Growth Opportunities in Hydrogen Storage, Li-Ion Batteries, Thermal Energy Storage, and Cloud Based Platforms For Battery Management Systems

GROWTH OPPORTUNITIES
IN HYDROGEN STORAGE, LI-

ION BATTERIES, THERMAL
ENERGY STORAGE, AND
CLOUD BASED PLATFORMS
FOR BATTERY
MANAGEMENT SYSTEMS
Unauthorized Distribution Prohibited

Licensed to User ID: 61082
Indian School of Business
Energ y & Power Systems
Tec hno l o g y O ppo r t uni t y Eng i ne
Global Technology, Innovation,

and Convergence Practice
D961-TV, March 2022
The Growth Pipeline™ Company

Powering clients towards a future shaped by growth
CONTENTS
Slide
Section No.
SAFE, SCALABLE, AND COST-EFFICIENT HYDROGEN
STORAGE TECHNOLOGY 6
CARBON280, AUSTRALIA
HIGH ENERGY DENSITY LITHIUM (LI)-ION BATTERY

TECHNOLOGY FINDING APPLICATIONS IN MOBILITY AND
9

WEARABLE SECTOR
AMPRIUS TECHNOLOGIES (AMPRIUS), UNITED STATES
INTEGRATION OF CONCENTRATED SOLAR POWER
GENERATION WITH THERMAL ENERGY STORAGE IN
12
GEOLOGICAL FORMATIONS TO STORE EXCESS ENERGY
HYPERLIGHT ENERGY, UNITED STATES
USE OF ELECTROCATALYST DISCOVERY PROCESS TO
ACCELERATE LOW-COST GREEN HYDROGEN PRODUCTION 15
H2U TECHNOLOGIES (H2U), UNITED STATES
ROBUST SOLAR ROOFING SYSTEM WITH HIGH-POWER
CONVERSION EFFICIENCY ALLOWING ITS USE IN BUILDING
18
INTEGRATED PHOTOVOLTAICS
GAF ENERGY, UNITED STATES
2
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CONTENTS
Section Slide No.

PORTABLE AND LIGHTWEIGHT HYDROGEN-POWERED
GENERATOR FOR INDOOR AND OUTDOOR APPLICATIONS 21
SCITEM, JAPAN
HIGH-PERFORMANCE HYBRID LITHIUM (LI)-METAL BATTERY FOR
APPLICATIONS IN CONSUMER ELECTRONICS 24

SES AI CORPORATION (SES), UNITED STATES

CLOUD-BASED DISTRIBUTED ENERGY RESOURCE (DER)
PLATFORM ACCELERATES THE ADOPTION OF DERS 27
VIRTUAL PEAKER, UNITED STATES
MODULAR NATURAL GAS-TO-HYDROGEN CONVERTER FOR
RESIDENTIAL USE 30
MODERN ELECTRON, UNITED STATES
NOVEL HYBRID ELECTROLYZER THAT CAN PRODUCE GREEN
HYDROGEN AT MASS SCALE 33
VERDAGY, UNITED STATES
LOW-NOISE RENEWABLE ENERGY GENERATORS OFFER A
GREENER ALTERNATIVE TO CONVENTIONAL DIESEL GENERATORS 36
SIQENS GMBH (SIQENS), GERMANY
3
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CONTENTS
Section Slide No.
CLOUD-BASED BATTERY MANAGEMENT SYSTEM (BMS)

ENHANCES THE PERFORMANCE OF STATIONARY AND MOBILE
39
BATTERY STORAGE SYSTEMS
ION ENERGY, INDIA

FUSION REACTOR PROVIDING UTILITY-SCALE, EMISSION-FREE

ELECTRICITY 42
GENERAL FUSION, CANADA
SMALL NUCLEAR FUSION REACTOR OFFERING CLEAN AND
LIMITLESS ENERGY 45
COMMONWEALTH FUSION SYSTEMS, UNITED STATES
KEY CONTACTS 48
4
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INNOVATIONS IN HYDROGEN STORAGE,
AND CLOUD BASED PLATFORMS FOR
BATTERY MANAGEMENT SYSTEMS
5
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SAFE, SCALABLE, AND COST-EFFICIENT HYDROGEN STORAGE TECHNOLOGY
CARBON280, AUSTRALIA
Carbon280 CARBON280’S FOCUS AND VISION

• Carbon280 develops and commercializes hydrogen storage solutions to support a green hydrogen
Product/ economy in an emissions-free future. The hydrogen storage uses Hydrilyte™, which is a proprietary
Hydrogen storage
Technology hydrogen storage medium that looks like a slurry and contains metal hydride suspended in mineral
oil. The process of storing and releasing hydrogen is carried out with less energy at moderate
Type of pressure and an elevated temperature to form metal hydride as compared to ammonia based
Private storage or organic hydrogen carriers. Thus, unique hydrogen storage is safe, scalable, and low cost.
Ownership
• In collaboration with several industry participants, Carbon280 established a consortium to develop

a Hydrilyte Refueller Prototype. Corre Energy Limited, a European storage developer, leads the
Year Founded 2020 consortium that includes Element 2, a hydrogen refueling specialist, and engineering companies.

• The organizations will collaborate to combine their unparalleled design experience and technical
Perth, Western capabilities to develop a cutting-edge, long-duration energy storage system utilizing the
Headquarters Carbon280 Hydrilyte storage medium. The Hydrilyte hydrogen storage is easy to handle and has a
Australia
high tolerance for the variable hydrogen supply from renewably powered electrolyzers. Thus, it
can be incorporated into a flexible grid for renewable firming.
Key Markets Global
TECHNOLOGY ATTRIBUTES
Revenue Not applicable (N/A)
LONG-TERM STORAGE
Investment The developed system can safely store hydrogen in large volumes for 10 years without
N/A any loss. The hydrogen is released with high purity; thus, additional purification is not
Stage necessary.
HIGH SAFETY
Total Funding N/A This hydrogen storage exhibits high safety and non-toxicity for people and the
environment compared to liquefied or compressed hydrogen or ammonia. Safe storage,
transportation, and delivery of about 2,000 tons in conventional fuel tankers is possible
Employees 10 for the Hydrilyte storage medium.
REDUCED COSTS
Frost Radar Not profiled Hydrilyte derives from cost effective and abundant materials. Reduced capital and
operating costs characterize the developed hydrogen storage system, as the storage and
release of hydrogen requires no catalysts.
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VALUE PROPOSITION OF HYDROGEN STORAGE
Hydrogen is a clean energy carrier, and it has the highest mass-energy density of all KEY COMPETITORS
chemical fuels, while its energy content per unit of volume is relatively low. Thus, the
storage density must increase to make hydrogen storage economically viable. The storage • Johnson Matthey, United States
of hydrogen gas in large volumes at truck stops and other non-industrial areas can pose a • Thyssenkrupp, Germany
risk to people and the environment. Carbon280’s technology development addresses • GKN Hydrogen, Germany
these issues by making hydrogen storage affordable, economical, and safe. The Hydrilyte™ • Plasma Kinetics, United States
technology provides a secure and scalable solution in hydrogen refuellers, thereby
TECHNOLOGY
accelerating hydrogen infrastructure development and simplifying hydrogen-powered
ASSESSMENT vehicle refueling.

STRATEGIC ANALYSIS FUTURE PLANS

• The technology is • The technology is in
environmentally friendly the demonstration
and safer than traditional stage and requires The company's hydrogen storage system is in the
methods. additional feasibility demonstration stage. Currently, Carbon280 is constructing
S W
• Hydrilyte is a cost-efficient studies. and testing the first full-sized prototype of a long-duration
means of providing hydrogen storage unit. If successful, the first commercial
energy storage. Hydrilyte Refueller unit will be deployed in 2024.
• The technology is stable
STRENGTHS and highly cost WEAKNESSES
competitive.
• On-site production and
utilization are possible.
• Hydrilyte allows industry

• The lack of
ANALYST’S INSIGHTS
participants to reduce
investments Carbon280 technology development will unlock hydrogen's
their carbon footprint.
O T
required for energy and transportation sector potential. The company’s
• The technology offers a
technology hydrogen storage solution can safely and economically store,
transition from diesel to
development and transport, and deliver hydrogen in conventional fuel tankers.
hydrogen-powered
governmental The technology promotes the deployment of a decarbonized
vehicles.
supportive programs future and enables taking a crucial step toward transitioning
• The development of this
OPPORTUNITIES technology supports the THREATS is a threat. from fossil to hydrogen fuel.
hydrogen economy.
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CARBON280—INVESTOR DASHBOARD
COMMERCIALIZATION READINESS LEVEL BUZZWORTHINESS TECHNOLOGY COMPETITION LEVEL

The Hydrilyte storage medium can Traditional processes, such as liquefied and
Carbon280 has developed and tested a hydrogen storage
1 outperform existing hydrogen compressed hydrogen, will pose
medium based on metal hydride. The prototype 2 storage in safety and scalability, competition until the establishment of
demonstrates high performance and has achieved 3 making it indispensable in hydrogen storage in metal hydride.
affordable, levelized cost of hydrogen storage. Full-scale 4
5 hydrogen refueling infrastructures.
pilot project testing is the next step. The commercial version
6
of the long-term hydrogen storage system will appear in the 7
market in 2024. 8 Buzz- Competition
9 worthiness from other

Low Medium High Low Medium High
Expected time frame: 0–2 years technologies

GEOGRAPHY • Carbon280 has actively formed partnerships with
multiple industry participants to accelerate
Global: Green hydrogen storage technologies will
commercialization of its hydrogen storage
have a high impact across regions that intend to
technology.
establish a hydrogen economy.
• In 2022, Carbon280 and its partners received an
investment of $200 million from the UK
APPLICATION government’s Department for Business, Energy
and Industrial Strategy to build a Phase 2
Green hydrogen storage has many chemical and
prototype of commercial hydrogen storage
energy, transportation, and industrial process INVESTOR systems.
applications.
LENS
RISKS REVENUE MAGNITUDE POTENTIAL

Carbon280 is in the early stages of commercializing its The company will participate in the hydrogen storage market with high
green hydrogen storage technology. The company has Medium
financial growth potential. Although the company's Hydrilyte may
unique technology that outperforms competitors' outperform the international competition in hydrogen storage
solutions. As the technology provides a significant step technology, its cumulative revenue potential during the next 3 years is
for meeting the demand for cost-effective hydrogen less than $5 million.
storage, it will not face high market risks.
Low High
Low Medium High
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HIGH ENERGY DENSITY LITHIUM (LI)-ION BATTERY TECHNOLOGY FINDING
APPLICATIONS IN MOBILITY AND WEARABLE SECTOR
AMPRIUS TECHNOLOGIES (AMPRIUS), UNITED STATES
Amprius AMPRIUS’ FOCUS AND VISION
• Amprius is developing high energy density Li-ion batteries and a scalable manufacturing process.
Product/
Li-ion battery The company engages in R&D and manufacturing proprietary silicon (Si)-nanowire anode and
Technology battery technology, exhibiting some of the best outcomes in the market because of high-
performance anodes.
Type of • Currently, the company is developing high-performance batteries for air mobility applications, such
Private
Ownership as drones, electric vertical take-off and landing (eVTOL) aircraft, and pseudo-high-altitude satellites.
The company’s goal is to extend the application of its battery to electric vehicles and wearables.

