Corporate Presentation SEPTEMBER MAY 2014

Corporate Presentation SEPTEMBER MAY 2014

Fuel Cell Marketplace Widespread adoption of fuel cells is limited by need for high purity hydrogen ohigh purity = high cost olimited by hydrogen distribution, storage capacity A fuel cell that can operate hot can be fed with low grade hydrogen ouse existing low cost infrastructure like natural gas, propane, and methanol olonger run times using existing distribution and storage technology Advent s novel hot technology combines the best in low cost manufacturing with ideal operating temperature ouses next generation plastic electrolyte films stable at high temperature omakes fuel cell systems simpler and lower cost 2

Advent Technologies Inc. Fuel Cell Technology is shifting to units that operate at higher temperature Operate better with fuels other than hydrogen like natural gas See recent success of Bloom Energy and FuelCell Energy Advent is the leader in High Temperature Membrane Electrode Assemblies (HT MEA) Used in latest generation of High Temperature Proton Exchange Membrane (PEM) fuel cells and in hydrogen separation March 2014, completed license agreement with BASF. The agreement included: Immediate revenue stream from BASF s MEA customers (PBI based membrane) BASF s MEA client roster to initiate qualification of Advent membrane Access to BASF s electrode for use with Advent s TPS membrane o Mates a superior electrode to a superior membrane Provides near term revenue stream, accounts with commercial systems, and path to maintain or convert former PBI customers to Advent s TPS membrane 3

Company & Product History Advent s revolutionary HT MEA technology is the result of years of R&D and private investment Selected European and Greek Grant Funding - JOULE III 1998-2001 - APOLLON 2002-2005 - PYTHAGORAS 2004-2006 - PEMHYGEN 2003-2007 -PROMETHEAS 2002-2006 - APOLLON-B 2006-2009 - DEMMEA 2010-2012 - DEMSTACK 2013-2016 - EUROSTARS 2010-2012 - ESA 2014-2017 Product Development -University of Patras, Polymer Chemistry Laboratory -FORTH-ICEHT, Electrocatalysis Laboratory - Northeastern University NUCRET Center Financial and Strategic Investor Funding - Connecticut Innovations -Piraeus Bank VC -Systems Sunlight -VCI Funding from both Institutional and Strategic Investors ---- 16 Years of R&D 4

R&D Laboratories Synthesis Laboratory Small scale Polymer Synthesis Test Equipment Test Cell Test with MEA

Existing pilot production Electrode Coater Large scale Polymer Synthesis MEA Laminator Casting Membrane

FCs 101: The Basics What is a hydrogen Fuel Cell (FC) and how does it work? Why all the talk about the PEM aka Proton Exchange Membrane? The properties of the membrane are key to deciding whether the fuel cell stack can operate at Low Temperatures (60 o C-80 o C) LT PEM, or High Temperatures (120 o C-150 o C+) HT PEM Membrane Membrane Electrode Assembly the Stack Fuel Cell End Product 7

FCs 101 continued: Types of FCs and Applications Applications Combined Heat and Power (CHP) Automotive Prime power (ie: Telecom, Data) Combined Heat and Power (CHP) Combined Heat and Power (CHP) Back up power (extended run ) Back up power Back up power (extended run) HT-PEM LT-PEM SOFC Solid Oxide PAFC Phosphoric Acid MCFC Molten Carbonate + - High quality heat Uses Pt Fast start up Low quality heat No Pt in fuel cell stack Early stage technology Unproven lifetime Established 80k hr warrantee High manufacture costs No Pt in FC stack Unproven lifetime 8

HT PEM Fuel Cell System Solar Energy Wind Energy Electrolysis Hydropower Hydrogen Fuel Cell System Electrical Power Hydrocarbons Natural gas Methanol Diesel Gas Processor Gas Diffusion Layer Membrane Catalyst Heat Power Refomer Advent TPS MEA PCI, CT HT PEM Fuel Cells typical electrical efficiency ~40%; with captured heat >90% 9

Advent TPS Advantage HT-PEM technology A hybrid of proven phosphoric acid technology with the simplicity of a polymer membrane electrode assembly No humidification necessary Tolerance to impurities in hydrogen gas e.g. High level of CO is tolerated due to the high operating temperature 0.8 0.7 0.6 0.5 E @ 0.2 A/c m ² [V ] Low Cost 0.4 Amenable to large scale manufacturing Tough material operates under differential pressure Operates at 180 o C: next gen shows potential >200 o C Strong IP portfolio covering base technology (>28 patents) 0.3 0.2 1 p CO [%] 2 3 140 PBI 160 T [ C] TPS 200 180 HT-PEM technology is a perfect fit for natural gas as hydrogen source 10

