#1ADVENT www.advent.energy Presentation September 2021 NEXT-GENERATION HT-PEM FUEL CELL TECHNOLOGY "ANY FUEL. ANYWHERE."#2DISCLAIMER The information, opinions, estimates, projections, forecasts, targets, or prospects contained in this presentation are provided as at the date of this presentation and are subject to change without notice. This presentation contains financial information prepared in accordance with U.S. generally accepting accounting principles ("GAAP") that have been extracted without material adjustment from audited GAAP financial statements and/or extracted or derived from unaudited accounting records that have been used to prepare GAAP financial statements. This presentation also contains certain non-GAAP financial measures which have not been and will not be audited. These non-GAAP financial measures are not recognized measures of financial performance or liquidity under GAAP, but are measures used by the management of Advent Technology Holdings, Inc. ("Advent") to monitor the underlying performance of Advent's business and operations. These non-GAAP measures may not be indicative of Advent's historical operating results nor are such measures meant to be predicative of future results. These measures and ratios may not be comparable to those used by other companies under the same or similar names. As such, undue reliance should not be placed on these non-GAAP financial measures. Advent is not able to provide a reconciliation of the Company's non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation. Certain financial information contained herein is unaudited and is based on internal records and/or estimates. This presentation contains certain forward-looking information which may not be included in future public filings or investor guidance. The inclusion of financial information or metrics in this presentation should not be construed as a commitment by Advent to provide guidance on such information in the future. The information contained in this presentation is the property of Advent. This presentation may not be copied, published, reproduced or distributed in whole or in part at any time without the prior written consent of Advent. The trademarks and trademark symbols used herein are the properties of their respective owners. This presentation contains financial forecasts with respect to Advent's estimated future performance. Advent's independent auditors have not audited, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation and, accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this presentation. These projections should not be relied upon as being necessarily indicative of future results. In this presentation certain of the above-mentioned projected financial information has been included (in each case, with an indication that the information is an estimate and is subject to the qualifications presented herein) for purposes of providing comparisons with historical data. The assumptions and estimates underlying the prospective financial information are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the prospective financial information. Accordingly, there can be no assurance that the prospective results are indicative of the future performance of Advent or that actual results will not differ materially from those presented in the prospective financial information. Inclusion of the prospective financial information in this Investor Presentation should not be regarded as a representation by any person that the results contained in the prospective financial information will be achieved. The financial forecasts reflect assumptions that are subject to change, and there can be no assurance that Advent's financial condition or results of operations will be consistent with those set forth in such analyses and forecasts. ADVENT Any Fuel. Anywhere. 2#3DISCLAIMER (continued) V This presentation contains "forward-looking statements" within the meaning of applicable securities laws, including statements with respect to Advent's strategies, future opportunities and growth prospects, Advent's financial statements, as well as other information and statements that are not historical fact. These forward-looking statements regarding future events and the future results of Advent are based on current expectations, estimates, forecasts, and projections about the industry in which Advent operates, as well as the beliefs and assumptions of Advent's management. These forward-looking statements are only predictions and are subject to known and unknown risks, uncertainties, assumptions and other factors beyond Advent's control that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. They are neither statements of historical fact nor promises or guarantees of future performance. Therefore, Advent's actual results may differ materially and adversely from those expressed or implied in any forward-looking statements and Advent therefore cautions against relying on any of these forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to: economic conditions globally; the impact of competition; political and economic developments in the countries in which Advent operates; regulatory developments in Greece, Europe and internationally; the COVID-19 pandemic; the inability to recognize the anticipated benefits of the proposed business combination between ACMI Acquisition Corp. ("AMCI") and Advent, which may be affected by, among other things, the ability to maintain NASDAQ's listing standards following the consummation of the business combination; Advent's ability to manage growth; Advent's ability to execute its business plans and the timing and costs of these plans; Advent's estimates of the size of the markets it serves; the rate and degree of market acceptance of Advent's products; rising costs or pricing pressures adversely affecting Advent's profitability, including sales and marketing expenses; expectations regarding capacity constraints; potential litigation involving Advent; the validity enforceability of Advent's intellectual property and Advent's compliance with the intellectual property rights of third parties; and other risks and uncertainties indicated from time to time in Advent's filings with the U.S. Securities and Exchange Commission ("SEC"), including those set forth under "Risk Factors" therein, and other documents to be filed with the SEC. Any forward-looking statements made by or on behalf of Advent speak only as of the date they are made. Advent undertakes no obligation to update any forward- looking statements to reflect any changes in their respective expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Accordingly, attendees and recipients should not place undue reliance on forward-looking statements due to their inherent uncertainty. In this presentation, Advent relies on and refers to information and statistics regarding industry data. Advent obtained this information and statistics from third-party sources, including reports by financial data firms and other firms. Advent has supplemented this information where necessary with information from discussions with its own internal estimates, taking into account publicly available information about other industry participants and Advent's management's best view as to information that is not publicly available. Such information has not been subject to any independent audit or review. To the extent available, the industry, market and competitive position data contained herein has come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein has been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While Advent reasonably believes that each of these publications, studies and surveys has been prepared by a reputable party, neither Advent nor any of their respective directors, officers, employees, agents, affiliates, advisors or agents, have independently verified the data contained therein. In addition, certain industry, market and competitive position data contained herein come from Advent's internal research and estimates based on the knowledge and experience of Advent's management in the markets in which Advent operates. While Advent reasonably believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in such information and no representation or warranty (express or implied) is given that such data is correct or complete. ADVENT Any Fuel. Anywhere. 3#4ABOUT ADVENT TECHNOLOGIES HOLDINGS, INC. NEXT-GENERATION HT-PEM FUEL CELL TECHNOLOGY 190 patents issued, licensed, or pending Strategic Partner of the U.S. Department of Energy (DoE). Joint development with Los Alamos National Lab, Brookhaven National Laboratory, National Renewable Energy Laboratory exclusive award of the L'Innovator Program ● ● MARKET-READY (Total Addressable Market: $72+ billion) Thousands of systems sold to Defense, Off-Grid, Remote Power Markets in recent years Opportunity for Heavy-Duty Automotive, Aviation, Marine GLOBAL MANDATE TO DECARBONIZE Decarbonization is a key priority by governments and industries across the globe The U.S. is working towards a 50-52% reduction from 2005 levels in economy-wide net greenhouse gas pollution in 2030. ● ● ● The EU Hydrogen Strategy aims for 6GW of renewable hydrogen electrolyzers in the EU by 2024 and 40GW by 2030. STRONG BALANCE SHEET ● Public listing (NASDAQ: ADN) entry in February 2021 $116 million of cash on the balance sheet (June 2021). No debt HIGH-GROWTH PROFILE ● ● ● Strong pipeline. Manufacturing in the U.S., Denmark & Germany Target revenues of $250+ million by 2025 Target Gross Margins of 30% ADVENT Any Fuel. Anywhere. 