Recent CleanTech Projects

June 6, 2016

54 Pine Street – Suite 3

New York, New York 10005

(p) 917.379.3590

www.ibd-associates.com

About IBD Associates• IBD Associates was started in 2001 by a former McKinsey consultant and a CleanTech expert. We provide

business strategy and market research to a wide range of companies including several on the Fortune 500 list. We offer customized services across a number of disciplines. The core group brings with them over 50 years of experience from business strategy, business development, technology, and marketing areas. Furthermore, we draw on a wide variety of specialists in areas from accounting and law to market analysis and marketing.

• We have worked in the energy storage space since 1988, developing new batteries and fuel cells. We bring to the table more than 25 years of start-up experience in cutting edge battery development, and broad knowledge in CleanTech areas such as smart grid, photovoltaic, wind energy, fuel cell and bio fuel. Over the years, we have created alliances with university groups and state and federal organizations to facilitate technology transfer and commercialization, and we know the steps from basic research to final product from both a technical and a business aspect.

• Our customer base includes battery companies, product development companies, manufactures, system integrators, utilities, investment banks, and other financial institutions.

• In 2002 we started the energy storage company, Gaia Power Technologies, to sell products into the utility demand reduction and alternative energy market. The company had significant product sale and it installed in excess of 3 MWh of energy storage on a commercial basis. The products were installed mainly in US but were sold abroad as well. The company won several demonstration projects from New York State Energy Research and Development Authority, California Energy Commission and the US Department of Energy. The company was sold to the lead investor in 2009.

Dr. Ib Olsen, Co-Founder, Principal Consultant. IBD Associates, Inc

Dr. Olsen is a serial entrepreneur and an authority in the field of smart grid, and advanced battery and fuel cell development. He has authored numerous papers and scientific publications and he is an invited speaker at industry conferences. He has implemented various scale-up and commercialization concepts for battery-related products within a Fortune 500 company and various successful start-ups. Dr. Olsen’s groundbreaking work in the smart grid, battery, fuel cell, and energy storage technology field has awarded him more than 30 patents. He co-founded IBD Associates, a successful consulting company to the financial and CleanTech industry, where he is still active. He is also founder CTO of Bright Kids NYC, an educational company that leverages technology to create individualized study plans. He was the founder CTO at Gaia Power Technologies, which was the first company in US to sell distributed energy storage on a commercial basis. He is also experienced in leverage private money with public money having raised more than $3.5 million in grants from institutions such as New York State Energy Research and Development Authorities (“NYSERDA”) and California Energy Commission. Additional previous employment includes Saft America and Valence Technology. Dr. Olsen holds a Ph. D. in Chemistry from the University of Odense in Denmark and a M.Sc. in Chemical Engineering from Denmark’s Technical University.

Dr. Olsen now serves as a consultant and advisor for companies including major battery companies, electrical grid component manufactures, consulting companies, financial institutions, and start-ups. He also serves as Entrepreneur in Residence for New York State Energy Research and Development Authority (NYSERDA)

Case Studies

In the following is listed a range of the Energy Storage and CleanTech related projects we have been involved in.

Grid Connected Energy Storage Strategy for major US battery company

• kW to MW• Go To Market Strategy

– Worked with corporate and division management on strategy to take products developed for transportation and leverage them into the stationary market

• Technical Specifications– Battery requirements and sizing based on application– Integration with multiple power conversion providers– Identify parts suppliers

• Business Development– Was the company liaison for stationary market and

introduced company to potential customers and collaboration partners

– Actively connected company with potential customers and facilitated the responds to RFP’s

– Was part of the initial teams on the Battelle Memorial Institute Pacific Northwest Smart Grid Demonstration led by Portland General Electric, and the EnerDel GRESS - FSK St. Petersburg / EnerDel Sochi BESS projects

Business Model, Manufacturing, and Technical Due Diligence for a Financial Institution

• Comprehensive due diligence on fuel cell company with focus on former United Technology assets.

• Reviewed technology, manufacturing facilities, performance data, and several installed units.

• Prepared comprehensive report with strength/weakness analysis.