• The company has made advances in Si-nanowire anode technology and solved the problem of Si
Year Founded 2009 material fragility when charged. As a result, the anode material exhibits swelling and cracking

resistance, providing the battery with high energy density, stability, and extended life.
• In 2022, Amprius announced a breakthrough in its battery technology. Containing the proprietary
Si-nanowire anode, it is 73% more energy-dense per unit weight and 37% more compact than
Headquarters Fremont, United States industry-leading Li-ion batteries. Additionally, the battery features a fast-charging capability.
Key Markets Global

Revenue N/A
FAST-CHARGING CAPABILITY
Investment The new Li-ion battery features fast-charging capability, taking 6 minutes to charge the
Series C battery from 0% to 80%.
Stage
STATE-OF-THE-ART ENERGY DENSITY
Total Funding $55 million The Li-ion battery is outstanding with a specific energy of 450 watt-hours per kilogram
(Wh/kg) and an energy density of 1,150 watt-hours per liter. The battery has a compact
size of 6mm x 54mm x 65mm.
Employees 50
IMPROVED LIFETIME
The developed Si-nanowire Li-ion battery demonstrates excellent stability, improving its
Frost Radar Not profiled real-world life cycle.
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VALUE PROPOSITION OF HIGH ENERGY DENSITY LI-ION BATTERY
The battery’s capabilities, such as fast charge and high energy density, play a crucial role
in widespread electric vehicle deployment. Limited driving range and long charging times KEY COMPETITORS
are the main limitations of battery technology. Amprius has overcome these challenges
by using a high energy capacity Si-nanowire anode, and the battery features high energy Battery Manufacturers, such as:
density and fast charging without degrading battery performance. The higher the • Panasonic, Japan
battery's energy density, the smaller and lighter the battery. This feature is essential for • Automotive Energy Supply
electric vehicle applications, as the same size battery could provide more energy, thus Corporation, Japan
increasing the vehicles’ driving range. It also allows a cost reduction if the size and • LG Chemicals, Korea
TECHNOLOGY
volume of the battery are crucial to the value proposition.
ASSESSMENT


• The battery has fast
• Currently, the • The company plans to further improve battery energy
charging capabilities and
battery has limited density and achieve 500 Wh/kg by the end of 2022.
exhibits excellent
application in air • The company aims to scale up Si anode manufacturing
stability.
mobility. and will achieve mass-production rates for its battery
S W
• An extended lifetime is a
strength of the battery. cells of hundreds of megawatt hours per year by 2024.
• The battery shows
outstanding specific
STRENGTHS energy and energy WEAKNESSES
density.
• The anode has high
conductivity.
• The technology • The battery ANALYST’S INSIGHTS

might reduce battery requires further
costs. testing and The developed Si-nanowire Li-ion battery technology
demonstrates advantages in superior energy density. It will
O T
• Vehicle charging optimization, so it
time and driving will take time to provide a new solution for boosting transportation
range will increase. commercialize. electrification, thereby helping to achieve the goal of carbon
• Decarbonization of neutrality as soon as possible. The battery technology will
the transportation provide new applications and markets that require high
OPPORTUNITIES and aviation sectors THREATS density storage capabilities.
can occur.
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AMPRIUS—INVESTOR DASHBOARD

Amprius has begun early commercialization of its Si- Many companies and research The Si-nanowire Li-ion battery faces
nanowire Li-ion batteries. The company is collaborating 1 institutes are showing a broad intense competition from existing Li-ion
2
with an aerospace company to conduct real-world testing 3 investment interest in the batteries for electric vehicles, given their
of its first commercial batteries in high-altitude pseudo 4 development of the high energy widespread availability and high power
satellites by the end of 2022. As the first application, the 5 density battery. density.
company plans to use the unique battery in air mobility. 6
7
8 Buzz- Competition

Expected time frame for mass production: 2024/25 technologies

GEOGRAPHY
Global: The technology will have a high impact across • Amprius received funding from leading venture
all regions. capital and private equity investors.
• The company has actively formed partnerships
with multiple industry participants to accelerate
the commercialization of its battery technology.
APPLICATION Currently, the company has a development
This technology ideally suits electric mobility contract with several aerospace companies
markets, including micro-mobility and aviation. The working on an eVTOL.
INVESTOR
battery has future applications for robotics,
wearables, and consumer items.
LENS

The Si-nanowire Li-ion battery should first gain market The company’s Si-nanowire Li-ion battery technology has not yet reached
acceptance in air mobility by adhering to all regulatory Medium commercialization stage. Soon, the company will provide its battery for
guidelines. Apart from this aspect, the battery market the emerging air mobility market. As the company participates in the
has a high entry barrier, and the battery performance emerging market, its cumulative potential revenue during the next 3
needs proving in real-world situations. The company has years is less than $10 million.
unique technologies that outperform competitors'
solutions, so batteries with high energy density will not Low High
face high market risks.
Low Medium High
D961-TV 11
INTEGRATION OF CONCENTRATED SOLAR POWER GENERATION WITH THERMAL
ENERGY STORAGE IN GEOLOGICAL FORMATIONS TO STORE EXCESS ENERGY
HYPERLIGHT ENERGY, UNITED STATES
Hyperlight Energy HYPERLIGHT ENERGY’S FOCUS AND VISION
Product/ • Hyperlight Energy develops advanced, low-cost concentrated solar power (CSP) technology. The
GeoTES
Technology company’s main goal is to meet the growing electricity demand, tackle climate change, and
decarbonize the global economy by developing an affordable power generation solution that
Type of provides unlimited, low-cost, and carbon-free electricity.
Private • The company portfolio includes its flagship product, Hylux™, a lightweight, low-cost, modular solar-
Ownership
collector. Hylux comprises a recyclable plastic-based support structure and mirror and is easy to

transport and install. Hylux produces energy that a steam turbine directly converts to electricity.
Year Founded 2012

• In 2022, the company has launched Tectonic Sun™, a GeoTES system for industrial purposes.
Tectonic Sun, with Hylux, will store solar heat in a geological formation. The company plans to
California, United implement this integrated solution in enhanced oil recovery sites to provide renewable energy for
Headquarters industrial processes and store excess energy in repurposed oil wells, which will allow a reduction in
States
emissions during the extraction process.
Key Markets United States
Revenue N/A ENVIRONMENTALLY FRIENDLY
The combination of Hylux and Tectonic Sun provides an environmentally friendly
solution for emissions-free power generation and energy storage with an 80% capacity
Investment
Non-equity Assistance factor.
Stage
LONG-DURATION STORAGE
The potential energy storage capacity of GeoTES installation is about 36 megawatts
Total Funding $14 million (MW). The GeoTES system can store the produced solar thermal energy up to several
months for about 4,000 hours.
Employees 10 REDUCED COSTS

The GeoTES system features a breakthrough round-trip thermal efficiency and reduced
levelized cost of storage between 4 to 10¢/kilowatt (kW) per hour, a cost-effective
Frost Radar Not profiled option than existing long-duration storage technologies.
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VALUE PROPOSITION OF GEOTES
Global energy demand is growing faster than the increase in renewable capacity, leading
to the continuous expansion of energy-related carbon emissions. Storage of excess energy KEY COMPETITORS
is a significant challenge for the global energy industry. Energy storage is based on a
• Abros Green, Germany
rapidly developing class of high-tech equipment that opens new opportunities for energy
• SolarReserve, United States
development. Modern technologies can provide a sufficient level of energy generation,
• Agengoa Solar, Spain
but the lack of cost-effective storage technologies limits the possibilities of sector
• Siemens, Germany
transformation. Hylux/Tectonic Sun's integrated solutions offer dual benefits—renewable
• Trivelli Energia, Italy
TECHNOLOGY generation of both electricity and thermal energy and cost-effective, long-duration energy
storage.
ASSESSMENT


• Thermal energy storage
• The relative newness • Hyperlight Energy has built a 500kW demonstration
is environmentally
of the technology is project of the Hylux CSP solution. Currently, the
friendly.
a possible failing. company is building a technology demonstration
• The cost-efficiency is
• The technology
S W
better than traditional project of its GeoTES at a Hathaway oil drilling site in
requires additional Bakersfield, United States.
technologies.
technology viability • The company plans to retrofit the tens of thousands of
• The technology provides
investigation. existing oil wells in California with its combined
long-duration storage.
• Thermal energy Hylux/Tectonic Sun solution to produce cost-effective,
STRENGTHS WEAKNESSES
provides unlimited, low- non-intermittent, clean power.
cost, and carbon-free
electricity.
• This technology can • Opportunity threats
replace diesel are related to the
generator sets. security of The company’s technology development demonstrates the
• Thermal energy investments in
O T
approach to generate carbon-free energy and cost-effective,
provides a reduction in technology long-duration energy storage. The novel technology has
power generation and development transformative potential in the decarbonization of the
energy storage costs. • Unwillingness of the energy sector and oil and gas industry. The production of
• The decarbonization of mining company to plentiful, zero-carbon electricity from the sun combined with
energy and oil THREATS cooperate storage on an industrial scale can accelerate the global
OPPORTUNITIES
extraction sectors is energy transition.
significant.
D961-TV 13
HYPERLIGHT ENERGY—INVESTOR DASHBOARD
COMMERCIALIZATION READINESS LEVEL BUZZ WORTHINESS TECHNOLOGY COMPETITION LEVEL

Various sources of funding show GeoTES is highly competitive with other
The company has only completed a technical proof-of-
1 broad interest in the cost- existing long-duration storage solutions
concept in energy storage of its GeoTES. A next step for the
2 effective, long-duration storage for renewable energy.
company is to conduct test loops with designed, set up, and 3 of renewable energy.
executed experiments. It then needs to build a pilot energy 4
storage installation and conduct full-scale testing. The full- 5
6
scale GeoTES will go online in 2025.
7
8 Buzz- Competition