4#5Experienced Leadership Team Vasilis Gregoriou* Chairman & CEO 30+ years of operational and strategy experience in the U.S. and Europe • World-renowned renewable energy expert • Extensive experience in product development and company management . MBA, Northeastern University Ph.D. in Physical Chemistry, Duke ADVENT • 35+ years of technology commercialization • 25+ years in fuel cells • Volume manufacturing expert ● Emory De Castro* CTO ● ● DOE Manufacturing Award BASF Fuel Cell Inc. PEMEAS Inc., and De Nora N.A. E-TEK B.S. in Chemistry, Duke University Ph.D. in Chemistry, University of Cincinnati ● ● Proven track record of technological development and commercialization T Kevin Brackman CFO 25 years of finance experience Myers Industries Ingersoll-Rand Chiquita Brands International American Institute of Certified Public Accountants B.S. Accounting & Finance, Miami University Chris Kaskavelis CMO • 20+ years as a C-Suite Officer in Tech/Marketing (founded start- up to AIM & Nasdaq IPOs) • B.S. in Electrical Engineering and B.A. in Business Economics, Brown University • Ph.D. in Supply Chain Management and M.Sc. in Manufacturing Engineering, Boston University 'Indicates member of Board of Directors following the Business Combination. Additional Board of Director members include Katherine Fleming. Anggelos Skutaris, Katrina Fritz and Lawrence Clark. Jim Coffey General Counsel & COO • 30+ years experience in corporate and securities law, M&A, VC, corporate finance and IP law . Long track record working with companies the clean energy and technology sectors, with specific experience in the fuel cell industry B.A., Providence College • J.D., New England School of Law • LL.M. in Corporate Law, New York University Any Fuel. Anywhere. 50#6● H₂ ADVENT FUEL CELL TECHNOLOGY "ANY FUEL. ANYWHERE." ANY FUEL HYDROGEN Fuel for most heavy-duty mobility & industrial markets METHANOL Option for off-grid & portable Interim low-cost option for mobility MARKET NOW e-FUELS (H2 carriers) Low-cost hydrogen at minimal infrastructure cost e-Methanol, DME, LOHC MARKET IN NEAR FUTURE ADVENT Advent Fuel Cell Stack COLD HEAT ANYWHERE HUMIDITY POLLUTION MARKETS ELECTRICITY Advent MEA Defense Heavy-Duty Automotive Aviation Off-Grid Combined Heat & Power Marine Any Fuel. Anywhere.#7ADVENT HT-PEM: WHAT DOES IT MEAN FOR... TECHNOLOGY 1. It can handle almost any low-carbon or zero-carbon fuel. Competitor LT-PEM fuel cells need pure hydrogen, which requires a large amount of spending on infrastructure. 2. Enables more efficient heat management (vs. LT-PEM), which is needed for aviation and heavy-duty automotive. 3. Can withstand extreme temperatures, pollution and humidity, leading to a longer lifetime and lower total cost of ownership (TCO) (vs. LT-PEM). Advent develops and holds the IP on the core technology (MEA materials). Actively developed with world-leaders in research innovation: NREL, LOS ALAMOS, BROOKHAVEN and U.S. DEPARTMENT OF ENERGY. ADVENT BUSINESS 1. Ships, Planes, Defense and Trucks expected to use e-Fuels. 2. Immediate market now with low-carbon methanol. 3. India, China and emerging markets need solutions with minimal infrastructure costs. Advent Advantage PROJECTED FUELS CONSUMED IN THE TRANSPORT SECTOR IN 2050 (EU model consumption in MToe equivalent) 36%,80 MToe OIL Existing infrastructure. Oil tankers, trucks, gas stations. 35%77 MToe e-FUELS incl. LIQUID SUN/WIND from mostly green hydrogen Existing infrastructure Minor investment to retrofit trucks. tanks and pumps 20%,45 MToe ELECTRICITY Grid upgrades, new charging stations 9%, 20 MToe HYDROGEN Hydrogen refill stations, liquify. de/compression, shipping. storage CFRP Tanks e-Fuels above includes mainly renewable e-liquid biofuels and in smaller %s biogas, e-gas and natural gas. Analysis by the European Commission in the 393-page report " A Clean Planet for all. A European long-term strategic vision for a prosperous, modern, competitive and climate neutral economy using the PRIMES-GAINS-GLOBIOM/FORECAST Model Scenario Combo (resulting to 90% decarbonization by 2050, is shown in this picture, (chosen as a mid-case). The model includes all sectors and all CO2 not just energy combustion emissions. Figure 57 pg 131 data used for this article. I used the COMBO scenario as the most appropriate mid-scenario https://ec.europoeu/cima/sites/clima/files/docs/pages/com.2018.733, onglysis, in support, en. 0.pdf Any Fuel. Anywhere. 