; Patents

Advent TechnologiesLeader in High Temperature PEM Technology

Advent is the leader in High Temperature Membrane Electrode Assemblies (HT MEA)Operation at 160 oC 200 oC using liquid crystal polymers

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

Advent Technologies Inc.

Venture funded with grant support from European and US agencies$6.6M investors

$6.7M grants, contracts and product sales

Currently raising bridge funding and evaluating strategic partners

Delaware C Corp, HQ in Cambridge, Massachusetts , R&D and manufacturing in Patras, Greece~15 employees, 7 with advanced degrees

Has quietly consolidated the high temperature PEM business which is a $ multi billion potential marketLicensed competing high temperature MEA technology

MoI for uCHP system providing heat and power

HT PEM Fuel Cell System - HT PEM technology works with natural gas

Solar EnergyWind EnergyHydropower

Electrolysis

GasProcessor

HydrocarbonsNatural gas

Methanol

Diesel

Hydrogen

Fuel Cell System

Heat Power

Electrical Power

Advent TPS MEA

CatalystMembraneGas Diffusion Layer

ReformerPCI, CTHT PEM Fuel Cells typical electrical efficiency ~40%; with captured heat >90%

Advent Products and their Applications

High Temperature FC MEAs

Operates 160 oC 200 oCCommercial supply contractsHydrogen Purification MEAs

>99.9% H2 starting with 1% COCustomer scaled system to 25Kg H2/day from FC anode outgasHigh Temperature Stacks

Selling stacks todayPending license for 3 kW combined heat and power (CHP) system operating on natural gas and propane

Combined Heat and Power (CHP)

Back up power

Portable Power

Prime power (Telecom, Data)

Hydrogen Production H2

Key current users of Advent Products

Ultracell LLC Portable Military Chargers

Serenergy A/SPremium Power/APU

In use with US, UK, Israel, Swedish and France armed forces. 21 month supply contract with Advent, up for renewal in summer 2016.

Methanol fuel cell solution from 2.5 kW to 10 kW 48V DC. No preventive maintenance, 400 L fuel capacity. Advent submitted component supply contract at ~2.1Mio. Advent must set up supply chain to demonstrate quality/capability.

XX55 UltraCell 55w charger

Sigens GmbH

European Space AgencyFocus on 800W portable power (methanol) Marine/RV markets. Industrial remote power. Requested supply contract to cover three years. Forecasts ~0.9Mio through 2017

Development of a closed loop Regenerative HT-PEM Fuel Cell System for satellite power. Compact system,Energy capacity>batteries. Reversible/Regenerative Operation. 0.6Mio

Selected Advent customers/partners

New Application for Advent HT MEAs: Hydrogen Separation

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 CustomersCan 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

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 break-through product

Hydrogen purification technologies

Large ScaleCryogenicEnergy intensive

Economy of scale

Distribute as bottled gas

~4,500kg H2/hr

LindeMedium-Large ScalePressure Swing Absorption (PSA)Energy intensive

Economy of scale

Absorption media matched to feed

~9,000-90kg H2/hrwww.chem-dist.comSmall ScaleMembrane or Palladium MembraneMembrane system low purity

Palladium membrane high purity

Energy intensive

Sensitive to sulfides, unsaturated hydrocarbons, and halides

~30-0.5kg H2/hr

Palladium membranewww.hy9.com

Comparison of membrane technologies for hydrogen production

Palladium membraneAdvents component

Required feed pressure20BFlexible

H2 delivery pressuresubstantially lower than feedFlexible

Commercial availability~0.5kg H2/hrmodulesEmergingPilot 01kg H2/hr

Operating temperature300C160C

Impurities(H2S, CO)Sulfides, unsaturated hydrocarbons, & halides rupture membraneHigh tolerance

Suitable for low concentrationsNoYes

Power26kW-hrs/kg H250 forklifts)

Cost effective hydrogen from methane addresses new market segment

Represents a yearly Advent component market of $30M to $60M

Industrial processSome chemical processes can be greatly enhanced if by product hydrogen can he removed

Advent technology partner to reduce cost

Represents a yearly Advent component market of $70M

Fuel cell tail gasFuel Cells do not consume all the hydrogen fed to anode

Recovery of this lost hydrogen increases value of fuel cell

Can be sold as product

Can feed back to fuel cell for greater power

Represents a yearly Advent component market of $50M to $100M

New $1.25M two year contract with the Department of Energy (DOE) Objective: Demonstrate direct oxidation of environmental diesel (dimethyl ether or DME) with Advent high temperature MEA and Los Alamos National Laboratory (LANL) catalyst.

