p.1

CONFIDENTIAL

L’hy

drog

ène

et le

s pi

les

à co

mbu

stib

le P

EM :

Une

sol

utio

n po

ur re

leve

r les

déf

is d

e la

tr

ansi

tion

éner

gétiq

ue.

Serg

e B

ESSE

, AR

EVA

SE

Res

pons

able

Ser

vice

Rec

herc

he &

Tec

hnol

ogie

M

aiso

n de

la C

him

ie, P

aris

–13

Jui

n 20

19

p.2

CONFIDENTIAL

Shar

ply

risin

g en

ergy

dem

and

wor

ldw

ide

Lim

ited

foss

il re

sour

ces

Con

sens

us o

n cl

imat

e ch

ange

and

on

the

need

for g

reen

hous

e ga

s re

duct

ion

Legi

timat

e as

pira

tions

tow

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dev

elop

men

t by

peop

le in

man

y em

ergi

ng c

ount

ries

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y, th

e w

orld

nee

ds tw

ice

as m

uch

ener

gy

and

half

as m

uch

CO

2

Wor

ld E

nerg

etic

Con

text

Cur

rent

Sta

tus

p.3

CONFIDENTIALW

orld

ene

rget

ic c

onte

xt

Two

mai

n ch

alle

nges

Ener

getic

Cha

lleng

e:Pr

ovid

e en

ergy

for t

he p

lane

tEn

viro

nmen

tal C

halle

nge:

Con

trol

the

GH

G e

mis

sion

An

alte

rnat

ive

to th

e “f

ossi

ls e

nerg

y on

ly”

need

to b

e fo

und

and

an e

nerg

etic

mix

mus

t to

be s

et u

p

Ener

gy T

rans

ition

: New

mod

el w

ith h

igh

leve

l of

rene

wab

le e

nerg

ies

p.4

CONFIDENTIALH

ydro

gen

Ener

gy a

nd F

uel C

ells

W

hy th

is te

chno

logy

cou

ld p

lay

a ro

le in

the

ener

gy tr

ansi

tion?

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nA

dvan

tage

sFu

elce

llsca

nre

ach

high

ener

getic

effic

ienc

ies

such

as60

%el

ectr

ical

effic

ienc

yan

dup

to85

%to

tale

ffici

ency

inco

gene

ratio

nov

era

larg

esc

ale

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iliza

tion,

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tion

free

(whe

nfe

edby

pure

hydr

ogen

),cl

ean

and

quie

t,Fu

elce

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nera

tehi

ghqu

ality

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curr

ent,

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fuel

cells

tech

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gyit

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pow

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cksi

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aila

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onom

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link

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sst

orag

esi

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cells

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ency

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onom

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tally

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ndly

tech

nolo

gy.

Def

initi

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ectr

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mic

alge

nera

tor

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conv

erts

chem

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ener

gyof

afu

elin

toel

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and

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used

asan

elec

tric

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oduc

tO

nly

wat

eris

prod

uced

asa

bypr

oduc

t…

p.5

CONFIDENTIAL

Firs

trea

lizat

ion

inla

bora

tory

in18

40by

Will

iam

Rob

ertG

rove

Ren

ewal

ofin

tere

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the

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GEM

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issi

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auts

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PEM

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tech

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prod

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wat

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don

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tech

nolo

gy:Th

e Fu

el C

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old

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echn

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rtic

ular

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ileap

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tions

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ance

isth

e5t

hco

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yin

term

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pate

nts

num

bers

inth

ew

orld

p.6

CONFIDENTIALH

ydro

gen

mul

ti-us

es m

odel

will

ena

ble

to

com

bine

RO

I, en

d-us

er c

halle

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tran

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er g

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sum

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r Gen

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mat

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ddre

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in th

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stm

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dust

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& Is

land

sy

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art c

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uild

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leve

l

Self-

Con

sum

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iden

tial l

evel

Mob

ile a

pplic

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ns

Hyd

ro

Sou

rce:

AR

EV

A a

naly

sis

Tech

nolo

gy M

atur

ity

p.8

CONFIDENTIAL

0.04

%15

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%

0.1%

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%

68.1

%

Focu

s on

the

glob

al fu

el c

ell m

arke

t

789.

