Investor Presentation December 2020

The Case for Low Cost Hydrogen LCOH (USD/kg) 8 7 6 5 + 3 2 1 Costs of Producing Hydrogen from Renewables and Fossil Fuels Today (Levelized Cost of Hydrogen) 0 Average Cost Solar PV Average Cost Wind (85 USD/MWh) (55 USD/MWh) Low Cost Solar PV (17.5 USD/MWh) Low Cost Wind (23 USD/MWh) SMR Natural Gas with CSS (8 USD/MMBtu) https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2019/Sep/IRENA_Hydrogen_2019.pdf 8 Investor Presentation December 2020 Coal Gassification with CCS (3.8 USD/Gj) Pilot focus Coal Gassification with CCS (1.5 USD/Gj) Best Case Wind (23 USD/MWh) With Low Cost Electrolyser (200 USD/kW) SMR Natural Gas with CCS (3 USD/MMBtu) Pilot Energy

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