7#8OFF-GRID & PORTABLE POWER IS AN IMMEDIATE MARKET TO EXPLORE AND GROW Power Diesel generator replacement Low Power, Long Autonomy Batteries are not a desirable solution due to their size, weight, and need to recharge -5 kW Liquid hydrogen-bearing fuels are a more efficient option 15 kW -250 W +50 W Surveillance Security ADVENT Defense Portable Power long autonomy, quiet, lightweight 3x-25x weight advantage vs. batteries 4+hrs Telecom Backup Power days 1m+ off-grid towers, attractive for Asia, Africa, instead of diesel generators FUEL CELL: Off-Grid, Portable Methane Reduction Critical infrastructure remote power. Impact: equivalent to 8M cars' annual CO2 via adoption at North American wellheads alone weeks shutterstock utterst Autonomy ENERGY: Methanol, e-Fuels, & other liquid fuels are easy to transport and are an attractive solution for the off-grid and portable market Any Fuel. Anywhere. 8#9MARKET & COMPETITIVE LANDSCAPE: ADVENT POSITIONING COMPETITION: MWh-GWh MWh -100 kWh ENERGY: LI-ION BATTERY EV GRID POWER ADVENT 4hrs Path to mobility market through JVs & Joint Development Agreements LOW-TEMPERATURE PEM TRUCKS, BUSES H2 (PURE) HEAVY-DUTY MOBILITY 8hrs AVIATION Increasing interest for large-scale systems SOFC/MCFC 12+hrs P2X, CHP & MARINE OFF-GRID & PORTABLE H days Autonomy H2 (PURE, REFORMED, LOHC), METHANOL, E-FUELS, NATURAL GAS) shutterstock Any Fuel. Anywhere. O#10ADVENT EXECUTES ON BUSINESS PLAN POST NASDAQ ENTRY San Francisco Bay Area, USA Advent has approximately 190 patents issued, licensed, or pending and has accessed its own and the 3rd party global HT- PEM investment of partners to create the leading next- generation fuel cell technology provider. First LT-PEM fuel cells 1960s Advent HT-PEM Gen 1 2006 R&D with NASA, ESA, DOE 04 2012 DOE NASA ESA ADVENT Advent-BASF HT-PEM Gen 2 2013 DoE selects Advent for L'Innovator Joint Dev. Program BASF Boston and Charlestown, MA, USA 2018 *This number includes part-time employees and contractors. LOS ALAMOS SAFRAN & ESS expand program contracts NREL 170+ 38 Employees Successful R&D Programs BROOKHAVEN 2019 Advent enters NASDAQ ("ADN") Raises $158 million ESS 2021 NASDAQ SAFRAN UltraCell Acquisition Aalborg. Denmark 2021 Q1 New Boston & Europe production facilities under construction UltraCell HIGH POWER MICRO FUEL CELLS A Bren-Tronics Company Sartenergy 700+ Combined Technical Years of Experience Achern, Germany UltraCell expands DoD contract TARA N HT-PEM Gen 3 launch with LANL Patras and Athens, Greece 190 Patents Issued, Licensed, or Pending 2021 Q2 Mobility next-gen Fuel Cell under development Acquisition Serenergy A/S (Denmark) and fischer eco solutions GmbH (Germany) Any Fuel. Anywhere. 2021 Q3 Serene-5 10#114 ADVENT APPLICATIONS#12● OFF-GRID POWER: TELECOM TOWER POWER METHANOL FUEL CELL SYSTEMS (5-15kW) Acquisition of SerEnergy & fischer eco solutions fuel cell businesses closed on September 1, 2021 01 PROVEN SerEnergy has deployed hundreds of systems deployed to telecom tower operators around the world Remote monitoring and self- maintaining systems Operate at extreme conditions Business Case: Smart Communications deploys SerEnergy fuel cells across its Philippine telco network Ser energy clean power ADVENT Smart 02 DEPLOYABLE Power generation in off/bad-grid sites for critical infrastructure, telecom, construction sites • Self-contained cabinet systems with 1-3 5kW fuel cells Total number of off-grid and bad-grid towers: 1.021.100 701.000 320.100 2014 +16% 1.180.600 791.000 389.600 Source: GSMA, "Green Power for Mobile", Dec 2014. Bad-grid: Less than 18 h of reliable grid access per day. 2020 off-grid towers bad-grid towers 03 CLEAN ENERGY Fuel cells do not produce particulate pollutants or unburned hydrocarbons. They emit less carbon dioxide than other, less efficient technologies. With the use of e-Fuels, this creates a path to effectively zero-emissions energy. ● 92 additional highly- skilled R&D, manufacturing and sales professionals HT-PEM focused with proven production capabilities in Denmark & Germany Acceleration with business in Asia and Northern Europe markets Any Fuel. Anywhere. 