technology
Alkaline and PEM to Jointly Support the Growth of the Electrolysis Market in the Next Decade
ALKALINE PEM
Maturity of technology +++ +
Performance ++ +
Capex requirement (USD/kWe) 500 – 1,400 1,100 – 1,800
Power consumption(1) (Kwh/kg) 55 58
Stack lifetime (hours) > 80,000 > 40,000
Operating pressure (bar) 1-30 30-80
Load range (%, relative to nominal load)
10-110 0-160
Footprint(1) (m2/MWe)95 (atmospheric)
45 (pressurized)
44 (atmospheric)
40 (pressurized)
Electrical efficiency (%, LHV) 63 – 70 56 - 60
Alkaline
PEM
• 200-year old technology that has proven long term resilience and stability
• Avoidance of precious materials enables lower Capex than PEM
• Alkaline is more adapted to large scale projects
• Limited track record of long term reliability
• Shorter lifetime than Alkaline
• Ability to produce highly compressed hydrogen
• More flexible than Alkaline and can be quickly switched on and off without any need for preheating
13Source: IEA 2019Note: (1) considering a 20 MW electrolyzer
1
2
1 2
Today, it is not possible to say whether one of these two technologies will take the lead over the otherThe scientific and industrial consensus rather pleads for cohabitation over the next decade
Scale-up is Required to Unlock Zero-carbon Hydrogen Competitiveness
14
0
1
2
3
4
5
6
COST OF
ZERO-CARBON HYDROGEN
2020
2030
COST OF AN
ELECTROLYSIS UNIT
COST OF A
REFUELING STATION
ECONOMIES OF SCALE1 INCREASING NUMBER OF BIGGER PROJECTS2 TECHNOLOGY UPGRADE3
The cost of zero-carbon hydrogen is falling off2
Zero-carbon hydrogen competitiveness depends on three critical drivers1
Source: Hydrogen Council StudyNote: (1) “large station,” c.1 ton / day
15
Technology & Strategy
ENGIE SMT AG
Technology References Competitiveness
• Leverage global footprint (France, Italy, Germany)
• Adapt organizationto growth
• Capitalize on talents
• Increase diversity
Team
• Continue to improve pressurized alkaline electrolysis – The most proven and reliable process for large-scale zero-carbon H2
• Align with customer needs through modularity and scalability of systems
• Execute Product Cost-Outroadmap
• Reach critical size and leverage economiesof scale
• Consolidate state-of-the-art HRS product portfolio
• Develop Augmented McFilling (> 2tons / day)
• Strong position: 30 HRS
• SMT-AG: 1st bus station in France (0.5MW + 200 kg)
• ZEV: involved in the largest French project
• Develop EPC and Serviceoffering
• Strong position: 41 MW
• Jupiter 1000: 1st power-to gas project at MW scale in France (1 MW)
• Djewels: largest H2 production unit in Europe (NL, 20MW)
Scale-up Strategy | Meet customer needs & lower costs
References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework
contract [18 June 2020]
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Fit-for-purpose| Cutting-edge, modularized, scalable equipment for the whole value-chain
Leading designer, manufacturer and integratorof zero-carbon hydrogen production (electrolyzers)and distribution (hydrogen stations) equipment
Installed Base| Building key market references in Europe
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ZERO-CARBON HYDROGEN ZERO-EMISSION MOBILITY
Audit E-GAS | Capacity: 6.0 MWA
Prenzlau | Capacity: 0.5 MWB
H2Ber | Capacity: 0.5 MWC
EnergieDienst | Capacity: 1.0 MWD
Jupiter 1000 | Capacity: 1.0 MWE
RAG | Capacity: 0.5 MWF
Confidential DE Customer | Capacity: 2.0 MW
Hynamics (EDF) | Capacity: 1.0 MWI
Engie & SMT-AG | Capacity: 0.5 MWG
Nouryon & Gasunie | Capacity: 20.0 MWJ
Valence | Kg/Day: 20D
Fahyence | Kg/Day: 40F
Engie Lab Singapore(2) | Kg/Day: 20
Confidential DE Customer | Kg/Day: 200
Engie & SMT AG | Kg/Day: 200J
Sorigny | Kg/Day: 20L
EAS-Hymob x 7 | Kg/Day: 20M
H2 Mobility Germany | Kg/Day: 200N
Confidential FR Customer | Kg/Day: 20
GNVert & CNR | Kg/Day: 80P
RiverSimple UK | Kg/Day: 20G
Confidential Customer | Kg/Day: 20
Sinopec(1) | Capacity: 4.0 MW
Symbio Grenoble | Kg/Day: 5A
City of Paris | Kg/Day: 20B
Engie GNVert Lyon | Kg/Day: 20C
City of Rouen | Kg/Day: 20E
Semitan Nantes | Kg/Day: 10H
Rungis | Kg/Day: 20I
Navibus Nantes | Kg/Day: 5K
G
D
AB
E
F
G
I
J
D
F
H K
M
