19 Blackstone StreetCambridge, MA 02139

617.714.5723www.ambri.com

Electricity Storage Innovation

September 29, 2014

2 © 2014 Ambri Inc.

Electric grid: largest supply chain without warehouses

“The greatest engineering achievement of the 20th century”- National Academy of Engineering

Graphic source: EPRI

3 © 2014 Ambri Inc.

Industry built on low asset utilization

1 5 10 25 33 500

5

10

15

20

25

30

35

40

45

Percentage of Simple Cycle Combustion Turbines (%)

67%

52%

50% of CTs have < 2% capacity factor

Ca

pa

city

Fa

cto

r (%

)

72

70

68

66

64

60

58

56

54

521980 1990 2000 2010 2020

Ca

pa

city

Fa

cto

r (%

)

ISO-NE Capacity Load Factor, Summer Peak, 1980-2012

Peaking Power Plant Utilization

Sources: EPA, ISO-NE

4 © 2014 Ambri Inc.

Storage addresses many challenges

Industry Challenge Storage value

Underutilized assets Enormous investment required to meet electricity usage

• Avoid or defer investments in generation, transmission and distribution

• Increase system asset utilization through increased load factor

Integrating inflexible generation (e.g., nuclear) and variable renewable resources (e.g., wind and solar)

• Enable more renewable resources to be integrated

Increasing power quality and solving reliability issues world wide

• Reduce effect of off-site calamities

High cost electricity for end users • Reduce demand charges and optimize time-of-use rates

Relieve grid congestion and price volatility

• Smooth demand

Enable the safe and cost-effective shut-down of aging assets

• Ensure environmental sustainability

5 © 2014 Ambri Inc.

The mythical elephant and storage as the holy grail

Storage provides:1. Spinning reserves2. Non-spinning reserves3. Frequency regulation4. Ramp rate modulation5. Capacity6. Energy price arbitrage7. Transmission deferral8. Substation deferral9. Distribution deferral10. Transmission avoidance11. Substation avoidance12. Distribution avoidance

6 © 2014 Ambri Inc.

2006 2007 2008 2009 2010 2011 2012 2013 20140

100

200

300

400

500

600

700

800

900

1000

0

10

20

30

40

50

60

Energy storage market trends

Energy storage projects announced by year

Source: DOE Energy Storage Database; public news sources

MW

/ M

Wh

Nu

mb

er

of

Pro

jec

ts p

er

ye

ar

7 © 2014 Ambri Inc.

Ambri overview

Company History• Formed in 2010 based on MIT research• Currently 40 employees in Cambridge and Marlborough, MA• Based on 40 years of research by Professor Donald Sadoway in

extreme electrochemical processes (e.g., aluminum smelting)• Formerly Liquid Metal Battery Corporation; name derived from the

heart of CAMBRIdge

Core Development Principles• Primary focus low cost • No subsidies required• Simple to manufacture• Use earth abundant materials

Ambri Differentiators• Fast response & high energy: flexibly address a wide range of

applications• High efficiency, long lifespan, reliable • Safe and silent• No moving parts

Funding• Private investors include Khosla Ventures, Bill Gates, Total, KLP

Enterprises and GVB; over $50 million invested• Enabling research grants at MIT from the Deshpande Center, the

Chesonis Family Foundation, Lightspeed, US DOE ARPA-E and Total

2014

Ambri one of 25 most audacious companies named by Inc. magazine

2013

Global Cleantech 100 and Rising Star of the Year Award

Ambri named MIT Technology Review’s 50 Disruptive Companies

2012

Ambri named Mass High Tech “Startup to Watch”

Sadoway’s TED Talk on Ambri’s liquid metal battery has over 1.5 million views

Professor Sadoway named Time’s 100 most influential people in the world

2010

David Bradwell named MIT Technology Review's 35 innovators under 35

8 © 2014 Ambri Inc.

• Ambri has raised over $50 million in equity financing since its founding in 2010.• Ambri’s investors share our long-term vision for developing an electricity storage technology

that will transform the electric power industry everywhere.

