#1Investor Presentation February 2021 ADVENT NEXT GENERATION FUEL CELL TECHNOLOGY www.advent.energy#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. 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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. www.advent.energy ADVENT 2#3Disclaimer (continued) 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 and Advent, which may be affected by, among other things, the amount of cash available following any redemptions by AMCI's stockholders; the ability to meet NASDAQ's listing standards following the consummation of the proposed business combination; costs related to the proposed 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 AMCI or Advent; the validity or 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 the definitive proxy statement delivered to AMCI's shareholders and related registration statement on Form S-4, including those set forth under "Risk Factors" therein, and other documents filed or to be filed with the SEC by AMCI. 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. www.advent.energy ADVENT 3#4Investment Highlights INSAGY G Sources: Global Data, Bloomberg New Energy Finance. G Advent is the missing puzzle piece to unlocking the Hydrogen Economy with low-cost energy solutions Low cost, fuel-flexible and resilient fuel cell technology - solving the need for expensive hydrogen infrastructure Developing and manufacturing the critical components for high-growth new energy markets, including transportation, off-grid, aviation and the Hydrogen Economy Solving the range and recharge mobility problems with Li-ion batteries given greater energy storage capability Proven, scalable business model that delivers consistent and recurring revenue, with a ~$100m revenue opportunity per 1GW of demand Platform technology provides critical performance benefits for a wide range of end markets, with a total estimated market size of more than 850GW by 2040 Experienced management team delivering breakthrough technology in partnership with world class research centers www.advent.energy ADVENT 4#5Business Overview Pioneering, critical technology for the Hydrogen Economy Next Generation Fuel Cell Technology Backed by 50+ international technology and process patents Fuel-flexible, lower cost, longer life - works anywhere Supported by industry leading partners Proven Product Ready for Market Adoption - - Advent's MEA products are already being used and tested for use by a number of top tier customers Heavy truck users beginning adoption of hydrogen fuel cells to extend EV range Roll-to-roll manufacturing process provides for scalable, high margin business Timing is Now Ramping up of EV automotive sector is inflection point for demand of fuel cells Success of Tesla and others provides high visibility for clean tech Advent's team is highly skilled in production ramp-up and ready to execute on the growth plan of the company Our Markets Fuel cells for EV automotive, aviation and stationary / off- grid applications Energy Storage IoT Sensors Hydrogen Production Los Alamos NATIONAL LABORATORY EST.1943 ARTMENT Our Partners NASA U.S. DEPARTMENT OF ENERGY BROOKHAVEN NATIONAL LABORATORY Office of ENERGY EFFICIENCY & RENEWABLE ENERGY esa European Space Agency www.advent.energy ADVENT 5#6What We Do Our Products Develop, Manufacture & Sell Next Generation fuel cell technology that significantly improves the economics of hydrogen power Develop & License High-Temp PEM Membranes Next generation electricity conducting plastics that can operate at 160+ºC Significantly enhances capabilities and performance of fuel cells and other clean technology systems Membrane & Electrode Assembly ("MEA") MEA is the "heart of the fuel cell" Analogous to Li-ion cell for the battery industry Advent's technology is fuel-flexible, lightweight and resilient High-Temp Fuel Cell Fuel-flexible fuel cells that significantly reduce need for hydrogen infrastructure Enter into joint development programs with partners Intend to scale-up production for mobility (auto, aviation) and stationary (off-grid, portable, security, charging station) markets Complete Systems Leverage MEA technology with a matched fuel cell and license to system