November, 2017
“PLAYING A KEY ROLE IN THE SOCIETY’S TRANSITION
TO A SUSTAINABLE ENVIRONMENT”
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“Playing a Key Role in the
Society’s Transition to a
Sustainable Environment”
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1. Investment Highlights
2. The Emerging Fuel Cell Market
3. Cell Impact’s Business and Service Offering
4. Technology Development
5. Strategy Roadmap
6. Concluding Remarks
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Broad management experience from senior leadership positions
in Japan, India and China
Held management positions in SKF, Getinge and Elos Medtech
Carried out several consulting assignments including turn-
around, JV formation, acquisition and China market feasibility
studies
Commercial and operational track-record from establishing,
growing and leading companies active in automotive, industrial
and med-tech segments
Educated in Sweden, USA and Japan
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Cell Impact has a world leading forming technology
Innovative patented high speed manufacturing method very suitable
for high precision bipolar flow plates
Technology is suitable for most fuel cell stack manufacturers
1. Investment Highlights
Competitive advantage with Cell Impact’s high speed forming
Unique know-how in high speed forming, tooling and design
An investment “light” forming equipment with short cycle times
High speed forming enables very advanced flow patterns, greater
energy density, less flow plates resulting in lower costs
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Cell Impact currently is on the verge of a commercial break-through
The market is taking-off with leading (North American) fuel cell
manufacturers making progress towards profitability
Cell Impact is involved in several evaluation and negotiation processes
with leading fuel cell manufacturers
Future sales involve a revenue mix of own manufacturing and supply of
turn key projects that generate income from service and royalties
1. Investment Highlights
The fuel cell market is expected to expand from 3 BUSD to ~25 BUSD value by 2025
Cell Impact’s growing addressable market is today estimated at 30% of the market
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2. The Emerging Fuel Cell Market
Market Size and Growth Key Aspects
Rapid growth in fuel cells adaption in materials handling
segment
~20,000 fuel cell powered forklifts in operation
Increase 2016 is primarily driven by delivery of fuel cell cars
Toyota, Honda and Hyundai have all introduced fuel cell
cars
Stationary fuel cells has historically been the largest
segment
0
50
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016
Megaw
att
s
Megawatts by application
Portable Stationary Transport
Current market value is estimated at 3 BUSD with a current growth rate of ca. 25%
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2. The Emerging Fuel Cell Market
Paris Climate Agreement, 2015
China’s 5 million New Energy Vehicles programme and major cities rolling out
implementation plans
The Volkswagen Dieselgate Scandal - banning of diesel cars in many large European cities
Outdoor air pollution estimated to cause 3 million premature deaths annually worldwide
Japan’s ambition to show case a hydrogen society to the Tokyo 2020 Olympics
Global industry body Hydrogen Council established in 2017
Initiatives in many countries to build out hydrogen infrastructure & filling stations – Germany,
US (California) etc.
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2. The Emerging Fuel Cell Market
Material Handling
- Commercial Phase -
CarsBuses and light trucks
- Demonstration Phase - - Early Phase -
Commercially viable
without subsidies
Currently ~20,000 fuel cell
driven forklifts
Plug Power, Hydrogenics,
Ballard dominate fuel cell
supply
End-users; Walmart,
Amazon, Sysco, IKEA
Deployments commenced
in the US, Europe, and
China
Hyundai, New Flyer (NFI
group), Toyota and
Wrightbus (UK) – have
buses in commercial
production
Toyota, Hyundai and Honda
introducing models (5,000
new cars per annum)
Most big car manufacturers
have development programs
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3. Cell Impact’s Business and Service Offering
Fuel Cell Stack Sub Assembly
Cell Impact has a patented method which both
can increase performance and reduce costs
Increase the power density/performance in a
fuel cell (fewer plates & MEA needed)
Cost-effective production process
Cell Impact competitive advantage
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3. Cell Impact’s Business and Service Offering
Source: US Department of Energy (DOE), 500,000 systems per year
Cell Impact’s addressable market is 30% of the total fuel cell market
Over time this share is predicted to increase as the costs for membranes and catalysts
decrease
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3. Cell Impact’s Business and Service Offering
II. Manufacturing and
supply of flow
plates
III. Sales of manufacturing
technology and
equipment
I. Consulting &
Design services
Unique know-how
to create strategic
partnership with
fuel cell suppliers
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3. Cell Impact’s Business and Service Offering
ManufacturingConsulting &
Design ServicesPrototypes
Turn Key Line or
Flow Plates
Supply
Hourly fee Fee for tooling
equipment
Engineering
Price per plate
Price per plate
Function tested
bipolar plate
Sales price
Royalties
Service income
Continuous supply
Historical focus – smaller volumes Current focus – higher volumes
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3. Cell Impact’s Business and Service Offering
Production LineBipolar Flow Plate
DESIGN MATERIAL FORMING CUTTINGLASER
WELDINGCOATING SEALING
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5. Strategy Roadmap
Global expansion of production, delivery and service
TODAY 2018 - 2019 2020 -
POSITION
STRATEGY
FINANCIAL
TARGETS
Concept ready for
volume production
Established technology
supplier to the fuel-cell
segment
Leading global supplier to
the fuel cell segment
Optimise production line
in operation
Taking volume orders
Develop key
competencies
Build top-line to
visualise value potential
Increase capacity through
automatization
Forge more customer and
partner collaborations
Production & line orders
Sustainable revenue base
Several revenue streams
Reach and maintain
profitability
Global expansion of
production, delivery and
service
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Recent orders
Shanghai Everpower, China
Initial development with potential follow-up orders for manufacturing and supply or
turn key project with sale of manufacturing lines
Development activity with leading automotive OEMs (NDA)
Pushing the limits of forming advanced patterns for greater power density
Flow plate material related forming evaluations
Expanding pipeline opportunity (NDA)
No of enquiries and quotation opportunities growing
Value per quote increasing
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6. Concluding Remarks
A number of factors drive increased fuel cell adaptation :
An accelerating climate crisis and pandemic levels of pollution related deaths
demands urgent action to reduce C02 emissions and air borne pollutants
Fuel cells and batteries are both viable energy solutions in their own right, or in
combination, for electrification of transport, storage and grid balancing
Cell Impact is progressing commercially and ready to become a supplier to the
fuel cell industry - pushing the limits of bipolar plate forming
Cell Impact’s joint development activities with leading automotive OEMs and an
expanding pipeline opportunity points towards commercial break through in 2018