891

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1,74

2.4

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2018

a20

19p

2020

p20

21p

2022

p20

23p

U

nits

that

pro

vide

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puls

ion

pow

er o

r ra

nge

ext

ensi

on to

a v

ehic

le

Ty

pica

l pow

er ra

nge:

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W -

300

kW

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cal t

echn

olog

y: P

EM

FC a

nd D

MFC

Ex

ampl

e of

app

licat

ions

:-

Mat

eria

ls h

andl

ing

vehi

cles

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el c

ell e

lect

ric v

ehic

les

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uck

and

buse

s-

Rai

l veh

icle

s-

Aut

onom

ous

vehi

cles

(air,

land

or w

ater

)

U

nits

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vide

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ctric

ity a

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omet

imes

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at, b

ut a

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ot d

esig

ned

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e m

oved

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pica

l pow

er ra

nge:

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pica

l tec

hnol

ogy:

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MFC

, MC

FC, A

FC,

SO

FC,

PA

FC

Ex

ampl

e of

app

licat

ions

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e st

atio

nary

prim

e po

wer

and

CH

P(1

)

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mal

l sta

tiona

ry m

icro

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plie

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er p

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nits

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lt in

to o

r cha

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rodu

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igne

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mov

ed, i

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all

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Us

Ty

pica

l pow

er ra

nge:

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-20

kW

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pica

l tec

hnol

ogy:

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MFC

, DM

FC

Ex

ampl

e of

app

licat

ions

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l mov

able

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s(2)

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ans,

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lig

htin

g)-

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ary

appl

icat

ions

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tabl

e so

lider

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pow

er, s

kid-

mou

nted

gen

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ble

prod

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ches

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tery

ch

arge

rs),

sm

all p

erso

nal e

lect

roni

cs

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pla

yers

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mer

as, e

tc.)

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SPO

RTST

ATIO

NAR

YPO

RTAB

LE

Not

es: (

1) C

ombi

ned

Hea

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uxili

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nits

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ces:

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va, G

oetz

Part

ners

, E4T

ech,

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hnav

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glob

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spor

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ns

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EL

CE

LL M

AR

KE

T S

IZE

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D F

OR

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AS

TS

201

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023P

(M

W)

p.9

CONFIDENTIALFo

cus

on e

ach

mar

ket s

egm

ent

Mar

ket s

ize

and

fore

cast

s 20

18a-

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p (M

W)

Mar

ketd

river

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810

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2,10

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2018

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2020

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23p

TRAN

SPO

RT

D

ueto

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exte

nsiv

eus

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petro

leum

prod

ucts

and

incr

easi

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imar

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ergy

dem

and

from

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asre

spon

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efo

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emis

sion

sin

2017

A

sa

resu

lt,th

ere

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aris

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ents

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the

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ario

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tor

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330

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STAT

ION

ARY

R

apid

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ptio

n of

resi

dent

ial m

icro

-CH

P s

yste

ms

in s

ome

coun

tries

suc

h as

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erm

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with

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sign

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row

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omm

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tor

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el c

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ario

us g

over

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t inc

entiv

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gula

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e U

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t tax

cre

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or s

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l sys

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In

crea

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el c

ells

for p

rovi

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acku

p fro

m s

ever

al c

ritic

al a

pplic

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ns

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mer

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l, em

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% 0.7

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ABLE

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row

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cal e

quip

men

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ight

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les,

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bal p

ositi

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syst

ems,

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mun

icat

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ces,

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pute

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enso

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tc.)

