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Company & Technology Overview Q1 2015
Company & Technology Overview
Q1 2015
© Aquion Energy, Inc. Proprietary and Confidential. 2
Aquion Energy - Leading Energy Storage Provider
PRODUCT
+ Modular - 48V stack and module building blocks
+ Scalable - to 1000 VDC and multi-MWh installations
+ Simple - battery monitoring only, no active management required
COMPANY
+ Spun out of Carnegie Mellon in 2010
+ HQ in Pittsburgh, PA + >$130mm raised
from top-tier investors
+ Go-to-market via system integrators, dealers, and developers
MANUFACTURING
+ 300,000 ft2 facility in Pennsylvania, USA
+ State-of-the-art manufacturing line in place & operational
+ Commercial product shipping since Q2’14 to customers
+ Aqueous Hybrid Ion (AHI) intercalation battery system
+ Invented by Aquion + Optimized for long
duration (4+ hr) and very high cycle life
+ Cost-effective, safe, and sustainable
TECHNOLOGY
© Aquion Energy, Inc. Proprietary and Confidential. 3
Aqueous Hybrid Ion (AHI™) Batteries
Building a battery that is high-performing, safe, sustainable and cost-effective using abundant, nontoxic materials.
+ CARBON
+ SALTWATER
+ BASE OXIDE
+ COTTON
Carbon Composite Anode
Synthetic Cotton Separator
Manganese Oxide Cathode
Sodium Sulfate Electrolyte
© Aquion Energy, Inc. Proprietary and Confidential. 4
UNPARALLELED SAFETY + Not flammable, explosive,
or corrosive + No dangerous or toxic
components + Inherently safe chemistry
SUSTAINABILITY + Environmentally benign
materials + No corrosive acids or
noxious fumes + Suitable for broad
deployment globally
Unique & Strong Value Proposition
HIGH PERFORMANCE + Very high cycle life at 100% DoD + Extremely abuse tolerant + Ability to stand at partial state of
charge + Self-balancing + Wide operating temp + Minimal degradation
EXCELLENT ECONOMICS + Low acquisition costs ($/kWh) + Better value than Pba or Li-ion + No regular maintenance + Little/no thermal management + No active management
required + Industry-leading total cost of
ownership Industry-Leading
VALUE
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Completely Stable Chemistry: 1000’s of 100% DOD Cycles with No Capacity Fade
0%
20%
40%
60%
80%
100%
120%
800 1000 1200 1400 1600 1800 2000 2200
% C
apac
ity*
Cycle Number
* Nominal capacity is specified at 30°C Data from AHI coin cell
Outstanding Performance: Battery Testing SELECTED DATA
>1000 Cycles at 50% SOC Swing with No Capacity Fade
10 Months of testing (ongoing)
40 ˚C Constant Temperature 14 Months of testing (ongoing)
Over 1 Year of Continuous Testing on Product-class Electrodes and Batteries
~800 Cycles at 100% SOC Swing with No Capacity Fade Sandia Labs - Partial State of Charge Study @ 40˚C: 11 months and 15,000 cycles with negligible loss
© Aquion Energy, Inc. Proprietary and Confidential. 6
AHI P
RODU
CTS
SYST
EM C
ON
FIG
URA
TIO
NS
Flexible, Scalable Energy Storage
Racked Module-Based Systems
M-Line Battery Modules + 28.6 kWh + Nominal 48V output + Designed for industry-
standard racking + Forklift-ready
S-Line Battery Stacks + 2.4 kWh + Nominal 48V output + Smallest product
increment
Stack-Based Systems
© Aquion Energy, Inc. Proprietary and Confidential. 7
Aquion S-Line Battery Stack
+ Smallest product increment + Eight batteries in series, fused at the stack level + Nominal 48V output + Designed for low cost, performance, and modularity
OPERATION & PERFORMANCE
Nominal Energy 2.4 kWh at 20 hour discharge, 30° C
Cycle Life >3,000 cycles*
Usable Depth of Discharge 100%
Operating Temp Range** -5 to 40° C
Round Trip DC Efficiency >85% at 20 hour discharge, 30° C
Voltage Range 30 to 59 V
Charge/Discharge Modes CC, CP, CV
PHYSICAL CHARACTERISTICS
Height 935 mm 36.8 in
Width 330 mm 13.0 in
Depth 310 mm 12.2 in
Weight 113 kg 249 lbs
* Cycle life to 80% retained capacity ** 40° C average ambient over 24 hours
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Aquion M-Line Battery Module
+ Twelve S-Line Battery Stacks in parallel + Voltage, current, temperature sensing optional + Optional BMS interface + For systems up to 1,000 Vdc
PHYSICAL CHARACTERISTICS
Height 1,159 mm 45.6 in
Width 1,321 mm 52.0 in
Depth 1,016 mm 40.0 in
Weight 1,440 kg 3,175 lbs
* Cycle life to 80% retained capacity ** 40° C average ambient over 24 hours
OPERATION & PERFORMANCE
Nominal Energy 28.6 kWh at 20 hour discharge, 30° C
Cycle Life >3,000 cycles*
Usable Depth of Discharge 100%
Operating Temp Range** -5 to 40° C
Round Trip DC Efficiency >85% at 20 hour discharge, 30° C
Voltage Range 30 to 59 V
Charge/Discharge Modes CC, CP, CV
© Aquion Energy, Inc. Proprietary and Confidential. 9
Bulk Energy Storage Configurations High Density Racking
+ Industry-standard racking accommodates M-Line Battery Modules