Expected time frame for mass production: 2025/2026 technologies

GEOGRAPHY
Global: The technology will have a high impact across • The US Department of Energy, the California
all regions. Soon, the technology will capture an Energy Commission, and the Southern California
appropriate share of the North American energy Gas Company supports the company’s technology
market. development.
• The company plans to leverage the investment to
APPLICATION accelerate commercialization of breakthrough
Grid-scale electricity and heat production can use solar technologies and scale up manufacturing.
CSP technology for industrial process. Seasonal INVESTOR
storage of thermal energy uses GeoTES technology.
LENS

The company has unique, industry-first technology that Hyperlight Energy aims to become the largest global CSP company in 5
outperforms competitors' solutions and, in case of Medium years. The company has 150MW of project revenue growth opportunities
reaching vital technology performance milestones, will in the pipeline in the next 24 months. It has several contracts to retrofit
not face high market risks. existing oil wells in California with its combined Hylux/Tectonic Sun
solution. With the successful realization of the planned projects, the
company will have a high revenue potential within 5 years.
Low High
Low Medium High
D961-TV 14
USE OF ELECTROCATALYST DISCOVERY PROCESS TO ACCELERATE LOW-COST
GREEN HYDROGEN PRODUCTION
H2U TECHNOLOGIES (H2U), UNITED STATES
H2U H2U’S FOCUS AND VISION
Product/
Electrode material
Technology • The company experiments with electrolyzer designs and has made advances to overcome the
significant technology drawback, such as the expensive platinum group metals (PGM) catalyst. It
Type of aims to develop proprietary hydrogen technology called the Catalyst Discovery Engine™ (CDE) to
Private company
Ownership solve advanced materials engineering problems. The CDE is a data-driven process that uses artificial

intelligence to identify and test low-cost, non-PGM proton exchange membrane (PEM) catalysts. It
quickly identifies effective catalysts compared to conventional discovery processes.

Year Founded 2020 • H2U develops low-cost catalysts and integrates them into a disruptive-design hydrogen
electrolyzer. A combination of low-cost catalysts and innovative cell design allows the production of
least-cost green hydrogen.
Chatsworth, United
Headquarters
States
Key Markets Global

Investment
Series A COST-EFFICIENCY
Stage The PEM electrolyzer is cost-efficient compared to existing electrolysis solutions
because of the low-cost, effective catalyst. The company’s CDE allows it to identify low-
Total Funding $18 million cost catalysts with the highest activity out of millions of compositions per month. This
technology development makes green hydrogen production more cost-effective and
scalable.
Employees 10
IMPROVE HYDROGEN PRODUCTION
The technology allows an increase in hydrogen production compared to existing PEM
Frost Radar Not profiled electrolyzer technology, leading to reduced electrolyzer cell costs and increased peak
hydrogen production.
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VALUE PROPOSITION OF PEM ELECTROLYZERS
Hydrogen is an alternative for storing excess energy from renewable energy sources,
such as solar or wind. However, the high cost of hydrogen production hinders its KEY COMPETITORS
widespread adoption and market acceptance. H2U’s technology development enables
identification of a low-cost, high-activity catalyst to be a million times faster than the • Siemens, Germany
conventional catalyst discovery processes. The company commercializes abundant, • Proton Motor Fuel Cell,
inexpensive catalysts that are highly active and competitive with commercial platinum- Germany
based PEM catalysts. The combination of active catalyst and innovative electrolyzer cell • Ballard Power Systems, Canada
design provides substantial material cost savings leading to cost-effective and scalable • Plug Power, United States
TECHNOLOGY • Fuelcell Energy, United States
hydrogen production.
ASSESSMENT


• The technology’s H2U is still in an early research phase of electrolyzer
• The technology is technology. Soon, the company plans to advance its
design enables efficient
currently in the innovative electrolyzer designs and commission the
and long-life operation.
research and building of its proprietary CDE. The company plans further
• Compared to existing
S W
experimental stage. invention and development of catalyst recipes.
platinum-based PEM
electrolyzers, it is
lower cost.
• An opportunity • The ANALYST’S INSIGHTS

exists to reduce commercialization
costs of hydrogen readiness level of The company’s innovation will make PEM electrolyzers more
O T
generation. non-PGM PEM efficient to produce hydrogen. Such innovations will play an
• Robust possibilities catalysts in important role in accelerating the production and
to decarbonize the comparison to deployment of green hydrogen to advance the energy
global economy competing transition.
exist. platinum-based
OPPORTUNITIES THREATS catalysts is low.
D961-TV 16
H2U—INVESTOR DASHBOARD

The company is evaluating the potential of utilizing an The US Department of Energy has The utilization of non-PGM catalysts in
abundant, inexpensive catalyst in electrolyzer 1 awarded $120 million to discover PEM electrolyzers is a new technology
2 novel non-PGM catalysts to scale and mostly in the R&D stage. Platinum-
applications. In 2022, it plans to assemble and test its 3
first full-scale prototype of the PEM electrolyzer based 4 the hydrogen economy. based PEM catalysts will pose
on low cost, non-PGM PEM catalysts. 5 competition for the new technology
6 until its establishment.
7
8 Buzz- Competition

Expected time frame for commercialization: 2024/25 technologies

GEOGRAPHY
Global: The technology will have a high impact • Several top energy and venture capital companies
across regions investing in renewable energy as it support the technology’s invention and
enables the lowering of capital investment costs for development.
hydrogen production. • The company actively formed partnerships to
accelerate commercialization of its PEM
APPLICATION electrolyzers. In 2021, H2U announced a strategic
Many applications, including chemicals, fuel and partnership with Southern California Gas
energy use green hydrogen for energy storage and Company, the United State’s natural gas
INVESTOR
re-electrification of engines and fuel cells. distributor, to pilot its novel PEM electrolyzer
LENS called Gramme 50™.

The green hydrogen market has high revenue magnitude potential
The technology of utilizing non-PGM catalysts in PEM Medium potential in the long term, which commercialization of breakthrough
electrolysis is at an early commercialization stage.
technologies will drive. Continuous improvements in electrolysis
Although the concept is promising, further full-scale
technology performance will lead to installations of large capacity
testing and development is necessary. With its high
electrolyzers, driving the demand for low-cost, abundant catalyst
market potential, H2U's technology could accelerate
materials. As the company did not bring its technology solutions to
commercialization.
market, its cumulative potential revenue for the next 5 years is less than
Low High
$5 million.
Low Medium High
D961-TV 17
ROBUST SOLAR ROOFING SYSTEM WITH HIGH-POWER CONVERSION EFFICIENCY
ALLOWING ITS USE IN BUILDING INTEGRATED PHOTOVOLTAICS
GAF ENERGY, UNITED STATES
GAF ENERGY GAF ENERGY’S FOCUS AND VISION

• GAF Energy, part of Standard Industries, is developing and commercializing advanced roofing
Product/
Solar roof materials. The company’s main goals are to meet increasing electricity demand, tackle climate
Technology change, and decarbonize the global economy by developing an affordable solar roofing solution
that provides low-cost, carbon-free electricity.
Type of • In 2021, the company developed a novel solar electricity-generating roofing system, Timberline
Private
Ownership Solar™, which comprises shingles that are resistant to fire, wind, and water. Timberline Solar’s

construction is a sandwich of glass, polysilicon solar cells, and a top layer of a proprietary

fluorinated alkane ethylene polymer. This combination provides several advantages, making the

Year Founded 2019 solar roof strong, impact resistant, and slip resistant to be walkable yet transparent enough to let
sunlight through.
San Francisco, United
Headquarters
States
Key Markets United States TECHNOLOGY ATTRIBUTES
HIGH EFFICIENCY
Revenue N/A Timberline Solar exhibits excellent power generation properties, with more than 22.6%
power conversion efficiency. Covering an average house’s roof requires approximately
Investment 130 Timberline Solar shingles, which would generate 6 kilowatts of electricity. The
N/A advantage of having more cells than conventional solar panels is that, the overall power
Stage
generation capacity of the system is maintained even during changing weather
patterns, which will shade some of the cells.
Total Funding $1.00 billion
EASY INTEGRATION
Timberline Solar is easy and quick to integrate into any roof. The solar roof contains a 3-
Employees 110 inch nailing strip, allowing contractors to nail it down like a regular shingle. As a result,
installation takes about 2 days instead of the several weeks it takes to install
photovoltaic (PV) panels. The solar roof is also lighter than standard shingles of the same
Frost Radar Not profiled thickness, making it easier for roofers to carry.
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VALUE PROPOSITION OF SOLAR ROOFING SYSTEM
Solar energy is an abundant, clean energy source that could become the main source of
energy globally. Solar cells can lose efficiency and degrade under harsh conditions, such as KEY COMPETITORS
moisture, low temperature, and excessive sunlight. Building-integrated PVs (BIPVs) can
• Tesla, United States
replace conventional building materials with PV materials capable of generating energy in
part of a building’s infrastructure. Timberline Solar is the first product to meet UL LLC’s
7103 certification, allowing its use as a BIPV on roofs as both a solar cell and a building
material. Timberline Solar improves buildings’ energy efficiency, reduces greenhouse gas
TECHNOLOGY emissions, and takes steps toward developing energy-positive buildings.
ASSESSMENT


• Easy installation • High cost compared In 2022, the company plans a rapid expansion of the solar
• Material robustness to PV solar panels roof product in the American market. Currently, the
• High efficiency • Aesthetic company is present only in Texas and 2 states on the US
• Low-cost and carbon- appearance issues
S W
east coast. The company will expand to California, then to
free electricity other states.
Threats relate to the

• Reduction in power ANALYST’S INSIGHTS
security of the required
costs
investment for The company’s technology demonstrates a promising
• Decarbonization of the
technology installation.
O T
energy sector solution for a climate-neutral, sustainable, and cost-effective
Many people prefer to utilization of renewable solar energy. Timberline Solar gives
add solar panels to an homeowners better access to clean, renewable energy and
existing good roof lowers their energy costs. The novel technology provides
rather than replacing sufficient performance and stability to be a potential game-
THREATS the roof replacement, changer for the solar industry.
OPPORTUNITIES limiting the product to
new buildings.
D961-TV 19
GAF ENERGY—INVESTOR DASHBOARD

The novel solar roof has received The traditional PV solar panel will pose
Commercial prototypes of the novel solar roofing system
1 several awards, including the competition until the new technology
have been created and tested. The company has built a 2 Consumer Electronic Show establishes itself.
manufacturing facility in San Jose, California, with a capacity 3 Innovation and Consumer
of approximately 50 megawatts per year. 4
5 Technology Association Awards.
6
7 Buzzworthiness
8 Competition
9 from other

Expected time frame for mass production: 2022 technologies

GEOGRAPHY
Global: The technology will have a high impact across • In 2021, the company received funding from its
all regions. It will soon capture an appropriate share parent company, Standard Industries, which
of the North American market. plans to invest approximately $1 billion during
the next few years to commercialize novel solar
roofing systems.
APPLICATION • The technology will have a high impact across
The technology applications include BIPVs and use regions investing in renewable solar energy and
on roofs. INVESTOR energy-positive buildings.
LENS