12#13OFF-GRID POWER FOR CRITICAL INFRASTRUCTURE: U.S. AND CANADA O&G OPPORTUNITIES 01 ANY FUEL Uses Methanol Fuel cells will use industrial-grade methanol already available at the site 10x less greenhouse gas emitted vs. traditional combustion generators • Zero nitrogen oxides, sulfur oxides and particulate emissions 02 ANYWHERE Rugged and Reliable Unlike renewables, fuel cells work in almost any climate, geography and weather condition Designed to meet critical power requirements without interruption Does not fail in extreme conditions, can operate at low temperatures down to at least -40°C Fuel Cells can deliver power to well sites 24/7/365 ADVENT 03 GOAL: METHANE EMISSIONS TO ZERO Reduce O&G well site methane emissions (up to 40 Mt CO₂e per year) ● Fuel cells powering 185,000 oil and gas wellheads in Canada and the U.S. will reduce methane emissions (up to 40 million tons of CO₂e per year), which is equivalent to the carbon footprint of more than 8 million passenger cars The implementation of the solution can contribute to rapid decarbonization of the Oil & Gas industry by mitigating the methane emissions problem. Fuel Cell operating at Canadian wellhead ● . CO₂ CO₂ (CO₂ Ã Ã ·Ã! 185,000 oil and gas wellheads 04 PROVEN CO₂ ➤ SHELL ➤ REPSOL ➤ HUSKY > CENOVUS ENERGY >NAL RESOURCES > BELLATRIX > MODERN RESOURCES ➤CALSCAN SOLUTIONS MODERN RESOURCES Executed agreements to trial 10 50W systems in Alberta with oil & gas majors Initial deployment in Canada anticipated in Q3 2021 Projection: Mass deployment by 2023 CO₂ 8 million passenger cars RESPOL HUSKY ENERGY CENOVUS BELLATRIX CO₂ Any Fuel. Anywhere. SHELL Edmonton CALSCAN SOLUTIONS CENOVUS Red Deen NAL RESOURCES * 13 ين#1401 DEFENSE INDUSTRY: WEARABLE FUEL CELL FOR OFF-GRID POWER ● Portable Power: Military grade, 55W-1kW battery • USA made and DoD deployed portable fuel cell Operates at -20°C-+55°C ● PROVEN ADVENT 02 PORTABLE 3x-25X lower weight compared to batteries ● 3 Gallons of Methanol (approximately 20 lbs) 03 MOBILITY VS Can use methanol (contained in some windshield washer fluid) as fuel Transported at a much lower cost than single-source fuel, for example, hydrogen Major advantage from logistics/ operations perspective Based on Advent's "Any Fuel" MEA 121 lbs of batteries NEXT MARKETS Security Surveillance Emergency Response UAVS Recreation Any Fuel. Anywhere. 78 14#15LARGE-SCALE SYSTEMS: INDUSTRIAL (P2X & CHP MARKETS) MW-level Systems • Power to Hydrogen: to balance grid by producing heat & power from stored hydrogen • Datacenters: reliable, high-quality power Off-Grid Power: For large-scale off-grid power needs Mining Industry: Vehicle recharging and remote power needs ADVENT H₂ 1 MW FUEL CELL SYSTEM BY ADVENT 01 FUEL-FLEXIBLE ● 02 ● ● 03 Supports methanol or natural gas and hydrogen if/when available. 04 OFF-GRID GREEN SOLUTION Facilitate path to zero-emissions for large-scale and grid level systems No grid, no hydrogen network, makes HT-PEM attractive solution LARGE-SCALE MW specific product design for low-cost of manufacturing and long lifetime Any Fuel. Anywhere. 15#16COMBINED HEAT & POWER: UNITS FOR HOME AND COMMERCIAL APPLICATIONS Advent Technologies has been nominated by the Greek Ministry of Development and Investment to be part of the first wave of Important Projects of Common European Interest ("IPCEI") on Hydrogen. Advent will also be spearheading the Green HiPo project as part of the overall, joint "White Dragon" project. HiPo Station 3-5kW 00000 Private Suitable for different types of buildings Single-family homes Multi-family homes ADVENT Commercial Suitable for small-scale commercial buildings, Businesses and more: . ● Restaurants Hotels Office buildings Workshops Stores Medical Centers Banks 5kw 10kw APPLICATION OPERATING MODE MONITORING FUEL FUEL CELL TYPE 15kw OVERALL EFFICIENCY ELECTRICAL EFFICIENCY THERMAL POWER ELECTRICAL ENERGY GENERATED/YEAR THERMAL ENERGY GENERATED/YEAR WEIGHT HEIGHT X WIDTH X DEPTH SERVICE 1.520mm Electrical power and heat for family homes, companies, public and commercial buildings 490kg All year (-8,700hrs) Available via web enabled device Hydrogen, Natural gas, LPG, Methanol, e-fuels and any hydrogen carriers HT PEM Fuel Cell (3-5kW) 90% 40% Up to 5kW 26,000kWhr 44,000kWhr 490kg 1,520mm x 860mm x 610mm 12 months (air filter, water purification) 01 FUEL-FLEXIBLE Can start deployment in natural gas network and eventually support H2 input or other fuels without new investment 02 THE RIGHT TEMPERATURE 04 LT-PEM doesn't provide quality heat, and Solid Oxide Fuel Cell (SOFC) is too hot (600+°C) 03 MODULAR Can scale up to bigger units by adding systems in parallel COST Lower cost to manufacture than SOFC, simpler supply chain Any Fuel. Anywhere. 