Ambri investors

Founded in 2004; Over $2 billion under management

Chair, co-founder and former Chief Executive Microsoft

Family office of Karen Pritzker and Michael Vlock

Founded in 1924, 2012 revenue of $240 billion

Founded in 1807, Swiss insurance firm

2010Series A

2012Series B

2014Series C

KLP Enterprises

9 © 2014 Ambri Inc.

Liquid metal battery technologyInnovative new approach to stationary storage• Focus since inception – low-cost energy storage for grid

– Inspired by aluminum smelting– Initial chemistry is Mg||Sb; commercializing undisclosed chemistry that is lower

cost, higher voltage and operates at a lower temperature• Three liquid layer battery

– Self-segregating, easy to assemble, low-cost materials• Unprecedented lifespan potential• Self-heating at commercial system size

10 © 2014 Ambri Inc.

Ambri LMB technology is unique - negligible fade

0 200 400 600 800 1000 1200 1400 1600 1800 20000

5

10

15

20

25

30

35

40

45

50

Cycles

Dis

char

ge

Cap

acit

y (A

h)

capacity fade: ~0.00021% per cycle Cycling contin-ues…

Ambri System1 MW (max), 2 MWh

11 © 2014 Ambri Inc.

The benefits of long duration battery storageS

yste

m lo

ad o

n t

ran

sfo

rmer

(kW

)

0:00 1:00 2:00 3:00 4:00 5:00 6:00 7:00 8:00 9:00 10:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:0023:00

+ =

• 1 MW (250 kWh) battery on Hawaii reduced variability of grid frequency by 30-50% across a day.

• Ambri will meet all frequency regulation requirements and will shift solar output to periods of high demand

Battery Charging

Battery discharging

Load w/out Battery (kW)

Load with Battery (kW)

Frequency regulation, Ramp rate Load shifting Simultaneous Service

12 © 2014 Ambri Inc.

Deployments planned for 2015 and beyond

Site Application Benefits

Joint Base Pearl Harbor- Hickham Military Energy security, lower costs, reliability

Hawaii (First Wind and/or Hawaii Natural Energy Institute)

Renewables integration in small grid

Lower costs via reduced diesel consumption, more renewable resources, grid stability

Joint Base Cape Cod Military Energy security, lower costs, reliability

Con Edison & New York BEST testing facility

Alleviate T&Dgrid congestion

Lower costs, grid resiliency

Alaska (University of Alaska Fairbanks and Alaska Power and Telephone)

Renewables integration insmall grid

Lower costs via reduced diesel consumption, more renewable resources, grid stability

13 © 2014 Ambri Inc.

Ambri potential to transform electric industry by…• Enabling renewables• Mitigating congestion• Reducing price volatility• Increasing reliability• Lowering costs $17 trillion to meet peak load vs. trillions less to meet average load

10.1

19.1

35.2

1990 2008 2035

Global Market, 1990-2035

Trans-mission

Distribution Generation -

2,000

4,000

6,000

8,000

10,000

12,000

$1,839

$5,252

$9,791

$ B

illi

on

s

Worldwide Investments, 2011-2030

TW

h (

000)

Source: IEA

Capacity Neededwith and without Storage, in MW

PeakDemand

Average Demand

Capacity Today

Capacity with

Storage

hours

MW

14 © 2014 Ambri Inc.

Ambri next steps

2014

• Build and validate 20 kWh Alpha Core battery

• Validate pack designed for 35 kWh Beta Core batteries

2015

• Deploy Beta Cores at select customer locations

• Select site and begin construction on initial manufacturing plant

2016

• Commission manufacturing plant providing 130 MWh/year capacity

• Implement manufacturing growth strategy

2017 and beyond

• Commercial operation – hundreds of MWhs of Ambri systems deployed

• Establish global manufacturing and marketing partnerships

15 © 2014 Ambri Inc.

Thank you for your interest

To learn more:• Visit www.ambri.com• Watch TED talk and overview video about Ambri technology• Subscribe to company updates

Phil GiudiceChief Executive Officerpgiudice@ambri.com617.714.5723 ext. 450