ETOGAS drives the commercialization of Power-to-Gas and is the market and technology leader. ETOGAS is the pioneer of Power-to-Gas (PtG). Power-to-Gas is a disruptive technology for building a smart energy ecosystem based on renewable sources. ETOGAS addresses three segments in global emerging markets: Renewable fuels, Industrial, Renewable Electricity. With three product segments based on ETOGAS technology, we address five different customer benefits. ETOGAS offers a complete scope of services and a proprietary technology portfolio: water electrolysis and methanation technology as well as system integration including BoP components. Modular design is basis for all our products – ETOGAS electrolyzer is the central building block. ETOGAS acted as turnkey supplier in charge of design, installation and ramp-up of the world’s largest industrial Power-to-SNG project to date. The Audi e-gas plant was designed and built by ETOGAS - and demonstrates that alkaline electrolyzer technology can follow dynamic loads and provide balancing power. The 1.2 MW PtSNG plant with proprietary technology is based on modular building blocks, has a cost-optimized BoP solution and is capable of directly using raw biogas as a CO2 source. Power-to-SNG product overview. In 2014, ETOGAS launched its proprietary Power-to-Hydrogen technology and has won the leading gas storage operator RAG as a reference customer. Power-to-Hydrogen (PtH2) product overview. Hydrogen-to-SNG turnkey plants can be used to upgrade low-caloric waste gases: First plant successfully commissioned. Hydrogen-to-SNG product overview. ETOGAS - Smart energy conversion.

1. ETOGAS GmbH
Industriestrasse 6, D-70565 Stuttgart
Company presentation
2015Q1r3
World‘s largest Power-to-SNG plant with 6.3MWel – built by ETOGAS for Audi AG

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3. ETOGAS GmbH
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ETOGAS drives the commercialization of Power-to-Gas and is the market and technology leader
Corporate history highlights
2007-2009 2009-2011 2012-2013 2014
• 2007
ETOGAS founded in Salzburg
(Austria) as SolarFuel
• Evaluation of renewable fuel
production technologies:
– CO2/H2O reduction
– CO2 separation
– Fuel synthesis
• Economic and legal evaluation of
chemical energy storage vs.
conventional technologies
TECHNOLOGY
CORPORATE
• 2010
Transfer to Stuttgart (Germany)
• 2011
Series-A equity financing
3 employees
• 2009
Proof of concept Power-to-SNG
(PtSNG): α-plant, 25kWel
• several successful test runs in
various environments
• 2011
Major PtSNG turnkey plant order
won from Audi (β-plant; 6.3MWel)
• 2012
Series-B equity financing
20 employees
• 2013
Name changed to ETOGAS
• 2012
PtSNG test plant (γ-design;
250kWel) = Development and
validation of advanced
proprietary technology
• 2013
β-plant; 6.3MWel first-of-its-kind,
world‘s largest PtG plant in
operation (for Audi AG)
• γ-design; First commercial order
of a H2tSNG plant
• 2014
Launch of 1.2MWel turnkey plant
platform (γ-design)
Electrolyzer short-stack
prototype; testing sucessfully
completed (γ-design)
First commercial order of a PtH2
plant (0.6MWel) (γ-design)
2010 2011 2013 2013 2014 2014
Source: ETOGAS

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• Specifically designed for volatile renewable electricity supply (full dynamic intermittent operation)
• Minimized technology risk and costs (capex and opex)
• Strong IP position setting effective entry barriers to new entrants
• Global emerging markets: €0.8bn annual potential by 2020, €4.3bn by 2030
• Market segments: renewable fuels; conversion/storage of surplus renewable electricity; industrial H2 / SNG
• PtG market currently transitioning from pilot to first large commercial projects
• Products covering entire technology supply chain of a PtG plant
• Services covering all phases of a PtG project
• Turnkey plant platforms available with initial capacity of 1.2 MWel
• Platforms scalable to 2 MWel, 10 MWel, 20 MWel and 50 MWel
ETOGAS is the pioneer of Power-to-Gas (PtG)
Key differentiators
Sole provider of
turnkey PtG plants
for utility scale
applications
Proprietary
electrolysis and
methanation
technologies
Addressable
markets