The company is commercializing its solar roofing The company will participate in the roofing market with its roof-
systems. Although test results are good, it needs to Medium integrated solar systems. In 2022, the company plans to expand the
conduct further full-scale testing. The company has a market penetration of its solar roof products through its sister company
unique technology that outperforms competitors’ GAF’s existing network of roofing contractors. Since the company already
solutions, and if it reaches its main technology has several paying customers, it will have high revenue potential in 5
performance milestones, it will not face high market years.
risks. However, the US government's phased removal of Low High
incentives for installing solar panels could result in some
market risks for the solar industry. Low Medium High
D961-TV 20
PORTABLE AND LIGHTWEIGHT HYDROGEN-POWERED GENERATOR FOR
INDOOR AND OUTDOOR APPLICATIONS
SCITEM, JAPAN
Scitem SCITEM’S FOCUS AND VISION
• Scitem is developing and manufacturing hydrogen-related products and chemistry equipment. The
Product/ Portable hydrogen-
company engages in R&D, manufacturing, and sales of hydrogen generation and storage
Technology powered generator equipment. The company’s portfolio includes hydrogen storage alloy canisters, gas generators,
refilling systems, and other accessories.
Type of • The company’s hydrogen storage alloy canisters utilize metal hydride and are compact, safe, easily
Private
Ownership refillable, and suitable for incorporation into equipment for indoor and outdoor application.
• In 2022, the company launched the first commercial prototype of a portable hydrogen-powered

generator utilizing its proprietary hydrogen storage technology. The generator combines a
Year Founded 2017 replaceable hydrogen canister and internal fuel cell into 1 unit.

• The company plans to use its portable hydrogen-powered generator, which will cost approximately
$4,400, in customer and automotive applications. Production of the generator modules will tailor
different electrical output options to customer requirements.
Headquarters Ishikawa, Japan
Key Markets Global TECHNOLOGY ATTRIBUTES
EASY REFILLING
Revenue Not applicable (N/A) The hydrogen-powered generator produces electricity from hydrogen in easily and
quickly replaceable cartridges. Therefore, replacing the hydrogen cartridges can
maintain power generation. The cartridges have a long lifespan and do not degrade, so
Total Funding they can store hydrogen for longer time.
N/A
Investment LIGHTWEIGHT AND SPACE-SAVING
N/A
Stage The novel hydrogen-powered generator features a compact and lightweight design,
making it easy to transport.
Employees 10
SCALABILITY
The hydrogen-powered generation technology is easily adaptable and scalable to many
Frost Radar Not Profiled applications, including varying customer, automotive, and power applications, such as
sensors and weather stations in remote locations.
D961-TV 21
VALUE PROPOSITION OF THE HYDROGEN-POWERED GENERATOR
Demand is growing for reliable power in remote and off-grid locations. Diesel generators
pose several problems: noise, high operating and maintenance costs, and high pollutant KEY COMPETITORS
emissions. Fuel cells are among the most promising and clean power sources. The power
generation system that Scitem developed uses clean hydrogen as fuel and offers an • Aquarius Engines, Israel
affordable, clean alternative for off-grid power generation. Hydrogen-powered generators • BeHydro, Belgium
do not emit noise and environmental pollutants, significantly reducing greenhouse gas • Inergio, Switzerland
(GHG) emissions. The portable generator can deliver up to 30W of power. The hydrogen-
powered engine could replace diesel and gas engine generators in several applications.
TECHNOLOGY
ASSESSMENT


• Compact and
• The technology is in
lightweight design
the demo stage and Scitem plans to complete full-scale testing and prototype
• Superior reliability and
requires additional rollout during 2022. The company’s power generation
S W
efficiency
testing and system can recharge customer electronics, such as
• Easily refillable
technology smartphones and notebook computers. Scitem’s next step
• High scalability
validation. is to expand the novel hydrogen-powered generator’s
application potential for use in vehicles and emergency
STRENGTHS WEAKNESSES power generation systems.
• Possibility to reduce • The market has ANALYST’S INSIGHTS

power-generating strong competition
for high-capacity Scitem could produce a clean and powerful power generator
costs
O T
generators, so that runs on renewable hydrogen fuel. Hydrogen fuel cells
• Possibility to
occupying a niche in do not emit environmental pollutants, significantly reducing
decarbonize the
the market will take GHG emissions. The future renewable economy heavily
transport industry
time. depends on the efficient generation and use of hydrogen.
The technology development’s successful results could
THREATS provide a major boost for the hydrogen-based economy.
OPPORTUNITIES
D961-TV 22
SCITEM—INVESTOR DASHBOARD

The hydrogen-powered generator The traditional portable power generator
1 could soon displace portable industry will pose competition until the
The company has created and tested a prototype of the 2 diesel generators. establishment of the new technology.
novel hydrogen-powered generator with a 30W power 3
output. Scitem’s next step is to conduct full prototype 4
5
rollout and installation, which will occur in 2022/2023. 6
7
8 Buzz- Competition

Expected Time Frame for Mass Production: 2023 technologies

GEOGRAPHY
Global: The technology will have a high impact across The company’s technology innovations could enable
all regions. In near term, the technology will enter the compact and modular fuel for energy conversion
Japanese market. processes, with high autonomy and low maintenance.
Scitem actively collaborates with multiple industry
participants to commercialize its products. An
APPLICATION example is Gita, a Japanese machinery developer,
The novel hydrogen-powered generator is scalable with which Scitem creates a hydrogen storage system
and suitable for application in compact vehicles, for mobility applications.
INVESTOR
consumer electronics, and emergency power
generation.
LENS

The company’s hydrogen-powered generator is in a The portable generator market is growing in adoption thanks to
near-commercial stage, and its high-performance Medium
requirements for backup power during power outages. As the
operation under real conditions requires validation. The company has not brought its hydrogen-powered generators to
generator has limited application currently. The market, its cumulative potential revenue during the next 5 years will
portable power generator market has a high entry be less than $5 million.
barrier, so the company should focus on developing its
partner networks in global markets for long-term Low High
revenue growth and risk minimization.
Low Medium High
D961-TV 23
HIGH-PERFORMANCE HYBRID LITHIUM (LI)-METAL BATTERY FOR APPLICATIONS
IN CONSUMER ELECTRONICS
SES AI CORPORATION (SES), UNITED STATES
SES SES’S FOCUS AND VISION

• SES specializes in developing high-performance Li-metal rechargeable batteries for electric vehicles
Product/ (EVs) and other applications. The company develops, manufactures, and sells advanced anodes and
Li-metal battery
Technology electrolyte materials to large Li-ion battery manufacturers.
• In recent years, SES has accelerated the development of high-performance manufacturing
Type of methods. The company’s portfolio also includes proprietary technologies, such as Hermes™, a
Private platform for new material development and testing of materials, such as novel electrolyte anode
Ownership

protective coatings, separators, and cathodes, and Avatar™, an artificial intelligence-powered
safety software that monitors battery performance and cell longevity under various conditions.

Year Founded 2012

• At the end of 2021, SES launched Apollo™, an industry-leading, high-performance hybrid Li-metal
battery. The company has been studying various materials and cell designs for about a decade to
balance the battery’s power, weight, and stability. Hence, the Apollo battery is lightweight, high
Headquarters Woburn, United States power, energy dense, and low cost in comparison with existing Li-ion batteries.
Key Markets Global

Revenue N/A
FAST-CHARGING CAPABILITY
The hybrid Li-metal battery has fast-charging capability, charging from 0% to 80% in
Investment Post-initial public under 15 minutes.
Stage offering equity
HIGH CAPACITY
Total Funding $600 M The hybrid Li-metal battery demonstrates world-class performance and could achieve a
high capacity of 107Ah and high energy density of 417 Wh/kg and/or 935 Wh/L.
Employees 200
LIGHTWEIGHT
The battery features an ultra-thin, lightweight design, weighing only 1.0 kg, and reduced
Frost Radar Not profiled production costs. Production could occur through existing Li-ion manufacturers.
D961-TV 24
VALUE PROPOSITION OF THE LI-METAL BATTERY
Conventional Li-ion batteries employ liquid electrolytes, which are the main unsafe KEY COMPETITORS
component in batteries because of their high volatility and flammability. Solid-state
batteries have excellent thermal management that reduces the risk of fire and self- • Toyota Motor, Japan
ignition. However, solid-state electrolytes have a low electrochemical stability window • Murata Manufacturing, Japan
over a wider voltage range. An urgent need exists for safe and high-capacity batteries. • QuantumScape Corporation, United
SES’s Li-metal battery uses a hybrid design system to avoid fire risks—liquid in the States
cathode and dry coating on the Li-metal anode—which delivers high energy and power • Ionic Materials Inc., United States
TECHNOLOGY density over a wide temperature range. • Solid Power, United States
ASSESSMENT • Ilika, United Kingdom


• The technology is • The company started small-scale production of its Li-
high power, energy metal batteries and has shipped battery prototypes to
dense, high capacity, partner companies in the automotive industries.
lightweight, low cost, • The battery will • The company plans to establish a 1 GWh manufacturing
S
STRENGTHS
has fast-charging
capability, and high
safety levels.
W WEAKNESSES
require further testing
and optimization.
facility for its Li-metal battery by 2023 and start the
commercialization and mass production of Li-metal
batteries in 2025.
• Customer demand is • The Li-metal

constant for safer, battery’s
energy dense commercialization Technology development enabled the production of the
O T
batteries. readiness level is safe, high-energy-density battery. The Li-metal battery has
• The manufacturing of lower than high safety levels thanks to its hybrid design concept. The
Li-metal batteries can competing Li-ion proposed hybrid Li-metal battery is an intermediate solution
use the same batteries. that is helping the transition from current Li-ion batteries to
technology and future, non-flammable solid-state batteries.
OPPORTUNITIES process as Li-ion THREATS
batteries.
D961-TV 25
SES—INVESTOR DASHBOARD
The company has begun small-scale production of the Apollo The Battery World 2021 The current level of competition in lithium
hybrid Li-metal battery for automotive purposes. SES has 1 Presentation Deck featured the metal battery technology is medium to
2 unique high performance and
signed an agreement with car manufacturers, Hyundai 3 high as many companies are involved in
Motor Company and General Motors, to test the battery’s 4 safety features of hybrid Li-metal battery development.
practical automotive application. 5 batteries.
6
7
8 Buzz- Competition