16#17White Dragon is the flagship decarbonization project for Greece and one of the top-10 projects by size across Europe for green hydrogen production and storage (Power to Gas). Developed by a consortium of Greek companies for development between 2022 and 2029, it consists of: 1. 2. 3. COMBINED HEAT & POWER: WHITE DRAGON Advent Technologies Projects White Dragon & Green HiPo (4.65GW Green Hydrogen & 400MW Fuel Cells), approved by Greek Government and submitted to the European Union GW-scale variable renewable energy/electricity Hydrogen production & storage (electrolyzers used for green h2 production, and high-temperature fuel cells for energy storage, electricity grid stabilization, and district heating locally) Hydrogen and natural gas blending for pipeline transportation White Dragon RES Anna Electrolysers 4,6 GW Green HiPo ADVENT H2 Storage TAP NG Pipeline 100% hydrogen pipeline NG/H2 blend Pipeline Fuel Cell Production Units 400 MW Green HiPo H2 Distribution 3 Electricity and Heat production HRS / Transport E0000 Hydrogen Trading Hydrogen End Users Advent's two Greek Important Projects of Common European Interest ("IPCEI") have been approved by a joint decision by the Greek Minister of Development and Investments, Mr. Adonis Georgiadis, and the Greek Minister of Environment, Energy, and Climate Change, Mr. Kostas Skrekas, and now await EU approval. White Dragon (Decarbonization & Solar Power to Gas Project) Duration 2022-2029 (first phase) Green H2 production Power2Gas: 250,000 tons / year Green H2 for other uses: 58,000 to 71,000 tons / year Any Fuel. Anywhere. 17#18● ● ● ● COMBINED HEAT & POWER: GREEN HiPo Advent Technologies Projects Green HiPo approved by Greek Government and submitted to the European Union to establish manufacturing capacity for 4.65GW Green Hydrogen Electrolyzers & 400MW Fuel Cells The Green HiPo project concerns the development, design, and manufacturing of HT-PEM fuel cells for the production of heat and power. It is a complementary project to White Dragon and will produce the fuel cells that will power White Dragon's green energy plan. The project will contribute to the economic development of the region by providing approximately 1,400 jobs in innovative sustainable technology. The facility will initially manufacture fuel cells of 15kW/units, gradually reaching 120kW, and then 1MW scale single units before finally becoming a multi-MW platform. ADVENT Why Advent's Fuel Cells Advent's HT-PEM fuel cells are well-suited for heat and power applications: ● ● They operate at the 160-200°C range and can produce quality heat, in addition to electricity. Combined efficiency of fuel cells to 85 percent. They operate with natural gas, a natural gas-hydrogen blend, and eventually with green hydrogen. GREEN HiPo Duration Project Size 2022-2029 (first phase) Scope: Manufacturing of Fuel Cells & Electrolyzers Northern Greece to support White Dragon project Fuel Cell Capacity: 400MW Electrolyzer Capacity: 4.65 GW (to be installed by Advent in the 7-year timeframe) Any Fuel. Anywhere. 18#19HEAVY-DUTY TRUCKS: ADVENT'S "ANY FUEL. ANYWHERE." TECHNOLOGY ADVENT FUEL CELL 30kW stacks used to create 120, 240kW etc. power options SIMPLE REFORMER On-board hydrogen generation ADVENT HT-PEM MEAS Operate at high-temperatures, (80-240°C) Based on proprietary materials No need for water management ADVENT 01 02 03 04 FUEL FLEXIBILITY H2, H2 (LOHC) & e-Fuels (methanol, natural gas) COST Simpler to design and manufacture "Any Fuel. Anywhere." reduces TCO (vs. LT-PEM) LONG RANGE & FAST RECHARGE Smaller lithium ion battery Solves the limitations of pure EV trucks Option to refuel with liquid fuels Small Radiators EFFICIENCY Operates at "optimal" temperature and high voltage Reduces system complexity (balance of plant) Any Fuel. Anywhere. 19#2001 RANGE / PAYLOAD AVIATION: COMMERCIAL FLIGHTS, DRONES, EVTOLS Compared with Batteries, e-Fuels or even H2, provide an attractive solution ● ● PAYLOAD increases 2x+ RANGE increases from minutes to hours Based on: Next-generation HT-PEM MEAS Proprietary ultra-lightweight non-metal plates Advent Fuel Cell 4 Refill 1-2 times a day 3 ADVENT 02 EFFICIENCY 10 Mins High temperature Is key for flight efficiency 03 UTILIZATION Projected trip from San Francisco to Palo Alto* Refills in minutes vs. hours eVTOL Case Trips Passengers Recharge Battery 1 2 04 MULTI-FUEL H2 or dimethyl ether (DME) is an attractive fuel source ● ● ● ● ARPA-E: minimum of 2,000Wh/kg energy density is required for flight Jet fuel: 12,00oWh/kg. H2: 40,000Wh/kg, Methanol: 5.472Wh/kg, DME: 7,889Wh/kg Battery: 240Wh/kg 3 Hours Wait to recharge before second trip MARKETS Surveillance Drones Delivery Drones eVTOLS Airplanes *Expected performance of a typical trip from San Francisco to Palo Alto in California of an eVTOL using the Advent Fuel Cell vs. using just a battery. Any Fuel. Anywhere. 