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oldi

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e fie

ld

has

incr

ease

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e re

quire

men

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able

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por

tabl

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pply

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ain

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ompe

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vant

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tech

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gies

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icat

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ells

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pro

vide

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mon

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rvey

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appl

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cap

acity

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W a

s %

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otal

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cel

l mar

ket

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ce: A

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avio

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rem

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ppe

riod

p.10

CONFIDENTIAL

332

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pan,

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orea

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man

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fuel

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ket

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eric

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pres

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GR

2018

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Am

eric

as

Mar

ket

size

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MW

)

EMEA

Mar

ket

size

(in

MW

)

APAC

Mar

ket

size

(in

MW

)

2018

a 20

19p

2020

p 20

21p

2022

p 20

23p

Exam

ples

of

FC m

anuf

actu

rers

2018

a 20

19p

2020

p 20

21p

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p 20

23p

Exam

ples

of

FC m

anuf

actu

rers

406

478

577

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954

1,38

7

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a 20

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2020

p 20

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Exam

ples

of

FC m

anuf

actu

rers

Not

e: (1

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8 m

arke

t sha

res

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f glo

bal m

arke

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ppro

xim

ated

Sou

rce:

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tzP

artn

ers,

Tech

navi

o

Key

lead

ing

coun

trie

s(1)

p.11

CONFIDENTIALSi

nce

2017

AR

EVA

SE

prop

osed

and

set

up

a st

rate

gic

actio

n pl

an to

tran

sfor

m th

e ris

ing

inte

rest

in h

ydro

gen

and

fuel

ce

lls te

chno

logi

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to m

arke

t opp

ortu

nitie

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vera

ging

Str

ateg

ic P

artn

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ips

Valid

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our p

ositi

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eted

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kets

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tune

tech

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l spe

cific

atio

n of

our

pro

duct

s to

fit e

xact

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e m

arke

t req

uire

men

tsLo

cate

sev

eral

pro

duct

s w

ithin

ear

ly a

dopt

ers

faci

litie

s to

gai

n cu

stom

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acc

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nce

and

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atio

nal f

eedb

ack

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imiz

ing

and

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ing

Ris

ksC

ost r

educ

tion

stra

tegy

on

stac

k an

d sy

stem

Con

tinuo

us e

ffort

on

mod

ular

ity s

tudi

es to

dev

elop

com

mon

den

omin

ator

to o

ur ra

nge

of

prod

ucts

in o

rder

to:

M

inim

ize

spec

ific

deve

lopm

ents

to s

eek

cost

redu

ctio

n

Red

uce

our t

ime

to m

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t to

be a

ble

to c

ope

with

inno

vativ

e na

ture

of t

he m

arke

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e in

dust

rial o

rgan

izat

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part

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quire

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duce

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p-up

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ks...

Test

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and

qual

ifyin

gQ

ualif

icat

ion

of s

tack

pla

tform

, hea

rt o

f our

futu

re p

rodu

cts

Col

lect

suf

ficie

nt R

EX to

enh

ance

dur

abili

ty, r

elia

bilit

y,…

whi

le m

itiga

ting

tech

nolo

gy ri

sks

Con

solid

ate

prod

uct c

redi

bilit

y by

col

lect

ing,

ana

lyzi

ng, i

nteg

ratin

g an

d va

loriz

ing

our

oper

atio

nal f

eedb

ack

p.12

CONFIDENTIALH

ELIO

N /

AR

EVA

SE

2019

pro

duct

por

tfolio

FC s

tack

Sm

all s

tack

: fro

m 5

to 1

5 kW

Larg

e st

ack:

from

20

to 5

0 kW

FC R

AC

KS

for h

eavy

dut

y m

obili

ty

Trai

n, s

hip,

boa

t, ba

rge

Fr

om 8

5 to

200

kW

bru

t

Mob

ile G

ense

t

Eve

nts,

on

shor

e po

wer

sup

ply,

tem

pora

ry e

nerg

y st

atio

n

from

5 k

W to

2 M

W n

et

H2

Bac

kup

(UPS

)

Indu

stry

, dat

acen

ters

, min

ing,

pet

roch

emis

try

from

5 k

W to

2 M

W

Hyd

roge

n ba

ttery

(FC

+Ele

ctro

lyse

r)

For s

mar

t bui

ldin

gs a

nd H

2 vi

llage

, off-

grid

com

mun

ities

, min

ing,

From

5 to

400

kW

FC

/ 1

to 1

00 N

m3/

h el

ectro

lyse

r

p.13

CONFIDENTIALM

ain

tech

nolo

gy c

halle

nges

FC S

tack

Dev

elop

men

t

Perf

orm

ance

–D

urab

ility

–C

ost O

bjec

tives

N

omin

al E

lect

roch

emic

al P

erfo

rman

ce: 0

.84

A/c

m² -

0.68

V/c

ell (

0.57

W/c

m²)

