Enertime, Clean Energy Harvesting Technology

April 2016

Industrial Solutions for a low carbon economy

Industrial solutionsfor a low carbon economy 3

Energy production is increasingly DISTRIBUTED and less CENTRALIZED

The Cop21 defines a NEW DIRECTION

Historical solutions are becoming IRRELEVANT

A fast changingenergy world

These new challenges

are calling

for new answers

Industrial solutionsfor a low carbon economy

ENERTIME, the waste heat recovery specialist

4

HEAT SOURCES

1 Source : COP212 Source : EIA

ELECTRICTY

21% of world greenhouse

gases emissions1

51% of primary energy

consumption2

3 MW

500 kW300° C

80° C

ENERTIMES CONVERTS HEAT INTO ELECTRICAL POWER

Industrial solutionsfor a low carbon economy

A teamof renewable energy and industry experts

Gilles DAVIDCEOCo Founder

CentraleSupelecALSTOM, CEGELEC, AREVA

Fabien MICHELCTOCo Founder

CentraleSupelecAREVA

Pierre DU BARETCommercial Director

HECPECHINEY, RENAULT TRUCKS

40 employeesincluding 25 engineers

Scientific Committeeincluding members from

5

Christophe RONCORONIFinance

CentraleSupelec, MBA HECSHELL, CMA-CGM, VEOLIA

3 offices in France and 2 Offices abroad (Shanghai

and Vancouver)

A management with 94 years of international

experience and 84 years in the energy industry

A plan to open soon a subsidiary in China

Industrial solutionsfor a low carbon economy 6

2012

2008

1st international deal (India)

1st contract (France)

1st pilot plant ORCHID© is built

ORCHID© proprietary turbine development.

ORC becomes key technology and focus

ENERTIME foundation

2016

2 new sales (China)

3 new contracts : France + Ukraine1

≈ 40 projects identified

Amundi et Siparex VC fund investment

1 French contract should be signed during 2016 and Ukrainian deal won under EBRD tender

The company grows with ORC Waste Heat Recovery market

5 years from idea

to first pilot plant

1 year from pilot to first sale

+ 1 year for first export

contract

Speeding up a world scalecommercial deployment

2015

ENTREPRISE INNOVANTE

IPO in Paris (Alternext of Euronext)

We convert Waste heat into power

We convert waste heat into power

SRC and ORC are the ONLY RELEVANT TECHs FOR HEAT TO POWER CONVERSION1

ORC, a proven technology based onRankine cycle (as in water-steam cycle)

1 Source : Waste Heat to Power Market Assessment, ICF international, March 2015 8

WATER used as working fluid in steam

turbines (Steam Rankine Cycle)

Is replaced by an ORGANIC FLUID

from carbon chenistry(Organic Rankine Cycle)

Organic Rankine Cycle

Steam Rankine Cycle

Low

temperature++ --

Samll ++ --

Operation /

Maintenance++

Qualified

staff

required

Performance = =

Risks+/-

Re. fluid+

+ : important advantage, = : neutral, -- : disadvantageSource : Company

We convert waste heat into power

Competitive technology For two major markets

Source : Société

9

…Distributed renewable energy(biomass or geothermal)

…Waste Heat Recovery(for power or Combined Heat and Power)

ENERTIME designs and builds turbinesand the associated ORC power modules :

Output up to5 MWe

1MWe≈ 1,5 M€investt.

1MWe givesPower to≈ 1000 people

We convert waste heat into power

A complete range of solutionsfor Industries

TAILOR MADEWe design and

manufacture our turbines

LOW ENVIRONMENTAL FOOTPRINT

Mostly non flammable working fluids

Source : Société

10

Enertime designs and installs turnkey ORC solutions

HEAT TO POWER CONVERSION From 90°C

POWER TO HEAT RATIO-> 16,5% ( 200°C)

for electrical generation

3 MODULE RANGES 100 kW to > 5 MW

(Rainbow®, ORCHID®, special)

LONG LIFETIME≈30 years

We convert waste heat into power

VALENTHIN

ORCHID+

A strong and focused R&Don 2 key directions

11

Intellectual Property

5 patents applications since 2014

ORC Optimization

Innovations & synergies

LEANSHIPS

ANR SeleCO2

12 R&Dprograms

We convert waste heat into power 12

R&DRecent development

New ESCO business model: Orcasil funding and the on-site

project existing of the FMGCExcellence in fluid dynamics: Master thesis with the ENSAM

Dynfluid laboratory in Paris and partnership with PolitecnicoMilano

Design of heat exchangers: Starting with the Carphymcheau

project in Geodenergies

We convert waste heat into power

FONGEOSEC GEOTHERMAL DEMONSTRATION

Combined Heat and Power from geothermal ORC plant

Rating : 5,5 MWe and > 25 MW thermal

This project spearheads deep geothermal development in France

Energy independence usinggeothermal power with ORC technology

131 Fonroche Géothermie : Enertime, Flodim, Enesol Géothermie, Well Staff Développement, Foragelec, Armines, l’Ensegid, le BRGM et le Latep – Commissioning planned for 2019

1

We convert waste heat into power

Distributed energy on demand usingbiomass and ORC

14

New concept for eco-districts Heat – Cold and Power

1 Source : Enertime

Port Marianne biomass CHP plant (Montpellier)

A fast growing market footprint

Acceleratingmarket deployment

REFERENCESWaste Heat Recovery

FMGC CHÂTEAUBRIANT (44)GROUPE FARINIA

Pilot plant ORCHID© 1000

Award winning in 6th Call for innovation in « Energy Efficiency for Industries » ADEME-TOTAL