20#21MARINE APPLICATIONS: ADVENT'S "ANY FUEL. ANYWHERE." TECHNOLOGY Methanol is used by a Reformer to create Hydrogen and Air which enters the Fuel Cell and is converted to Electricity. FUEL Methanol Car ferry / cruise ship REFORMER ADVENT FUEL CELL 30kW stacks used to create 120, 240kW etc. power options for auxiliary power and passenger accommodations 1MW Stacks used to create multi-MW for propulsion ADVENT ADVENT HT-PEM MEAS Operate at high-temperatures, (80-240°C) Based on proprietary chemistry No need for water management Hydrogen Main propulsion and auxiliary power Air FUEL CELL Multi-purpose vessel OUTPUT Electricity Heat Yacht 01 FUEL FLEXIBILITY H2, H2(LOHC) & Methanol, natural gas 02 MODULAR POWER SYSTEM Scalable for many load requirements and applications (e.g. propulsion system, auxiliary power) 03 LONG RANGE & FAST REFILL Unlike a battery that needs charging, fuel cells run as long as there is hydrogen fuel. Thus, longer routes and larger vessels may be possible 04 HYBRID ARCHITECTURE Batteries can work together with fuel cells (hybrid architectures of battery and fuel cell) 05 NO EMISSIONS Fuel cell ship Vessels can freely access emission control zones Any Fuel. Anywhere. 21#22Ale of AROVS NAS SEN 86 ADVENT TECHNOLOGY#23ADVENT THE PATH TO LOW-COST FUEL CELL SYSTEMS MATERIALS INNOVATION New MEA with U.S. Department of Energy (DoE) Power Density 1w/cm2 Maximum Lifetime Roll-to-roll material fabrication Membrane Electrode MEA Bipolar plate SCALE High-volume manufacturing Germany ADVENT ENGINEERING INNOVATION: Next-generation Digitronics Design Fuel cell stack REDUCE TCO: $/KWH STANDARDIZATION Reformer changes from H2 to Methanol to Natural Gas to Zero Carbon e-Fuels Same Stack & MEA Low TCO with fuel flexibility Increasing lifetime Reducing materials & production cost/kW Platinum (Pt) recycling/ financing Fuel-flexibility: fuel cost & infrastructure, immediate market Reformer-HT-stack END PRODUCTS Already shipping products in off-grid, defense & portable power market Strategic Partnerships for end-products in mobility Core unit Electro-mechanical unit Power electronics/ control unit TELECOM 5kW module HT3-5000 DEFENSE XX55™ Outdoor cabinet 2 X HT3-5000- fuel tank HEAVY-DUTY TRUCKS Any Fuel. Anywhere. 23#24ADVENT INSIDE THE FUEL CELL STACK: MEA & MORE 1 2 FO 3 ADVENT 4 5 6 7 The MEA is the "heart" of the Fuel Cell and it defines: What fuels can be used, efficiency, power density The design parameters for the rest of the components, including the balance of plant The Total Cost of Ownership of the fuel cell system Fuel Cell Stack Components 1. Lightweight Composite End Plate 2. Current Collector 3. High Performance Bipolar Plate (BIP) With Integral Thermal Management 4. Anode Gas Diffusion Electrode (GDE) 5. High Temperature Polymer Electrolyte Membrane (HT-PEM) 6. Cathode Gas Diffusion Electrode 7. Assembled HT-PEM Membrane Electrode Assembly (MEA) MEA Cost Targets . . $80/kW at mass scale Roll to Roll Manufacturing Ultra-low Platinum technology Product Development Plan Develop & Scale-up MEA Production in-house (U.S.-based) • Partner/license production of other components Any Fuel. Anywhere. 24#25ADVENT HT-PEM MEA TECHNOLOGY IS A GAME CHANGER LIFETIME / 60 [HR TO 10% VOLTAGE LOSS] HT-PEM to LT-PEM Comparison --ADVENT HT-PEM FUEL FLEXIBILITY [CO TOLERANCE / 1000 (PPM)] ADVENT RESILIENCE - HIGHEST TEMP 200 180 160 140 120 100 80 60 40 20 a --LT-PEM RUNS HUMID OR DRY [% RH DELTAI PEAK POWER / 10 [mW / cm2] Competitive Advantage Next-Generation Technology: LT-PEM developed in 1960s has reached its limits (75°C operation) New Chemistry: LT-PEM is water-based while HT-PEM relies on a conductive plastic resilient to extreme temperatures. No water management allows for a simpler design, longer lifetime and smaller balance of plant Great Potential: Beginning of lifecycle product with room for substantial further improvement Technical Specs Long lasting Fuel- Flexible Resilient Sustained High Power Cost Advantage Degradation is still a problem for fuel cells Advent triples lifetime (-10,000 vs. 3.500 hrs @ 10% power loss) H₂ infrastructure installs fast with methanol or H₂ sources like biogas Impurities in regular hydrogen such as 