integrators, Tier 1s and OEMs IP in design, cooling, testing and optimization www.advent.energy ADVENT 6#7Evolution & Innovation Development / Evolution Key Partnerships Development of initial fuel cells Advent Advent TPS® introduced 2003 R&D 2012 Incorporate in USA Seed Round NASA Consolidating 50+ international patents and $500m+ of technology investments by partners, predecessors and strategic licensing & acquisition agreements Market Penetration UltraCell Stealth loT company begins HIGH POWER MICRO FUEL CELLS program with Advent U.S.NAVAL RESEARCH LABORATORY C 2013-2016 UltraCell renews multi- year supply contract US Navy purchases stacks 2018-2019 D-BASF The Chemical Corgony eesa Projects with NASA, ESA, DOE Consolidate membrane technology; BASF license www.advent.energy Mass Adoption Palcan Palcan signs MEA supply agreement AIWAYS EV manufacturer engagement SAFRAN SAFRAN expands ⚫program ESS signs component supply agreement 2020 License advanced stack technology from EnerFuel BROOKHAVEN NATIONAL LABORATORY Los Alamos NATIONAL LABORATORY Collaboration with US DOE Los Alamos, Brookhaven labs Beyond Production ramp up and commercialization of products Scale-up fundraising; progressing major contracts ADVENT 7#8Applications Market Size Advent MEA Market Changing Technology D MEA Membrane Electrode Assembly Advent Inside EV Automotive 00 $1,200b by 2027 Heavy-duty trucks Commercial vehicles Passenger EVs Range extenders for SUV Taxis Charging stations 00 Advent's MEAs are the "heart" of the fuel cell & all electrochemistry applications - analogous to Li-ion cell for battery packs FUEL CELLS Off-grid Power Aerospace & Defense Energy Storage OTHER MARKETS Hydrogen Production H2 Hz Hz IoT, Sensors $350b by 2040 Telco, O&G, Mining, CHP $27b by 2030 Commercial drone power Surveillance/Defense APU eVTOLS Defense, security, marine 2 Commercial aviation Zero-emissions flight Auxiliary power $4.5b by 2028 Vanadium and Iron flow battery Microgrid, industrial and utility markets Used for balancing renewable power demand & supply $2.3b by 2028 Hydrogen technology & generation Electrolysis Power to gas, power to liquid technology providers $1.3b by 2027 Electrochemical sensor for: pollution monitoring, medical, food, consumer apps Sources: Grand View Research, IDTechEx, Markets and Markets, Lux Research, Allied Market Research. www.advent.energy ADVENT 8#9Fuel Cell Technology Evolution Advent's technology is the right choice for mobility and affordable power anywhere Least Benefit to End User Most Benefit to End User ୬ LT-PEM (Competitors) HT-PEM (Competitors) Advent HT-PEM Fuel-Flexibility (Wide Market Opportunity) Fit for Mobility (Power Density, Heat Management, System Simplicity) Resilience, Durability, Lifetime Affordability (Total Cost of Ownership) Improved Commercial Applications www.advent.energy ADVENT 9#10Unique Market Position in the Fuel Cell Value Chain Membrane % of fuel cell cost 3% Only vertically-integrated supplier of HT-PEMs to fuel cell OEMs and system manufacturers Any Fuel, Anywhere HT-PEM ADVENT D-BASF The Chemical Company Hydrogen Only Stationary Only SOFC LT-PEM GORE MEA manufacture & assembly 25% Fuel cell technology 30% Engineering/Licensing Fuel cell OEMs, and System Manufacturing 100% ADVENT D-BASF The Chemical Company ADVENT BALLARDⓇ Ceres Power Blue World Technologies POWERCELL Blue World BALLARDⓇ Technologies Ceres Power Bloomenergy DE 东方电气 DONGFANG ELECTRIC Palcan SSAFRAN +① POWERCELL BOEING PLUG POWER ④BOSCH WEICHAI NISSAN 潍 柴 SIOENS United Bloomenergy DOOSAN Technologies TOYOTA NIKOLA UltraCell HIGH POWER MICRO FUEL CELLS A Bras-Tronics Company BIWAYS Ser energy www.advent.energy ADVENT 10#11Next Generation Technology Accelerates Clean Energy Transition Fuel cells solve for issues that cannot be solved by batteries alone Need for Power max Wh/kg -5000-10000Wh/kg 500-1000Wh/kg Idle most of the time Easy to refill Small battery 100-200Wh/kg 2hrs autonomy 4hrs Possible to do EV only, but fuel cell hybrid is more practical and still Operates many hours True net-zero (not grid-dependent) with green fuels continuously, impossible to have large battery, weight and volume limitations electric BATTERY EV wo BATTERY + FUEL CELL HYBRID