Rating : 1 MWePower production from a process heat source at 200°C1

In operation since Oct.2012

Source : company

Provides power to the site from its own waste and reduces offtake from grid by up to 30%

1 thermal power up to 6 MWth, cost of power generated: 70 € / MWh 16

Acceleratingmarket deployment

SERM MONTPELLIER (34)PORT-MARIANNE ECO-DISTRICT

REFERENCESBiomass Tri-generation

(A first of a Kind in France)

ORCHID© COGEN

Electrical output: 0,6 MWeHeat / Cold output 4,8 / 3,1 MW1

90°C water / or 8°C water w. absorption chillers

Commissioning March 2015

Source : Société

CHP efficiency > 80% of biomass PCI,Much higher efficiency than conventional large water steam CHP units

1 enough for 5 200 flats and and 300 000 m² of offices , shops and various municipal buildings.

17

Acceleratingmarket deployment 18

Five large projectsUnder execution

BAOTOU STEEL (China)top 20 of chineses steel mills

One ORCHID© turbine1 MWe

SHANGHAI BAOSTEEL (China)Leader on the Chinese market

One ORCHID© module3,2 MWe

0

Suez Environnement (France)Caen Waste to Energy Plant

one ORCHID© module2 MWe

KAMYANETS PODILSKYI (Ukraine)First Project in Eastern Europe

One ORCHID© COGEN module1,6 MWe

Order book at 9,1 M€ for deliveries in 2016 and 2017

SYCTOM (France)Great Paris waste management

One ORCHID© COGEN module1 MWe

A structuredCompany

A structuredCompany

A comprehensive offer respondingto customer specific needs.

20

TURNKEY ENERGY

SOLUTION

ORC POWER

MODULE

ORC TURBINE

High value addedcomponents

Integration Know-how

Comprehensive services

A structuredCompany

Relying on 3 internal key competenciesAnd partner factories

Clément GantiezSenior project manager

Laurent SanchezSenior project manager

& Manager Lyon office

Kudzo OtiniPLC and automation and electrical

9 engineers & 1 technician

& 1 trainee

Gilles DavidCEO

Fabien MichelGM & CTO

Pierre du BaretSales and Marketing

Christophe RoncoroniFinance

5 engineers + 3 employees

Ahmed BerkaneManager

3 engineers

5 technicians

2 trainees

21

Management, commercial & support

Mechanical eng. & service

Operations

ORC and turbine design

Specification and sourcing

of components

Machining forge & foundry

Turbine assembly

Module assembly

Tasks subcontracted under Enertime supervisionTasks performed by ENERTIME

A structuredCompany 22

Shareholders and Governance

1 448 607 issued shares+ 241 555 new shares to be issued if options are exercized

SHAREHOLDING Post IPO

Other investors including employees

Management

BOARD OF DIRECTORS

* Independant Directors

Gilles DAVID - Président

Ahmed BERKANE

SIPAREX - Andréas GALL

Emmanuel HAU*

Jean-Marc PERRAUD *

Isabelle LANGE *

24,47%

31,37%18,68%

4,21%

8,95%

12,32%

Public

A fast growingmarket

A fast growingmarket

Waste heat recovery,The new ORC fast growing market segment

ACCUMULATED INSTALLED ORC CAPACITY ( MWe)

INDUSTRIAL WASTE HEAT RECOVERY WITH ORCs ( MWe)

2010 20152005

0

≈20

>100

Source : ORC manufacturer data base (january 2016) 24

2010/2015

+ 500%

2010/2015

+ 80%

2015/in fabrication

+ 20%

A fast growingmarket

A competitive environmentbut only five world-class players1

25

0,5

Rating(MWe)

Temperature (°C)

1,0 3,0 5,0 20,0

100

200

300

Waste heat recovery (industry) and biomass

Waste heat recovery(Oil & Gas ) and geothermal

A lean player ready to conquer a largely untapped market

1 Source : ENERTIME

A fast growingmarket

References in 4 of the main ORC marketsin France

Industrial Waste heat recovery1

Geothermal by 2023 2

Diesel power plants in islands3

140 MW

80 MW

60MW

Natural gas compressor stations4

Incinerators5

Biomass6

60 MW

30 MW

30 MW

6 : CRE + Ministère de l’Ecologie, du Développement Durable et de l’Energie7 : Company estimate based on a pricce of 1,5 M€ per MW

26

1 : ADEME

2 : Ministère de l’Ecologie, du Développement Durable et de l’Energie

3 : Ongoing talks with EDF, EDT (Tahiti), EDM (Mayotte) and ENERCAL (N. Calédonie) - Market estimate by Ministère de l’Ecologie, du Développement Durable et de l’Energie

4 : H-REII survey

5 : Company data

Overall French market potential 400 MWe equal to a market of 600 M€7

A fast growingmarket

A company gearing upfor global sales deployment

27

14 LANGUAGES fluently spoken by the

company staff

8 COUNTRIES COVEREDby agents, partnerships or

offices

NEW OFFICE open in China

>50% of TURNOVERfrom

overseas contracts

A fast growingmarket

Sales efforts are alreadygiving results

28

≈40 projetsFor a total T/O

potential of

100 M€Over the next two

years

9,1 M€1

5 contracts

ORDER BOOK JUNE 2016

IDENTIFIED PROJECTS

AMBITION

Establish a clear and sustainable

world TOP 5 position

www.enertime.com