technion eclub presentation

8/6/2019 Technion eClub Presentation

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New seeds in the green-tech jungle reflections on opportunities, pitfalls, andkeys for survivals of an Israeli clean-tech

startup

Presentation to the Technions e-Club

May 16, 2011

Ziv Gottesfeld


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A few words about myself

2


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And about my company

-Platinum free fuelcells


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What is Clean-tech

According to CleanEdge: a diverse range of products, services, and processesthat harness renewable materials and energy sources, dramatically reducethe use of natural resources, and cut or eliminate emissions and wastes


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A VCs perspective a portfolio of solutions

Source: Lightspeed venture partners

A portfolio of solutions each with its own value chain, requiring its

own domain expertise

Can all this really be defined as an industry ?


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Common denominator #1 thedriver

(Even) morepeople


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Growing demands

OECD

Non-OECD

Source: US International Energy Outlook


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Why cleantech limitedsupply

Finiteresources


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9

The price of a barrel of oil


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Pump prices India and China

Demand-drivenderegulation


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So far so good the selfish entrepreneur's view

A strong and growing demandDiminishing supply based on current methodsand technologiesEffectively infinitely-large markets from a start-ups perspective

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t s / g a p s

And it gets even better (before it gets worse)


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Ample room for innovation across thevalue chain


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And many value chains requireinnovation

Catalysts Electrolytes/ membranetechnology

Electrodes /MEAs

StackcomponentsBipolar GDLs

Stack System Solution

Fuel Cell value chain


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Innovations our 2 nd pillar

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ov

a t i on


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The side effects of present daypractices

Energy storageElectricity generation

Transportation


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The side effects of present day practices carbon dependence

Our dependence on carbon continues to rise withgrowth of global energy needs


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Report released by the UN-backed Principles for Responsible

Investment (PRI) states that:

global environmental damage caused by human activity in 2008represented a monetary value of $ 6.6 trillion, equivalent to 11% of global GDP. Those global costs are 20% larger than the $ 5.4 trilliondecline in the value of pension funds in developed countries caused bythe global financial crisis in 2007/8.

Th e M o n e ta ry C ost o f E n viron m e n ta lD a m a g e

Even governments cannotignore this forever


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Favorable regulatory environment

Setting a price on carbon (carbon credits, Kyotoprotocol)Emissions regulation SOx, NOxSubsidies feed-in tariffs, tax credits->All aimed at tipping the scale in favor of renewablesources


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Renewables$2 / gallon

Global warming

Pollution

Redefining parity


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Renewable

Redefining parity

$2 / gallonGlobal warming

Pollution


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Supportive regulation our 3 rd pillar

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a t i on

S u p p or t i v eR

e g ul a

t i on


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Corporate and social Initiatives doing well bydoing good

Setting a price on carbon (carbon credits, Kyotoprotocol)Emissions regulationSubsidies feed-in tariffs, tax credits->All aimed at tipping the scale in favor of renewablesources


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It is clear why some companies cannot afford notto be there


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Somewhat unlikely sustainability leaders


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Corporate initiatives our 4 th pillar

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R e g ul a

t i on

C or p

or a

t ei ni t i a

t i v e s

So whats still missing ?


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The venture capital landscape

>1,000% rise since 2001Share in overall VC investments up from 1.2% in 2001 to 23% in 2010


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Deal Count


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Strong M&A market


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Strong pillars to build a company on

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t e

i ni t i a t i v e s

R o om f or i nn ov

a t i on

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ai l a

b l e

c a pi t al


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But the devil is in the details


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Regulation a double edged sword

Example Brightsource:Renewable generation is often remote from point of consumptionTraversing the regulatory landscape for transmission is a major obstacle in large-scale projects such as those of BrightsourceIronically, many times the environmentalists themselves are those posing the largestbarriers


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Government subsidies a shaky businessplan pillar

Spains solar power industry falls into abis

3.8 GW installed through 2010, almost 50% of 2020 targetBut with troubled economy government could no longer supportfeed-in tariffs

Retroactive tariff cuts resulted in lawsuits against Spanishgovernment, industry shakedown, 70,000 lost jobs and stoppage of funding


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Innovation wont hold up forever