www.advent.energy 8hrs 0 00 00 12hrs+ FUEL CELL Need for Range max km fast refill ADVENT 11#12Advent Fuel Cells Outperform Competition Any Fuel, Anywhere Advent technology allows fuel cells to be: Bringing down cost/kW - Advent's fuel cell technology enables longer-lasting, lower cost, more robust and more powerful fuel cells Advent vs incumbent LT-PEM technology • Long lasting • Degradation is still a problem for fuel cells Advent can more than triple lifetime (~10,000 hrs to 10% power loss vs 3,500) Hydrogen infrastructure can be delivered quickly and efficiently with methanol or other hydrogen sources such as biogas . Fuel-Flexible Impurities in regular hydrogen such as 10 ppm CO (carbon monoxide) kill a low temperature fuel cell - our materials withstand > 2% CO -HT PEM Advent Resilience -Highest T -Low Temp 160 140 120 Lifetime/60 100 80 (hrs to 10% Voltage loss) Runs Humid or Dry 40 [%RH range (delta)] 20 Resilient • The same holds true for air purity; air pollution decreases power in low temperature fuel cells Reducing humidity and temperature issues increases life and reduces cost, and these units work anywhere in the world • Low temperature cannot run hot and dry - no less than 50% Relative Humidity (RH) and not hotter than 70 °C while our technology runs from 0% RH (Nevada) to 100% (Florida in the summer) At least as powerful as current tech (1,100 mW/cm2 peak power) without the extra weight and volume of complex cooling and water management Roll-to-roll processing mated to catalyst technology that reduces platinum 8-10 fold Simpler system design and fuel flexibility drop TCO massively Fuel Flexibility [CO Tolerance/1000 (ppm)] • High Power . Cost Competitive www.advent.energy Peak Power/10 (mW/cm^2) ADVENT 12#13Vast Market Opportunities Beyond Fuel Cells 01 02 03 Advent MEA Flow Battery ESS™ EW Advent Membrane Renewable Power Generation Electrochemical Sensors Water Electrolysis Plant loT Description Energy Storage Storage solutions for wind or solar energy (utility, commercial & industrial, off-grid) Green Hydrogen Production: Electrolysis Green Hydrogen is essential for decarbonization, energy storage, and can be converted to renewable fuel D ୬ ୬ Advent Competitive Advantages D Lower cost (50% lower) and higher power (5-10%) Adaptable to numerous RFB chemistries Exceeds DOE goals for H₂ production D Eliminates platinum on the anode ୬ ୬ ୬ Already commercial and deployed in the market R&D with key partners for directly using salt water for electrolysis and hydrogen production Market Size $4.5 billion by 2028 $2.3 billion by 2028 IoT Sensors Miniaturized sensors with applications in pollution detection, health screening and eNoses (phones that can "smell") High-temp Advent Materials are ideal for this application Multi-year development and ready for production Korean and Chinese phone makers poised to implement eNose in 2021 $1.3 billion by 2027 Sources: IDTechEx, Allied Market Research. www.advent.energy ADVENT 13#14Enabling the Hydrogen Economy For every GW of market size, Advent has the potential to earn an estimated $100 million by driving down costs and improving capabilities Cost Any Fuel eFuels Hydrogen Natural Gas Anywhere Advent Primary Applications Methanol Extreme Heat (+55°C) Pollution Transportation Ammonia Ethanol Freezing Temperatures (-20°C) High Humidity Current D MEA Membrane Electrode Assembly Increasing Range of Applications Sources: Bloomberg New Energy Finance, Global Data. Off-Grid Power Generation HCV, Municipal Bus Future www.advent.energy 00 00 Market Size 2040 ~100-700GW ~250-500GW ~40-100GW ADVENT 14#15Industry Leading Access and Technology Strategic partnerships accelerate product development and reduce customers' launch timeframes DoE, L'Innovator Program: Partner with top US-labs for next-gen development - Began partnership with Los Alamos L'Innovator program in 2019 U.S. DEPARTMENT OF Office of ENERGY EFFICIENCY BROOKHAVEN ENERGY & RENEWABLE ENERGY Los Alamos NATIONAL LABORATORY NATIONAL LABORATORY - EST.1943 @esa European Space Agency UltraCell: Licensing agreement since 2016 with leading provider of portable, lightweight fuel cells In-house Expertise: Scale-up expertise - working for and with top chemistry leaders