Residential Energy Storage Product 4.5kW / 6kWh with PV option

Full technical design, material sourcing, software sourcing, and technical documentation for UL1741 certification

Energy Storage Technical and Market Research

• Comprehensive report on Sodium batteries for energy storage applications

– Historical perspective

– Technical background and latest research

– Detailed company research and interviews

Energy Storage and Renewable IntegrationStrategy, RFQ and Response Evaluation

• For a major US PV installer we provided:

– Introduction to energy storage

• Strength and weaknesses of the various technologies

– Analyzed utility requirements

• Combined several requirements into an overall technical specification

– Wrote the Request for Quotation and identified potential vendors

• Introduced vendors with cost saving technologies

– Analyzed the responses to the RFQ, compared with each other, and presented to customer for down selection.

• Established Total Cost of Ownership of each proposal for easy comparison

General Due Diligence – Energy Storage TechnologiesFor Multinational Outsourced Manufacturing Company

• Review of battery technologies and manufacturing processes as they related to client capabilities

– Developed list of recommended technologies and companies to pursue

• Business, technical, and intellectual property due diligence on specific technologies and specific companies including interviews with C-level management

Technology Research and Financial AssessmentWaste to Energy Projects in Central America and Africa

• Extensive research on waste to energy technologies

• Identified viable companies offering less polluting gasification and pyrolysis technology

• Obtained cost of plant for various sizes

• Did initial financial cash flow calculations to establish project viability on several projects ranging from a few tons / day to 1,000 tons / day

GLOBAL NATIVASOURCE, LLC.

Building Integrated Photo Voltaic

• Market research and formulate go to market strategy

• Technology review and help define product evolution roadmap

• Manufacturing process review

• Grant proposal strategy and writing

Flywheel Energy Storage Start Up

• Helped management team with business, technology, and IP strategy

• Wrote winning NYSERDA proposal for development grant

• Made investor presentation and pushed it to potential investors

• Facilitated contacts to major industrial players

Energy Storage SolutionsIn collaboration with Flywheel Energy Systems Inc, Electro Standards Laboratories, and Texas A&M

Entrepreneur in ResidenceITAC and NYSERDA

• Worked with numerous companies on a wide range of topics:

– Business plan review and coaching

• Including review of financials and financial needs

– Market strategy

• Identify first market(s) and growth strategies

– Technical assessment and assistance

• Review of IP and IP strategy

• Manufacturing strategies and potential partners

• Technical solutions

– Grant strategies and writing

• How to position the company to NYSERDA

Acrolyte Industries

Elevators as Energy Source

• This was a one year NYSERDA funded feasibility study led by Cooper Union and Energy Investment Systems (EIS) with the input of a number of industry leaders including Thyssen Krupp

• First ever detailed energy measurement and usage pattern study of high rise elevators to determine actual and potential power generation through the use of regen during braking

• Involved iconic New York City buildings like the Empire State building and One Bryant Park

• I was responsible for data measurement and the data analysis methodologies, and for quality control of results

GridMarket – the New York City Energy Storage Web Site

• This was a workgroup initiated by Con Edison and Agrion, and supported by NYSERDA

• The goal was to create a dynamic website that would showcase the energy storage opportunities in New York City / Con Edison service territory, and provide tools for evaluating use cases– The site has since evolved to areas beyond New York

City

• The workgroup included more than 20 industry experts, and the site was launched July 8, 2014.

• https://www.gridmarket.com/

Residential Energy Storage6 – 30kW Modular System

• Founder / CTO

• Turnkey, modular battery/inverter system designed for indoor installation

• Sold more than 3MW of systems

• Components

– Energy storage

– Power electronics

– Proprietary communications and control software

• Safety listed to Underwriters Laboratory specifications UL1741

• Designed for demand reduction and integration with PV, wind turbines, and generators

– 5 patents granted on system

• Company sold to GHO Ventures

– IP now resides with Stem Inc.

Distributed Generation – Fuel Cell / Energy Storage

• A DOE and NYSERDA funded project

• Integrating a propane fueled PEM fuel cell with energy storage to power an off-grid house

– Design, build, integrate, and operate the full unit for one year.

– First of a kind in US

– Documented limitations with all components and identified solutions for potential future turnkey solutions

Grid Tied Energy Storage300kW / 900kWh Hybrid System

• NYSERDA sponsored project

• 4 x 75kW Sub-modules with individual battery strings

– 2 x 225 kWh Sodium Nickel Chloride batteries (first stationary demonstration in US)

– 1 x 225 kWh Lead Carbon batteries (first stationary demonstration in US – was subsequent market as the PowerCube by Axion Power)

– 1 x 225 kWh Advanced Lead Acid

• Substation demand reduction and back-up of industrial complex

• Project and team development, proposal writing, technical design, procurement