(1)

and beware of Hybris

(3)(10)

(N/A)(N/A)

(2007 ranking)


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Cleantech investing the finer details

Overall, globally, only 715 deals in 2010Over 10% of investments were made in 3 mega deals: Better Place,Solyndra, BrightsourceConsolidation:

Several generic funds quietly pulled out of the sector, claiming that theventure capital model is broken, or that the sector does not fit the traditionalVC model

But it is also possible that they were simply unable to raise their next funds


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A drought in conventional VC investment iscoming


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Cleantech investing projected supply vs.demand


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Meanwhile, in Israel

Specifically in Israel, there are very few venture capitalfirms who will invest in truly disruptive cleantechcompanies

Even fewer will undertake valley of death leaps of faith

I l ifi l h f d i i


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Israel-specific clean-tech fund raisingchallenges

Domain expertise:Investments are largely made based on experience,and supportive network.

Very few local funds with domain expertise:

I l ifi l h f d i i


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: Investments are largely made based on experience, and

supportive network, which largely lacks in Israel venturecapital with the possible exception of smart grid.The generic funds typically require the support of a globalplayer, either mega-VC, or corporate fundsThe international funds (e.g. Sequoia, Lightspeed,Graylock) will utilize US-based domain expertiseThis makes for even longer than usual processes, oftenending in limbo

I l ifi l h f d i i


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Capital requirements Israeli funds are typicallydesigned for up to $7 million per company.Cleantech is considered to be capital intense deviates from their traditional investment model.

The general tough VC environment has hit Israelas well number of VC funds down from over 90in the Internet hay-days to around 20 today.Israel Cleantech Ventures the only local VC tosuccessfully raise a new fund in 2010.


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Israeli clean-tech fundingEstimated Israeli clean-tech deal flow: ~200companies / projects per annumAny idea how many eventually get funded ?


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Israeli clean-tech funding - continuedEstimated VC funding per annum ~10 companiesAdditional ~10 funded through angels / incubatorsOverall estimated investments / annum - ~$40

million, in line with global ratio


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Israeli clean-tech funding

Some will claim there is no shortage of funding good companies get funded. Others will claim astrong shortage.From an entrepreneurs perspective it makes noreal difference its TOUGH to raise funding.


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Exceptions


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The Valley of Death

The situation is most challenging for valley of death stage companies:Post proof-of-concept

With truly innovative technologiesPre-product, revenue andproduction


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For others

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For others, beyond a great idea, some customization is required

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ef f i ci en

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h l k h f l


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This now looks much more familiar to VCs


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Well use CellEra as a case study

Breaking the fuel cell cost barrier

But this comes with strong


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But this comes with strongdisclaimer

We have not safely landed yet


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The Fuel Cell Rationale

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The Fuel Cell Cost Challenge

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The Problem : Mainstream Polymer


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The Problem : Mainstream PolymerElectrolyte Fuel Cell ( PEM) Cost Barriers

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Graphite /stainless steel

hardware

Acidic membrane

Platinum based

electrodes

Cost barriers deeply embedded in core tech

BOM-based cost barriers 90% of stack cosCost volatility - Platinum $500/Oz - $2,500/Oz


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Platinum Pricing

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The trigger: a new type of membrane component

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Non -acidicmembrane

CellEra Took Advantage of a Great Opportunity

embrane component with potential for dramatic fuel cell cost cuts was reve

was accompanied by general industry skepticism

The Solution: CellEras Platinum-Free Membrane


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The Solution: CellEra s Platinum-Free MembraneFuel Cell ( PF M-FC )

