NEXT GENERATION FUEL CELL TECHNOLOGY

Business 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

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