Working with BASF for 7+ years → UltraCell HIGH POWER MICRO FUEL CELLS™ Q-BASF We create chemistry A Bren-Tronics Company PEMEAS Fuel Cell Technologies www.advent.energy Polaroid JAPYM 1958 DEPEN ADVENT 15#16Long-Term Partnership with UltraCell as a Platform for Growth Made in USA Proven innovation with product in market 01 Advent Inside Battery Charger 3 Gallons of methanol vs. 121 lbs of batteries 44 02 11 Partner Product D Advent MEAs pass military D Portable Power: Military D grade tests grade, 55W-1kW battery D New Advent materials are chargers allows long D game changer for portable power industry autonomy, 5x weight drop ୬ ୬ Lightweight design and system testing expertise www.advent.energy 03 plication Business 10 04 Vision Deployed in the US, UK, and two more Immediate growth opportunity Expand sale/capabilities with Advent capital Know-how & new team propels aviation/automotive next-generation product ADVENT 16#17World-Class Customer Base Proven technology with products already in market + UltraCell HIGH POWER MICRO FUEL CELLS A Bren-Tronics Company Portable Power California-based developer of fuel-flexible fuel cells for mobile, portable power solutions Supplier to the U.S., U.K. and other armies Advent supplies MEAs SIOENS Off-Grid Award-winning Munich-based fuel cell manufacturer. Recently secured EU Horizon 2020 funding approval ✓ Siqens has developed the Ecoport 800 HT- PEM fuel cell for off-grid applications using methanol as the hydrogen carrier Advent supplies MEAS ESS INC CATALYZING A CLEANER FUTURE Energy Storage ✓ Oregon iron flow battery for off-grid and utility systems Backed by established cleantech investors including Breakthrough Energy & BASF Ventures Advent supplies component of ESS's iron flow battery EW SSAFRAN Aviation International high- technology group with 84,000 employees worldwide; operates in aviation, defense and space markets Advent supplies MEAs and collaborates on innovation Silicon Valley- based loT Innovator Gas Sensors > Develops specialized sensors > Multi-year collaboration with significant commercial potential Advent supplies core component 12 58 Palcan fuelcellenergy NISSAN Off-Grid Vancouver- based developer of fuel cells for the Chinese market Applications in automotive, stationary, off-grid markets ✓ Advent supplies key component MEOH FRED FCCK Auto Japanese multinational automotive manufacturer Applications in fuel cell vehicles Advent MEAS are tested for next generation vehicles Power Generation ✓ FuelCell Energy, Inc. (NASDAQ: FCEL) is a global leader in delivering clean, efficient, and affordable fuel cell solutions configured for the supply, recovery, and storage of energy ✓ Advent supplies MEAS for tri- generation systems www.advent.energy ADVENT 17#18Experienced Leadership Team Proven track-record of technological development and commercialization • . • Vasilis Gregoriou* Chairman & CEO 30+ years of operational and strategy experience in the US and Europe World-renowned renewable energy expert Extensive experience in product development and company management Ph.D. in Physical Chemistry, Duke MBA, Northeastern Bill Hunter* President & CFO 25+ years of financial services experience, with a focus on the industrial and natural resources sectors Long track record in battery metals-related investments, including current Board member of American Battery Metals Corp. . MBA, DePaul University Emory De Castro* CTO • 35+ years of technology commercialization, 25+ years in fuel cells • . • • Volume manufacturing expert DOE Manufacturing Award BASF Fuel Cell Inc. PEMEAS Inc., and De Nora N.A. • E-TEK • Ph.D., Cincinnati B.S., Duke . Chris Kaskavelis CMO • 20+ years as a C-Suite Officer in Tech/Marketing (founded start up to AIM & Nasdaq IPOs) ⚫ Ph.D. in Supply Chain Management and M.Sc. in Manufacturing Engineering, Boston University B.Sc. in Electrical Engineering and B.A. in Business Economics, Brown University Jim Coffey COO and General Counsel • 30+ years experience in corporate and securities law, M&A, VC, corporate finance and IP law . • Long track record working with companies in the clean energy and technology sectors, with specific experience in the fuel cell industry LL.M. in Corporate Law, NYU J.D., New