D

urab

ility

> 2

0 00

0 op

erat

ing

hour

s

Up

to 2

500

Sta

rt an

d S

top

V

olta

ge D

ecay

< -

5 µV

/H; <

-0.7

% P

nom

/100

0 ho

urs

S

tack

Cos

t < 5

00 €

/ kW

Stac

k D

esig

n &

Man

ufac

turin

g im

prov

emen

ts fo

r H2/A

ir Bip

olar

pla

tes

Lo

w p

ress

ure

drop

E

ase

Man

ufac

turin

g:

mol

ded

plat

es

MEA

s

Com

mer

cial

ly a

vaila

ble

Lo

w C

atal

ysts

load

ing

D

urab

le m

embr

ane

…on

ly a

goo

d ce

ll de

sign

will

allo

w a

goo

d st

ack

perf

orm

ance

Stac

k de

sign

and

m

anuf

actu

ring

E

ase

man

ufac

turin

g

Low

pre

ssur

e dr

op

Impr

oved

Sea

ling

p.14

CONFIDENTIALM

ain

tech

nolo

gy c

halle

nges

Ong

oing

FC

Sta

ck D

evel

opm

ent m

ain

actio

ns

Air

Flow

Fie

ld D

esig

n w

ith L

ow P

ress

ure

Dro

p <

300

mba

r

Com

para

tive

Stu

dy o

n S

erpe

ntin

e vs

Par

alle

l GFF

Des

ign

C

ompa

rativ

e S

tudy

on

Low

vs

Hig

h O

pera

ting

Pre

ssur

e

Air

Blo

wer

vs

Air

Com

pres

sor

Fuel

Cel

l Sta

ck S

ealin

g Te

chno

logy

S

eal G

aske

t dep

osite

d on

Bip

olar

Pla

tes

M

EA

inte

grat

ing

mol

ded

seal

gas

ket

Plat

es &

Bip

olar

Pla

tes

Man

ufac

turin

g: m

olde

d pl

ates

de

velo

pmen

t

Mac

hine

d B

PP

-> M

olde

d B

PP

: Val

idat

ed d

esig

n fu

ll sc

ale

stac

k

Par

tner

ship

with

indu

stria

l man

ufac

ture

rs to

dev

elop

a m

old

Stac

k M

anuf

actu

ring:

2 P

latfo

rms

<60-

160>

cel

ls

Low

Pow

er: 5

to 1

5 kW

<100

-160

> ce

lls

Hig

h Po

wer

: 20

to 5

0 kW

Serp

entin

e G

as F

low

Fie

ld

Para

llel G

as F

low

Fie

ld

Coo

ling

Flow

Fie

ld

HP

Fuel

Cel

l Sta

ck –

Elec

tric

al p

erfo

rman

ces

Ope

ratin

g co

nditi

ons:

•

Atm

osph

eric

pre

ssur

e (0

.25

barg

) T

empe

ratu

re ~

60-

65°C

•D

ry h

ydro

gen

/ Air

: RH

50%

S

toec

hiom

etry

H2

: < 1

.1

Air

: 2.5

CONFIDENTIAL

p.16

CONFIDENTIAL

Cos

t evo

lutio

n pe

rspe

ctiv

e of

Rac

kPac

FC R

AC

K:

S

tack

s +

BO

P (e

xclu

ding

coo

ling)

, Low

vol

tage

con

verte

r, C

ontro

l Ele

ctro

nics

FC

Rac

k m

ass:

900

kg

(exc

ludi

ng c

oolin

g)

Env

ironm

enta

l con

stra

ints

: Tm

in: -

5°C

/ T m

ax: 3

5°C

FC R

AC

K e

lect

rical

cha

ract

eris

tics

V

min

= 33

0 V

dc/ V

max

= 6

70 V

dc, f

rom

BO

L to

EO

L

Nom

inal

Per

man

ent P

ower

: ~ 1

50 k

W

Min

Per

man

ent P

ower

: ≤

37,5

kW

Net

effi

cien

cy:

M

in p

oint

> 4

9 %

BO

L; >

47

% E

OL

M

ax p

oint

> 4

0 %

BO

L; >

33

% E

OL

Perf

orm

ance

s ch

arac

teris

tics

M

in P

ower

: 15

kW

, ≤ 5

min

max

2 ti

mes

/h

Pm

in-→

Pm

ax: ≤

10s

; / P

max

-→ P

min

: ≤ 1

s

> 20

000

h fo

r sta

cks

lifet

ime

HEL

ION

/ A

REV

A s

tate

of t

he a

rt

Fuel

Cel

lRA

CK

CONFIDENTIALFu

el C

ell R

AC

K c

ost a

naly

sis

FC R

AC

K:

S

tack

wei

ghs

for m

ore

than

50

% to

tal c

ost

H

eat m

anag

emen

t is

abou

t 1/3

of B

oP

STA

CK

M

EA

wei

ghts

for 5

7% o

f the

tota

l cos

t

Agr

eem

ent w

ith s

uppl

ier t

o fin

d op

timiz

atio

n in

term

of p

erfo

rman

ce a

nd c

ost

ValH

ydat

epr

ojec

t (c

ertif

ied

AA

P H

2 da

nsle

s Te

rrito

ires)

Sup

plyi

ng c

lean

pow

er to

cru

ise

ship

s in

Mar

seill

e po

rtO

bjec

tive

Typi

cal a

pplic

atio

n pr

ojec

ts

On-

shor

e &

on-

boar

d cl

ean

pow

er s

uppl

y Po

rts

loca

ted

into

citi

es n

eed

to re

duce

th

eir p

ollu

tion

impa

cts.

Hyd

roge

n PE

M fu

el c

ell p

ower

gen

erat

or

is a

n al

tern

ativ

e to

the

use

of d

iese

l G

ense

ts.

The

conc

ept

cv

Tech

nica

l sol

utio

n

2 M

W tr

ansp

orta

ble

Fuel

Cel

l

Con

nexi

onca

ble

On-

shor

e in

stal

latio

n ex

ampl

e

Dat

e20

19

EN

GIE

, KE

M O

NE

, LIN

DE

Mai

n pa

rtne

rs

Freq

uenc

y (5

0 &

60

Hz)

and

vol

tage

(11

kV –

6,3

kV) r

egul

atio

n

CONFIDENTIAL

On-

shor

e po

wer

sup

ply

solu

tion:

1

& 2

MW

mob

ile F

uel C

ell

HC

40’

co

ntai

ner

Trai

ler

Pre

ssur

e, b

ar30

030

0

H2

stor

ed, k

g82

310

00

Aut

onom

y at

1 5

90 k

W

net n

omin

al p

ower

, h7,

98,

9

Aut

onom

y at

2,0

9 M

W

net m

ax p

ower

, h5,

66,

2

FC 1

MW

Net

Pow

er in

a 2

0’

CONFIDENTIAL

HC

20’

co

ntai

ner

HC

40’

co

ntai

ner

Trai

ler

Pre

ssur

e, b

ar30

030

030

0

H2

stor

ed, k

g41

182

310

00

Aut

onom

y at

800

kW

net

nom

inal

po

wer

, h7,

915

,917

,8

Aut

onom

y at

1

MW

net

max

po

wer

, h5,

911

,112

,5

FC 2

MW

Net

Pow

er in

a 4

0’

Ref

eren

ce p

roje

ct: S

PAC

T80

Dat

e20

09

Pow

er o

utpu

t

SN

CF,

DG

AM

ain

part

ners

Inte

grat

ion

of a

n A

RE

VA’s

fuel

cel

l po

wer

sys

tem

in a

loco

mot

ive

for t

rain

pro

puls

ion.

Obj

ectiv

e

~ 80

kW

cv

Typi

cal a

pplic

atio

n pr

ojec

ts

Hea

vy m

obilit

y: fu

el c

ell t

rain

pro

puls

ion

Our

sol

utio

n

Des

ign

and

man

ufac

ture

of f

uel

cell

mod

ules

for r

ail

appl

icat

ions

, whi

ch c

an b

e us

ed e

ither

for a

uxili

ary

or

prop

ulsi

on p

ower

Whi

le g

over

nmen

ts a

nd te

rrito

ries

are

com

mitt

ed to

redu

ce g

reen

hous

e ga

s em

issi

ons

in th

e tr

ansp

ort s

ecto

r, hy

drog

en

PEM

fuel

cel

l tec

hnol

ogy

is c

onsi

dere

d as

a

gree

n al

tern

ativ

e to

die

sel e

ngin

es.

