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The VPS Energy Storage Solution— Unitized Solid Oxide Fuel Cell Electrolyzers (SOFCEL) Robert Stokes, PhD President & CEO Versa Power Systems Inc. Littleton, Colorado Denver, CO 14 October 2011 Company Overview Versa Power Systems is a private company based in Littleton, Colorado .~$110 million in product development projects through 2011- non-dilutive $32.2 $50.0 Current $0.5 equity holders $19.7 VPS Ownership US Government Current owners Copyright © 2011 Versa Power Systems. All Rights Reserved. Industry GLE/Enbridge 2 Company Overview- 32,000 ft2 of research & pilot manufacturing facilities Pilot manufacturing and fuel cell development As-received powders → cells → stacks → stack modules Tape Casting One Step Co-Firing Copyright © 2011 Versa Power Systems. All Rights Reserved. Screen Printing Test Infrastructure 3 VPS’s 32,000 square foot facility contains stack product development infrastructure Copyright © 2011 Versa Power Systems. All Rights Reserved. 4 VPS’s 17,000 square foot facility contains systems product development infrastructure Copyright © 2011 Versa Power Systems. All Rights Reserved. 5 Versa Power Systems’ Projects U.S. Department of Energy, National Energy Technology Laboratory – FuelCell Energy is project prime – Development and supply of SOFC technology for operation on gasified coal – Scale-up and R&D of large SOFC systems • Large area cells and high kW stacks VTT Technical Research Centre of Finland – Demonstration of 10 kW natural gas powered system – Supply of 10 kW SOFC module for integration and testing with VTT balance of plant Wärtsilä Finland Oy – Joint development of SOFC power plants for stationary and marine applications U.S. Department of Energy, Energy Efficiency and Renewable Energy – Reversible SOFC / SOEC materials development – kW stack demonstration U.S. Defense Advanced Research Projects Agency (DARPA) – Boeing is project prime – Development and delivery of high efficiency energy storage system for un-manned aerial vehicle – Reversible SOFC / SOEC operation, high specific power, ultra high efficiency Copyright © 2011 Versa Power Systems. All Rights Reserved. 6 DARPA Vulture II / Boeing Project Overall objective is to develop technology that will enable an airborne payload to perform uninterrupted intelligence, surveillance, and reconnaissance over an area of interest – pseudo-satellite capability, in an aircraft package – 5 year aloft http://boeing.mediaroom.com/index.php?s=43&item=1425 Versa Power Systems to deliver a high efficiency, light weight, energy storage systems (ESS) – In the System trade studies-- SOFCEL identified as best fit – VPS ESS systems enable continuous flight: 90 day, full-flight demo Program complete early 2014, follow-on programs possible Copyright © 2011 Versa Power Systems. All Rights Reserved. 7 So- how does Energy Storage using SOFCEL get applied, commercially? Unitized, Solid Oxide Fuel Cell/Electolyzers (SOFCEL) are energy storage and conversion devices. They are capable of operating in both power generation mode (SOFC) and electrolysis mode (SOEL) SOFCEL can integrate renewable production of electricity and hydrogen when power generation and steam electrolysis are coupled in a system, which can – – turn intermittent solar and wind energy into “firm power”… or, can turn intermittent power into peaking power, to offset gas turbine peaking plants, and allow coal plants to run baseload. e- e- Power ee- e- O= e- 2O= —u O2 + 4e- Anode Electrolyte e- H2O _ O2 O2 O= O= 2H2O + 2H2 + Copyright © 2011 Versa Power Systems. All Rights Reserved. 2O= + H2 H2 + O2 + 4e- —u 2O= Electrolyte Anode Cathode 4e- —u Cathode 2H2 + 2O= —u 2H2O + 4e- Load ee- O= e- _ H2O 8 The Market Opportunities: the promise for a multifunctional energy storage facility Baseload arbitrage, Transmission support, Energy services, and Renewable energy storage/peak load arbitrage e.g.: Renewable Energy Sales into Peak Market Prices-- With Energy Storage Copyright © 2011 Versa Power Systems. All Rights Reserved. 9 The NREL Study Conclusion Lowest Levelized Cost of Electricity (LCOE): – Compressed air energy storage (CAES) – Pumped Hydro Summary: – Hydrogen is competitive with batteries and could be competitive with CAES and pumped hydro in locations that are not favorable for these technologies. An appendix to the NREL Study evaluated the VPS Unitized, SOFCEL: – “Integration of electrolysis and fuel cell functions into a single piece of equipment could: • Reduce capital cost • Increase utilization • Improve round-trip efficiency” – LCOE? Almost ties CAES and Pumped Hydro; beats the others. Copyright © 2011 Versa Power Systems. All Rights Reserved. 10 Summary Encouraging results are being obtained in the area of SOFCEL o Cell materials development on-going to improve steady-state SOEL degradation and cyclic performance o SOEL stack operation demonstrated, however more development required Analysis to define system based operating conditions are under development Electricity and Stabilityo It's what the electric power transmission system needs and it's what the VPS unitized, SOFCEL energy storage system can provide. Copyright © 2011 Versa Power Systems. All Rights Reserved. 11