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Light metalhardware

Non -acidicmembraneNO LIQUID

ELECTROLYTE

Non -platinumcatalysts

Cost Paradigm Disrupted

70% cost savings and above

Facilitatedthermal

management


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Selecting a market / productDistributed po wer Critical power Portable Industrial vehi cles Transportation
http://images.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/commons/thumb/0/00/FuelCellSystem.jpg/250px-FuelCellSystem.jpg&imgrefurl=http://en.wikipedia.org/wiki/Emergency_power_system&usg=__xJeTTHa0_VkcVILUoYhFJLka18w=&h=271&w=250&sz=16&hl=en&start=17&itbs=1&tbnid=ePdcHKCn-Td8eM:&tbnh=113&tbnw=104&prev=/images?q=fuel+cell+utility+backup&hl=en&gbv=2&tbs=isch:1http://images.google.com/imgres?imgurl=http://www.h2andyou.org/images/caseStudies_forkliftYellow.jpg&imgrefurl=http://www.h2andyou.org/caseStudies_forklift.asp&usg=__f7s9St56X3Nz-JF1rUQfjoxhCiQ=&h=175&w=210&sz=14&hl=en&start=8&itbs=1&tbnid=VFw-VCjUytuJBM:&tbnh=88&tbnw=106&prev=/images?q=fuel+cell+forklift&hl=en&gbv=2&tbs=isch:1http://images.google.com/imgres?imgurl=http://upload.wikimedia.org/wikipedia/commons/thumb/0/00/FuelCellSystem.jpg/250px-FuelCellSystem.jpg&imgrefurl=http://en.wikipedia.org/wiki/Emergency_power_system&usg=__xJeTTHa0_VkcVILUoYhFJLka18w=&h=271&w=250&sz=16&hl=en&start=17&itbs=1&tbnid=ePdcHKCn-Td8eM:&tbnh=113&tbnw=104&prev=/images?q=fuel+cell+utility+backup&hl=en&gbv=2&tbs=isch:1http://images.google.com/imgres?imgurl=http://www.noelife.com/blog/wp-content/uploads/2010/02/bloom_box.gif&imgrefurl=http://www.noelife.com/blog/2010/02/22/energy-saving-bloom-box-device-is-revealed-on-60-seconds/&usg=__uOrHoGYnaqELXwXGp5UpM2iFI88=&h=341&w=620&sz=116&hl=en&start=10&itbs=1&tbnid=DTfiU_c2-wHiUM:&tbnh=75&tbnw=136&prev=/images?q=bloom+box&hl=en&gbv=2&tbs=isch:1http://images.google.com/imgres?imgurl=http://www.h2andyou.org/images/caseStudies_forkliftYellow.jpg&imgrefurl=http://www.h2andyou.org/caseStudies_forklift.asp&usg=__f7s9St56X3Nz-JF1rUQfjoxhCiQ=&h=175&w=210&sz=14&hl=en&start=8&itbs=1&tbnid=VFw-VCjUytuJBM:&tbnh=88&tbnw=106&prev=/images?q=fuel+cell+forklift&hl=en&gbv=2&tbs=isch:1


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Transportation clearly largest, strong need

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At high volumes platinum dominates cost barrier

Source: NREL, 2009


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Fuel-cell specific challengesTough investment environment for fuel cell sector:

Considered highly capital intensive (USD 400 million inBloom alone)No major VC success stories

Perception of tough technology, very long development cycleTransportation market is the fuel cells holy grail. However, it isalso in flux, very difficult to predict , and seed round was done as

GM and the auto industry in general was entering one of itsdarkest hours

A L g E gh i


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A Large Enough primarymarket

Critical power (existing annual$3 billion lead acid battery

market)q Backup power fortelecommunications

q Affordable, clean and compact

extended backup solutionq 10X energy density versus leadacid, highly scalable solution,strong operational envelope

advantage

ortunities in lead acid battery and dies


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PF M vs. PEM Stack Cost Analysis per kW at10^3 volumes

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Projected cost savings: 70% and above

PFM-FC provides cost reductions across the board

Wh d i i l i h


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Where do we position ourselves in thevalue chain

Catalysts Electrolytes/ membranetechnology

Electrodes /MEAs

StackcomponentsBipolar GDLs

Stack System Solution

Fuel Cell value chain

PARTNER !

PARTNER !

Selecting Go-to-market business model develop andf b l ll d


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/ ajor SI s OEM s C Engines

fabricate P F M Engines, leverage CellEra-centered eco-system

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Materials

Stay with core competenciesleverage strong partnersmaximize use of funds

Catalysts

Ionomericmaterials

Achieved in 3 years, $4 million in


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, -e kW scale P F - ( - )M FC working prototype achieved Q2 2010

-ith global communications infrastructure solutions provider as l

overing over 15 distinct inventions

-t with CellEra positioned at the center of a fast growing glob

Achieved in 3 years, $4 million inequity

Building a global Platinum Free Membrane


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g gnetwork

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C it l ffi i Di ifi d f fi i


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Capital efficiency, Diversified sources of financing


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Breaking the Fuel Cell Cost Barrier

(and open positionsavailable) !