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What is Power-to-Gas?
A disruptive technology for building a smart energy ecosystem based on renewable sources
• PtG allows the conversion of volatile electricity into renewable,
synthetic gases (H2 or SNG) with unmatched low carbon
footprint, which
– can be stored, transported and commercialized
– for mobility (green synthetic fuels) and industrial markets
(green chemistry).
• PtG adds flexibility to energy systems and thus enables efficient
integration of high shares of volatile renewables into energy
markets at low costs.
PtG facilitates this by
– creating a connection between the power grid and the gas
grid with its ample storage and transport capacity;
– recharging the gas grid without timing / technical restrictions and
thus allows to generate electricity at some point of time
somewhere and to sell it in the form of synthetic fuel
anywhere and anytime.
Concept
• Conversion of electricity into gaseous energy carriers (hydrogen,
methane).
• Starts with electrolysis, the disaggregation of water into hydrogen
(core product) and oxygen (by-product) by applying an electric
current to water.
• Methanation, the optional second PtG process step, is an
exothermal chemical reaction, which transforms the hydrogen with
injected carbon dioxide into methane (synthetic natural gas,
“SNG”).
Technology

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ETOGAS addresses three segments in global emerging markets
Overview
ETOGAS products
• PtH2, H2tSNG plants
Growth drivers
• Chemical industry has identified hydrogen
from renewable sources as priority “game
changing” technology to reduce GHG
emissions
• Increasing understanding that waste gases
(CO2, lean gases) can be turned into raw
material
Business case
• Avoiding carbon emission costs
• Cost savings through upgrading waste gas
to raw material
ETOGAS products
• PtH2, PtSNG plants
Growth drivers
• Ambitious governmental targets for GHG
reduction in the mobility sector
• Automotive suppliers’ obligation to
massively reduce their fleets’ CO2
emissions (EU, US, Japan)
Business case
• Producing renewable fuel with unmatched
low carbon footprint at low cost
IndustrialRenewable fuels
ETOGAS products
• PtH2, PtSNG plants
Growth drivers
• Trend toward wind and solar leading to
surplus electricity
• More electricity at attractive spot prices
• More wind electricity curtailments
Business case
• Optimizing energy trading economics
through adding flexibility by linking the
electricity market with fuel and heating
markets
• Energy price arbitration
Renewable Electricity
11%
41%
48%
5%
83%
12%
Source: ETOGAS
Renewable Electricity
Industrial
Renewable fuels
€0.8bn annual potential
by 2020
€4.3bn annual potential
by 2030

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20Hydrogen-to-SNG3.3
17Power-to-Hydrogen3.2
11Power-to-SNG3.1
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9. ETOGAS GmbH
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With three product segments based on ETOGAS technology,
we address five different customer benefits
Product segments vs. offered value propositions
Source: ETOGAS

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ETOGAS offers a complete scope of services and a proprietary technology portfolio: water electrolysis
and methanation technology as well as system integration including BoP components
Business Model
Source: ETOGAS
Concept ConstructionEngineering
• Feasibility Study
– Concept Evaluation
– Basic Engineering
– Business Model and
Case Evaluation
– Legal Framework
Analysis
• Price indication (± 30%)
• Pre-commissioning
• Commissioning
• Training of operators
• and/or maintenance
crews
• As-Built-Documentation
• Site Engineering (±10%)
• Detail Engineering
• Project Management
• HAZOP Study
• Procurement
• Schedule & Cost Control
• Construction Mgmnt.
• Construction Supervision
• Safety
• Quality Control
• Schedule & Cost Control
• Field Engineering
Commissioning
Start-up
Maintenance
• Maintenance support
• Spare parts, in particular
catalyst
Pre-sales / Consulting
Turnkey plants & systems:
Power-to-SNG, Power-to-Hydrogen, Hydrogen-to-SNG
Aftermarket
ETOGAS delivers turnkey plant with electrolyzer &
methanation systems based on ETG technology
Engineering / BoP
MEAEL
ETOGAS delivers turnkey electrolyzer system with ETG
technology incl. system integrationEng./ BoP
AEL
ETOGAS delivers turnkey methanation system with ETG
technology incl. system integrationEng./ BoP
ME
Alkaline ELectrolysis, MEthanation
Balance of Plant
out of scope of
overall project
Power-to-SNG
(combined electrolysis and methanation)
Power-to-Hydrogen
(stand-alone electrolysis)
Hydrogen-to-SNG
(stand-alone methanation)
I
II
III
ETOGAS’ product segments:

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Modular design is basis for all our products – ETOGAS electrolyzer is the central building
block
Components Overview
Component Power-to-SNG
Power-to-Hydrogen
Industrial (Greenfield)
Hydrogen-to-SNG
Electrolysis package   -
Feed gas/biogas purification  - 
Hydrogen storage  - 
Compressor  - -
Methanation reactor  - 
Demin water unit  () -
SNG drying  - 
Heat management  () -
EMSR   
Piping  - 
Instrument air  () -
Engineering   
Housing of ancillary units  - -
Source: ETOGAS

12. ETOGAS GmbH
20Hydrogen-to-SNG3.3
17Power-to-Hydrogen3.2
11Power-to-SNG3.1
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ETOGAS acted as turnkey supplier in charge of design, installation and ramp-up of the
world’s largest industrial Power-to-SNG project to date
Audi renewable fuel “e-gas” plant in Werlte, Germany (6.3MWel) - in operation since 2013
Electrolyzer hall One of three 2MWel electrolyzers Methanation reactor
Source: ETOGAS, Audi

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The Audi e-gas plant was designed and built by ETOGAS - and demonstrates that alkaline
electrolyzer technology can follow dynamic loads and provide balancing power
Measured data: Dynamic operation of the 6.3 MW PtG plant in Werlte
Source: ETOGAS
load: electrical input power
e-gas output power (basis: lower heating value)
CH4 concentration in e-gas
time

15. ETOGAS GmbH
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Audi with ETOGAS among the Top 50 Disruptive Companies 2013
Source: MIT Technology Review, 2013
since 05/2013: ETOGAS

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The 1.2 MW PtSNG plant with proprietary technology is based on modular building blocks, has a
cost-optimized BoP solution and is capable of directly using raw biogas as a CO2 source
ETOGAS 1.2 MW Power-to-SNG turnkey plant with 62.5 Nm³/h SNG production
Source: ETOGAS
• Turn-key system with 30 x 30 m² footprint
• 62.5 Nm³/h SNG output
(125 Nm³/h SNG/biogas mix if raw biogas is
used as CO2 source)
• Proprietary electrolysis and methanation
technology by ETOGAS
• Modular building blocks
• Unique and cost-optimized BoP solution
including container housing for electrolyzer incl.
heating/cooling management, power connector,
transformer incl. control, conditioning of raw
biogas, water treatment
P-t-SNG turnkey plant details

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Power-to-SNG product overview
1.2 MW turnkey plant
Source: ETOGAS, 1 based on lower heating value of CH4
Data Sheet 1.2 MW P-t-SNG (excerpt)USPs for P-t-SNG solution
Nominal load
20 kV@1,4 MVA
kWel 1.200
Load range (electrical load) % 10-110
Dynamic (electrical load)
%Nominal
/sec
15
Feed gas CO2
Raw biogas as CO2 source (50% CO2, 50% H2)
Nm3/h
Nm3/h
62,5
125
SNG production from pure CO2
SNG production from raw biogas
Nm3/h
Nm3/h
62,5
125
Efficiency1 w/o heat utilization
w/ heat utilization
%
52
>52-80
SNG gas purity
DVGW
DVGW
260
262
Export of steam@
°C
barG
250-300
70
Footprint area (turn-key) m2 30 x 30
 Lowest system capital cost and scalability to multi-MW
utility scale capacity
 Superior conversion efficiency minimizes OPEX
 Lowest system capital costs
 Very good coverage of all dynamic operation requirements
 Fully fledged turn-key modular design ready for outdoor
installation allows for fully transparent pricing without high
add-on charging for “options” and additional infrastructure

