• Higher Performance• Longer Life• Lower Cost

ADVANCED

FUEL CELL CATALYSTS

ELECTROLYZER CATALYSTS &

ENGINEERED CATALYST SUPPORTS

EECPMFECS

Engineered Electrolyzer Catalyst (EEC) EEngineered Electrolyzer Catalysts (EEC) provide a notable improvement in electrolyzer efficiency and perfor-mance. Pajarito Powder manufactures high-performance electrolyzer catalysts explicitly designed for Proton Exchange Membrane (PEM), Anion Exchange Membrane (AEM), and alkaline systems. These products consist of PGM, supported-PGM, and PGM-free catalysts available in 10 g to 1 kg batch-levels. High quality production platinum black and pre-production iridium oxide products explicitly designed for electrochemical applica-tions are available with electrochemical-relevant specifications

Precious-Metal-Free (PMF) CatalystPPajarito Powder’s world-leading commercial Precious-Metal-Free (PMF) catalysts provide a near-term low-cost solution for low and moderate power density applications, such as back-up power, Combined Heat and Power (CHP), and waste-water treatment. PMF materials also offer the potential, with component, stack and system optimization, for the long-term replacement of precious metals in fuel cell catalysts. Manufactured with the proprietary VariPore™ manufacturing process, Pajarito Powder PMF catalysts achieve unprecedented activity, stability, and reasonable durability under real-world operating conditions, all at low material and production cocosts dramatically lower than platinum-based catalysts.

Engineered Catalyst Supports(ECS) Pajarito Powder’s Engineered Catalyst Supports (ECS) improve performance, extend working life and reduce the cost of fuel cells for the most demanding applications, including Fuel Cell Electric Vehicles (FCEVs). EEngineered Catalyst Supports are composed of inexpensive, widely available materials, and can be manufac-tured economically at scale using the patented VariPore™ process. Pajarito Powder’s ECS materials enable high specific platinum catalyst performance (activity) while combining high resistance to both carbon corrosion (durability) and platinum dispersion (stability).

Pajarito Powder Products

Pajarito Powder is fundamentally changing the economics of fuel cells – enabling better performance and greater durability at lower cost. Pajarito Powder, a U.S. based, venture-backed company, develops and manufactures Engineered Catalyst Supports for the rigorous power density requirements of Fuel Cell Electric Vehicles (FCEV) and precious-metal-free catalysts for next generation appli-cations that require the lowest possible price-per-kW with reliable sstability.

The Pajarito Powder team brings decades of first-class catalyst development and manufacturing experience to support the com-pany mission: to provide high-performance, affordable catalyst technology. Supported by a comprehensive portfolio of both internally developed and externally licensed intellectual property, Pajarito Powder has created the VariPoreTM manufacturing platform to provide contemporary solutions for the automotive industry, as wwell as long-term catalyst innovation into the future.

Estimated at 500,000 car scale. US DOE Hydrogen and Fuel CellsProgram Record Report 17007, 2017, for link to study, visit:http://www.pajaritopowder.com/resources

Catalyst cost as a percentage of stack cost, increases with scale

Advanced Performance / Reduced Cost Catalysts

At the core of Pajarito Powder’s products is VariPore™. A patented and proprietary manufacturing platform, VariPore™ enables the fine-tuning of multiple key char-acteristics of Engineered Catalyst Supports or precious-metal-free ccatalyst materials. This unique tunability of the end product not only allows for simultaneous improvement to multiple perfor-mance characteristics, such as stability and durability, but also provides Pajarito Powder with the ability to optimize support and catalyst formulations for the needs of individual customers.

VariPoreTM Process

Activity – ECS materials meet or exceed the perfor-mance of platinum on carbon, particularly over time. PMF materials achieve modest, yet industry-leading power densities for completely precious-metal-free catalysts.

Durability – Optimized to resist carbon corrosion, catalysts built with (ECS) materials show higher End-Of-Life (EOL) performance, compared to stan-dard platinum on carbon catalysts.

Stability – Strong stability over time for both ECS materials and PMF catalysts.

Manufacturability – Materials share the VariPoreTM manufacturing platform and processes that empha-size low-cost and scalability.

Cost of Scaling <10K Cars – ECS materials are easily scalable and achieve real-world performance requirements, today.

Cost of Scaling >500K Cars – Next generation materials demonstrate progress towards large-scale production cost savings.

Cost of Scaling>500,000 Cars

Cost of Scaling<10,000 Cars

Manufacturability

Stability

Durability

Activity

Industry Leading Performance Across Key Catalyst Metrics

3600 Osuna NE Ste 309, Albuquerque, NM 87109 USA Phone: +1 505.293.5367 Fax: +1 505.244.8040

www.pajaritopowder.com

The Pajarito Powder team includes staff members, investors and technical advisors with extensive experience in the development and market introduction of new technologies, global business devel-opment, research experience at national laboratories, and industrial manufacturing. The management team includes: - serial entrepreneurs accomplished in the commercialization of hydrogen fuel cell technologies - technical experts in development and scale-up of carbon support and catalyst materials - a former General Motors senior executive who led hydrogen vehicle development - other experienced startup professionals

Pajarito Powder Team

Pajarito Powder’s manufacturing technology, catalysts, and Engineered Catalyst Support know-how are covered by over 40 U.S. and international patents, both issued and pending. The company’s intel-lectual property was, and continues to be, developed in conjunction with leading U.S. universities and national laboratories, with support by the U.S. Department of Energy. Additionally, Pajarito Powder has licensed or optioned intellectual property from Los Alamos National Laboratory, the University of New Mexico, and Institut National de la Recherche Scientifique (INRS).

Patent and Intellectual Property Position