Ziv Gottesfeld, CEO+1 781 328 2239

+972 544 663 [email protected]

!Th an k You
mailto:[email protected]:[email protected]


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Leadership Teamq Ziv Gottesfeld co-founder, CEO

Seasoned entrepreneur,bringing startups frominception to multi-million in sales &breakeven;

Founder & CEO of Idioma,launch Nobex(blackberry),Eyescene (AOL)

q

q Dr. Roger Saillant , active board member

Former CEO and PresidentPlug Power (Nasdaq:PLUG)

Senior executive at

q .r S h im sh o nG o tte sfe ld ,

- ,co fou n d er C TO - W orld a ccla im e d fu e lce ll

.expert O ve r 2 5 fu e lce llp a ten ts

, W inn er of G rove m ed al FC sem in ar Foun d ed an d led for 1 6

yea rs th e fu e lce ll g rou p at Los A lam os

N a tion a lLab o ra to ry q

q . .r D a rio R D e k e l ,- ,co fo u n d e r V P

& R D &le d 1 4 0 m e m b e r R D a n d

fa b rica tion te am a t

#w orld s 2 th erm a l ba tter lan t custom er

Thi h d f h d


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Things we had for us out the door

P o t en

t i al f or S

t r on

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a t i o

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N or el i an

c e on s u b si d i e

s

T e am

These turned out to be enough, in late 2007, to obtain seed funding

But the valley of death was around the block selection of market,application, optimal positioning in value chain, and business modelwere critical for continued funding, and for guidance, in turn, to thetechnology team.

PFM (AAEM) versus PEM fuel cell


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PF M (AAEM) versus PEM fuel cell

The CellEra Market Opportunity


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pp y- cont

Extended backup and Distributed power

generation with NH3 as a fuel source efficient, affordable and cleanalternative to diesel gen sets fortelcos and SMB.q

Low cost, widely available fuel (over 50% of worldwide consumption in BRIC countries).q Liquid or solid state ammonia storage.q 10 times higher energy density than 200 bar

hydrogen tankq PFM immunity to ammonia residuals

versus adverse effects on PEM

Secured ammonia R&D developmentpartner Amminex (EUROSTARSapplication ranked top 15%, accepted)

Provides extension into SMB market 2,000,000 units / annum

Use case Global MNO


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Use case Global MNO

q Strong opportunities in India, developing economies.q Very strong pain point - require alternative 2 kW, extended backup

solution: Main growth in India 100,000 existing towers, 2,000 new

towers / month in India alon 5 6 hours of outages a day Currently using diesel gen sets (DG) 1,000,000 liters a day Diesel cost >$1.00 recently de-regulated, expected to climb up to $1.2 in the short term

Up to 25% of fuel is stolen 2.5 mT of CO2 a day, heavy emissions, on the very wrong side of carbon credit and emission regulation

Require ROI of under 24 months, preferably 12, currently at 36 andabove for FCs

q CellEra can provide the required ROI with immediate benefits: De-coupling from oil prices Lower maintenance costs No fuel theft No emissions Carbon credits

Roll Out Strategy Stationary backup power for


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supplementary backup power markets

H2-fueled PFM-FC: H2-fueled PFM-FC will displace lead-acid battery based solutions When displacing lead acid batteries CapEx parity is the key. Lead acid batteries solutions are used in BRIC countries in urban areas Typical outages are 1-2 hours per day, total backup time 8 hours. This is the case in major cities. CellEra will be first to offer a fuel cell based solution at CapEx-parity with lead acid Based on $0.33/Ah, an 8-hour lead acid backup solution W/ charger costs ~$4,500

NH3-fueled PFM-FC:

Will compete with diesel gen sets A quick (~12 month) OpEx based return is key, because main cost in gen set is OpEx NH3-fueled PFM-FC allows lower OpEX, decoupling from price of oil, no emissions Used in areas with outages of 5 6 hours / day