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

Commercial potential: DME is the most promising non-petroleum based alternative fuel. The major impact areas include greenhouse gas emissions, non-petroleum feed stocks, economics, and safety. It also does not have large issues with toxicity and transportation as do various other fuels.

DOE Proposals impact wind to wheels

CO2H2

extractelectrolysis

reactionDMEStoreDistribute

DME for modified diesel and/or high temperature Fuel Cell (this program)DME is hydrogen carrier and stores renewable energy

Did you know?DME has cetane number similar to diesel,liquefies and can be handled like propane C2H6O

Competition in High Temperature MEAs

Company

Membrane TypeStrengthsWeaknessesAdvent TPS(Including Licensed BASF Technology)

Danish Power SystemsElcomaxFumatechTPS-dopedPBI through PPA processPBI blendPBI-dopedPBI type (customer dopes acid)180oC stabilityAcid managementGlobal customer base Advanced electrodesVery high acidCompetitive pricingTougher membrane vsBASF but not as tough as Advents Experienced MEA manufacturerExperienced membrane producer Manufacturing Capacity (investment eliminates it)160oC limitPrimary regional customerbase160oC limitPrimarily internal use w Elcore CHPOnly sells membrane

BASF Strategic Relationship

High Temperature MEAsAdvent 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 a program to develop a plant based on this process

Advent established as key partner

Financials

FINANCING HISTORYDATEVALUATION(USD)AMOUNT RAISED (USD)20052007/82009/102011/122 million10 million20 millionConvertible loan0.4 million2.0 million2.0 million2.2 million

StrategicStrategic

To date$6.6M investors

$6.7M grants, contracts and product sales

OPERATIONAL FUNDING

REVENUE PROJECTIONSEBITDA*projected

2015*1.1 million0.2 million0.04 million

RevenueEBITDACash Flow

20130.5 million(1.1) million(1.6) million

20141.0 million(0.3) million(0.2) millionOPERATIONAL RESULTS

Vasilis Gregoriou, CEO

Co-founder. Previous appointments at Polaroid Corp, Princeton, MIT, Northeastern, FORTH-ICEHT Ph.D. Duke University, MBA program Northeastern University

Experienced Management TeamEmory De Castro, CTOPrevious 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 DirectorsChristos Kaskavelis Co-founder and serial enterpreuneur

Ion Tsakonas CEO Piraeus Capital Management

Vasilis Gregoriou CEO Advent Technologies

Emory De Castro CTO Advent Technologies

Advisory BoardTrent 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

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

Appendix

Advents Worldwide Extensive Patent Coverage

39 Issued and applied patents including licensed technology

Patent coverage supplemented by extensive manufacturing know how

Additional pending applications pertaining to hydrogen purification

Advents HT MEA Technology

BASF Transaction Deal Terms

Internal Gasket

MembraneGas Diffusion ElectrodeCatalyst

Catalyst coated on carbon cloth or paper at high speedAdvanced coating process won US Department of Energy Manufacturing R&D Award 2013

Potent combination: manufacturing simplicity of PEM and established durability of a phosphoric acid electrolyteElectrode TechnologyMembrane Technology

Pyridine based

N

N

N

N

H

H

[]n

Imidazole based

or

Add acidHave made MEAs > 1,000 cm2

Membrane Hydrogen Separation for distributed markets

barrier

gas

theMembranepoisons

:

feedhydrogen

DiluteAnode

2COCO2H

hydrogen

pure

ProduceCathode2HElectrochemical Membrane

Heat, apply high differential pressure

Electrochemistry converts a passive membrane into an active one

Passive membrane dependent on differential; can not concentrate H2

Palladium Membrane

P1P2P1 >>P2

H2Unwanted material does not diffuse through metal membrane: pure H2 output

Apply power: produce H2 proportional to current. Can concentrate and pressurizeAdvent provides the key component for this technology

Advents R&D Laboratories

Synthesis Laboratory

Polymer Synthesis

Test Equipment

Test Cell

Test with MEA

Existing pilot production

Electrode Coater

Polymer Synthesis

MEA Laminator

Casting Membrane

September 2015

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