Driving the global energy - transition with green hydrogen Green Hydrogen Systems
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Driving the global energy transition with green hydrogen Green Hydrogen Systems First 6 months of 2021
Forward looking statements
This announcement contains forward-looking statements.
Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’,
‘anticipate’, ‘can’, ‘intend’, ‘outlook’, ‘guidance’, ‘target’ and other words and terms of similar meaning in
connection with any discussion of future operating or financial performance identify forward-looking
statements.
Statements regarding the future are subject to risks and uncertainties that may result in considerable
deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions
regarding future events which may prove incorrect.
Please also refer to the overview of risk factors in page 9-37 of the Prospectus available at
greenhydrogen.dk.
2
Today’s presenters
Sebastian Jens
Koks Andreassen Holm Binger
CEO Head of Investor Relations
Agenda
- An introduction to Green Hydrogen Systems
- Executive summary
- Business update
- Q2 2021 financial review and guidance 2021
- Our partnership approach
- Q&A
4
GHS provides a leading technology for production of green hydrogen,
distributed to the growing market for renewable energy solutions
Introduction to GHS
2007 Kolding, DK 90 Up to 75 MW
Year of foundation Headquarters located Employees (more than 5x Max run-rate production
in Denmark’s from end 2019 to June 2021) capacity p.a. at current
renewable energy facilities in 2021
cluster
23 Commercially Strong
HyProvide™ A-Series units proven platform capitalization
ordered as of Q2 2021 of
which 5 orders have been Blue-chip customers DKK 1,265 million raised
produced through recent IPO at
Nasdaq Copenhagen
5
Green hydrogen to take a central role at the heart of the future
energy system covering all parts of global societies
Green hydrogen’s role in the future energy system
Direct application in transportation and as
feedstock in the industry
H2
Technology owner
Busses and Smaller Industry Refineries Steel
trucks ships feedstock production
Power-to-X: Indirect use as the basis for
Renewable energy Production of production of green fuels/e-fuels
production green hydrogen
through electrolysis H2
Conversion Transport, Fertilizer Replace
via synthesis aviation and (e-ammonia) natural gas
shipping
Grid stabilisation through storage of hydrogen and
re-conversion to energy through fuel cell
Storage and
technology
transportation of
hydrogen H2
Conversion Electric grid
via fuel cell
6
GHS is an OEM and clean tech company offering a range of pressurised
alkaline electrolysis units and supporting services
Electrolysis units overview
HyProvideTM A-Series HyProvideTM X-Series
Current offering Under development
A30 A60 A90 A120 A150 X-versions1
Based on A-
Series technology
Power consumption (kW)2 Power consumption (kW)2
150 300 450 600 750 5 – 7,5004
(Upcoming series catering for larger projects)
Pre-sales: 2021
7
A-Series containerised unit offers a 0.9 MW modular, plug-and-play
solution – containerised X-Series expected to enable up to 7.5 MW
HyProvide A-Series containerised solution HyProvide X-Series containerised solution
5-7.5
0.9 MW
MW2
2x A90
(total A90 max
module power
consumption of
450 kW)
20-foot or 40-foot containers comprising 1-2x A901 Upcoming 40-foot container comprising 1x X-Series
(includes auxiliary systems) (excludes auxiliary systems)
8
GHS’ HyProvide-A90 is well-positioned on efficiency, product footprint
and system delivery pressure
Different electrolysers on selected parameters
Efficiency Product footprint System delivery pressure
Company Technology1 1 2 3
(HHV)2 (sqm./MW) (bar)
PAWE 82%3 64 35
Peer product 1 AWE 82% n.a. n.m.5
Peer product 2 AWE 80% 105 n.m.5
Peer product 3 PEM 80% 34 C 35
Peer product 4 PEM 79% 13 C 30
Peer product 5 PAWE 79% 45 30
Peer product 6 PEM 75% 25 n.m5
Peer product 7 PEM 72% 30 C 30
System
Peer product 8 PEM 71% 7 C 20
-based
(rather
Peer product 9 AWE 71% than n.a. n.m5
stack)
Peer product 10 PEM 69% 12 30
Peer product 11 PAWE 66% 59 C 106
Reduces use of Impacts versatility, LCOH Impacts cost of
C Footprint for a containerised solution electricity and ease of use versatility
9 Notes: 1) The most recent, marketable product has been included in the benchmarking. If a product of multiple identical modules is offered (e.g. 4x the same module), the single-module product is shown, because GHS’ A90 is a single-
module product; 2) HHV = Higher heating value. Efficiency is calculated as 39.35 kWh/kg (a HHV constant) divided by the product’s power consumption in units of kWh/kg; 3) GHS’ system-based efficiency equals 75% excluding dryer
losses and 73% including dryer losses; 4) Factory floor solution. GHS’ containerised solution includes all auxiliary systems and has a footprint of 33 sqm./MW. However, it is not directly comparable with other containerised solutions which