10 ppm CO damage LT-PEM Our materials withstand > 2 % CO (4% at 200C) HT-PEM function despite air pollution conditions, unlike LT-PEM Environmental flexibility increases life and reduces cost Advent units work anywhere in the world LT-PEM does not run well hot or dry: < 50% RH and >30 °C ambient. Our technology runs from 0% RH (Nevada) to 100% (Florida) Advent runs -30 °C to +55 °C ambient temperature at FULL POWER Similar to current tech (1,100 mW/cm2 peak power) without the extra weight and volume of complex cooling and water management Roll-to-roll processing for automation integration Mated to catalyst technology that reduces platinum 8-10 fold Simpler system design and fuel flexibility drop TCO substantially Actively developed with world-leaders in research: NREL, LOS ALAMOS, BROOKHAVEN and U.S. DEPARTMENT OF ENERGY Target Product Roadmap 2021 2022 Prototype Optimized MEA MEA 2023 Pilot Production 2024 Mass Production Any Fuel. Anywhere. 25#26ADVENT FUEL CELL STACK: NEXT-GENERATION TECHNOLOGY High reliability, high voltage stacks Competitive Advantage Multifuel capability: H₂, H₂(LOHC), Methanol, e-Fuels, DME, Natural Gas Lifetime: Micro-fuel cell architecture contributes to a long lifetime, max MTBF Efficiency: High-Voltage Operation for maximum efficiency Resilient: To extreme heat, cold, humidity, pollution, H2 impurities ADVENT 30kW HT-PEM Stack Module (Twin 15kW) Technical Specs Weight: Stack Efficiency: Dimensions: Lifetime: Operating Temperature: Startup Time: Ambient Temperature: Operating Voltage: Start/Stop: Consumption H2: "e-Fuel/methanol: Cooling Technology: targets of next-generation stack <26kg 15kW Modules 54% 55 55*8 cm (L*W*H) "skateboard" design 10K-40K hours (depending on application) 80°C to 240°C <180 secs -38°C to 58°C 300V modules (15kW) Connect modules in series or parallel 8,000 cycles (12 years) 13.49kWh/kg 2.01kWh/kg Heat-pipes (truck) Hydro-formed microchannel (flight) Built-in fuel reformer Options: Cost Targets System: $250/kW at mass scale Operating Cost: < $0.15/kWh assuming $2/kg H₂ 2022 Target Product Roadmap 2021 Prototype Optimized Stack Stack 2023 Pilot Production 2024 Mass Production Any Fuel. Anywhere. 26#27J ADVENT BUSINESS MODEL#28REVENUE BREAKDOWN* ADVENT - www 50% SYSTEMS Off-Grid Telco Towers Defense Remote Power 20% MEAS 15% ENGINEERING & License Fees 15% GRANTS Support Engineering & System cost/kW directly Any Fuel. Anywhere. *Projected 28#29BUSINESS MODEL: ADVENT INSIDE CORE IP + TECHNOLOGY HT-PEM: ALL MARKETS LT-PEM: BUSES, TRUCKS ADVENT CORE IP +TECHNOLOGY TIER 1 AND OEM (Target Partners) ADVENT AVIATION AIRBUS SAFRAN BOEING LOCKHEED MARTIN THALES RAYTHEON TECHNOLOGIES NORTHROP GRUMMAN GENERAL DYNAMICS DEFENSE POWER GENERATION BOSCH MITSUBISHI GENERAL ELECTRIC BALLARD POWERCELL AUTOMOTIVE NISSAN GENERAL MOTORS VOLKSWAGEN VOLVO MERCEDES-BENZ TOYOTA MAN JOHN DEERE CUMMINS CATERPILLAR NIKOLA HEAVY-DUTY SOFC CHP, INDUSTRIAL CERES POWER BLOOM ENERGY OIL & GAS EXXONMOBIL BAKER HUGHES BP COMBINED HEAT & POWER DOOSAN PANASONIC AND MORE... Any Fuel. Anywhere. 29#30BUSINESS MODEL FOR JOINT DEVELOPMENT AGREEMENT WITH OEMS OR TIER 1s Partners 7 1. Advent: Manufacturer of MEAS & development of fuel cell systems 2. Tier 1/OEM: System manufacturing scale up and commercial expansion ADVENT Prototype Phase: Advent develops specific prototype fuel cell system for application/market Year 1 Engineering Fees Year 2 Early Production Phase: Advent manufactures MEAS and licenses out fuel cell technology to Tier 1/OEM Year 3: 30 MW Licensing fees MEA sales OEM focuses on manufacturing & marketing preparation Year 4: 120 MW Mass Production Both Parties scale up their production Year 5: 450 MW Licensing fees MEA sales Mass market scale- up to 100k+ units Year 6: 750 MW Licensing fees MEA sales Any Fuel. Anywhere. Year 7: 1 GW 30#31KEY METRICS ADVENT IS ON TRACK TO MEET ITS 2025 GOALS ADVENT $250 million IN ANNUAL SALES 30+% GROSS MARGIN $50 million ADJUSTED EBITDA Any Fuel. Anywhere. 31#32POTENTIAL GROWTH CATALYSTS POTENTIAL CATALYSTS TO EXPEDITE GROWTH OVER THE NEXT 12 MONTHS ADVENT • Completion of the advanced manufacturing facility in Boston & Europe • Continued progress on commercializing the DoE technology • Collaboration/Joint Development Agreements (JDAS) with large, global players ● Product development activity around portable/off-grid, aviation and mobility • Potential strategic transactions EU approval of and breaking ground on the White Dragon and Green HiPo Projects Any Fuel. Anywhere. 32#332 + ने ADVENT CONTACT [email protected] www.advent.energy