November, 2017

“PLAYING A KEY ROLE IN THE SOCIETY’S TRANSITION

TO A SUSTAINABLE ENVIRONMENT”

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“Playing a Key Role in the

Society’s Transition to a

Sustainable Environment”

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1. Investment Highlights

2. The Emerging Fuel Cell Market

3. Cell Impact’s Business and Service Offering

4. Technology Development

5. Strategy Roadmap

6. Concluding Remarks

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Broad management experience from senior leadership positions

in Japan, India and China

Held management positions in SKF, Getinge and Elos Medtech

Carried out several consulting assignments including turn-

around, JV formation, acquisition and China market feasibility

studies

Commercial and operational track-record from establishing,

growing and leading companies active in automotive, industrial

and med-tech segments

Educated in Sweden, USA and Japan

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Cell Impact has a world leading forming technology

Innovative patented high speed manufacturing method very suitable

for high precision bipolar flow plates

Technology is suitable for most fuel cell stack manufacturers

1. Investment Highlights

Competitive advantage with Cell Impact’s high speed forming

Unique know-how in high speed forming, tooling and design

An investment “light” forming equipment with short cycle times

High speed forming enables very advanced flow patterns, greater

energy density, less flow plates resulting in lower costs

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Cell Impact currently is on the verge of a commercial break-through

The market is taking-off with leading (North American) fuel cell

manufacturers making progress towards profitability

Cell Impact is involved in several evaluation and negotiation processes

with leading fuel cell manufacturers

Future sales involve a revenue mix of own manufacturing and supply of

turn key projects that generate income from service and royalties

1. Investment Highlights

The fuel cell market is expected to expand from 3 BUSD to ~25 BUSD value by 2025

Cell Impact’s growing addressable market is today estimated at 30% of the market

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2. The Emerging Fuel Cell Market

Market Size and Growth Key Aspects

Rapid growth in fuel cells adaption in materials handling

segment

~20,000 fuel cell powered forklifts in operation

Increase 2016 is primarily driven by delivery of fuel cell cars

Toyota, Honda and Hyundai have all introduced fuel cell

cars

Stationary fuel cells has historically been the largest

segment

0

50

100

150

200

250

300

350

400

450

500

2011 2012 2013 2014 2015 2016

Megaw

att

s

Megawatts by application

Portable Stationary Transport

Current market value is estimated at 3 BUSD with a current growth rate of ca. 25%

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2. The Emerging Fuel Cell Market

Paris Climate Agreement, 2015

China’s 5 million New Energy Vehicles programme and major cities rolling out

implementation plans

The Volkswagen Dieselgate Scandal - banning of diesel cars in many large European cities

Outdoor air pollution estimated to cause 3 million premature deaths annually worldwide

Japan’s ambition to show case a hydrogen society to the Tokyo 2020 Olympics

Global industry body Hydrogen Council established in 2017

Initiatives in many countries to build out hydrogen infrastructure & filling stations – Germany,

US (California) etc.

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2. The Emerging Fuel Cell Market

Material Handling

- Commercial Phase -

CarsBuses and light trucks

- Demonstration Phase - - Early Phase -

Commercially viable

without subsidies

Currently ~20,000 fuel cell

driven forklifts

Plug Power, Hydrogenics,

Ballard dominate fuel cell

supply

End-users; Walmart,

Amazon, Sysco, IKEA

Deployments commenced

in the US, Europe, and

China

Hyundai, New Flyer (NFI

group), Toyota and

Wrightbus (UK) – have

buses in commercial

production

Toyota, Hyundai and Honda

introducing models (5,000

new cars per annum)

Most big car manufacturers

have development programs

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3. Cell Impact’s Business and Service Offering

Fuel Cell Stack Sub Assembly

Cell Impact has a patented method which both

can increase performance and reduce costs

Increase the power density/performance in a

fuel cell (fewer plates & MEA needed)

Cost-effective production process

Cell Impact competitive advantage

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3. Cell Impact’s Business and Service Offering

Source: US Department of Energy (DOE), 500,000 systems per year

Cell Impact’s addressable market is 30% of the total fuel cell market

Over time this share is predicted to increase as the costs for membranes and catalysts

decrease

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3. Cell Impact’s Business and Service Offering

II. Manufacturing and

supply of flow

plates

III. Sales of manufacturing

technology and

equipment

I. Consulting &

Design services

Unique know-how

to create strategic

partnership with

fuel cell suppliers

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3. Cell Impact’s Business and Service Offering

ManufacturingConsulting &

Design ServicesPrototypes

Turn Key Line or

Flow Plates

Supply

Hourly fee Fee for tooling

equipment

Engineering

Price per plate

Price per plate

Function tested

bipolar plate

Sales price

Royalties

Service income

Continuous supply

Historical focus – smaller volumes Current focus – higher volumes

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3. Cell Impact’s Business and Service Offering

Production LineBipolar Flow Plate

DESIGN MATERIAL FORMING CUTTINGLASER

WELDINGCOATING SEALING

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5. Strategy Roadmap

Global expansion of production, delivery and service

TODAY 2018 - 2019 2020 -

POSITION

STRATEGY

FINANCIAL

TARGETS

Concept ready for

volume production

Established technology

supplier to the fuel-cell

segment

Leading global supplier to

the fuel cell segment

Optimise production line

in operation

Taking volume orders

Develop key

competencies

Build top-line to

visualise value potential

Increase capacity through

automatization

Forge more customer and

partner collaborations

Production & line orders

Sustainable revenue base

Several revenue streams

Reach and maintain

profitability

Global expansion of

production, delivery and

service

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Recent orders

Shanghai Everpower, China

Initial development with potential follow-up orders for manufacturing and supply or

turn key project with sale of manufacturing lines

Development activity with leading automotive OEMs (NDA)

Pushing the limits of forming advanced patterns for greater power density

Flow plate material related forming evaluations

Expanding pipeline opportunity (NDA)

No of enquiries and quotation opportunities growing

Value per quote increasing

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6. Concluding Remarks

A number of factors drive increased fuel cell adaptation :

An accelerating climate crisis and pandemic levels of pollution related deaths

demands urgent action to reduce C02 emissions and air borne pollutants

Fuel cells and batteries are both viable energy solutions in their own right, or in

combination, for electrification of transport, storage and grid balancing

Cell Impact is progressing commercially and ready to become a supplier to the

fuel cell industry - pushing the limits of bipolar plate forming

Cell Impact’s joint development activities with leading automotive OEMs and an

expanding pipeline opportunity points towards commercial break through in 2018