do not include all auxiliary systems; 5) Not a pressurised technology; 6) 27 bar optional. Source: Company information and websites
GHS is a strong ESG-case with an ambition of being a pioneer in driving
the sustainable energy transition
Innovation Safety & health Committed to corporate
in sustainable technology is priority #1 social responsibility
✓ Enabling hydrogen production from ✓ Attentiveness and a “take care” safety- ✓ Committed to company governance
renewable energy sources mindset central to the company culture emphasising diversity and inclusion
✓ Technology independent of scarce ✓ Risk mitigation and preparedness secured ✓ Active promotion of sustainable
resources through clear internal policies and guidelines practices in all activities
✓ Reduced complexity and environmental ✓ Immediate registration and handling of ✓ Research partnerships driving increased
footprint from assembly-based incidents – whether on-site or off-site activity and sustainable innovation
production
✓ Responsible and safe business operations ✓ Social impact through contribution to
✓ Green hydrogen to play a key role in throughout the supply-chain: the growing hydrogen economy:
decarbonising global energy systems:
Near-zero emissions (kg CO2 e/kgH2) Suppliers Employees Customers
~0 when produced and consumed 1m Jobs in the EU hydrogen economy by
20502
CO2 % avoidance potential of total EU
50% gap to reach 2DS in 20501 +300 Number
2025
of employees in GHS towards
10 Notes: 1) EU FCH – Hydrogen Roadmap Europe (2019) – most ambitious scenario for hydrogen application; 2) Key element in the EU’s hydrogen strategy (“green deal”)
Source: Company information, EU FCH – Hydrogen Roadmap Europe (2019), European Commission – A Hydrogen Strategy for a Climate-Neutral Europe (2020)Executive summary 11
Executive summary
Q2 2021
Business highlights Financial highlights
• Three customer orders in Q2 2021 and further • Revenue
two orders in July and August totaling +4 MW Revenue from customer contracts of DKK 1.6 million compared to 0.3
million in Q2 2020
• Decision taken on expansion of production
• Gross profit
facilities to 400 MW
Gross profit of DKK 1.2 million compared to DKK 0 million in Q2 2020
• GreenHyScale – Final grant preparation phase for • EBITDA
a 100 MW eletrolyser project
EBITDA of DKK -32 million compared to DKK -10 million in Q2 2020
• GreenLab Skive – 24 MW Master Supply • Cash balance
Agreement (MSA) Solid cash position of DKK 1,121 million end of Q2 2021
• Continued organizational ramp-up supporting the • Guidance 2021
ambitious growth objectives for the company 2021 Guidance updated 22 July is maintained
12Business update 13
Global momentum in order intake underlining the competitiveness of
Green Hydrogen Systems’ technology and price point
GHS’ backlog, commercial agreements and pipeline
Order backlog Q2 2021
Order intake Q2 2021
6.2 MW
+1,000%
6.8
4.9 4.9
2.0
0.6
Q2 ’20 Q3 ’20 Q4 ’20 Q1 ’21 Q2 ’21
July & August orders
German based customer, 3x HyProvide A90 totaling 1.3 MW
UK based customer, 2x HyProvide A90 totaling 0.9 MW
14Factory expansion to a production capacity of 400 MW positioning
Green Hydrogen Systems as a leading, global electrolyser manufacturer
Ramp-up of production capacity
• Current facilities inaugurated in November 2020; 6x larger than previous site
• The Nordager production site is designed to be a standardised factory blueprint for efficient construction of
additional production sites once commercially substantiated by order pipeline
• Current facilities to be expanded to 400 MW of production capacity and will be able to accommodate + 300
employees when finalized
• Maximum control, flexibility and independence in continued growth as a result of full ownership of land and
buildings
Existing facilities
15GHS partnership project, GreenHyScale, has been selected for the EU’s
Horizon 2020 funding programme
GreenHyScale project overview
• Green Hydrogen Systems will develop and demonstrate a 100MW electrolysis system
with a minimum of two years of operation period from the end of 2024
6 MW 100 MW
To be GHS will also deliver Subject to
• The purpose of the project is to pave the way for large-scale deployment of electrolysis – demonstrated as 7.5MW for offshore performance of
both onshore and offshore the first step deployment first 6MW
• A grant from the EU may potentially provide 50% funding rate for Green Hydrogen
Systems’ development activities in the GreenHyScale project
16
100 MW installation at
GreenLab SkiveMaster Supply Agreement expected to be converted to backlog
Up to 24 MW electrolyser capacity
• Green Hydrogen Systems has entered into a Master Supply Agreement with
Eurowind Energy and Lhyfe
• The agreement concerns supply, operation, servicing and maintenance of
electrolysers with up to 24 MW capacity to the GreenLab Skive project
• Phase 1 - 29 A-Series A90 electrolyser units to be in operation in Q4 2022 with
2-years subsequent operation
• Phase 2 - 26 A-Series A90 electrolyser units to be delivered in Q1 2023
17Q2 2021 financial review
and guidance 2021