+ Scalable for wide range of interior configurations
+ Simple interface
+ Available with several off-the-shelf grid capable PCS Systems
OPERATION & PERFORMANCE
~25 MWh at 20 hour discharge, 30° C
V, I & T sensing included
ModBus Interface
Example Racking System: ~25 MWh
© Aquion Energy, Inc. Proprietary and Confidential. 10
Aquion Target Markets & Key Use Cases
+ Target Applications: Stationary, long-duration, daily, deep-cycling profiles
+ Value Drivers: Maximize renewables and reduce fuel consumption or optimize the generation, transmission, distribution, and consumption of on-grid power
+ Renewables and Self-Consumption
+ Peak Shaving + Power Quality + Demand Response + Grid-tied Telecom
Energy Management
+ Diesel Reduction + Islanding with
Renewables + Critical Power + Remote Villages, Islands + Campuses, Hospitals + Military Bases, Mining Complex Microgrid
+ Renewables Integration + Load/Peak Shifting + T&D Congestion + Arbitrage + Capacity + Resource Adequacy + Frequency Regulation Utility/Grid Services
+ Residential Solar and Wind
+ Off-grid Telecom and Remote Systems
+ Off-grid Residential
Simple Microgrid
Off-Grid and Microgrids On-Grid and Customer Side of the Meter
© Aquion Energy, Inc. Proprietary and Confidential. 11
Technology Comparison
AHI LTO Li-Ion
LMO/LFP Li-Ion PbA Advanced
PbA NaS NaNiCl Flow Battery
Landed System Costs
Cycle Life @ 80% DoD
OPEX Maintenance
Partial State of Charge
Temperature Tolerance
Safety
Sustainability
Minimum Efficient Scale
Energy Density
Optimized for Power Apps
Example Companies Aquion Energy
Altair Nano Toshiba
Panasonic Samsung
A123
Trojan Hoppecke
Exide Enersys
EastPenn
Axion EastPenn
NGK GE Durathon FIAMM
Enervault Primus Power Silent Power
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Flow
Relative Cost: Electrochemical Energy Storage
+ Aquion’s AHI™ technology is uniquely optimized for cost and cycle life
Cycle Life, >60% DoD (# of Cycles)
Acqu
isitio
n Co
st
Lead Acid
LTO Li-ion
NaS
Adv. PbA High
Lo
w
Source: Electricity Storage Association Technology Comparisons
High Low
NaNiCl
LiFePO4 Li-ion
© Aquion Energy, Inc. Proprietary and Confidential. 13
Aquion Projects
= 2014 shipment = 2015 shipment, order booked = 2015 shipment, order pending
More than 1.8 MWh Deployed or Shipped Globally; 5 MWh Sold
© Aquion Energy, Inc. Proprietary and Confidential. March 18, 2015 14
Aquion 2014 Projects
1 MWh system currently being installed in Kiholo Bay, HI
Redwood gate ranch 80 kWh, 48V system Jenner, CA, USA
Qinous 80 kWh, 600V system Berlin, Germany
Blitz Electrical 22 kWh, 48V system Brisbane, Australia
NIDON 12 kWh, 48V system Aiea, HI, USA
© Aquion Energy, Inc. Proprietary and Confidential. 15
Manufacturing Process and Flow
+ Established, low-cost, and proven manufacturing processes
Blend Granulate Pelletize ANODE
CATHODE
Battery Assembly
+ Container + Separator + Conductor + Lid
Electrolyte Infiltration Qualify
© Aquion Energy, Inc. Proprietary and Confidential. 16
Large Scale Manufacturing Overview - Videos
View this video at https://www.youtube.com/watch?v=aANBtotnsLI
© Aquion Energy, Inc. Proprietary and Confidential. 17
Aquion Global Partner Program
+PCS Suppliers +Software Management +Racking
+Integrators +Consultants +Container vendors
Building a Global Network of Distributors and Dealers
Developing Technology Partnerships with:
Easy for Integrators /EPCs to use Aquion batteries
NIDON Clean Energy
© Aquion Energy, Inc. Proprietary and Confidential. 18
Summary
Breakthrough Technology + Stable product and
demonstrated performance
+ Patented technology + Low cost, scalable
manufacturing process
Broad Applications + Microgrid & off-grid + Self Consumption /
Energy management + Lead acid battery
replacement + Renewables optimization + Grid-scale services
Compelling Value Propositions + Industry leading
cost/performance + Unparalleled combination
of performance, safety, and reliability in a sustainable, cost-effective product
© Aquion Energy, Inc. Proprietary and Confidential. 20
Press & Award Highlights
MIT Tech Review 50 Smartest Companies 2014
Global Cleantech 100, 2013
“Four Cool Tech Ideas Helping the Planet”
Winner: Energy & Power 2013
“The World’s Top 25 Eco-Innovators: Jay Whitace”
Aquion Founder Jay Whitacre: Reinterpreting the Process of
Innovation
“Building Cheap Batteries to Circumvent the Grid”
“Bill Gates Invests in Battery Maker Aquion Energy”
Greentech Media’s Grid Edge 20: Companies Transforming the US
Power Sector, 2014
© Aquion Energy, Inc. Proprietary and Confidential. 21
Appendix: Selected Additional Slides
© Aquion Energy, Inc. Proprietary and Confidential. 22
Optimized for Cycle Life in Uncertain Apps
+ AHI intercalation electrochemistry delivers PSoC cycling with negligible degradation.
