Cavendish Hydrogen Asa · OSL:CAVEN
Cavendish Hydrogen Asa — Investor Presentation (June 2024)
47 slides from Cavendish Hydrogen Asa's investor presentation, June 2024
Slide 1: Cavendish Hydrogen
Cavendish Hydrogen +140 station modules sold globally +20 years of experience
Slide 2: Important information and disclaimer (1/4)
Important information and disclaimer (1/4) THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR PUBLICATION, This Presentation does not constitute or form part of, and is not prepared RELEASE OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR or made in connection with, an offer or invitation to sell, or a
Slide 3: Important information and disclaimer (2/4)
Important information and disclaimer (2/4) This Presentation and the information contained herein has not been The information contained in this Presentation should be considered in the independently verified, and no representation, warranty or undertaking, context of the circumstances prevailing at
Slide 4: Important information and disclaimer (3/4)
Important information and disclaimer (3/4) An investment in the Company involves a high level of risk and several The contents of this Presentation are not to be construed as financial, legal, factors could adversely affect the business, legal or financial position of the business, investment, tax o
Slide 5: Important information and disclaimer (4/4)
Important information and disclaimer (4/4) This Presentation include market and industry data obtained by the This Presentation is subject to Norwegian law, and any dispute arising in Company and/or Nel from industry publications and surveys. The respect of this Presentation is subject to the exclus
Slide 6: Cavendish Hydrogen's executive management
INTRODUCTION Cavendish Hydrogen’s executive management 3+ 6+ Years with Years with Nel Nel Robert Borin Marcus Halland Cavendish Hydrogen CEO Cavendish Hydrogen CFO 6
Slide 7: Table of contents
Table of contents 1. Introduction to Cavendish Hydrogen 2. The hydrogen mobility opportunity 3. A leading player in hydrogen fueling equipment 4. Financials 5. Cavendish Hydrogen’s roadmap A. Appendix 7
Slide 8: Introduction to Cavendish Hydrogen
Introduction to Cavendish Hydrogen
Slide 9: This is Cavendish Hydrogen – 20 years of experience developing fueling solutions
INTRODUCTION TO CAV ENDISH HY DROGEN This is Cavendish Hydrogen – 20 years of experience developing fueling solutions Uniquely positioned to capture the hydrogen opportunity Geographical presence in key markets +20 +140 Years of legacy within H2StationTM units sold One of the largest hydrogen fuelin
Slide 10: Fueling plays a critical role in the value chain, enabling hydrogen applications in transport
INTRODUCTION TO CAV ENDISH HY DROGEN Fueling plays a critical role in the value chain, enabling hydrogen applications in transport Hydrogen is compressed and cooled Hydrogen fueling is relevant for Electricity is generated from a power Electricity is used to split water (H2O) in the fueling equipmen
Slide 11: Offering fueling equipment and full scope of services from project engineering to operation support
INTRODUCTION TO CAV ENDISH HY DROGEN Offering fueling equipment and full scope of services from project engineering to operation support services Supply source Design and Manufacturing Project Hydrogen storage Fueling station Dispenser Engineering Project Management Installation Commissioning Mainte
Slide 12: The hydrogen mobility opportunity
The hydrogen mobility opportunity 12
Slide 13: Overall hydrogen market set to grow three-fold by 2050 with mobility being a key driver
THE HYDROGEN M OBILITY OPPORTUNITY Overall hydrogen market set to grow three-fold by 2050 with mobility being a key driver Global hydrogen demand by sector1 Mt per year Power generation Power Commercial heating Heating Industrial heating Mobility ~300 New industrial use 18 Aviation Existing industri
Slide 14: Advantages of heavy-duty hydrogen mobility
THE HYDROGEN M OBILITY OPPORTUNITY Advantages of heavy-duty hydrogen mobility 10 min No emissions Long driving range Fueling time Grid connection An obvious prerequisite for A well-functioning truck must Where the battery electric Battery charging a truck would all modern vehicles, making be able to
Slide 15: Current regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility
THE HYDROGEN M OBILITY OPPORTUNITY Current regulatory momentum is creating strong tailwinds for hydrogen adoption in mobility Selected multinational hydrogen regulations As of April 2024 2023 AFIR - Legislated Going forward Hydrogen refueling 2024-2030 stations every 200km by Expected continued regu
Slide 16: Hydrogen fueling station market is set to grow
THE HYDROGEN M OBILITY OPPORTUNITY Hydrogen fueling station market is set to grow # of accumulated new stations implied by market Korea demand estimates EMEA 6,000 ~6.7 EURbn Americas market opportunity in Europe and Americas 5,000 from now to 2030 ~4,2001 stations 4,000 3,000 2,000 ~2,7001 stations