ROI analysis H2 PFM Versus Lead Acid


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ROI analysis H2-PFM Versus Lead Acid

Use case 1 hour / day backup time on average 2 kW to the load 1,000 unit H2-PFM volume CapEx parity, $3,450 cost savings per unit over fuel cell

lifetime

ROI analysis NH3 PFM Versus Diesel Generators


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ROI analysis NH3-PFM Versus Diesel Generators

Use case 4 hours backup / day on average, 2 kW to the load Diesel at $1.3 / liter on site, NH3 at $0.6 / kg on site 6 month ROI, $5,690 savings per unit over lifetime 1.3 mT CO2 savings per annum



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The CellEra Market Opportunity automotive


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The CellEra Market Opportunity automotive

Transportationq At high volume, over 46% of cost is Pt

related !q Pt cost is further highly volatileq Longer term not part of P&L before2015, but very large opportunityq 1 st market application - EV Range

extension, 5 kW 10 kW PFMEngines will double driving range

q Volkswagen 3-year collaborative

program (EUREKA) executedDecember 2010.

Source: NREL, 2009
http://www.google.com/imgres?imgurl=http://www.dieselstation.com/pics/2010-Nissan-Leaf-car-picture.jpg&imgrefurl=http://www.dieselstation.com/cars/2010-nissan-leaf-a1951.html&h=313&w=500&sz=24&tbnid=aPGOBSI6KyLu7M:&tbnh=81&tbnw=130&prev=/images?q=nissan+leaf+car+image&zoom=1&q=nissan+leaf+car+image&hl=en&usg=__JDCpwNTC05fkpy22tCkUeGV6f-E=&sa=X&ei=6PZhTcCuGMHqObbu-dwN&sqi=2&ved=0CCIQ9QEwAAhttp://www.google.com/imgres?imgurl=http://www.dieselstation.com/pics/2010-Nissan-Leaf-car-picture.jpg&imgrefurl=http://www.dieselstation.com/cars/2010-nissan-leaf-a1951.html&h=313&w=500&sz=24&tbnid=aPGOBSI6KyLu7M:&tbnh=81&tbnw=130&prev=/images?q=nissan+leaf+car+image&zoom=1&q=nissan+leaf+car+image&hl=en&usg=__JDCpwNTC05fkpy22tCkUeGV6f-E=&sa=X&ei=6PZhTcCuGMHqObbu-dwN&sqi=2&ved=0CCIQ9QEwAAhttp://www.google.com/imgres?imgurl=http://www.dieselstation.com/pics/2010-Nissan-Leaf-car-picture.jpg&imgrefurl=http://www.dieselstation.com/cars/2010-nissan-leaf-a1951.html&h=313&w=500&sz=24&tbnid=aPGOBSI6KyLu7M:&tbnh=81&tbnw=130&prev=/images?q=nissan+leaf+car+image&zoom=1&q=nissan+leaf+car+image&hl=en&usg=__JDCpwNTC05fkpy22tCkUeGV6f-E=&sa=X&ei=6PZhTcCuGMHqObbu-dwN&sqi=2&ved=0CCIQ9QEwAA


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FC Range Extension APU

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All electric driveReduced infrastructure requirements

No one size fits allAmple opportunity for many !

Go-to-market business model develop and fabricate P F M


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/ a jo r S I s O E M s C E n g in e s

Engines, leverage CellEra-centered eco-system

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M a te ria ls

Stay with core competenciesleverage strong partnersmaximize use of funds

Catalysts

Ionomericmaterials

Roadmap going forward


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Roadmap going forward

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Activity 2010 2011 2012 2013Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Telco Backup Power, compressed H2Productization and sys. integration with launch partner

Field trials with major MNOs, telco backup

Production readiness, telco backup

Revenue ramp up, additional partners and channels, telco backup

Backup & distributed Power, NH3Working prototype, ammonia as a fuel source

Secure launch partner, ammonia

Field trials, production readiness, ammonia power

Revenue ramp up, additional partners and channels, distributedpower

Automotive consortium

Capitalizing on Intellectual


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Capitalizing on IntellectualProperty

