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STRICLTY CONDIFIDENTIAL
Turning intermittent renewables into a stable power supply
ROME, 26th JANUARY 2018
C O M M PA C K
PUBLIC INFORMATION BUT CONTENTS SUBJECT TO COPYRIGHTEPS COMM PACK® are publications of Electro Power Systems S.A. (EPS). The information contained therein are not confidential but all the contents are subject to copyright. As a result, the contents (including by way of illustration only, pictures, charts, etc.) contained therein cannot be sent, copied, reproduced, distributed, released or disclosed, directly or indirectly, in whole or in part, to any person (whether internally or externally to your company) unless authorized in writing by EPS. Non-compliance with these restrictions will result in the violation of legal restrictions in any jurisdiction in which EPS is active.
DISCLAIMER This document does not constitute an offer to sell, or a solicitation of an offer to buy, EPS shares. If you wish to obtain more comprehensive information about EPS, please refer to the public documents registered in France with the Autorité des Marchés Financiers (which are also available in English on our Internet site: www.electropowersystems.com). This document may contain guidance and some forward-looking statements. Although the Company considers that these statements and guidance are based on reasonable hypotheses at the date of publication of this document, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements. For the risk factors behind please refer to the Registration Document 2016 (also available in English on our website: www.electropowersystems.com).
© Copyright 2017 EPS All rights reserved
STRICLTY CONDIFIDENTIAL
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STRICLTY CONDIFIDENTIAL
Our Mission3
The Group’s mission is to unlock the energy transition, by mastering the intermittency of renewable energy sources. Being pioneer of Hybrid Storage Solutions, transforming intermittent renewable sources into a stable power source. And enabling renewables to power society: reliably, affordably and sustainably.
STRICLTY CONDIFIDENTIAL
100%Storage Systems 100%Microgrids
Grid Support Utility-Scale and behind the meter
Independent Power Generation and weak-grids stabilization
65%
Source: bnef.com
Addressable Markets
100%45 GW
global 2016-2024
14 GW EMEA
65%100%
600 GW global to 2017
29 GW Annually
4
STRICLTY CONDIFIDENTIAL
100%
100%100%
100%
Addressable Market with strong focus in Emerging Countries because of the indisputable market potential
$22bln
Annual Market just for Capacity Additions
($190bln to 2030 according to GTM)
600 GW 29 GW
Annual Capacity Additions
Potential Investment for replacement with microgrids
$960blnCurrent installed fleet of diesel generation
100%2.5blnPeople
Source: bnef.com, GOGLA and BCG integrated with EPS analysis
5
PRIVILEGED AND CONFIDENTIAL
HyESS®: one vertically-integrated technology platform fits all applications
Battery Pack
Renewable Sources
SCADA and AI Cloud based DERs, Cybersecurity
and Predictive Maintenance
SMART INVERTERInstant RPPT/MPPT for unique
microgrid performance
Generators and Power Plants
24/7 stable power supply
HYDROGEN MODULE Power2Power for long term storage without fossil fuels
ENERGY MANAGEMENT SYSTEM (EMS)
Pool Algorithms & Black Start
POWER CONVERSION SYSTEM (PCS) Synthetic Inertia
DROOP Control and Statism
HyESS® Hybrid Energy Storage System
BATTERY MANAGEMENT SYSTEM (BMS)
For all battery chemistries
PROPRIETARY EPS TECHNOLOGY covered by 125 patents and 500+ trade secrets
MicrogridsIndependent power generation
Utility-Scale Storage SystemsGrid Support
CO
MM
OD
ITIE
S
96
CONFIDENTIAL AND PROPRIETARY
DC AC
Full Inertia Droop Control