Slide 17: Strong commitment from reputable players throughout the hydrogen mobility value chain
THE HYDROGEN M OBILITY OPPORTUNITY Strong commitment from reputable players throughout the hydrogen mobility value chain Hydrogen production High-capacity Hydrogen fueling Heavy-duty hydrogen road transport Operators Producers Operators Producers Operators Producers 17 Source: Company information
Slide 18: Strong momentum for hydrogen solutions within heavy-duty vehicles – OEMs preparing for launch
THE HYDROGEN M OBILITY OPPORTUNITY Strong momentum for hydrogen solutions within heavy- duty vehicles – OEMs preparing for launch >100 Current number of hydrogen bus and truck vehicle models here today… Nikola TRE FCEV heavy-duty truck now in Hyundai XCIENT fuel cell truck ready for production – MAN
Slide 19: A leading player in hydrogen fueling equipment with real global experience
A leading player in hydrogen fueling equipment with real global experience 19
Slide 20: Cavendish Hydrogen has the experience and building blocks needed to succeed
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Cavendish Hydrogen has the experience and building blocks needed to succeed Long history in a young market • 20 years of experience and learnings accumulated to propel product development and capture market share Technology protected by patents • Cur
Slide 21: Well-invested production facilities with option to expand capacity if required
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Well-invested production facilities with option to expand capacity if required Herning H2 Station production facility Herning, Denmark All-in-one facility – the complete value chain under the same roof +190 full-time employees 7 years in operation On
Slide 22: Real-time station monitoring & diagnostics
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Real-time station monitoring & diagnostics 1. Remote monitoring Instant remote event-solving by hydrogen service technicians 2. Dispatching of service team If event is not solved remotely, local service technicians are sent to site Global reach Hydro
Slide 23: Cavendish Hydrogen offers a clear value proposition to a strong base of blue-chip customers
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Cavendish Hydrogen offers a clear value proposition to a strong base of blue-chip customers Major U.S. Energy company 6 sites in U.S. 9 sites California and Holland 5 sites in Holland, Germany, and 7 sites in Poland Denmark 7 sites in Korea 5 sites i
Slide 24: Hydrogen refueling station order from Alperia Greenpower SRL
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Hydrogen refueling station order from Alperia Greenpower SRL • Client: Alperia Greenpower SRL • Value: ~EUR 3.8m • Location: Italy • Signed: 30. May 2024 • Hydrogen fueling equipment for one site to serve both light- and heavy-duty FCEVs in Bruneck,
Slide 25: Improved station utilization and uptime
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Improved station utilization and uptime Dispensed mass In 1,000s kg hydrogen • Current technology is improving Americas with increasing demand and Korea utilization Europe Average monthly kg per station ~1,350 ~1,250 Series 1 • 15/15 Korean stations
Slide 26: Hydrogen fueling, as fast as diesel, is a must – an industry-wide challenge
A LEADING PLAYER IN HY DROGEN FU ELING EQU IPMENT Hydrogen fueling, as fast as diesel, is a must – an industry-wide challenge Hydrogen and energy transfer during fueling • End-users expect same performance Equivalent BEV charger as internal combustion engines (ICE) connection would be in the 8 vicin
Slide 27: Financials
Financials © Cavendish
Slide 28: Financial highlights
FINANCIALS Financial highlights (EUR million) FY 2021 FY 2022 FY 2023 Q1 2023 Q1 2024 • FY 2023 revenue is back to 2021 levels after a dip in activity in 2022 Total revenue and income 33 24 30 7 10 • Q1 24 revenue is positively impacted by Nikola termination, but otherwise EBITDA -20 -37 -19 -6 -5 o
Slide 29: Revenue streams
FINANCIALS Revenue streams Equipment Projects, I&C, and Service & Maintenance • Equipment Revenue recognition is “point in time” when the equipment is finalized and transfer of title to customer occurs • Projects, I&C, Service & Maintenance Revenue recognition is “over time” Production of core equip
Slide 30: Order backlog
FINANCIALS Order backlog EUR million • Sufficient order backlog for revenue from equipment for 9-12 months 45 43 • Sufficient order backlog for projects 40 37 36 and I&C 16-24 months depending on 35 the region 35 32 31 30 29 28 26 26 • Announcement of new order intake 25 will be made upon confirmati
Slide 31: Financially well positioned to capture the hydrogen opportunity