+ Enables extended life in applications where charge and discharge are uncertain.
+ Lead acid, tested similarly at a national lab, shows less than half these cycles to complete failure.
PSoC Cycling* – Testing On-going
S10-0070 48V, 1.7 kWh
80% Initial Capacity
* 40°C, 5% DoD PSoC cycles centered at 50% SoC, 100% DoD Discharges every 1,000 cycles
Capacity following logarithmic curve
© Aquion Energy, Inc. Proprietary and Confidential. 23
Simulated Microgrid Cycling
Optimized for Long Duration Discharges
10 hours of PV available – capture excess PV
Discharge for 14 hours
>150 cycles w/o degradation
S10-0070 48V, 1.7 kWh
© Aquion Energy, Inc. Proprietary and Confidential. 24
Driving Value with More Energy – Example
HOMER Model* Configuration
* www.homerenergy.com
Results Analysis
$0.40
$0.45
$0.50
$0.55
$0.60
$0.65
$0.70
$0.75
$0.80
$0.85
80% 85% 90% 95%Sy
stem
LCO
E ($
/kW
h)
Percent Renewables Utilized
Bubble Size = $/kWh usable energy
Key Assumptions – Replicates Aquion Field Installation: + Generator = 12 kW; $0.30/W, $1.20/L Diesel fuel
+ Solar = 30 kW; $2.50/W + Optimized for LCOE by battery type
AHI enables the lowest cost of delivered energy • Lowest $/kWh usable energy
• Highest percentage of renewables enabled
PbA
LMO
AHI
Batt
ery
Opt
ions
– M
odel
ed
Inde
pend
ently
Aquion AHI
© Aquion Energy, Inc. Proprietary and Confidential. 25
Redwood Gate Ranch Project Summary
Initial Capex
Diesel (L/yr)
Diesel ($/yr)
Renew-able %
LCOE ($/kWh)
Diesel-Only $20K 20,300 $26,800 0% $4.51
AHI Microgrid $80.5K 65 $90 97% $0.77
AC/DC Inverter
PV Combiner Box
30 kW DG
PV Combiner Box
Load Center
Installation Overview 3 M-Line Module, ~60 kWh 14 kW PV Array
Project Overview: Large working ranch in CA, not connected to the grid wants to curtail all need for the diesel genset by moving excess PV power to overnight hours.
Model Assumptions and Homer Results + Diesel Cost: $1.32/L ($5/gallon) + Solar Cost: $2.41/W + Genset: $0.67/W; 30 kW
Operational Data – 5 Day Snapshot
Day 3 – No PV, System delivers power all night
© Aquion Energy, Inc. Proprietary and Confidential. 26
14 M-Line Modules, Grid-Tied Microgrid Demo + ~ 270 kWh at 20 hour discharge
GRID-TIED + SOLAR + BATTERIES
Installation Overview
+ 168 battery stacks configured into 14 modules + ~270 kWh, 672 Vdc + Operational as of Q2 14 + Collaboration with global leading power
electronic firms:
AC/DC Inverter
Grid
14 M-Line Modules, ~270 kWh
Microgrid Duty Cycle Profile
© Aquion Energy, Inc. Proprietary and Confidential. 27
M-Line Module System + ~ 21 kWh at 20 hour discharge
GRID-TIED + SOLAR + BATTERIES
Operational Data – 5 Day Snapshot
+ One M-Line Battery Module + 48 V Nominal + Operational as of Q214 + SMA Inverter
Installation Overview
M-Line Module, ~21 kWh
MidNite Solar Charge Controller
Load
SMA Inverter
Grid
PV Array, ~21 kWh
© Aquion Energy, Inc. Proprietary and Confidential. 28
12 S-Line Stacks, Off-grid Telecom Demo + Off-grid 20’ shipping container simulating a telecom installation
OFF-GRID: SOLAR + BATTERIES
Installation Overview Operational Data – 5 Day Snapshot
+ Online since April 2013 + Off the shelf solar and electronics + 12 energy storage stacks, 48V + Capable of 2 kW continuous load + Demonstrated interoperability :
12 S-Line Battery Stacks, ~21 kWh
2.45 kW SunPower PV Array
Load
AC/DC Inverter
MidNite Solar Charge Controller