18Income statement
Q2 2021
Comments
• Revenue from customer contracts of DKK 1.6 million in Q2 2021 compared to DKK 0.3 million in Q2 2020
• Gross profit of DKK 1.2 million compared to DKK 0 million in Q2 2020
• EBITDA decreased to DKK -31 million in Q2 2021 compared to -10 million in Q2 2020
• Net financials were DKK -318 million in Q2 2021 compared to DKK 0 million in Q2 2020
• In Q2 2021 net profit was DKK -351 million compared to DKK -11 million in Q2 2020
• Of the total net profit in Q2 2021, DKK -317 million were related to an expected non-cash fair value adjustment mechanism derived from the convertible loan
facility entered in December 2020 with A. P. Møller Holding, Nordic Alpha Partners and Norlys, as described in the Prospectus. The conversion of the loan at fair
value has positively impacted equity by DKK 317 million offsetting the impact on net financials
DKK ´000 Q2 2021 Q2 2020 6M 2021 6M 2020 Full year 2020
Profit & loss
Revenue from customer contracts 1,554 334 1,874 426 9,433
Other operating income 363 260 638 1,601 2,793
Gross profit 1,190 12 522 -60 -4,022
Gross profit margin 77% 4% 28% -14% -43%
EBITDA -30,813 -10,043 -67,266 -17,558 -69,617
Operating profit, EBIT -33,454 -10,718 -71,642 -18,828 -72,689
Net financials -318,488 -296 -324,668 -322 -2,861
Net profit for the period -350,567 -10,528 -392,560 -18,380 -73,241
19Balance sheet
At 30 June 2021
Comments
• Total assets was DKK 1,303 million compared to DKK 47 million as of 30 June 2020
• The increase in total assets was driven by increasing non-current assets (intangible- and tangible assets) of DKK 104 million and increasing
current assets (cash and cash equivalents) of DKK 1,151 million
• Total equity was DKK 1,109 million compared to 2.3 million as of 30 June 2020
• Total liabilities was DKK 194 million compared to 45 million as of 30 June 2020
• The increase in total liabilities was driven by increasing non-current liabilities (borrowings and lease liabilities) of DKK 49 million and
increasing current liabilities (trade payables and contract liabilities) of DKK 100 million
20Cash flow statement
Q2 2021
Comments
• Net cash flow in Q2 2021 was DKK 1,018 million compared to DKK 6.8 million in Q2 2020
• The increase in net cash flow was driven by decrease from operating activities (net result for the period) of DKK 39 million,
decrease from investing activities (R&D and tangible assets) of DKK 30 million and increase from financing activities (proceeds
from share issue) of DKK 1,070 million
• Cash position at the end of Q2 2021 was DKK 1,121 million compared to 8.1 million by the end of Q2 2020
• In Q2 2021, free cash flow was DKK -51 million compared to DKK 7.3 million in Q2 2020
21Guidance 2021
The guidance for 2021 updated 22 July is maintained:
Revenue DKK 40-60m
Gross profit Broadly neutral in absolute terms
EBITDA DKK -105m to -115m
EBIT DKK -120m to -130m
R&D DKK 75-85m
CAPEX DKK 135-145m
(CAPEX related to production and development equipment)
22Partnership approach 23
Strategic partnerships across the value chain are a clear priority for GHS
Advancing partnerships across the value chain Progress on partnerships
Sales and
marketing
+ Supply chain and
manufacturing + Engineering, procurement
and construction
• Clear organisational set-up at GHS
enables the identification and selection
of the right partner for each value chain
• Target partners to provide local • Industrial partners can • Establish partnerships with
sales resources in markets with strengthen supply chain and energy EPCs and other element
limited GHS presence support a possible expansion of providers • Potential partnership exploration
the assembly and covers the following areas:
• Sales partnerships will be manufacturing footprint • Partner support will boost GHS’
particularly important in ability to deliver larger projects • EPC
opportunity markets and other • Processing of raw materials and overseas parallel with direct
• Project sales
markets where GHS does not manufacturing of standard sales efforts
expect to establish local components • Service and digital
presence
• Supply chain
• R&D components
• Operations data
Direct delivery
• Funding
and
Research and Sales and Assembly and commissioning After sales • IT
Sourcing
development marketing testing service
EPC
Partnerships prioritised in less strategically sensitive areas of the value chain
Value-chain elements with highest partnership potential Value-chain elements with lower partnership potential
Partnerships are strategically important for GHS as they can act as enablers
for various parts of our business
24Closing remarks
Green Hydrogen Systems is well-positioned for an attractive growth trajectory, based
on promising market and business fundamentals, by executing on it’s strategic priorities:
Continuation of R&D efforts
Investments to enable production scale up
Organisational ramp-up and support initiatives
Clear cost-out plan to achieve lowest possible LCOH in safest possible
manner
25Q&A
You can also read
