MW PEM FC Power Plants for Chemical Industry Middelburg September 24, 2010 Jan Piet van der Meer

MW PEM FCPower Plants

forChemical Industry

MiddelburgSeptember 24, 2010Jan Piet van der Meer

Agenda

2

• Introduction

• PPP business case

Focus

• Development and manufacturing of:

– PEM Fuel Cells – PEM Power Plants

3

History

• AKZO Nobel R&D worked on fuel cell materials like bipolar cell plates, catalysts, GDL and membranes since 1989

• In 1998 AKZO Nobel stops corporate R&D program and consequently the fuel cell activities

• NedStack took over all Akzo Nobel’s FC related IPR and the key people (7) that worked on fuel cells

4

Current situation

• 45 employees

• Europe’s largest volume fuel cell producer

• Independent, privately owned by 3 financial investors and an ‘employees’ foundation

• Automated production line on stream in 2011

5

Basics of the PEM fuel cell technologyInvented by Grove (1837)

6

Water

Unique product

• XL and HP stacks• 1 – 10 kW peak

• H2/Ambient air

• Proven durability• High efficiency• CE marked• Robust• Recyclable

7

Demonstration projects (I)

8

Uniflex14 kW net rated power bio-ethanol/ H2/E generator (incl. bundles & reformer)

Purity4 kW net rated power H2/E generator

Demonstration projects (II)

9

FC Boat2 x 30 kW net rated power H2/E generators (Germanischer Lloyd certified)

HyTruck16 kW net rated power H2/E drive line

City bus Arnhem30kW

Track record

10

290 back-up stations with NedStack stacks installed with untroubled operation since 2007

70kW demonstration PEM power Plant running >16000 hrs since April 2007

1MW plant sold to Solvay

Online expected Q2 2011

Medium term markets

Fork lifts Generators Busses & Trucks

11

Agenda

12

• Introduction

• PPP business case

13

PPP business case

Local conditions Resulting in

Hydrogen availability 2MW power equivalentPower price 60€/MWhHeat value 10€/MWhHydrogen value 0€/kgDiscount rate 16%Hours per year 8000Demi water value 0 €/m3

IRR …… %NPV …… K€Pay back time …… years

PPP business caseCapex, € mln

14

Total Capex

Blance of plant

OSBL

One-off stack costs

PPP business caseP&L, € ‘000

15

Hydrogen

Opex on site

0

GM

Power

Heat

EBIT

Service fee

PPP business caseCash flow, ‘000

16

17

Business case PPP

Local conditions Resulting in

Hydrogen availability 2MW power equivalentPower price 60€/MWhHeat value 10€/MWhHydrogen value 0€/kgDiscount rate 16%Hours per year 8000Demi water value 0 €/m3

IRR 8.4%NPV (870)K€Pay back time 7 years

Janpiet.vandermeer@nedstack.com