PCS
DC DC
BOOST
TRANSFORMER
DC DC
BOOST
DCAC
BACK-TO-BACK CONFIGURATION
ACDC
DCAC
BACK-TO-BACK CONFIGURATION
ACDC
ENERGY MANAGEMENT SYSTEM POOL ALGORITHM MASTER CONTROLLER
IP - Interface Protection
Grig Code compliance CEI016 All.N-bis
SCADAGENERAL CONTROLLER
DC
BU
S 65
0Vdc
AC B
US
CHARGE DISCHARGE
CHARGE DISCHARGE
HYBRID EMS CONTROL METHODs PATENT
DROOPVirtual Inertia
125 µsec
PUREON-GRID & OFF-GRID
DROOP PATENT
HYBRID - H2 FAMILY PATENTS
ISLANDED SUPERFAST vertically integrated and
automatic<20ms TRANSITION PATENT
UNIVERSAL CONVERSION AND CONTROL SYSTEM FOR DISTRIBUTED POWER GENERATION PATENT
INSTANTvertically integrated
MPPT/RPPT TRANSITION PATENT
H2Power-to-Power
Intellectual Property: full coverage of the whole technological platform
Islanded mode(microgrid operations)
Grid Support mode(on-grid operations)
Area covered by 125 patents, applications and 500+ registered trade secrets
DieselGeneratorInterface
DGI
BatteryManagement
System
BMS
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STRICLTY CONDIFIDENTIAL
May December
Technology & Team completion
Elvi Energy acquisition
Industrial and Financial
Restructuring
April
IPO in ParisManagementappointment
2005Politecnico SPIN-OFF
Our Product Story
October
2013
HyESS® developmentFocus on Energy Markets
Product Launch & Scale-Up Microgrids and Utility-Scale Storage Systems
ElectroSelfTM Focus in Telecoms
R&D, Pilot Installations Focus in Telecoms
2016-2017 2018201520142005-2013
Utility-Scale
8
STRICLTY CONDIFIDENTIAL
Single system size story (by commissioning year) 9
2005-2014 2015 2016 2017 2018
SYSTEM SIZE
PRODUCT FEATURES
MICROGRID POWER SOURCE
SolarWind Generators Power Plants
H2all batteries
Solar Generators Wind
H2Pb
H2Pb Li-ion titanate
H2Pb Li-ion titanate Li-ionNa-Cl
H2all batteries
Solar SolarGenerators
50 kW 1 MW 5.9 MW 20+ MW12 kW
ElectroSelfTM HyESS® HyESS® HyESS®ElectroSelfTM
-
20MW, the Largest in
EU*
One of the Largest
worldwide
* According to Bloomberg New Energy Finance (Energy Storage Project Database, 28 October 2017) as of today just 18 li-ion energy storage systems have been commissioned in the world with a capacity higher than 20MW (all in the US, Korea and Japan).
STRICLTY CONDIFIDENTIAL
EPS Business Model: a System Provider that develops its own pipeline of projects acting for the
customer as a partner also for all the site activities: one single point of responsibility, minimizing project risk and complexity for the customer
TECHNOLOGY PROVIDER
Software Engineering
System Design &
Manufacturing
Hardware & Technology
Manufacturer
PROJECT DEVELOPER
GENERAL CONTRACTOR (EPC & O&M)
Project Development
Financing Arranger
Site Management &
Construction
Customer Service
Source: EPS 2020 Technological Roadmap
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STRICLTY CONDIFIDENTIAL
May
2014December
2015Technology & Team
completionElvi Energy acquisition
Industrial and Financial
Restructuring completion
Today’s Partners & Customers:
April
2015IPO in ParisManagement
appointment
2005Politecnico SPIN-OFF
Our growth in a nutshell: a transformation strategy
H1 Revenues Order Intake
Energy Storage and microgridsBusiness Model validation
Scale-Up Pivoting
in the Energy MarketsTechnology Incubation
Research funded by top European VCs investors
October
2013
11
FY2014 FY2015 FY2016 9-month 2017
16,3
12,1
1,20,1
6,67,1
1,20,8
STRICLTY CONDIFIDENTIAL
5
10
15
20
2014 2017
Revenues and Order Intake (€mln) Human Resources (FTE)
Our Results: continuous growth in terms of revenues, purchase orders and job creation
Order intake
Source: EPS FY2016 Financial Statements and Annual Financial Report. 2017 Revenues refer to brokers consensus and Order Intake is updated at 4 September 2017 assuming €0.5mln/MW.