Expected Time Frame for Commercialization: 2025 technologies

GEOGRAPHY
Global: The novel hybrid Li-metal battery will be in
demand in all industry sectors and have a high impact
• SES has received funding from leading automotive
across all regions thanks to its superior features, such
companies and is open to partnerships to accelerate
as high energy density and safety.
its Li-metal battery’s development.
APPLICATION • The company is on the New York Stock Exchange.
The hybrid Li-metal battery’s main applications are
consumer electronics, EVs, residential power INVESTOR
backup, and grid storage. LENS

The global leading automotive battery manufacturers Global demand for safe, high-energy-density batteries from sectors, such
are racing to develop batteries with superior safety, Medium as space and automotive, will drive the company's revenue growth. The
lifespans, and performance. SES has the most advanced business model offering a high-performance battery will have a positive
next-generation battery technology that is closest to outlook. The company has entered automotive A-sample joint
commercialization. To be competitive in the market, SES development with automakers for Li-metal batteries. Although the
must reduce costs while maintaining leadership in company has not brought its battery to market, it already has customers.
quality. So, it will have high revenue potential in 5 years.
Low High
Low Medium High
D961-TV 26
CLOUD-BASED DISTRIBUTED ENERGY RESOURCE (DER) PLATFORM
ACCELERATES THE ADOPTION OF DERS
VIRTUAL PEAKER, UNITED STATES
Virtual Peaker VIRTUAL PEAKER‘S FOCUS AND VISION
Product/ DER management

• Virtual Peaker focuses on developing high-performance energy management software that
Technology system transforms and optimizes the electric grid. The company contributes to decarbonizing the energy
industry and addressing climate change by providing and integrating software solutions for the
Type of energy sector to effect intelligent management of every DER.
Public
Ownership • Virtual Peaker is active in energy conservation and environmental protection. The company is
expanding its DER management system (DERMS) platform with additional services, such as

customer engagement, paying incentives, and forecasting. The company’s Software-as-a-Service
Year Founded 2015 products benefit both homeowners and utilities, helping the latter to manage their loads and

engage their customers through the Internet of Things and connected home devices.
• In 2022, the company has launched Gravity Connect™, an application programming interface (API).
Louisville, United The Gravity Connect API can accelerate the deployment of DERs to connect devices and provide
Headquarters
States easy-to-manage 2-way integration for utility customers, original equipment manufacturers (OEMs),
and developers.
Key Markets United States
Revenue N/A
EASY INTEGRATION
Investment Integrating the DERMS platform into existing systems is easy and cost-effective,
Series A avoiding major capital investments for customers and providing lower operating risks.
Stage
EFFECTIVE MANAGEMENT
Total Funding $19.8 M The cloud-based DERMS platform enables the productive operation of DERs; effective
management of energy production and demand; and integrated rooftop solar, wind,
residential battery storage, EVs, and smart homes.
Employees 40
GRID STABILITY
The company’s DERMS platform helps stabilize the grid, reduces power at peak time,
Frost Radar Not profiled and balances demand and supply, thus avoiding blackout.
D961-TV 27
VALUE PROPOSITION OF THE DER MANAGEMENT SYSTEM
The global energy industry is transitioning from traditional fossil fuel-based electricity
generation to decentralized, distributed, and cleaner generation, such as solar and KEY COMPETITORS
offshore wind power. However, utilities are familiar with the centralized management of
their energy assets. So, installing rooftop solar panels and EV charging points leaves the • Bosch Software Innovation
grid vulnerable to voltage fluctuations and outages. Utilities and grid operators must GmbH, Germany
control the increasing number of DERs. Virtual Peaker’s DERMS platform helps utilities • Sonnen, Germany
decentralize, digitize, and decarbonize their power grids and energy assets, efficiently • Blue Pillar, United States
managing electricity demand and supply. • Sunverge Energy, United States
TECHNOLOGY
ASSESSMENT


• Easy integration
• Cyberthreats to the
• Superior reliability and
technology are
efficiency • The company plans to expand beyond its DERMS
possible.
• Lower costs
S W
platform and advance development of flexible
• Real-time monitoring management software applications.
• Most user friendly • The company plans to expand to other markets and will
interface. put additional efforts toward marketing activities in
North America, Asia, and Europe.
• Possibility to • The market has ANALYST’S INSIGHTS

maximize DER strong competition
benefits during grid for software in the DERMS technology development helps balance energy
O T
congestion energy sector, so transition and enables sustainable energy development.
• Possibility to occupying a niche in Virtual Peaker provides technology solutions to enable users
decarbonize the the market will take to access clean green energy. The technology’s ability to
global economy time. cost-effectively integrate clean renewable energy and
battery storage into the grid provides a new solution for the
OPPORTUNITIES THREATS clean energy system, thereby helping to achieve
electrification and decarbonization goals.
D961-TV 28
VIRTUAL PEAKER—INVESTOR DASHBOARD

Virtual Peaker’s cloud-based DER platform is already in the The increasing penetration of The market has strong competition, with
market. The company’s next step is to expand the services it 1 DERs, renewable energy sources, major industrial players providing
provides. 2 EVs, and other demand-side technologies and OEMs taking stakes.
3 resources will push demand for
4
5 cloud-based DERMS platform
6 solutions.
7
8 Buzz- Competition

Expected Time Frame: 0–2 years technologies

GEOGRAPHY
Global: The technology will have a high impact Virtual Peaker has received funding from leading
across all regions. venture capitalists, including Moore Strategic
Ventures and Emerson Ventures.
The company’s technology innovations help to
increase utilities’ energy efficiency. The company’s
APPLICATION product offers combine the flexibility of every
• Demand response distributed energy unit, network stability, grid
• Grid and frequency management optimization, reliable forecasts, and intelligent energy
INVESTOR
• Energy trading trading.
• Management of peak pricing by controlling assets
LENS

With the increasing need for a digital grid solution, The digital grid market has high revenue growth potential in the long
the cloud-based DER platform is unlikely to face Medium term thanks to the commercialization of breakthrough technologies.
market risks. Targeting high revenue growth markets Virtual Peaker already has customers that have long recognized it for its
will allow the company to establish itself as a global ability to create solutions that are reliable, flexible, and easy to manage.
player and compete with industry leaders. Because The company’s extensive technical and engineering experience and close
the company has good brand visibility domestically, it collaboration with customers can help drive revenue growth.
should focus on developing its partner networks Low High
globally for long-term adoption growth and risk
minimization. Low Medium High
D961-TV 29
MODULAR NATURAL GAS-TO-HYDROGEN CONVERTER FOR RESIDENTIAL USE
MODERN ELECTRON, UNITED STATES
MODERN ELECTRON’S FOCUS AND VISION

MODERN ELECTRON
• Modern Electron seeks to provide clean and affordable heating to homeowners, reducing carbon
Natural gas-to-hydrogen dioxide (CO2) emissions and increasing resistance to power outages.
Product/ • During winter in the United States, gas demands by residential and commercial infrastructure
converter for residential
Technology exceed 1 terawatt, which is more electricity than all energy sources nationwide generate. In 2020,
heating more than 9 million homes experienced power outages for more than 24 hours, and blackouts will
increase in frequency with climate change and extreme weather conditions. Losing electricity
Type of leaves households without heating during cold winters. Even with heating, many struggle to keep
Privately held

Ownership up with high energy bills. Renewables are also incapable of catering to the high heating demand
because of the lack of solar energy in winter.

• Modern Electron has already commercialized an advanced heat-to-electricity converter that is
Year Founded 2015 compact, affordable, and has no moving parts, making it ideal for homeowners. The company has
announced it is developing a second technology, Modern Electron Reserve, which takes natural
gas from boilers and converts it to hydrogen and solid carbon.
Headquarters Seattle, United States
Key Markets United States, Canada BLACKOUT SECURITY

The heat converter can function without electricity.
Investment
Series B
Stage REDUCES ENERGY COSTS
Depending on a home’s energy demand, Modern Electron states that its technology
can save households in the United States up to $1,000 a year in energy bills.
Funding $40.9 million
ENVIRONMENTALLY FRIENDLY
Modern Electron Reserve reduces reliance on electricity from central power plants,
Frost Radar Not profiled
especially in winter, when they function the most and release large amounts of CO2.
The technology helps reduce individuals’ annual carbon footprint by approximately 1
ton.
D961-TV 30
VALUE PROPOSITION OF NATURAL GAS-TO-HYDROGEN CONVERTER
The Modern Electron Reserve uses methane pyrolysis to separate natural gas into hydrogen KEY COMPETITORS
and graphite. It converts the hydrogen into heat and energy by burning it in a furnace.
Instead of releasing CO2 into the atmosphere, the technology produces between 1 and 2 • Hydrogen Technologies Inc., United
kilograms (kg) of graphite per day. States
• Giacomini, Italy
• Bosch, United States
TECHNOLOGY
ASSESSMENT


• The technology caters to • The technology still Modern Electron aims to decarbonize the heating market and will
homes and buildings that relies on using gas use current and future investments to develop, produce, market,
consume large quantities of heating. and deploy its home converter device. The company’s upcoming
S W
gas but are not large • Unrecycled graphite pilot programs aim to show an affordable alternative to gas heating
enough to apply large-scale will end up in landfill, decarbonization without requiring new infrastructure.
industrial infrastructure or and other use cases for
fuel cell technology. recycling have not
STRENGTHS WEAKNESSES been proposed. ANALYST’S INSIGHTS
The European Commission has been working on new regulations for
home boilers and will soon require that boilers and furnaces be
• While increasing energy compatible with hydrogen. However, it will be some time before
• The technology´s the global hydrogen economy can cope with the amounts necessary
byproducts, graphite or efficiency of gas furnaces
results in less gas needing to replace natural gas for heating. Converting natural gas to
solid-state carbon, are hydrogen could be a quick and easy solution for heating millions of
to be burned and
O
eligible for recycling or
T
therefore less emissions, homes and buildings. Modern Electron´s proposal allows for the
reuse to produce quick deployment of mass-scale solutions to blackouts through
products such as tires or the converter still relies
on natural gas and could sustainable heating units while reducing costs for customers. If
asphalt. governmental regulations, especially in the United States (which
possibly be replaced by
THREATS may lag the European Union), enforce sustainable solutions to
OPPORTUNITIES 100% hydrogen furnaces.
home furnaces, Modern Electron could become mainstream and
further the global goal of moving away from coal and oil.
D961-TV 31
MODERN ELECTRON—INVESTOR DASHBOARD

Modern Electron has received Replacing natural gas heating systems with
The product will be launched in 2023. The company 1 funding and endorsement from hydrogen boilers has gained traction in
used its recent funding to further develop the product 2
3 notable personalities, such as recent years. Alternatives to Modern
and conduct pilot tests with original equipment 4 Bill Gates and Tom Chi. Electron’s hydrogen converter unit include
manufacturers of heating, ventilation, and air 5
6 electric heating systems, traditional gas
conditioning equipment. 7 boilers, or boilers using alternative fuels.
8 Buzzworthiness

