Advent Technologies

der in High Temperature PEM Techno

August 2015

Advent Technologies Inc.

Has quietly consolidated the high temperature PEM fuel cell business
o
o

Licensed competing high temperature MEA technology

MoI for uCHP system providing heat and power

Advent is the leader in High Temperature Membrane Electrode Assemblies

(HT MEA)
o
o

Operation at 160 oC 200 oC using liquid crystal polymers

MEA components manufactured low cost, high yield roll-to-roll processes

Venture funded with grant support from European and US agencies

o $6.6M investors
o $6.7M grants, contracts and product sales
o Currently raising bridge funding and evaluating strategic partners

Delaware C Corp, HQ in Cambridge, Massachusetts , manufacturing in

Patras, Greece
o ~15 employees, 7 with advanced degrees
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Technology
Potent combination: manufacturing simplicity

BASF Transaction Deal

of Terms
PEM and established durability of a
phosphoric acid electrolyte

Membrane Technology
Pyridine based

Electrode Technology
Internal Gasket

Gas Diffusion
Electrode
Catalyst

z
N

or
Imidazole based
[

N
N
H

H
N
]n

Membrane

Add acid
Catalyst coated on carbon cloth or paper at high
speed
Advanced coating process won US
Department of Energy Manufacturing R&D
Award
2013
Have
made
MEAs > 1,000 cm2
3

HT PEM technology works with natural gas

Hydrocarbons

Explosion of low cost methane

Propane distribution system
set
New biogas plants

Highest efficiency w combined heat and

electric
Readily uses reformed hydrogen from
methane, propane, biogas
Well-established supply chain &
manufacturing

HT PEM

New Application: Hydrogen Separation

Industrial Hydrogen Market

Merchant Market > $800M/yr

Application ranges Specialty Chemicals,

Electronics, Metallurgy, Edible Oils & Fats
Hydrogenation, Glass, Utilities, Research &
Development

Great potential to add value by purifying tail

gas from these processes

An industrial device that produces power and

hydrogen from natural gas represents a breakthrough product

Electrochemical Hydrogen Separation

(EHS)

Run MEA backwards

Apply power
Produces pure H2 from contaminated streams
Can supplement steam reforming to produce
higher purity hydrogen

Benefit to Customers

Can capture unused hydrogen from fuel cell

exhaust
Sell as product = expand presence to industries
that use hydrogen and power
Store and/or send back to fuel cell stack for
additional gains in power and/or power peaking

Worldwide Extensive Patent Coverage

Patents
Electrodes

Membranes
5%
10%

MEAs
13%

FC Systems

Patent coverage supplemented

by extensive manufacturing
know how
Additional pending applications
pertaining to hydrogen
purification

72%

39 Issued and applied patents including licensed technology

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Products

High Temperature FC MEAs

Hydrogen Purification MEAs

High Temperature Stacks

Operates 160 oC 200 oC

Commercial supply contracts

>99.9% H2 starting with 1% CO

Customer scaled system to 25Kg
H2/day from FC anode outgas

Selling stacks today

Pending license for 3 kW
combined heat and power (CHP)
system operating on natural gas
and propane
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Competition in High Temperature MEAs

Company
Advent TPS
(Including Licensed
Technology

Danish Power
Systems

Membrane Type

Strengths

Weaknesses

TPS-doped

180oC stability
Acid management

Capacity (investment
eliminates)

PBI through
PPA process

Advanced electrodes
Very high acid

PBI blend

Tougher membrane vs
BASF

160oC limit

Elcomax

PBI-doped

Experienced MEA
manufacturer

160oC limit
Primarily internal use w
Elcore CHP

Fumatech

PBI (customer dopes acid)

Readily purchased

Only sells membrane

BASF Strategic Relationship

High Temperature MEAs
Advent received license for BASFs PBI MEA
Includes advanced electrode technology
Advent is now serving BASF PBI customers, including those with commercial
systems on the market
Electrochemical Hydrogen Separation (EHS)
At lab scale, BASF identified EHS greatly improving an internal large scale chemical
process
BASF has committed program to developing plant on this process
Advent established as key partner

Selected Advent customers/partners

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Financial
FINANCING HISTORY

OPERATIONAL FUNDING
To date

DATE

o $6.6M investors
o $6.7M grants, contracts and product sales

REVENUE PROJECTIONS

VALUATION
(USD)
2 million

AMOUNT RAISED
(USD)
0.4 million

2007/8

10 million

2.0 million

2009/1

20 million

2.0 million

Convertible loan

2.2 million

2005

0
2011/1

Strategic

Strategic

Revenue

EBITDA
OPERATIONAL RESULTS
2013

2014

2015*

0.5 million

1.0 million

1.1 million

EBITDA

(1.1) million

(0.3) million

0.2 million

Cash

(1.6) million

(0.2) million

0.04 million

Flow
*projected

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Experienced Management Team

Vasilis Gregoriou, CEO
Co-founder. Previous appointments at Polaroid Corp, Princeton, MIT, Northeastern, FORTHICEHT
Ph.D. Duke University, MBA program Northeastern University
Emory De Castro, CTO
Previous appointments at BASF Fuel Cell Inc., PEMEAS, Inc., and De Nora N.A., E-TEK
Division.
Ph.D. University of Cincinnati, B.S. Duke University
Board of Directors
Christos Kaskavelis Co-founder and former COO Velti
Ion Tsakonas CEO Piraeus Capital Management
Vasilis Gregoriou CEO Advent Technologies
Advisory Board
Trent Molter CEO, Sustainable Innovations, founder Proton Energy Corporation.
Ph.D. U. Connecticut, USA
Sanjeev Mukerjee Director, NUCRET Northeastern University, Boston, MA, USA
Prabhakar Singh Director, Center for Clean Energy Engineering (C2E2) U.
Connecticut, USA

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New $1.25M two year Department of Energy (DOE)

Objective: Demonstrate direct dimethyl ether (DME) oxidation with high
temperature MEA and Los Alamos National Laboratory (LANL) catalyst
significantly outperforming state-of-art direct methanol fuel cell (DMFC)
Relevance: DME is a carbon neutral hydrogen carrier that can be used
both for internal combustion and cost effective auxiliary fuel cell power on
transport vehicles
Approach: Incorporate new ternary anode catalyst in gas diffusion
electrodes designed for high temperature MEAs. Evaluate with two
different high temperature membranes (PBI and TPS). Optimize reaction
conditions
Cost Share: $250k

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DOE Proposals impact wind to wheels

extract

Did you know?

DME has cetane number similar to diesel
Liquifies and can be handled like propane

CO
2

reaction
C2 H 6 O

DME

Store
Distribute

DME for
modified diesel
H2
and/or high
temperature
electrolysis
Fuel Cell (this
DME is hydrogen carrier and stores renewable energyprogram)
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Financing and Use of Proceeds

Advent seeks $5 million to sustain being the HT MEA leader and a key
player in the fuel cell and H2 separation sector
The funds will be used to:
Establish an Advent US manufacturing facility, expand US based business
development and customer support.
Support commercial sales (COGs) for commercial accounts such as UltraCell and
SerEnergy
Further develop and exploit electrochemical hydrogen separation
Leverage recent MoI with BING Energy license of 3kW uCHP system

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