25
50
75
100
2013 2017
Source: EPS Annual Financial Report and update as at 07.09.2017
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STRICLTY CONDIFIDENTIAL
Microgrids generation capacity
Grid-Support Solutions
Energy Storage
APAC Europe Africa Americas
Our Installed Base: one of the largest microgrids installed base in the world
1%23%
6%
70%
36 MW
89%
11%
19 MW
4%7%
73%
16%
47 MWh
Source: EPS FY2016 Annual Financial Report
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STRICLTY CONDIFIDENTIAL
27%with a PhD
or MBA equivalent
87people
95%filed internationally
125patents and applicatons
50%on IEEE
150+ publications
Our Know-how: Academic excellence transformed into proprietary technology and solid
intellectual property portfolio
Source: EPS 2016 Annual Financial Report and 2016 Corporate Social Responsibility Report updated as at 30.9.2017
90%in registered secured form
500+ trade
secrets
14
STRICLTY CONDIFIDENTIAL
100% 100% 100% 100%10,000sqm
Industrial plants
400MW Production capacity
12 years R&D
Our Industrial and Technological Solidity: years of research and development with the Politecnico of Milan
and Turin, transformed into an industrial footprint
Source: EPS 2016 Annual Financial Report and 2016 Corporate Social Responsibility Report
15
20MW already under construction
STRICLTY CONDIFIDENTIAL
100%100%100%165,000+
connected users
20mln + running hours
21 countries
Our in-field experience: worldwide connected users and millions of running hours
Source: EPS 2016 Annual Financial Report and 2016 Corporate Social Responsibility Report
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STRICLTY CONDIFIDENTIAL
27
17
STRICLTY CONDIFIDENTIAL
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18
STRICLTY CONDIFIDENTIAL
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19
STRICLTY CONDIFIDENTIAL
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20
How FCH JU has supported EPS’ growth
The Group’s mission is to unlock the energy transition, by mastering the intermittency of renewable energy sources.Being pioneer of Hybrid Storage Solutions that enable intermittent renewable sources to be transformed into a stable power source.And enabling renewables to power society: reliably, affordably and sustainably.
• FCH1-JU has contributed to the EPS’ growth in the Technology Incubation phase of the company started in2005 as spin-off of Politecnico di Torino.
• In that phase EPS acted as Coordinator of two projects supported by FCH-JU
FITUP project (GA 256766) FLUMABACK project (GA 301782)Collaborative Project: Fuel cell field test demonstration of economic and environmental viability for portable generators, backup and UPS power system applications
Collaborative Project: Fluid Management component improvement for Back up fuel cellsystems
Application Area: SP1-JTI-FCH.4: Early Markets Application Area: SP1-JTI-FCH.3: Stationary Power Generation & CHP
Topic: SP1-JTI-FCH.2009.4.2: Portable generators, backup and UPS power systems
Topic: SP1-JTI-FCH.2011.3.3: Component improvement for stationary power applications
Period: 01/11/2010 – 30/04/2014 Period: 01/07/2012 – 30/06/2015Budget: € 5.386.469 overall project Budget: € 3.999.005overall project Contribution: € 2.402.580 overall project (€ 601.523 to EPS)
Contribution: € 2.402.580 overall project (€ 307.484 to EPS)
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10
How FCH JU supports EPS’ growth
The Group’s mission is to unlock the energy transition, by mastering the intermittency of renewable energy sources.Being pioneer of Hybrid Storage Solutions that enable intermittent renewable sources to be transformed into a stable power source.
• FCH2-JU supports technology improvement and optimization of EPS hydrogen technology and validation of business case of P2P applications.
• EPS is partner of HEALTH-CODE project (GA 671486) - Real operation pem fuel cells HEALTH-state monitoring and diagnosis based on dc-dc COnverter embeddeD Eis. Period: 01/09/2015 – 31/12/2018; contribution: € 295.687 to EPS
• In the REMOTE project (GA 779541) EPS will develop 3microgrids, all based on the integration of RES, batteries andhydrogen-based energy storage solutions: Ginostra Smart Island, 2MWh (Italy) Off-Grid Microgrid in Serres, 1MWh (Greece) Off-Grid Microgrid in Ambornetti, 0.5MWh (Italy)
• Budget: € 6.789.307 overall project• Contribution: € 4.995.950 overall project (€ 1.796.550 to EPS)
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C O M M PA C K
STRICLTY CONDIFIDENTIAL
23PUBLIC INFORMATION BUT CONTENTS SUBJECT TO COPYRIGHTEPS COMM PACK® are publications of Electro Power Systems S.A. (EPS). The information contained therein are not confidential but all the contents are subject to copyright. As a result, the contents (including by way of illustration only, pictures, charts, etc.) contained therein cannot be sent, copied, reproduced, distributed, released or disclosed, directly or indirectly, in whole or in part, to any person (whether internally or externally to your company) unless authorized in writing by EPS. Non-compliance with these restrictions will result in the violation of legal restrictions in any jurisdiction in which EPS is active.
DISCLAIMER This document does not constitute an offer to sell, or a solicitation of an offer to buy, EPS shares. If you wish to obtain more comprehensive information about EPS, please refer to the public documents registered in France with the Autorité des Marchés Financiers (which are also available in English on our Internet site: www.electropowersystems.com). This document may contain guidance and some forward-looking statements. Although the Company considers that these statements and guidance are based on reasonable hypotheses at the date of publication of this document, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements. For the risk factors behind please refer to the Registration Document 2016 (also available in English on our website: www.electropowersystems.com).
© Copyright 2017 EPS All rights reserved