9 Competition from
Low Medium High other technologies Low Medium High

GEOGRAPHY
Modern Electron has raised more than $40 million. It recently
Global—The company will first establish itself in the
raised $30 million in a Series B funding round, with leading
United States, but it can deploy its product overseas.
investors At One Ventures (with former Google X head Tom
Chi as co-founder), Starlight VENTURES, Valo Ventures,
Extantia, Irongrey, and Wieland Group. Bill Gates and
APPLICATIONS
MetaPlanet are previous investors.
 Home furnaces and boilers
 Medium-sized buildings and commercial stores INVESTOR
LENS

In most parts of the globe, electrified heating is more Modern Electron has approximately $6 million in revenue and has experienced an
efficient and cost effective than hydrogen boilers. To annual sales growth of $890,000 since its last funding round in the fourth quarter of
become price competitive, the cost of hydrogen would 2019.
have to fall from $3 to $0.40 per kg. However, in regions The company’s potential will lie in the efficiency of its product marketing and
Medium
where blackouts render electricity unviable or in damp, deployment, but support from governmental regulations could be crucial in the
cold regions that suffer extreme winters where electricity product’s success. The promise of lower energy costs and reliable electricity could
generations efficiency falls significantly, hydrogen can offer ensure the product gains popularity in the United States.
a cost-effective and sustainable alternative.
Low High
Low Medium High
D961-TV 32
NOVEL HYBRID ELECTROLYZER THAT CAN PRODUCE GREEN HYDROGEN AT
MASS SCALE
VERDAGY, UNITED STATES
VERDAGY’S FOCUS AND VISION
• Verdagy wants to establish itself as a leader in the hydrogen revolution and focuses on
VERDAGY
decarbonizing the industrial sector through large-scale and cost effective deployment of green
hydrogen. Its goal is to help its customers reduce the carbon dioxide (CO2) and GHG emissions in
Product/ their production lines to participate in the hydrogen revolution.
Electrolyzer • The current most common technology for generating hydrogen is steam-methane reforming
Technology
(SMR), which involves adding large quantities of steam to methane gas to produce hydrogen,
carbon monoxide, and CO2. While SMR releases less CO2 than other chemicals, when it operates
Type of on a large scale, it releases enough CO2 that it is as detrimental as having passenger vehicles use
Privately held

Ownership oil and gas.
• Verdagy has innovated a process that can produce large-scale quantities of hydrogen without

releasing CO2 by implementing a large electrolyzer that can use renewable energy sources for
Year Founded 2021 power.
Headquarters California, United States TECHNOLOGY ATTRIBUTES

SCALE
The electrolysis cells that Verdagy created measure 28,500 cm sq and are the industry’s
Key Markets North America largest. The size enables a single electrolyzer to run on 20MW capacity, producing more
green hydrogen.
Investment
Series A ENERGY DENSITY
Stage By increasing the cell’s overall surface area, each electrolyzer can produce more
hydrogen, reducing the number of cells necessary to obtain a fixed amount of hydrogen,
Funding $25 M which reduces capital expenditure costs. The current density on which Verdagy’s
electrolyzers operate are 10 times higher than traditional alkaline water electrolysis
(AWE).
Frost Radar Not profiled
EDYANMIC PLANT
The electrolyzers function within a 200MW plant, eDynamic, which can shift its
production depending on current energy prices. When energy prices are high, the plant
reduces its production, and when they are low, it ups its operations. This model
significantly reduces overall costs and manages energy use in an unprecedented manner.
D961-TV 33
VALUE PROPOSITION OF VERDAGY WATER ELECTROLYSIS (VWE)
Verdagy’s technology combines 2 of the most common electrolysis methods, AWE and KEY COMPETITORS
proton exchange membrane (PEM) water electrolysis, into VWE. By leveraging these
methods’ advantages and tackling the disadvantages, such as AWE’s limits to current density • AirLiquide, France
and PEM’s small cell sizes, VEM achieves large active area cells that can operate at high • ITM Power, United Kingdom
current densities. • Major energy companies that have
invested in 20MW electrolyzers:
TECHNOLOGY Shell, BP, Iberdrola, and Enagás
ASSESSMENT


• The eDynamic plants’ • To operate at the GW • After demonstrating the successful deployment of the first 10-
operating method enables scale, an increase in cell electrolyzer stack operating at 2MW capacity, the company
grid instability investment, project will begin scaling to its 20MW eDynamic plant through another
S W
management of renewable support, infrastructure, round of financing.
energy sources, as it and jobs in operating, • The company expects to deploy its technology onsite at
harnesses excess energy maintenance, and industrial-sized plants, such as oil refineries, fertilizer producers,
production to generate management are and plants for food processing.
STRENGTHS large amounts of hydrogen. WEAKNESSES necessary.
According to the US Department of Energy, more than 90% of
• By reducing the cost of • Hydrogen is not yet current hydrogen production occurs through SMR, a process that is
hydrogen production, price-competitive with responsible for 2% of global CO2 emissions annually. Thus, while
new markets and revenue fossil fuels, but hydrogen production is renewable, its current generation processes
O
streams can rapidly open.
T
deployment at a large are not enough to significantly impact decarbonization efforts.
• The investment, project scale can significantly Therefore, innovations within electrolysis eligible for mass
support, and jobs reduce costs and even deployment will be the future of hydrogen production. The case for
necessary for VWE could match its fossil fuel hydrogen as the future of renewable fuel is strong because the
provide an opportunity THREATS alternatives. chemicals are particularly high-energy dense—about 3 times more
OPPORTUNITIES for economic growth. than diesel or gasoline—making it the most viable alternative to
fossil fuels.
D961-TV 34
VERDAGY—INVESTOR DASHBOARD

Verdagy claims to have created The three main electrolyzers are:
Verdagy operates its laboratory and pilot plant in 1 the largest surface area • PEM
California and is working on demonstrating its medium- 2
3 electrolyzer able to effectively • AWE
scale commercial 10-cell stack at 2MW capacity by 4 scale green hydrogen production • Solid-oxide
deploying pilot units to sites of multiple customers. 5 for industrial purposes.
6 SMR is the biggest price competitor.
7
8
9 Buzz-

Competition from
worthiness Low Medium High Low Medium High
other technologies

GEOGRAPHY
The first commercial deployment is occurring after a Series A
Global: Many international companies and countries
funding round of $25 million that TDK Ventures led, with other
are interested in investing and promoting green
highly notable investors including Shell, Khosla Ventures, Doral
hydrogen technology. INVESTOR Energy-Tech, Temasek, Orbia, and BHP Ventures.
APPLICATION LENS
• Industrial scale
• Oil refineries REVENUE MAGNITUDE POTENTIAL
• Food processing plants
• Fertilizer production plants According to a report by the Global CCS Institute, in 2020, the global production of
pure hydrogen mainly used methane (43.8%) and coal (13.4%). Another 39.6% used
RISKS methane and coal to produce syngas, forming almost the entire hydrogen market.
Renewable electrolysis accounted for less than 1% of the global hydrogen production
Feedstock is hydrogen production’s biggest issue. Green market, showing strong demand for innovation and development in renewable
hydrogen uses renewable energy, while blue hydrogen uses electrolysis.
methane or coal, while capturing and storing the GHG emissions Furthermore, the International Renewable Energy Agency conducted a study proving
in the process. Using renewable energy to operate electrolysis that in 2021, hydrogen projects mainly invested in large-scale industrial usage, with
can cause cost and energy efficiency issues. However, Verdagy 221 projects globally. Transport industry investment in clean hydrogen for ships,
has proposed ways to mitigate these issues through shifting Medium trucks, cars, and trains was the second-most common investment, involving 133
operation terms to coincide with low-cost renewable energy projects.
periods. Wind and solar, which are the most suitable industries Because Verdagy focuses on scaling to industrial applications using renewable
to fund electrolyzers’ operation, face geographic constraints and energy, the company will benefit from the hydrogen industry’s gradual but
will only flourish in regions with optimal resources. exponential market growth.
Low High
Low Medium High
D961-TV 35
LOW-NOISE RENEWABLE ENERGY GENERATORS OFFER A GREENER ALTERNATIVE
TO CONVENTIONAL DIESEL GENERATORS
SIQENS GMBH (SIQENS), GERMANY
SIQENS SIQENS’S FOCUS AND VISION
Product/ • SIQENS develops regenerative energy solutions that utilize fuel cell technology.
Fuel Cell Generators
Technology • The company undertakes cooperative research with Technical University of Munich, University of
Applied Sciences Munich, the Fraunhofer IGB, the Fraunhofer ICT-IMM, and ZBT, the Center for
Type of Fuel Cell Technology.
Private • The company focuses on developing renewable generators that can provide consistent power
Ownership

supply and replace off-grid diesel generators.
Year Founded 2012

Headquarters Munich, Bayern
Key Markets Europe HIGHER EFFICIENCY THAN CONVENTIONAL GENERATORS

SIQENS’s fuel-cell-based generators convert chemical energy into electricity, while
Investment conventional generators first convert chemical energy to thermal and kinetic energy
Not applicable (N/A) and then to electricity. The fuel-cell-based generators’ direct conversion path leads to
Stage
lower energy losses and higher efficiency.
Investment $2.8 million

COMBINATION OF 2 FUEL CELL TECHNOLOGIES
SIQENS combines 2 fuel cell technologies, direct methanol fuel cells and high-
Revenue $665,000 temperature proton-exchange membrane fuel cells (HT-PEMs) to develop the high-
temperature methanol fuel cell (HT-MFC), which retains the advantages of both
technologies.
Number of
30
Employees
ENERGY RECYCLING
SIQENS’s fuel cell integrates methanol reforming, heat exchange, and catalyst
Frost Radar Not Profiled recycling into its design, uniquely allowing energy and catalyst recycling and further
improving the generator’s efficiency.
D961-TV 36
VALUE PROPOSITION OF LOW-NOISE RENEWABLE ENERGY GENERATORS
SIQENS’s use of novel technologies, such as energy and catalyst recycling, achieves high
fuel cell efficiency and prolongs the catalyst life. The fuel cell records up to 38% electrical KEY COMPETITORS
efficiency, making it one of the most efficient existing designs. Its catalyst also has a life
expectancy of up to 10,000 hours. • SFC Energy AG, Germany
Instead of using hydrogen directly, SIQENS cells use liquid methanol cartridges. • Ballard Power Systems, Canada
Hydrogen is lower in energy content and bulkier than methanol, so methanol cartridges • Oorja Protonics, United States
weigh significantly less than pressurized hydrogen gas cylinders for the same energy • Horizon Fuel Cell Technologies,
content. Singapore
TECHNOLOGY
ASSESSMENT


• SIQENS’s fuel cells are • Sustainable
renewable and methanol, the fuel
efficient, consume for SIQENS’s cells, is • SIQENS offers its fuel cells for off-grid energy generation.
S W
relatively low amounts difficult to access. However, the company is planning to expand its
of catalyst, and can applications.
provide a consistent • The company is testing its fuel cells to power ships and
energy supply. hybrid electric vehicles (EVs) that combine battery and
fuel cells.
• The renewable • As opposed to ANALYST’S INSIGHTS

chemicals and fuel SIQENS’s design,
industry is developing engineers can
rapidly. Hence, redesign internal The global energy landscape is moving toward the
O T
renewable methanol’s combustion engines renewable, but the intermittent nature of renewables
affordability and (ICEs) to use methanol remains challenging. SIQENS’s fuel cell can address those
availability will as fuel. ICE technology challenges and produce electricity cost-effectively at any
increase, boosting the is mature and well site. Hence, SIQENS’s technology will register significant
demand for SIQENS’s THREATS proven. adoption in the long term.
OPPORTUNITIES
fuel cells.
D961-TV 37
SIQENS—INVESTOR DASHBOARD

The alternative technology to fuel-
SIQENS has achieved commercialization and deployed its SIQENS’s generators can cell-based off-grid generators is
fuel cells as off-grid power generators. 1 transform off-grid power
2 conventional diesel generators, which
3 generation, shipping, and road are not environmentally friendly.
SIQENS’s fuel cell products’ technology readiness level 4 transportation by offering a However, ready access to diesel and
(TRL) is 9. 5 renewable substitute.
6 mature technology favors diesel
7 generators.
8
9 Buzzworthiness Competition from

other technologies Low Medium High

Low Medium High
GEOGRAPHY
Global: SIQENS primarily focuses on Europe. SIQENS has raised funding of $2.8 million through 1
investment round in 2013 and a grant in 2018. The
company already has 1 commercialized product and is
investing in R&D to expand its technology’s
application portfolio. Hence, SIQENS will register
APPLICATIONS significant product adoption in the long run.
 Off-grid power generation
 Engines in the transportation sector, including INVESTOR
ships and EVs LENS

SIQENS focuses on 3 main end-user industries: onsite
power generation, shipping, and EVs. However, in each of Medium SIQENS has an estimated revenue of just $600,000.
these applications, the company’s products face fierce In the short term, the company will not register any strong revenue
competition from other fuel cell technology developers generation growth. Hence, the company’s revenue magnitude potential is
and makers of battery storage and other renewable low.
technologies.
Low High
Low Medium High
D961-TV 38
CLOUD-BASED BATTERY MANAGEMENT SYSTEM (BMS) ENHANCES THE
PERFORMANCE OF STATIONARY AND MOBILE BATTERY STORAGE SYSTEMS
ION ENERGY, INDIA
ION ENERGY ION ENERGY’S FOCUS AND VISION
Product/ • ION Energy has developed a proprietary cloud-based BMS for batteries in EVs, telecom towers,
BMS
Technology datacenters, and other stationary energy storage applications.
• ION Energy’s mission is to accelerate the shift away from fossil fuels through energy storage system
Type of solutions and services.
Private • The company aims to achieve high financial growth through partnering with high-growth-potential
Ownership

companies in the lithium-ion battery market.
Year Founded 2016

Headquarters Mumbai, India TECHNOLOGY ATTRIBUTES
Key Markets Global BATTERY SAFETY AND PROTECTION

ION Energy’s BMS monitors the battery’s voltage, current, and temperature to detect
any discrepancies that can lead to safety risks, such as thermal runaway and explosion.
Investment The BMS features also include contactor weld detection and insulation monitoring.
Pre-series A
Stage
MODULAR AND SCALABLE ARCHITECTURE
Investment $4.6 million ION Energy’s BMS comprises 2 parts: the battery management unit (BMU) and the
system management unit (SMU). The BMU manages the individual cells, and 1 BMU
can connect to up to 18 cells. The SMU manages battery packs, with 1 SMU
Revenue $1.3 million connecting to up to 40 BMUs. This modular design means the BMS controller can
handle batteries ranging from 9 volts (V) to 900 V.
Number of
70 SMART AND CONNECTED BMS
Employees ION Energy’s BMS provides 2 user interfaces: BMS Companion app and Altergo. The
Companion app allows engineers to access the battery’s real-time state of charge and
Frost Radar Not profiled temperature measurements. Altergo works over the cloud to provide advanced
analytics into the battery fleet, alerts for abnormal performance, and over-the-air
updates and feature additions.
D961-TV 39
VALUE PROPOSITION OF CLOUD-BASED BMS
The conventional BMS use a single layer of controller, i.e. battery management unit.
Hence, for small and large energy storage applications, conventional BMS developers
KEY COMPETITORS
have to develop separate controllers. ION’s BMS on the other hand has two layers, BMU
and SMU. This design is modular scalable, and customizable which enable users to • Robert Bosch, Germany
deploy it in many applications, including 2- and 3-wheeler, passenger, and heavy • Brill Power, United Kingdom
industrial EVs and different-sized energy storage systems, telecom towers, data centers, • NXP Semiconductor, United
and utility-scale systems. The cloud-based BMS system provides significant flexibility States
and user-friendliness. ION Energy’s BMS system also prolongs the battery life by 40%. • Denso Corporation, Japan
TECHNOLOGY • Lithium Balance, Denmark
ASSESSMENT


• ION Energy’s BMS is • ION Energy’s BMS • ION Energy plans to more than double its workforce to
modular, scalable, and applications only more than 150.
user friendly, offering a work with lithium-ion • The company plans to invest in product development
S W
significant batteries. and business expansion in Europe and North America.
improvement in
battery performance
over existing systems.
• ION Energy can be • The BMS industry is
deployed in 2- and 3- fragmented, with ION Energy focuses on India, and it has developed a BMS
wheeler EVs, a market many players in the suitable for the country’s major battery applications,
O T
that will register strong market. The company including small and large EVs, telecom towers, and data
financial growth in will face high centers. Hence, the company’s BMS will register rapid
India. This will drive competition from adoption in India.
the company’s BMS other BMS Further expansion plans in Europe and North America will
demand. developers. help drive the company’s financial growth.
OPPORTUNITIES THREATS
D961-TV 40
ION ENERGY—INVESTOR DASHBOARD
ION Energy has deployed its BMS to more than 60,000 ION Energy’s product enhances BMS automates the battery to
battery stacks across a wide range of applications, serving 1 the cost-efficiency, sustainability, enhance its performance, safety, and
2 longevity. No substitute product exists
more than 75 customers across 15 countries. 3 safety, and reliability of battery-
4 based energy storage systems. that can achieve this function,
ION Energy’s BMS controller’s TRL is 9. 5 meaning the technology competition
6 level is low.
7
8
9 Buzzworthiness Competition from

other technologies Low Medium High

Low Medium High
GEOGRAPHY
Global: ION Energy provides services in Asia-Pacific,
Europe, and North America. In July 2021, ION Energy received funding of $3.6
million from Amazon, bringing its total funding to $4.6
million.
APPLICATIONS
 EV batteries
 Lithium-ion stationary energy storage batteries INVESTOR
LENS
EVs present the biggest market for the BMS industry, Medium ION Energy’s estimated revenue is $1.3 million. The company has a
but EV manufacturers are developing in-house BMSs
strong $15 million order pipeline, giving it a moderate estimated
customized for their vehicles. This trend could limit the
revenue magnitude potential.
demand for products from specialized BMS controller
developers, such as ION Energy.
Low High
Low Medium High
D961-TV 41
FUSION REACTOR PROVIDING UTILITY-SCALE, EMISSION-FREE ELECTRICITY
GENERAL FUSION, CANADA
GENERAL FUSION GENERAL FUSION’S FOCUS AND VISION
Product/ • General Fusion is a Canadian technology company interested in commercializing nuclear fusion
Nuclear Fusion Reactor technology.
Technology
• The company aims to develop an advanced fusion system to provide safer and cleaner energy.
Type of • It has developed a magnetized target fusion (MTF) system using existing technologies, offering a
Private different approach from other fusion reactor developers which use high-temperature
Ownership superconductors.

Year Founded 2002
Headquarters Burnaby, Canada
Minimal Consumables
Key Markets Global The technology utilizes magnetized plasma for energy generation, which does not require
manufacturing and is practically cost-free.
Investment
Series E
Stage Liquid Metal Walls
It contains liquid metal walls surrounding the primary fusion reaction that transfer heat
Funding $130 M to heat exchangers. Researchers can also produce tritium inside the plant by combining
the walls with liquid lithium.
Revenue NA
Modular Design
Employees 51–200 The reactor will have a combinable modular design to power heavy industries and cities.
Frost Radar Not Profiled
D961-TV 42
VALUE PROPOSITION OF FUSION REACTOR PROVIDING UTILITY-SCALE, CARBON-
FREE ELECTRICITY
KEY COMPETITORS
The company’s MTF-based reactors provide a novel approach to other energy-intensive fusion • Helion Energy, United States
systems based on high-temperature superconductors (HTSs). In addition, the system’s use of • TAE Technologies, United States
already-commercialized technologies, such as compressed gas drivers, pistons, and plasma • Tokamak Energy, United Kingdom
injectors, may result in early commercialization compared to competing fusion technologies. • Commonwealth Fusion Systems,
TECHNOLOGY United States
ASSESSMENT


• These reactors can be close • Its ability to address In February 2022, General Fusion signed a memorandum of
to load centers and reduce operational and cost understanding with the Nuclear Innovation Institute and Bruce
the need for a long challenges of fusion Power for accelerating the development of nuclear fusion
S W
transmission & distribution reactors is untestable technology. The company expects to complete its
infrastructure. because of a lack of demonstration plant by 2025 and its commercial-scale nuclear
commercialization and plant by 2030.
• The technology requires less testing.
land compared to renewable
energy systems of similar
capacity.
• With strong global

• Successful ANALYST’S INSIGHTS
support for nuclear
commercialization of fusion
proliferation and the
reactors can provide
O T
possibility of Nuclear fusion technology can disrupt the power sector because of
countries with energy its potential to provide completely carbon-free electricity and
technology
independence because of its higher safety compared to traditional nuclear reactors. However,
weaponization, fusion
readily available fuel and the technology is still years away from demonstration and
reactors will be
ability to replace base load commercialization, creating an information gap regarding its cost
available only to
plants. THREATS benefits and viability.
OPPORTUNITIES nuclear-powered
countries.
D961-TV 43
GENERAL FUSION INVESTOR DASHBOARD
The company received funding Once commercialized, the technology will be

1 partnership from the US in a competitive market space of various
General Fusion is yet to commercialize its nuclear fusion 2
reactor. However, the company will complete its first 3 Department of Energy’s technologies, including fission reactors,
demonstration plant in the United Kingdom by 2025. 4 Innovation Network for Fusion fossil-fueled plants, and renewables.
5
6 Energy (INFUSE) program in
7 2020.
8 Competition from

9 Buzz
other Low Medium High
worthiness Low Medium High
technologies

GEOGRAPHY
• In November 2021, the company received $130 million
Global—The technology has potential for in Series E funding toward the commercialization of its
global adoption. MTF technology.
• The Jameel Investment Management Company
(JIMCO), GIC, Temasek, and the Business Development
APPLICATION Bank of Canada were some prominent investors in the
 Electricity production Series E funding round.
INVESTOR
LENS
The company faces limited market-related risks because The company will earn low revenue during the next 5 years caused by the lack
of the absence of any viable fusion reactors across the Medium of commercialization of its MTF technology. However, with the company’s
globe. The company’s approach is different from its anticipated completion of the demonstration plant in 2025, and the power
competitors, including strong research and development plant by 2030, it will have significant revenue earning potential after
collaborations with leading institutes involved in nuclear commercializing its technology.
fusion research.
Low High
Low Medium High
D961-TV 44
SMALL NUCLEAR FUSION REACTOR OFFERING CLEAN AND LIMITLESS ENERGY
COMMONWEALTH FUSION SYSTEMS, UNITED STATES
COMMONWEALTH FUSION SYSTEMS COMMONWEALTH FUSION SYSTEMS’ FOCUS AND VISION
Product/ • Commonwealth Fusion Systems is a US-based nuclear technology company involved in developing
Nuclear Fusion Device nuclear fusion devices.
Technology • The company’s mission is to provide limitless and clean nuclear fusion energy to support global
climate change initiatives.
Type of
Private • The company, in collaboration with the Plasma Science and Fusion Center of Massachusetts
Ownership Institute of Technology (MIT), is developing the SPARC nuclear fusion device nuclear fusion device

that will facilitate carbon-free energy.

Year Founded 2018
Massachusetts, United TECHNOLOGY ATTRIBUTES

Headquarters
States
Small Size
The SPARC nuclear fusion device uses HTS magnets, making it 10 times smaller than the
Key Markets Global International Thermonuclear Experimental Reactor which is the premier fusion research
undertaking involving multiple governments.
Investment
Series B
Stage High Fusion Gain
The technology already has a fusion gain factor (Q) of >1 and will also achieve its goal of
Funding $1.8 B Q>2. As per the company’s partner, MIT, the device can also achieve Q>10, making it self-
sustainable.
Revenue NA
Small Capacity
Employees 51–200 The device will have a capacity of 50–100 megawatts making it suitable for small scale
installations.
Frost Radar Not Profiled
D961-TV 45
VALUE PROPOSITION OF SMALL NUCLEAR FUSION REACTOR OFFERING CLEAN
AND LIMITLESS ENERGY
Globally, the need to decarbonize the energy sector has become a vital area of focus for KEY COMPETITORS
policy makers. However, despite the fission reactor's potential to provide carbon-free
electricity, people do not readily accept it as a possible solution. • TAE Technologies, United States
Commonwealth Fusion Systems’ fusion reactor is safe, does not produce radioactive waste, • General Fusion, Canada
and provides clean electricity. The high fusion gain factor and small size make the technology • Tokamak Energy, United Kingdom
suitable for industrial applications. • Helion Energy, United States
TECHNOLOGY
ASSESSMENT


• Fusion reactors produce • Fusion plants may
low radioactive waste. subject power grids to The company is building a fusion energy campus in Devens,
• The fuel consists of substantial energy Massachusetts. It expects to conduct successful demonstration
S W
hydrogen isotopes tritium drains in case of projects in the location by 2025. Commonwealth Fusion
and deuterium. Hydrogen shutdowns to control Systems also plans to build ARC (Affordable, Robust, Compact)
and deuterium are highly fusion plasma and run reactor, its first nuclear fusion power plant, by 2030.
abundant, making fuel costs the plant's auxiliary
STRENGTHS less expensive than fission WEAKNESSES systems safely.
reactors.
• The nuclear industry
• The need for carbon-free is subject to stringent
O
OPPORTUNITIES
electricity will continue
to promote public and
private investments in
fusion reactor research.
T
THREATS
regulations and public
skepticism,
potentially making
nuclear fusion
unattractive in many
countries.
No commercial nuclear fusion reactors are presently operational,
and their advantages are only theoretical. However, companies
achieving economies of scale and succeeding in commercialization
can transform the energy sector by providing limitless and green
electricity.
D961-TV 46
COMMONWEALTH FUSION SYSTEMS INVESTOR DASHBOARD

In December 2021, the Although the technology is new, it will face
Commonwealth Fusion Systems has successfully tested the 1 company won funding awards global competition from several developing
2
Alcator C-Mod tokamak and HTS magnets, crucial parts of its 3 from the US Department of fusion reactors. In addition, it will encounter
nuclear fusion device. However, the company’s SPARC 4 Energy’s INFUSE program. stiff competition from traditional fission
5 reactors and new Generation IV reactors.
reactor is under construction and has not started operation. 6
7
8 Buzz Competition from

9 worthiness Low Medium High other Low Medium High
technologies

GEOGRAPHY
• In December 2021, the company completed the Series
Global—The company is looking to supply its B funding round with an investment of $1.8 billion for
product globally. commercializing its fusion reactor.
• Some prominent new investors include Bill Gates,
Google, Time Ventures, and the JIMCO Technology
APPLICATION Fund.
 Power generation
INVESTOR
LENS
At present, the company is not subject to market-related As the company is yet to commercialize its fusion technology, it will have low
Medium
risks as it has not commercialized the technology. In revenue magnitude potential during the next 5 years. However, because of its
addition, it has raised consistent funds from government robust investment profile and on-track development of SPARC, it will start
and private players, securing its future and technology earning revenue after 2030.
development efforts.
Low High
Low Medium High
D961-TV 47
KEY CONTACTS
Mark Rheinlander Dr. Kang Sun JOHN KING Mark E. McGough
CEO CEO CEO CEO
COMPANY COMPANY UNIVERSITY UNIVERSITY

Carbon280 Amprius Technologies Hyperlight Energy H2U Technologies

ADDRESS ADDRESS ADDRESS ADDRESS

1/16 St Georges Terrace, 1180 Page Avenue 11651 Riverside Dr., 20360 Plummer St.
Perth, Western Australia Fremont, CA 94538 USA Suite 143 Chatsworth, CA 91311
6000, AU Lakeside, CA 92040
PHONE PHONE PHONE PHONE

+61 402 457 711 800-425-8803 1(619) 564-4303 (888) 462-2212
E-MAIL E-MAIL E-MAIL E-MAIL

mark@carbon280.com inquire@amprius.com info@h2utechnologies.c
info@hyperlightenergy.c
om om
URL URL URL URL
https://carbon280.com/ https://amprius.com/ https://hyperlightenergy.c https://www.h2utechnolo
om/ gies.com/
D961-TV 48
KEY CONTACTS
Miki Tanaka Dr. Qichao Hu Bill Burke
CEO CEO CEO
COMPANY COMPANY UNIVERSITY

Scitem Co., Ltd. SES AI Corporation Virtual Peaker

ADDRESS ADDRESS ADDRESS

2-13 Asahidai, Nomi City, 35 Cabot Road, 825 E. Market Street
Ishikawa 923-1211 Woburn, Suite 203
Ishikawa MA 01801 Louisville, KY 40206 USA
Create Rabo 208 USA
PHONE PHONE PHONE

0761-58-0297 339-298-8850 (502) 237–8911
E-MAIL E-MAIL E-MAIL

info@scitem.co.jp info@ses.ai info@virtual-peaker.com
URL URL URL

https://scitem.co.jp/ https://ses.ai/ https://virtual-
peaker.com/
D961-TV 49
KEY CONTACTS
Nick Mittica Max Mankin Akhil Aryan

VP Business Co-founder and CTO Cofounder
Development
COMPANY COMPANY COMPANY COMPANY

Verdagy Modern Electron SIQENS GmbH ION Energy

ADDRESS ADDRESS ADDRESS
ADDRESS

11500 Dolan Road 18912 North Creek Plot No. A2, MIDC
Landsberger Str. 318D,
Moss Landing, CA Pkwy Ste 100 Bothell, Central Rd, opp. MTNL
95039 80687 München,
WA, 98011-8016 Office, Kondivita, Andheri
Germany
United States East, Mumbai, India
PHONE PHONE PHONE

831.800.0250 PHONE
(425) 209-0063 NA
E-MAIL E-MAIL
E-MAIL E-MAIL
nfmittica@verdagy.com max.mankin@modernele akhil@ionenergy.co
ctron.com
URL URL
URL
https://verdagy.com/ www.modernelectron.com https://www.siqens.de/en URL
https://www.ionenergy.co/
/
D862-TV 38
KEY CONTACTS
Christofer M. Mowry Bob Mumgaard Martin DeBono
CEO CEO President -
COMPANY COMPANY
COMPANY
Commonwealth Fusion
General Fusion GAF Energy
Systems

ADDRESS ADDRESS
ADDRESS

106 - 3680 Bonneville 148 Sidney Street 5981 Optical Court
Pl, Burnaby, BC Cambridge, MA 02139, San Jose, CA 95138
V3N 4T5, Canada US
PHONE PHONE PHONE

604) 439-3003 NA
1-800-458-1860
E-MAIL E-MAIL E-MAIL

NA info@cfs.energy technicalquestions@gaf.com
URL URL URL

https://generalfusion.c https://www.cfs.energy http://gaf.energy
om/ /
D961-TV 51
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D961-TV 52

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GROWTH OPPORTUNITIES

IN HYDROGEN STORAGE, LI-

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Global Technology, Innovation,

The Growth Pipeline™ Company

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CLOUD-BASED BATTERY MANAGEMENT SYSTEM (BMS)

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Carbon280 CARBON280’S FOCUS AND VISION

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• Hydrilyte allows industry

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RISKS REVENUE MAGNITUDE POTENTIAL

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Key Markets Global

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• The technology • The battery ANALYST’S INSIGHTS

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RISKS REVENUE MAGNITUDE POTENTIAL

Hyperlight Energy HYPERLIGHT ENERGY’S FOCUS AND VISION

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Employees 10 REDUCED COSTS

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H2U H2U’S FOCUS AND VISION

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Key Markets Global

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• An opportunity • The ANALYST’S INSIGHTS

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Indian School of Business

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Threats relate to the