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OpenHydro | Corporate Presentation

Garrett Connell | June, 2016

11th May 20161 Corporate Presentation

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Company Overview & Strategy

11th May 20162 Corporate Presentation

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Company Overview & Strategy

Tidal Resource

11th May 20163 Corporate Presentation

UK:

Largest European resource (16GW).

Canada:

Large exploitable resource (7.5GW), strong

political and financial support.

France:

Second largest European resource (6.5GW),

developing framework of support.

Market Opportunity

Global tidal resource in the range of 90

to 115GW (technically exploitable).

This represents a market opportunity of

€200bn.

Asia/Pacific:

Major tidal resource potential

identified in Asia Pacific

region.

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Technology Development

11th May 20164 Corporate Presentation

Turbine Design

OpenHydro has a strategy for a standard system design that can be deployed across all our sites.

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Turbine Testing

OpenHydro has been testing at the European Marine Energy

Centre (EMEC) since 2006; grid connected in 2008.

Testing focused on new power convertor (ABB) and in-house

developed control system:

‒ Over 7,500 hours testing of current turbine.

‒ 16% improvement in turbine efficiency.

Technology Development

11th May 20165 Corporate Presentation

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Installation & Recovery

Installation and recovery system

successfully demonstrated in:

‒ Scotland (2008)

‒ Canada (2009/10)

‒ France (2011/12/13/14/16)

Technology Development

11th May 20166 Corporate Presentation

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Technology Development

11th May 20167 Corporate Presentation

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Demonstration Arrays

11th May 20168 Corporate Presentation

Demonstration Arrays

OpenHydro is currently delivering demonstration arrays in Canada and France.

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Demonstration Arrays

11th May 20169 Corporate Presentation

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Demonstration Arrays

11th May 201610 Corporate Presentation

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Demonstration Arrays

11th May 201611 Corporate Presentation

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Technology Development

11th May 201612 Corporate Presentation

Turbine Control Centre (TCC) Production

The first full scale (2MW) TCC’s are currently in production for

the Cape Sharp (Canada) and Paimpol-Brehat (France)

projects.

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Technology Development

11th May 201613 Corporate Presentation

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Demonstration Arrays

11th May 201614 Corporate Presentation

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Demonstration Arrays

11th May 201615 Corporate Presentation

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Industrialisation

Levelised Cost of Energy (LCoE)

OpenHydro is targeting a competitive LCoE:

1. Design / Value Engineering

2. Supply Chain / Volume Effects

11th May 201616 Corporate Presentation

Pre-Series

Standard

Product

20162015 2017 2018 2019 2020

Cost

Time

Current Pre-Series Design

Cost Reduction - Design / Value Engineering

Supply Chain / Make or Buy Effect

Volume Effect ‘S’ Curve

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Commercial Arrays

11th May 201617 Corporate Presentation

Emera | Canada

Joint Venture with Emera for

300MW tidal farm.

− Phase 1 (2016): 4MW

− Phase 2 (2017): 12MW

− Phase 3 (2019): 34MW

− Phase 4 (2020+): 100MW

per annum to 300MW

Brookfield | Northern Ireland

100MW Joint Venture in Northern Ireland.

− Phase 1 (2018): 30MW

− Phase 2 (2019+): 70MW

SSE Renewables | Scotland

200MW Joint Venture in Scotland.

− Phase 1 (2019): 30MW

− Phase 2 (2021): 170MW

ARE | Channel Islands

Joint Venture to develop a 300MW

project.

Separately, ARE are progressing

FABLink; an interconnector between

France, Alderney and the UK (available

from 2020).

− Installation of 50MW per annum

(initially) from 2021.

EDF EN | France

Development of 14MW project in

the Raz Blanchard off the coast

of Normandy.

EDF | Paimpol-Brehat

Demonstration array of 2 x 16m

turbines.

Commercial Pipeline

Project Portfolio

OpenHydro’s development portfolio

stands at 919MW.

Prospects

OpenHydro also has over 2.5GW of

projects under assessment.

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OpenHydro | Corporate Presentation

Garrett Connell | Friday, 12th May, 2016

11th May 201618 Corporate Presentation