PA
B
C
E
J
I
L
Notes: (1) Hebei Province, China, (2) SingaporeReferences that are already operational, being installed or under development | * Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract [18 June 2020]
O
C NQ
O
Q
H
H
R
R
41 MW 30 stations
ZEV (Hympulsion) x5* | Kg/Day: 400-800S
S
ZEV*| Overall capacity: 4.0 MWK
K
| 19
JUPITER 1000
Testing the performance of two electrolysis technologies (ALKALINE & PEM)
under real conditions and on a real scale
| First Power-to-Gas project at a MW-scale in France Alk. + PEM
1 MW
19
Fos-sur-Mer, France | Commissioning: 2019
| 20
| The largest zero-carbon hydrogen production unit in Europe
DJEWELS (Nouryon & Gasunie)MW HCD20
| 20
Delfzijl, The Netherlands | Contract: 2020
Key project to establish zero-carbon hydrogen competitiveness at large-scale
20 MW: 3,000 tons of zero-carbon H2 / year and 27,000 tons of Co2 emissions avoided / year
ENGIE & SMT AG
Béthune, France | Commissioning: 2019
Fleet of 6 buses powered by a 200 kg/day station connected to 0.5 MW of electrolysis
Design: Compression redundancy, two distribution units
| First H2 station dedicated to public transport in France
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kg + 0,5 MW
200
| The largest H2 mobility deployment project in France
ZERO EMISSION VALLEY
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4 MW5 HRS
Consortium led by McPhy delivering 14 stationsand 4 MW electrolyzer in AURA region
One of the most ambitious zero-emissionmobility project in Europe
McPhy technologies (framework agreement):5 HRS 200 kg / day + 4 MW electrolysis
Auvergne-Rhône-Alpes Region, France | Contract: June 2020
• Strong investment on innovation:proprietary and patentedtechnologies
• Backed by a strong technological partnership strategy
Technology| A strong innovation policy
INNOVATION| Among our partners:
[1] Real-scale test bench for our electrolyzers, commercial and
technological partnership
[2] High current densityelectrodes
[3] Highest safety standards assessment
[1]
[2]
[3]
Modular & Innovative Technology| Large-scale alkaline electrolysis
INNOVATION| Augmented McLyzer
High current density
Flexibility and fast response timefrom 0 to 100% in < 30 sec
from 100% to 0 in < 5 sec
High efficiency: < 4,9 KWh / Nm3
High-pressure: 30 bar
Best TCO in its segment
Compact footprint:20 MW installed in less than 1000 m2
Highest quality & safety standards
Selected by leading industrial players
20 MW Cluster
100 MW Plant
McLyzer 800: 4 Stacks
• “Plug and Play”technology
• Wide range to best suit our customer needs
• Modularity: f.e., the“500-350/700” modelis modularized => as of 200 and up to 800 kg
• 96% availability
• IR connector: 350 – 700 bar compliance
• On-site electrolysis
Modular & Innovative Technology| Large-scale refueling stations
INNOVATION| Augmented McFilling
Proprietary& patented architecture
Dynamic reconfiguration
Increased availabilityand flexibility
Optimized energy efficiency
Optimized investmentand operating costs
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Key Achievements& Next Steps
Sorigny
Key achievements | McPhy 2019
Launch of Augmented
McFilling
Order intake:
€13m+63%
Strong position on the
biggest projects
Increasingindustrialization
of our manufacturing processes
Capital increase of
c.€7 m(Nov. 2019)
Cash
€13m
Achievements Revenue
Revenue
€ 11.4m+43%
Operating Margin
€(6.0)m+36%
ManufacturingInnovationPeople
Nominationof a new CEO
New COO France
Strengthening our HR and field
of expertise
98 people
27
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References that are already operational, being installed or under development | Among them: 4MW ELY and 2 HRS are conditional part of the ZEV framework contract
[18 June 2020]
Snapshot| McPhy today
29
Let’s work together
Experienced team, fully committed
Strong references, confidence of key global players in the industry, mobility and energy sectors
Zero-carbon hydrogen production& distribution: proven & best in class technologies
Top-tier industrial infrastructure
Ready forthe “UNLIMITED HYDROGEN” era!
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