England School of Law • B.A., Providence College Duke UNIVERSITY PRINCETON UNIVERSITY AMCI Jefferies Polaroid NOMURA D-BASF We create chemistry PEMEAS Fuel Cell Technologies E-TEK *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. www.advent.energy ADVENT 18#19Appendix www.advent.energy#20Advent Fuel Cell is Flexible Broad market, low infrastructure cost Hydrogen CFRP Tanks for port, storage $1.5m+ fo Competition LT-PEM Advent's fuel-flexible capabilities solve the hydrogen infrastructure problem opening an immediate market opportunity Electric Vehicles H2 H2 00 Requires 99.99% pure hydrogen Infrastructure Cost 100x higher Now: Multi-fuel Infrastructure available now; can deploy Immediately Advent 30 Future: eFuels zero-emissions hydrogen based liquid fuels Hydrogen, (green) methanol, natural gas, biofuels, ammonia www.advent.energy Off-Grid Power Fuel Cell Advent MEA Inside Aviation: Drones, eVTOLS Marine Compressed Hydrogen is problematic for aviation, marine, and off-grid ADVENT 20 20#21MEA Application in Transportation Advent Solves the Range and Recharge Problems Advent provides consumers with the same convenience as a conventional vehicle without the pollution Fuel Tank Renewable fuels, biofuels, natural gas, methanol, DME, or hydrogen MEAs Manufactured by Advent 01 Advent HT-PEM & MEAS Operate at high-temperatures, (160-200°C) Membrane & Electrode Assembly is the heart of the fuel cell It defines performance, weight, lifetime, operating cost Fuel Reformer On-board reforming of any fuel to low-quality hydrogen www.advent.energy Licensed by Advent 02 HT-PEM Advent Fuel Cell MEAS are placed between bipolar plates to create fuel cells 30-200kW fuel cell depending on vehicle size and battery/fuel cell desired configuration Li-ion BATTERY 03 50-60% smaller Li-ion battery required Still an electric truck Licensed by Advent 04 Complete System Overall system has simpler design, smaller radiator Any fuel, anywhere Fuel cell charges Li-ion battery as needed ADVENT 21#22Solving the Hydrogen Infrastructure Problem H₂ RENEWABLE & LOW-CARBON FUELS Retrofit trucks, tanks and pumps Hydrogen CFRP Tanks for transport, storage ☑J Battery Grid upgrades, new charging stations Advent's fuel-flexible capabilities allow for significantly reduced infrastructure requirements and provides energy solutions for billions of people in the developing-world DISTRIBUTION: WHOLESALE TO END-USERS GLOBAL: INFRASTRUCTURE COSTS(1) ~$50 billion ~$15,000 H2 H2 billion ~$5,000 Billion Advent Fuel Cells' Innovative Capability ADVENT Sources: Joule, Management Estimates. (1) Estimated upfront infrastructure costs, assuming 200 cars per 1000 people of each type. Methanol and biofuels can use existing infrastructure (with minor modifications) built for incumbent liquid fuels. www.advent.energy 22 222#23Fuel Cell Market Opportunity Advent revenue expected to be ~$100m per GW Fuel cells & hydrogen production can be a $50 billion market by 2030 driven by well-established global policy support OFF-GRID, CHP STATIONARY PASSENGER, COMMERCIAL EV TYPICAL SIZE OF ONE UNIT 1-5kW 15-30kW 00 00 Customer's Power Requirements 1 GW Advent Target Cost per kW (2025) $80/kW EVTOL, COMMERCIAL DRONE, PORTABLE REMOTE POWER Ο HEAVY-DUTY TRUCK MUNICIPAL BUS 1-30kW MEA Sales Revenue 100kW+ Licensing Fees(2) $80M $16M MARKET SIZE 2040 250-520GW 120-680GW -20GW(1) 40-100GW Total Revenue to Advent $96M Per GW Sources: Global Data, Bloomberg New Energy Finance. (1) Management Estimates. (2) Assumes licensing fees are equal to 5% of customer's fuel cell sales and 30% of MEA cost. www.advent.energy ADVENT 23 23#24Low Cost Drives Adoption Advent is winning the race to be the low cost industry provider able to take market share from battery and ICE vehicles Advent's Patented Technology Provides for Significant Advantage Relative to Peers Cost ($/kW) Competition Cost Reduction through Innovation Substantial cost savings due to automation of assembly line and advanced MEA product development projects Automation of assembly line provides 3x efficiency improvement in direct labor costs Advent's advanced MEA will provide the same power output with -25% of the raw materials $800 $700 $600 Advent $500 $400 $300 Ramp-up of advanced MEA $200 $100 G $0 2021 2022 2023 Source: Management estimates. 2025 www.advent.energy Target: $80/kw Cost Reduction by Scale-up Substantial unit cost savings as MEA production builds up due to raw material purchasing efficiency & reduced processing costs Procurement, labor and processing costs all highly competitive due to location of manufacturing ADVENT 24#25Business Model Illustrative Revenue from Single OEM Advent's business model provides strong customer traction and high revenue visibility G Advent: Manufacturer of MEAS & developer of fuel cell systems 50+ patents, $500m of IP and partnerships with top US-labs provide for competitive advantage Prototype Phase: We develop in cooperation with OEM specific prototype fuel cell system for application/market Early Production Phase: We manufacture MEAs and earn license fees on fuel cell system $96m Mass Production We sell MEAs and earn license fees $16m $72m $12m Licensing fees MEAs produced by roll- to-roll manufacturing means low-capex, high- margin scalability $39m $7m Licensing fees MEA sales $60m $80m $13m $4m Licensing fees $2m MEA sales $37m Engineering Fees $1m $11m $0.3 $2m $3m MEA sales OEM: Fuel cell manufacturer or EV manufacturer Year 1 Year 2 Year 3: 30 MW Year 4: 120 MW Year 5: 450 MW OEM focuses on manufacturing & marketing preparation www.advent.energy Mass market scale- up to 100k+ units Year 6: 750 MW Year 7: 1 GW ADVENT 25 25#26Revenue Growth Plan Projected revenue composition by category 2021-2025 ($m) $300m Advent's revenue growth is driven by significant power requirements across our target markets $250m $200m $150m $100m $50m $0m 2021 2022 2023 2024 MEA & Membrane Sales ■Engineering Fees ■Licence Fees ■Grants www.advent.energy 2025 ADVENT 26 26#27Highly Attractive Pipeline >60% of 2025E MEA sales projected to come from existing 2020 customers $13.0m $9.0m $4.0m Development of Revenue by Source Select Identified Opportunities $254.8m $21.9m Customer Advent Product Details $90.5m Multiple OEMs Fuel Cell EV trucks HT-PEM fuel cells Asian fuel cell manufacturer MEA $135.6m US OEM portable power 2021E Grants Existing Customers Grants $6.9m 2025E Existing Customers (MEA & License Fees) New Customers (MEA & License Fees) Engineering Fees (New Customers) MEA (Durability and Temperature Resilience) • . Asia EV charging stations . HT-PEM fuel cells US IoT - gas sensor Membranes for heat resistivity www.advent.energy . 5,000+ trucks on the road @ 200kW per truck 1GW potential opportunity in 2025 Existing customer MoU in place envisages >5m MEAs in 2023 2x forecast MEA production OEM currently supplies portable power fuel cell units to 4 military units globally, including in the U.S. and U.K. Existing customer Projected revenue opportunity $20m in 2025 from single product only Target 4,500 stations @ 240kW per station 1.1 GW opportunity Silicon Valley-based US developer OEMS two global cellphone manufacturers Cellphone market opportunity alone represents $25m in 2025 ADVENT 27#28Product Development Initiatives Fuel Cells Product development program to reduce cost and increase power output 10x reduction in fuel cell platinum needs Current Future New MEAs outperform competition Simpler Design 1 D Achieve power density close to LT-PEM pure hydrogen MEAS 4 D Works anywhere: extreme temperature, humidity, pollution LOW TEMP vs HIGH TEMP FUEL CELL SYSTEM D Long lifetime reduces total cost of ownership D Fuel flexibility wins in niche markets 2 Minimum Cost Catalyst Reduce radiator Can reduce the platinum load by 10x compared to current state-of-the art Platinum free catalysts also in R&D stage 3 New Bipolar Plates drop weight for Auto and Aviation markets ୬ Will reduce the weight by 4x without the use for expensive metal alloys 50 Eliminated/ reduced reforming stages Low Temperature System No water management Reduce Production Cost ୬ High Temperature System Specific Initiatives to reduce cost per unit as demand scales up Strong expertise in-house www.advent.energy ADVENT 28#29Well-Established Global Policy Support for Fuel Cells Long-term Market Trends (Deloitte / Ballard report) Item Hydrogen Refueling Stations - 2030 targets Details US: 7,100 • EU: 3,700 • Japan: 900 Favorable global policies