LT PEM vs HT PEM Fuel Cell Systems have been used for decades in numerous industrial and commercial applications (relevant companies and applications summarized in table on slide 9) The vast majority of these applications use a LT PEM (Low Temperature PEM) fuel cell, because the most widely used commercial membrane (developed by DuPont) cannot operate at high temperatures Low Temperature FCs (60 o C-80 o C) come with numerous setbacks, some of which are: Need expensive clean hydrogen fuel (cannot handle carbon monoxide, CO) Produce lots of liquid water (which requires disposal, and limits FC s use at sub-freezing temperatures) As the membrane cannot operate at high temperatures, hot applications (like, internal combustion automotive) are no-go 11

LT PEM vs HT PEM Enter HT PEM (High Temperature PEM), which operate at 120 o C-200 o C: High temperature fuel cells can handle CO, and thus can be operated on reformed gas (which is much cheaper than pure hydrogen) High temperature fuel cells do not have water management issue (burns off as steam, or redirected into heat-energy application) Can operate in extremely hot, or extremely cold conditions Unfortunately, low temperature MEAs benefited from a highly developed membrane, and BASF s PBI membrane, while capable of higher temperature, is not quite hot enough. ADVENT S BREAKTHROUGH TPS HT MEMBRANE ELECTRODE ASSEMBLY SOLVES THE TEMPERATURE PROBLEM AND BOOTRAPS YEARS OF BASF DEVELOPMENT TO PRODUCE AN ADVANCED MEA. AS A RESULT, ADVENT IS POISED TO BECOME THE DOMINANT SUPPLIER OF HT MEMBRANE ELECTRODE ASSEMBLIES TO A MULTITUDE OF MARKETS AND END USERS 12

Current Market Applications for LT & HT PEM [U/R, Order Applications] LT PEM (60 o C-80 o C) Power: 1 kw 200 kw HT PEM (120 o C-190 o C+) Power: 1 kw 10 MW Phosphoric Acid (200 o C)) Power: 250 kw-10 MW Company Application Company Application Company Application UTC Ballard Hydra Hydrogenics Plug Power Toshiba Toyota Sanyo Panasonic Many More Buses Buses CHP (Residential) Forklift, Backup Forklifts µchp Cars Portable Power µchp Many More Siqens SerEnergy UltraCell Fuel Cell Energy CHP Cell phone towers Battery Charger Hydrogen Purification Doosan Co. Ltd (purchased assets ClearEdge Power 2014) Fuji Secure CHP Commercial CHP Low temperature applications will continue to expand in only niche areas where the value can offset the expense of creating a pure hydrogen supply. High temperature MEAs overcome this limitation by being well matched to hydrogen made in low cost reformers. ADVENT S MEA FOR HT PEM HAS A DECISIVE ADVANTAGE IN VIRTUALLY ALL LT PEM APPLICATIONS OFFERING A SIGNIFICANT MARKET OPPORTUNITY 13

Summary of Total Market (http://www.fuelcelltoday.com/ 2013 Industry Review) Stationary growth fueled by units that produce heat and power in Asia (http://www.fuelcelltoday.com/ 2013 Industry Review) 14

List of representative projects Project acronym Contract number Funding body Title Advent DEMMEA 245156 FCH-JU Understanding the Degradation Mechanisms of Membrane-Electrode- Assembly for High Temperature PEMFCs and Optimization of the Individual Components IRAFC 245202 FCH-JU Development of an Internal Reforming Alcohol High Temperature PEM Fuel Cell Stack SPIN OFF SPIN OUT 1KAIN2009A General Secretariat of Research and Technology, Hellas Combined system of hydrogen and energy production Eurostars No: E!5094 Eureka Development of a combined hydrogen and power production system with high temperature PEM fuel cells Odikes 09SYN-51453 General Secretariat of Research and Technology, Hellas Design and development of a hybrid power system for automotive vehicles Coordinator Coordinator Sole contractor Coordinator Coordinator 15

List of representative projects Project acronym Contract number Title Advent IRMFC 32538 Development of a Portable Internal Reforming Methanol High Temperature PEM Fuel Cell System Partner DEMSTACK 325368 Understanding the degradation mechanisms of a high temperature PEMFC stack and optimization of the individual components Partner ESA 4000109578/13/NL /SC Development of a closed loop Regenerative HT- PEM Fuel Cell system Prime contractor 16

Case for Advent Growth in the fuel cell sector is driven by applications with higher temperature. The stationary fuel cell market is expected to experience very strong growth over the coming years. Investor support for the fuel cell sector is expected to be very strong. IPO for Bloom Energy is expected in Q4 2014. Advent has a unique opportunity to capture the entire High Temperature MEA market and be a key player in the sector. Advent has all the elements of success: Right markets (stationary power) and world class technology Correct structure for maximum ROI (EU, USA locations) Excellent team with ability to forward integrate to stacks and systems once HT MEA monopoly is established. 17