Our Offering in Brief Clean Dentralized Heat and Electricity Production

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1 Stirling Denmark Company Presentation Clean Decentralized Heat & Electricity Our Offering in Brief Clean Dentralized Heat and Electricity Production The Problem We Solve Low-value biomass is converted into electricity Output from kwe (~ homes) This is, today, not feasible How? Stirling-engine based turnkey energy solutions that burn biomass, transforming the combustion heat into electricity and heat (CHP) Customer Benefit Cheap electricity and heat which is CO2-neutral Cost of wood chips: Cost of straw: Cost of biomass by-products: Cost of diesel oil: ~ 2 Cent/kWh ~ 1 Cent/kWh, ~ Cent/kWh ~ 6-7 Cent/kWh

2 The Customers Customers include District heating companies Municipalities Housing communities Industries Real estate administrators (i.e. schools, universities, public buildings, hospitals, sports facilities) Developing countries, island societies Isolated regions not connected to an electrical transmission grid Stirling Denmark Basic Facts Supply of turnkey solutions and OEM-supply Technology developed over a 15 year period at The Technical University of Denmark by professor Henrik Carlsen Commercial operation started August Danish investors: SEED Capital, Vækstfonden, and EGJ Development Partnerships with several leading companies, including Viessmann, Danfoss, and Siemens Existing 400 kw / 75 kwe Stirling CHP Plant Installation at Ski Resort in Austria Key Persons CEO Lars Jagd, MBA, M.Sc., Ph.D., 15 years experience with the international power plant business Founder and board member professor Henrik Carlsen, M.Sc., Ph.D., professor and head of department of Mechanical Department, Technical University of Denmark, leading global Stirling engine scholar COO Patrik Svensén, MBA, 10 years experiece as CEO of company in the biofuel business Senior engineer Jonas Bovin, M.Sc., 14 years experience with Stirling engine design Senior engineer Jesper Noes, M.Sc., 8 years experience with energy plant design Senior engineer Claus Geest, B.Sc., 12 years experience with biomass combustion systems

3 A Stirling Plant A Combined Heat and Power Technology Stirling engine driven by heat Stirling plant consists of combustion system and Stirling engine Energy utilization around 90% Electrical efficiency around 20% 10 kw biomass => 2 kwe electricy and 7 kw heat 1,750 kwh heat 1,000 kg wood chips 500 kwh power 250 kwh loss What is a Stirling Engine? The Heat Engine Invented 1816 by Robert Stirling NO BIOMASS APPLICATIONS Characterized by external heat source Six (6) key global Stirling engine development groups. No competitors within biomass. No other energy technology for decentralized biomass CHP considered a threat within 5 years 35 kwe Stirling engine Engine heated by combustion gasses

4 What s so Special? A Unique Technology Gap in the Market. No feasible, alternative technology for small-scale ( kw) biomass power generation No Significant Competing Technologies Organic Rankine Cycle (ORC) poor reliability, high capital cost Steam Engines low efficiency for small-scale power generation Gasification / gas engines poor reliability, low efficiency Micro Turbines low efficiency for small-scale power generation Fuel Cells high capital cost No other Commercial Biomass Stirling Manufacturer Example 1 Stirling Engine on Biomass Boiler As plug-and-play container solution Installed in Boiler Room The simple solution for the customer who has already decided on a wood chips heat installation

5 Example 1 Stirling Engine on Biomass Boiler Example 2 Updraft Gasification 1.6 MW wood chips ~ 350 kg/hour 300 kwe 1.1 MW heat A scalable, highly efficient solution

6 Example 2 Updraft Gasification Example 3 Pyrolysis Plant With Desalination Unit The solution for difficult fuel types, such as straw

7 Value Proposition Electricity a Commodity Cost Governs Price of 140 kw / 35 kwe Wood Chips CHP Plant ~250,000 EUR today => Power cost of 16 Cent/kWh ~140,000 EUR in 2012 => Power cost of 9 Cent/kWh Segment 1: Existing Biomass Heat Market Value of electricity in Italy: ~ 20 Cent/kWh In other EU contries: ~ Cent/kWh Markets: For example EU, North America, Japan Segment 2: Diesel Engine Societies Power generation cost ~ 30 Cent/kWh Markets: For example Alaska, Canada, China, India, Indonesia, Africa, island societies, etc. 1.6 billion people have no access to electricity 140 kw / 35 kwe Stirling CHP plant for ~50 homes How Big is the Market? In the Long-term Scenario Conservative estimates of selected geographical markets Germany: Estimated 1-2,000 installations/year Denmark: Estimated 100 installations/year Italy : Estimated installations/year Europe in general: Estimated 3-5,000 installations/year North America: Estimated 1,000 installations/year Japan: Estimated 500 installations/year China: Estimated >5,000 installations/year India: Estimated >5,000 installations/year Diesel engine societies : Estimated >5,000 installations/year Total world market: Selected References from Business Plant Estimated >20,000 installations/year According to ref. /13/, cost of electricity in many Alaskan villages exceed 50 US Cents/kWh. Market for distributed, small-scale power generation estimated at 800 MW (~ 20, kwe Stirling engine appl). According to ref. /14/, the annual number of stationary diesel generators installed in the US is 40,000. According to ref. /15/, the Australian off-grid diesel replacement market is 950 MW with an approximate production cost of 17 US Cents per kwh (equivalent to more than 25, kwe Stirling engine applications). According to ref. /15/, the global off-grid diesel replacement market is estimated at 40,000 MW over the coming 10 years (equivalent to more than 100, kwe Stirling engine applications, annually).

8 Implementation Process Status 1. Five (5) plants in operation today 2. Four (4) new commercial projects in process. By the End of Fifteen (15) plants in operation 2. Pursue projects mainly in close markets with high economic incentives (Germany, Austria, Spain, Italy, etc.) From onwards 1. Increased focus on OEM-supply, distributor agreements, sales offices, and licence agreements 2. Fifty (50) new installations in 2009 increasing to >800 installations in 2012 Thank you for your attention Web: info@stirling.dk Phone: