FirstElement Fuel

California’s Leader in Retail Hydrogen

StationsOctober 2018

Hydrogen Station in Harris Ranch - Coalinga, CA

Opened in November 2015

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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.

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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

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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

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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

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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 CostSuperior Delivery and Distribution Provides Lower Cost of

Delivered Product

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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.