Introduction to Aquion Energy and Aqueous Hybrid Ion (AHI™) Batteries 2015 Aquion Energy - Leading Energy Storage Provider COMPANY MANUFACTURING PRODUCT TECHNOLOGY + Spun out of Carnegie Mellon in 2010 + 30,000 m2 facility in Pennsylvania, USA + HQ in Pittsburgh, PA + State-of-the-art manufacturing line in place & operational + Modular - 48V stack and module building blocks + Aqueous Hybrid Ion (AHI) intercalation battery system + Scalable - to 1000 VDC and multi-MWh installations + Invented by Aquion + >$130mm raised from top-tier investors + Go-to-market via system integrators, dealers, and developers + Commercial product shipping since Q2’14 to customers © Aquion Energy, Inc. Proprietary and Confidential. + Simple - battery monitoring only, no active management required + Optimized for long duration (4+ hr) and very high cycle life + Cost-effective, safe, and sustainable 2 Aqueous Hybrid Ion (AHI™) Batteries Building a battery that is high-performing, safe, sustainable and cost-effective using abundant, nontoxic materials. + BASE OXIDE + COTTON + CARBON + SALTWATER © Aquion Energy, Inc. Proprietary and Confidential. Manganese Oxide Cathode Synthetic Cotton Separator Carbon Composite Anode Sodium Sulfate Electrolyte 3 Unique & Strong Value Proposition HIGH PERFORMANCE + Very high cycle life + Extremely abuse tolerant + Ability to stand and cycle at EXCELLENT ECONOMICS + Low acquisition costs ($/kWh) + Better value than Pba or Li-ion + No regular maintenance + Little/no thermal management + No active management partial state of charge + Wide operating temp range + Minimal degradation Industry-Leading VALUE UNPARALLELED SAFETY + Not flammable, explosive, or corrosive + No dangerous or toxic components + Inherently safe chemistry © Aquion Energy, Inc. Proprietary and Confidential. required + Industry-leading total cost of ownership SUSTAINABILITY + Environmentally benign materials + No corrosive acids or noxious fumes + Suitable for broad deployment globally 4 Flexible, Scalable Energy Storage SYSTEM CONFIGURATIONS AHI PRODUCTS S-Line Battery Stacks + ~ 2 kWh + Nominal 48V output + Smallest product increment Stack-Based Systems © Aquion Energy, Inc. Proprietary and Confidential. M-Line Battery Modules + ~ 25 kWh + Nominal 48V output + Designed for industrystandard racking + Forklift-ready Racked Module-Based Systems 5 Bulk Energy Storage Configurations High Density Racking + Industry-standard racking accommodates M-Line Battery Modules + Scalable for wide range of interior configurations + Simple interface + Available with several off-the-shelf grid capable PCS Systems Example Racking System: ~25 MWh OPERATION & PERFORMANCE ~25 MWh at 20 hour discharge, 30° C V, I & T sensing included ModBus Interface © Aquion Energy, Inc. Proprietary and Confidential. 6 Key Use Cases: Stationary, Long Duration Cycling Market Segments Residential Solar Applications Energy Management + Solar Self-Consumption + Provide Backup Power and + Diesel Reduction + Islanding with + + + + + Store and consume all the + Manage intermittency + Control energy costs + Avoid peak power Islanding + Time of Use Optimization + Demand Charge Reduction Storage Benefits Off-grid and Microgrids solar you generate + Control energy costs and demand charges + Resiliency and critical power during grid outages © Aquion Energy, Inc. Proprietary and Confidential. Renewable Generation + Critical Power and ensure stability + Reduce reliance on fossil fuels + Store energy for later use to enable islanding and independence Demand Response Power Quality Peak Shaving Self-Consumption demand charges + Store energy generated on-site to maximize use of renewables 7 Manufacturing Process and Flow + Established, low-cost, and proven manufacturing processes Battery Assembly Blend Granulate Electrolyte Infiltration Pelletize ANODE Qualify CATHODE + + + + © Aquion Energy, Inc. Proprietary and Confidential. Container Separator Conductor Lid 8 Aquion Energy Management Team Scott Pearson, CHIEF EXECUTIVE OFFICER + CEO & President, Protonex + President, Powerware - Americas + CEO, Nova Cruz LLC; Eastman Kodak + MS Mech Eng & MBA, MIT Jay Whitacre, CHIEF TECHNOLOGY OFFICER, FOUNDER + Professor, Carnegie Mellon University + Materials Science, Engineering & Public Policy + Caltech/JPL – Senior Member Technical Staff + PhD. University of Michigan John Connolly, CHIEF FINANCIAL OFFICER + Over 25 years of experience in both public and early stage Dan Voelker, CHIEF OPERATING OFFICER + VP Engineering at Altair Nanotechnologies + Executive roles at Wes-Tech Automation, DT Industries and growth companies + CFO at Protonex, geoVue, Robotic Vision Systems , Davox + MBA Babson College and BS Bentley University Duracell + Deep expertise in batteries and mfg. automation + BS ME, University of Nebraska Jim Bucholtz, VP QUALITY + 20 years of experience in quality at several leading Amy Higgins, VP HUMAN RESOURCES + 20+ years experience in HR Leadership in high tech / + Director of Quality at NexPlanar + BS from the Milwaukee School of Engineering + CEO Global HR Group, Dir. of HR – Color Kinetics, Verillon + MBA Bryant College, BS Stonehill College Paul Neuhart, VP GLOBAL SUPPLY CHAIN + Over 25 years of experience in high-tech companies + Fortune 500 C-level experience including at Alcatel + Global experience in Europe, Russia, Asia, South America + Holds BS and MS degrees, CPM and CPIM certifications Tim Poor, VP BUSINESS DEVELOPMENT & SALES + Over 20 years of experience in global sales, business Vic Warren, VP OF MANUFACTURING + 25 years of technical and engineering experience + 11 yeas at Proctor & Gamble’s Duracell Division + Extensive experience with hands-on Lean Manufacturing + Holds BA from Georgia Institute of Technology + Holds MBA from LaGrange College Ted Wiley, VP PRODUCT & CORPORATE STRATEGY, FOUNDER + First Aquion employee + MBA Harvard Business School, BS Computational Physics + Captain, US Army, Infantry + Associate Hudson Clean Energy Partners + Named a Young Global Leader by World Economic Forum companies in the semiconductor industry © Aquion Energy, Inc. Proprietary and Confidential. disruptive technology organizations development and operations + VP of Wind Energy Business at American Superconductor + Holds BS from Purdue and is a Six Sigma Black Belt 9 Press & Award Highlights MIT Tech Review 50 Smartest Companies 2014 World’s Top 10 Most Innovative Companies of 2015 in Energy “Building Cheap Batteries to Circumvent the Grid” © Aquion Energy, Inc. Proprietary and Confidential. “Four Cool Tech Ideas Helping the Planet” “The World’s Top 25 Eco-Innovators: Jay Whitace” Aquion Founder Jay Whitacre: Reinterpreting the Process of Innovation “Bill Gates Invests in Battery Maker Aquion Energy” 10 Thank You www.aquionenergy.com/how-buy © Aquion Energy, Inc. Proprietary and Confidential. 11