FINANCIALS Financially well positioned to capture the hydrogen opportunity Public Well-invested funding & Well capitalized platform partnership opportunities EUR ~125 million invested Strong cash position with EUR Actively explore public funding capital since 20151 45-50 million in runway and no and
Slide 32: Cavendish Hydrogen's roadmap
Cavendish Hydrogen’s roadmap 32
Slide 33: Developing the next generation hydrogen fueling concept for heavy-duty vehicles
ROADMAP Developing the next generation hydrogen fueling concept for heavy-duty vehicles Current target values • Fueling capacity: ~260kg per hour (>3.200km range for heavy trucks) • Filling time: 65kg in 10 min (~800km in 10 min) • Dispensers: Up to 6 dispensers • Standardization: Compliant with SAE
Slide 34: Cavendish Hydrogen's roadmap and ambitions
ROADMAP Cavendish Hydrogen’s roadmap and ambitions 2023 2025 15% Initiated development of Capitalize on insights Our next-generation Ambition to capture 15% of high-capacity stations for derived from the light-duty hydrogen fueling stations the high-capacity market heavy-duty transportation market t
Slide 35: Setting a new standard for fueling heavy-duty vehicles
Setting a new standard for fueling heavy-duty vehicles - with reliable fueling solutions Q&A
Slide 36: Appendix
Appendix © Cavendish
Slide 37: Cavendish Hydrogen's long history – in a young market
2003 APPENDIX 1st Hydrogen Cavendish Hydrogen’s long Fueling Station in 2009 Iceland 1st 350 bar Fueling history – in a young market Station 2011 1st 700 bar 2015 Fueling Station Nel acquires H2 Logic 2016 2016 2nd Gen 700 bar 1st office in H2Station™ California opens 2018 2018 Factory opening in 1s
Slide 38: P&L
APPENDIX P&L (in EUR 1,000) 2021 2022 2023 Q1 2023 Q1 2024 Revenue and income Revenue from contracts with customers 31 223 20 504 28 887 6 944 9 712 Other operating income 1 430 3 713 1 506 409 124 Total revenue and income 32 653 24 217 30 393 7 352 9 837 Operating expenses Raw materials 21 987 15 4
Slide 39: Balance sheet
APPENDIX Balance sheet (in EUR 1,000) 2021 2022 2023 Q1 2024 (in EUR 1,000) 2021 2022 2023 Q1 2024 Assets Equity and Liabilities Equity Non-current assets Contributed equity and retained earnings 38 588 4 510 19 440 13 490 Property, plant and equipment 11 656 12 282 11 880 11 706 Other reserves 197
Slide 40: Cash flow
APPENDIX Cash flow (in EUR 1,000) 2021 2022 2023 Q1 2023 Q1 2024 Loss before taxes -25 666 -76 123 -29 692 -8 220 -6 260 Depreciation, amortisation and impairment 3 926 37 089 4 736 1 179 1 232 Change in net working capital -11 366 2 671 -19 4 939 2 317 Other adjustments 7 827 4 185 6 168 2 549 807
Slide 41: Extended management team
APPENDIX Extended management team Martin Keller Karsten Poulsen Peder Hykkelbjerg Martin Pfandl Head of Research & Development Head of Operations Head of Projects and Service Head of Sales & Business Development 3 Years with Nel 15 Years with Nel ½ Year with Nel 7 Years with Nel Samsung, Siemens Gru
Slide 42: Board of directors
APPENDIX Board of directors Jon André Løkke Mimi Kristine Berdal Vibeke Strømme Allan Bødskov Andersen Kim Søgård Kristensen Chair of the Board Board Member Board Member Board Member Board Member • Nel CEO from 2015 to 2022 • 20 years of experience • CEO of Kiwa Norge from • Current CFO and board •
Slide 43: Project Holland Hydrogen
APPENDIX Project Holland Hydrogen 1 Europe’s largest renewable hydrogen plant being developed by Shell • 200MW electrolyser project being constructed in the Port of Rotterdam, Netherlands • FID signed in July 2022 with construction commenced the same year, plant is expected operational in 2025 • Dai
Slide 44: Cavendish Hydrogen site case study – Shell Groningen, Netherlands
APPENDIX Cavendish Hydrogen site case study – Shell Groningen, Netherlands Shell’s 20 bus fleet 350 bar filling site Dispensed hydrogen1 Site overview Two stations provided by Cavendish Hydrogen In 1,000 kgs, monthly basis 20 • Shell’s first operational hydrogen filling point for buses globally 15 •
Slide 45: Cavendish Hydrogen site case study – KOGAS-Tech #05, South Korea
APPENDIX Cavendish Hydrogen site case study – KOGAS-Tech #05, South Korea KOGAS-Tech’s LDV 700 bar filling site Dispensed hydrogen1 Site overview Single station provided by Cavendish Hydrogen In 1,000 kgs, monthly basis 8 • The KOGAS-Tech #05 was the first hydrogen station in the Gyoung Gi province
Slide 46: Cavendish Hydrogen is the third largest hydrogen fueling station provider
APPENDIX Cavendish Hydrogen is the third largest hydrogen fueling station provider The 3rd largest hydrogen fueling station provider by sites in operation1 Ranked by 2023 market share, excluding China and Japan Competitive landscape2 21 11 9% 7 4 4 4 Company 1 Company 2 Company 4 Company 5 Company 6
Slide 47: © Cavendish
© Cavendish
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