are just one of the tailwinds driving the growth of the global Hydrogen Economy Publicly-announced FCEV targets in 2030 by country Selected Targets by Company US State Level Ambitious Targets Other Trends China: 500 (trebled capacity in 2019) • US 5.3 million . • • Japan 0.8 million (passenger vehicles) Europe 3.7 million FCEVs by 2030 and in addition 0.5m fuel cell LCVs, 45,000 fuel cell trucks & buses Hyundai targeting 500,000 FCEVS on the road in 2030 Toyota targeting 30,000 FCEV sales annually from 2020 onwards California alone is targeting 1 million FCEVs and 1,000 refueling stations in 2030 Participants of the Hydrogen Energy Ministerial (global clean energy forum involving all major nations including China, India, USA, Japan, Korea, Germany, France, UK, Brazil, Canada and Australia) signed up to a global target of 10,000,000 FCEVS on the road by 2030 • EU target of 32% replacement of natural gas for heating with hydrogen by 2040 • Japan is the leader in stationary CHP fuel cells - 20,000 deployed to date; and in FCEV's - Toyota Mirai launched in 2014 www.advent.energy ADVENT 29 29#30More Countries are Looking to Phase Out Internal Combustion Engines ("ICE") 17 countries have taken varying types of action, from soft targets to strong commitments, to phase out ICE vehicles and increase the number of EVS Austria Britain Country Action Announced No new ICE vehicles sold after 2020 No new ICE vehicles sold after 2040 No new ICE vehicles sold after 2035 California (U.S.) China Denmark France Germany India Ireland Israel Japan Netherlands Norway Portugal Scotland South Korea Spain Taiwan End production and sales of ICE vehicles by 2040 5,000 EVs on the road by 2019, tax incentives in place No new ICE vehicles sold after 2040 No registration of ICE vehicles by 2030 (passed by legislature) No new ICE vehicles sold after 2030 No new ICE vehicles sold after 2030 No new ICE vehicle imports after 2030 Incentives program in place for EV sales No new ICE vehicles sold after 2030 Incentives program in place for EV sales Official target and incentives in place for EV sales No new ICE vehicles sold after 2032 EVs account for 30% of auto sales by 2020 Date Announced 2016 2017 2020 2017 Since 2008 2017 2016 2017 2017 2018 Since 1996 2017 Since 1990 Since 2010 2017 2016 2017 Official target and incentives in place for EV sales Phase out of fuel-powered motorcycles by 2035 and fuel-powered vehicles by 2040 2017 Source: The Climate Center. www.advent.energy ADVENT 30#31Glossary Abbreviation Term Description BEV Battery electric vehicle Vehicle using exclusively battery technology BOM Bill of materials List of raw materials, assemblies and parts and quantities of each to manufacture a finished product Abbreviation Li-ion Lithium lon Term MEA Membrane electrode assembly CHP Combined heat and power Also known as cogeneration, CHP is primarily used in industrial applications MDV Medium-duty vehicle DoE U.S. Department of Energy Primary governmental body responsible for clean energy R&D OEM Original equipment manufacturer FCEV Fuel cell electric vehicle Vehicle using fuel cell technology, often in conjunction with batteries PHEV Plug-in hybrid electric vehicle HDV Heavy-duty vehicle A vehicle exceeding 26,001 pounds RFB Redox flow battery HT-PEM High-temperature proton exchange membranes Operate at 160°C to 200°C ICE Internal combustion engine Standard heat engine used in traditional vehicles loT Internet of Things System of interrelated computing devices able to transfer data over a network www.advent.energy SOFC Solid oxide fuel cell Electrolysis eFuels Description Common battery used in consumer electronics and EVs Assembled stack of proton exchange membranes; heart of the fuel cell A vehicle weighing 10,001 - 26,000 pounds Company that produces devices from intermediate components Combines ICE with battery-powered electric vehicles Industrial scale rechargeable battery that can be used in industrial scale applications Highest temperature fuel cell (800°C to 1,000°C) Process using direct electric current (DC) to drive chemical reaction Synthetic fuels resulting from electrolysis of water with renewable energy and CO2 ADVENT 31#32ADVENT MORT Thank you www.advent.energy