18. ETOGAS GmbH
20Hydrogen-to-SNG3.3
17Power-to-Hydrogen3.2
11Power-to-SNG3.1
7Products, Services & References3
4Power-to-Gas2
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19. ETOGAS GmbH
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In 2014, ETOGAS launched its proprietary Power-to-Hydrogen technology and has won the
leading gas storage operator RAG as a reference customer
Test phase of electrolyzer development successfully completed
Source: ETOGAS
0.6 MW alkaline pressurized electrolyzer systemWorld’s largest active area per cell
(6,000 cm2)
Turnkey plant for reference projectElectrolyzer short stack

20. ETOGAS GmbH
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Power-to-Hydrogen (PtH2) product overview
1.2 MW electrolyzer module
Source: ETOGAS
1) based on lower heating value of H2
 Lowest system capital cost and scalability to multi-MW
utility scale capacity
 Superior conversion efficiency for pressurized system
minimizes OPEX
 Lowest electrolyzer component capital costs
 Very good coverage of all dynamic operation requirements
 Fully fledged turn-key modular design ready for outdoor
installation allows for fully transparent pricing without high
add-on charging for “options” and additional infrastructure
Data Sheet PtH2 1.2 MW (excerpt)USPs of PtH2 solution
Nominal load
20 kV@1,4 MVA
kWel 1.200
Load range % 10-110
Dynamic %Nominal /sec 15
H2 production @15 barG, H2 >99,9% Nm3/h 250
AC Efficiency at full load
kWhel/Nm3 H2
%1)
4,8
62
Active cell area cm2 6.000
Number of stacks # 4
Tap water requirement l/h 350
Footprint area (turn-key) m2 30 x 15

21. ETOGAS GmbH
20Hydrogen-to-SNG3.3
17Power-to-Hydrogen3.2
11Power-to-SNG3.1
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22. ETOGAS GmbH
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Hydrogen-to-SNG turnkey plants can be used to upgrade low-caloric waste gases: First
plant successfully commissioned
Example: Proprietary methanation technology by ETOGAS used in an industrial production process
…and is now looped back using ETOGAS
technology, reducing fuel demand dramatically
Previously, waste gas from the production process
was not utilized…
Production
process
LNG
tank 30% H2
70% CH4
Production
process
CH4
Hydrogen-to-SNG
system
CO2
LNG
tank
> 95% CH4
product product
Loop:
30% H2
70% CH4
Source: ETOGAS

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Hydrogen-to-SNG product overview
62.5 Nm3/h methanation module
Source: ETOGAS; 1 based on lower heating values of H2 and CH4
 Conversion efficiency near thermodynamic optimum
 Two-step process (plate reactor together with downstream
membrane system) enables lowest system capital cost and
scalability to multi-MW utility scale
 Proprietary process allows for high SNG purity at low
standard nickel-catalyst consumption which results in
lowest OPEX profile
 Integrated reactor steam-cooling concept has distinct
advantages over conventional molten-salt cooling
 Optimized gas flow profile of plate reactor leads to higher
contaminant tolerance
Data Sheet H2-t-SNG (excerpt)USPs for H2-t-SNG solution
Feed gas CO2
Raw biogas as CO2 source (50% CO2, 50% H2)
Nm3/h
Nm3/h
62,5
125
Load range % 70-100
SNG production from pure CO2
SNG production from raw biogas
Nm3/h
Nm3/h
62,5
125
Conversion efficiency H2-to-SNG %1 83
SNG gas purity
DVGW
DVGW
260
262
Export of steam@
°C
barG
250-300
70
Export of low temperature heat @ °C 80
Footprint area (turn-key) m2 30 x 20