FirstElement Fuel personnel -- to regularly test and service hydrogen stations including dispenser verification,

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  • FirstElement Fuel

    California’s Leader in Retail Hydrogen

    Stations October 2018

    Hydrogen Station in Harris Ranch - Coalinga, CA

    Opened in November 2015

  • 2

    Mission Statement & Introduction

     Founded in California in 2013 to build and operate

    hydrogen stations with a focus on the customer

     Awarded $63.5 Million USD in California grants, and

    raised more than $27 Million USD in private financing

    from Toyota and Honda

     19 open retail hydrogen stations + 12 more under

    development connecting all of California

     Launched our True Zero brand, which has become

    synonymous with a superior customer experience

    We are Driven…

    To foster the widespread adoption of

    hydrogen fuel cell vehicles.

    To improve the economics of driving,

    and reduce its footprint on our planet.

    To change the automobile industry.

    And with it, the world.

  • Recent Sales Data

    Since January 2016, True Zero’s Hydrogen Network has completed more than 220,000 fills

    and dispensed over 720,000 kilograms of hydrogen into fuel cell electric vehicles.

  • 4

    Activity at True Zero Hydrogen Network

    • FEF has sold ~400,000 kgs so far this year, which is 111% higher than the same period last year

    • FEF regularly reaches over 50% utilization of hydrogen dispensing capacity at our top 10 stations

  • 5

    With around 5,500 fuel cell vehicles on the road, we continue to set new sales

    records now exceeding 1,800 kg in a day and up nearly 150% year over year.

    Growth to Date

    1,637

    1,853

    FCEV

    1,000 FCEV

    2,000 FCEV

    3,000 FCEV

    4,000 FCEV

    5,000 FCEV

    6,000 FCEV

    7,000 FCEV

    8,000 FCEV

    9,000 FCEV

    10,000 FCEV

    kgs

    200 kgs

    400 kgs

    600 kgs

    800 kgs

    1,000 kgs

    1,200 kgs

    1,400 kgs

    1,600 kgs

    1,800 kgs

    2,000 kgs

    Oct-2015 Jan-2016 Apr-2016 Jul-2016 Oct-2016 Jan-2017 Apr-2017 Jul-2017 Oct-2017 Jan-2018 Apr-2018 Jul-2018 Oct-2018

    FCEVs Avg kg/day Highest Day kg/day

  • 6

    Primary Focus is Reducing Price of Hydrogen to Customer

    Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022 Oct-2023 Oct-2024 Oct-2025 Oct-2026

    FE Plan $10 Target

    FirstElement sees a path to reducing hydrogen prices to parity with gasoline by:

    1. Revolutionize the model for equipment and hydrogen supply; and

    2. Operational efficiency

    $ USD

    per kg

    $10 USD/kg target price

  • 7

    Scaling up the Hydrogen Station Model

    Previous Model: Gaseous-Based

    Current & Future Model: Liquid Pump-Based

    Limited Capacity Stations of 400 kg / day or Less Higher Capacity of 800 kg / day +

    Compression and Refrigeration Required – More components / Lower Reliability

    Stations use Liquid Pump Technology – Fewer Components / Fewer Points of Failure

    High Energy Consumption - Greater OpEx Costs 75% Reduction in Energy Use - Lower OpEx Costs

    Higher Capex for Station Equipment Lower Capex & Smaller Footprint for Station Equipment

    More Frequent Deliveries and Larger Footprint for Storage Less Frequent Deliveries and Smaller Footprint for Storage

    Inefficiencies of Distribution and Delivery Drive up Cost Superior Delivery and Distribution Provides Lower Cost of

    Delivered Product

  • 8

    Operational Efficiency

    Business intelligence and data analytics tool developed to monitor sales data, equipment performance, and technician utilization and efficiencies.

    FirstElement has developed the following in-house capabilities to improve

    operational efficiency:

     Remote, telemetric monitoring of station performance and health

     Team of hydrogen-specialized service & maintenance technicians

     Tools and certificates to perform regular tests and maintenance

    True Data

    True Dash

    DMS Testing

    Capabilities

    Ancillary

    Equipment

    E-Maint

    Real time remote monitoring and station availability tool for predictive failure analysis avoiding down time at the station.

    FEF developed testing equipment in house and certified our technicians to perform the regulatory weights & measures test.

    Capabilities -- including specialty tools, spare parts, and highly trained personnel -- to regularly test and service hydrogen stations including dispenser verification, nozzle testing, pressure testing, pipe cleaning, flame testing, and hydrogen quality sampling.

    Software to track station service activities and inventory for FEF’s station network and its clients.