Taking advantage of first-mover status to stakewide claims

4 USPTO + PCT applications to date, multipleinventions covered by each (2 new applicationsin 2010)

1 st application allowed with substantial set of claims

Working with Mintz-Levin, Boston IP development focus:

High-power-density, stable, PFM CCMs and MEAs Operation with no liquid electrolyte Managing internally generated water Optimized mode of fuel supply, combined with

optimized mode of air supply Stack structure and materials Operation with CO2

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CellEras high performance


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CellEra s high performanceAMFC

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D .e m o n stra tio n o f a u to m o tiv e v ia b ility to V W

Short term operation - / ,2 A ir 8 0 C

CellEra AMFC - Performance


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stability

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A hi i CO2 i i


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Achieving CO2 immunity

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Pro Forma P&L (USD 000)


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Pro Forma P&L (USD ,000)

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&L P ro je cti on s ear2010

ear2011

ear2012

ear2013

ear2014

ear2015

ear2016

Revenues

0 50

885

4734

,4 107 ,2 512 ,6 672

ross margin 2 5 5 ,680 ,505 ,1 570 ,3 976

*p er at ing c ost s ,341 ,675 ,045 ,038 ,135 ,693 ,7 722

EBITDA ( , )309 ( , )660 ( , )990 ( , )359 70 ,2 877 ,6 254

( )rof it loss for the er iod

( , )433 ( , )690 ( , )034 ( , )772 ( )96 ,1 139 ,7 922

* &r o F o r m a o p e r a t i n g c o s t s a r e n e t o f p r o j e c t e d g o v e r n m e n t R D u n d s

L d hi T


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Leadership Teamq

Ziv Gottesfeld co-founder,CEO

Seasoned entrepreneur,bringing startups frominception to multi-million in sales &breakeven;

Founder & CEO of Idioma,launch Nobex(blackberry),Eyescene (AOL)

q

q Dr. RogerSaillant , active board

member Former CEO and President

q .r Shimshon Gottesfeld ,- ,co founder CTO

- World acclaimed fuel cell.expert

Over 25 fuel cell patents , Winner of Grove medal FC

seminar Founded and led for 16

years the fuel cell group at Los Alamos National Laboratory

q

q . .r Dario R Dekel ,- , & co founder VP R D

&led 140 member R D and fabrication team at

#world s 2 thermal,battery plant customer

base including Lockheed,Martin General dynamics

6 electrochemical patents

C


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Corporateq Extremely cash efficient Currently 11 on payroll (9.5

in R&D), complemented by qualified subcontractorson an as-needed basis.

qq $5.8 million invested to date (of which $1.5m are in

convertible loan towards 3 rd round) from

professional investors: Israel Cleantech Ventures,B2V Partners, Mizrahi Enterprises

qq Leveraging equity with government sources on close

to 1:2 ratio. OCS, BRIDF + strong applications in thepipeline EUREKA, EUROSTARS, FP7.

qq Professional board of directors, providing strong

foothold in the US, Europe and Israel

q 88

C i d


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Corporate - continuedq Corporate structure: Delaware Inc., with wholly owned

R&D Ltd. subsidiary in Caesarea, Israelqq Auditors E&Y (US Israel consolidated GAAP)qq Cap table pre 3 rd round:

Founders, employees ,ESOP 52.3% Israel Cleantech Ventures 33.3% B2V Partners + Sustin 14.4%

q

89

Fi i


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Financingq Raising $6 million through 2013 towards:

q Telco Backup power, direct hydrogen:q Fuel cell engine compliance & systemsintegration with launch partner(through Q2 2011)

q field trials, compliance and certification(mid 2011 mid 2012)

q Production readinessq Extended backup, distributed power, ammonia as a

fuel source:q develop working prototype (through

2011)

q secure launch partner/s (mid throughend 2011)q Systems integration

q Lead PFM-FC automotive consortium with VW,q

q Subsequent round (2013) geared at production and M&S,takin com an to break even 2014 90


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Breaking the Fuel Cell Cost Barrier

Thank You!

Ziv Gottesfeld, CEO+1 781 328 2239

+972 544 663 [email protected]
mailto:[email protected]:[email protected]

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