Cus

tom

ers

Trai

n &

tram

man

ufac

ture

rs

New

pro

ject

: und

er c

onst

ruct

ion

Dat

e20

19

Pow

er o

utpu

t

--M

ain

part

ners

Inte

grat

ion

of a

n A

RE

VA’s

fuel

ce

ll po

wer

sys

tem

in a

loco

mot

ive

for t

rain

pro

puls

ion.

Obj

ectiv

e

> 80

0 kW

CONFIDENTIAL

Typi

cal a

pplic

atio

n pr

ojec

ts

For S

mar

t Grid

: sel

f-suf

ficie

nt re

new

able

pow

er p

lant

CONFIDENTIAL

p.22

CONFIDENTIALM

YRTE

Pla

tform

p.23

CONFIDENTIALIn

con

clus

ion

fuel

cel

ls a

nd h

ydro

gen-

rela

ted

tech

nolo

gies

ar

e te

chno

logi

cally

mat

ure

for d

iffer

ent a

pplic

atio

ns,b

ut

mos

t of t

hem

are

in th

e “v

alle

y of

deat

h”

OU

TLO

OK

S

CO

MM

ERC

IAL

MAT

UR

ITY

CU

RVE

OF

INTE

GR

ATED

HYD

RO

GEN

PRO

JEC

TS

Mat

urity

Capitalrequirementxtechnologyrisk

Res

earc

hD

evel

opm

ent

Dem

onst

ratio

nD

eplo

ymen

tM

atur

ete

chno

logy

Lab

wor

kB

ench

scal

ePi

lot-

scal

eC

omm

erci

al-s

cale

pro

cess

pr

oved

,with

opt

imiz

atio

n w

ork

inpr

ogre

ss

Com

mer

cial

sca

le, p

rove

d,

wid

ely

depl

oyed

, w

ith li

mite

d o

ptim

izat

ion

pote

ntia

l

Lege

ndH

ydro

gen

prod

uctio

n

Hyd

roge

n ha

ndlin

g

Hyd

roge

nco

nver

sion

H2

pro

duct

ion

from

sol

arra

diat

ion

Stea

m w

ater

ele

ctro

lysi

s(H

T PE

M)

H2 pr

oduc

tion

from

heat

Solid

stor

age

Wat

er e

lect

roly

sis

(PEM

)M

etha

ne a

nd m

etha

nol s

ynth

esis

from

CO

2

HEN

G fe

d in

to n

atur

al g

asne

twor

k

Geo

logi

cals

tora

ge(d

eple

ted

oil &

gas

fiel

ds o

raqu

ifers

)

Fuel

cel

ls (l

ow te

mp.

for m

obili

ty o

r sta

tiona

ry)

Fuel

cel

ls (H

T la

rge-

scal

e st

atio

nary

)

Gas

turb

ines

for H

2 ric

h fu

els

Li

quef

actio

n pl

ant &

cry

ogen

icta

nk

Valle

y of

deat

h

Vario

us u

se o

f H2

inre

finer

ies5

Am

mon

iasy

nthe

sis

H2

pipe

lines

Roa

d tra

nspo

rt of

H2 ta

nks

(c

ompr

esse

d or

cryo

geni

c)

Geo

logi

cal s

tora

ge in

sal

tcav

erns

Com

pres

sors

, H2 re

fuel

ing

pum

ps &

co

mpr

esse

dta

nks

Sour

ce:

Arev

a, S

BC E

nerg

y In

stitu

tean

alys

is.

Tech

nolo

gica

l mat

urity

cur

ve o

f hyd

roge

n-re

late

dte

chno

logi

es

Wat

er a

lkal

ine

elec

trol

ysis

p.24

CONFIDENTIAL

…TH

AN

K Y

OU

…