Corporate Presentation SEPTEMBER MAY 2014

Widespread adoption of fuel cells is limited by need for high purity hydrogen

oHigh purity = high cost

oLimited by hydrogen distribution, storage capacity

Fuel Cell Marketplace

A fuel cell that can operate “hot” can be fed with low grade hydrogen

o_{Use existing low cost infrastructure like natural gas, propane, and methanol} o_{Longer run times using existing distribution and storage technology}

Advent’s novel hot technology combines the best in low cost manufacturing with ideal operating temperature

o_{Uses next generation plastic electrolyte films stable at high temperature} o_{Makes fuel cell systems simpler and lower cost}

Fuel Cell Technology is shifting to units that operate at higher temperature

•Operate better with fuels other than hydrogen like natural gas

•See recent success of Bloom Energy and FuelCell Energy

Advent Technologies

Inc.

Advent is the leader in High Temperature Membrane Electrode Assemblies (HT MEA)

•Used in latest generation of High Temperature Proton Exchange Membrane (PEM) fuel cells and in hydrogen separation

March 2014, completed license agreement with BASF. The agreement included:

•Immediate revenue stream from BASF’s MEA customers (PBI based membrane)

•BASF’s MEA client roster to initiate qualification of Advent membrane

•Access to BASF’s electrode for use with Advent’s TPS membrane

o _{“Mates a superior electrode to a superior membrane”}

Provides near term revenue stream, accounts with commercial systems, and path to maintain or convert former PBI customers to Advent’s TPS membrane

Company & Product History

Advent’s revolutionary HT MEA technology is the result of years of R&D

and private investment

Selected European and Greek Grant Funding

- JOULE III 1998-2001 - APOLLON 2002-2005 - PYTHAGORAS 2004-2006 - PEMHYGEN 2003-2007 - PROMETHEAS 2002-2006 - APOLLON-B 2006-2009 - DEMMEA 2010-2012 - DEMSTACK 2013- 2016 - EUROSTARS 2010-2012 - ESA 2014-2017 Product Development - University of Patras, Polymer Chemistry Laboratory - FORTH-ICEHT, Electrocatalysis Laboratory - Northeastern University NUCRET Center

Financial and Strategic Investor Funding - Connecticut Innovations - Piraeus Bank VC - Systems Sunlight - VCI

Funding

from both

Institutional

and Strategic

Investors

----16 Years of

R&D

4

R&D Laboratories

Synthesis Laboratory Small scale Polymer Synthesis

Existing pilot production

Electrode Coater Large scale Polymer Synthesis

FCs 101: The Basics

Why all the talk about the “PEM” aka Proton Exchange Membrane?

The properties of the membrane are key to deciding whether the fuel cell stack can operate at Low Temperatures

(60o_C-80o_{C) “LT PEM”, or High}

Temperatures (120o_C-150o_{C+) “HT} PEM”

What is a hydrogen Fuel Cell (FC) and how does it work?

Membrane

Membrane Electrode Assembly

“the Stack” Fuel Cell End Product

FCs 101 continued: Types of FCs and Applications

Applications

Automotive Back up power (extended run )

+

-HT-PEM

High quality heat

Uses Pt

LT-PEM

Fast start up

Low quality heat

SOFC

Solid Oxide

No Pt in fuel cell stack

Early stage technology Unproven lifetime

PAFC

Phosphoric Acid Established 80k hr warrantee High manufacture costs

MCFC

Molten Carbonate No Pt in FC stack Unproven lifetime 8 Combined Heat and Power (CHP) Back up power (extended run) Back up power Prime power (ie: Telecom, Data) Combined Heat and Power (CHP) Combined Heat and Power (CHP)

HT PEM Fuel Cell System

Solar Energy Wind Energy Hydropower Electrolysis Gas Processor Hydrocarbons •Natural gas •Methanol •Diesel

Hydrogen Fuel Cell System

Heat Power Electrical Power

Advent TPS® MEA

Catalyst

Membrane

Gas Diffusion Layer

Refomer PCI, CT

HT PEM Fuel Cells typical electrical efficiency ~40%; with captured heat >90%

HT-PEM technology

Advent TPS

®

_Advantage

0.2 0.3 0.4 0.5 0.6 0.7 0.8 140 160 180 200 1 2 3 E @ 0 .2 A /c m ² [V ] T [°C] p CO [%] PBI TPS® • A hybrid of proven phosphoric acid technology with the simplicity of a

polymer membrane electrode assembly

• No humidification necessary

• Tolerance to impurities in hydrogen gas

• e.g. High level of CO is tolerated due to the high operating temperature

• Low Cost

• Amenable to large scale manufacturing

• Tough material operates under differential pressure

• Operates at 180o_{C: next gen shows potential >200}o_C • Strong IP portfolio covering base technology (>28 patents)

HT-PEM technology is a perfect fit for natural gas as hydrogen source

Fuel Cell Systems have been used for decades in numerous industrial and commercial applications

(relevant companies and applications summarized in table on slide 9)

LT PEM vs HT PEM

The vast majority of these applications use a LT PEM (Low Temperature PEM) fuel cell,

because the most widely used commercial membrane (developed by DuPont) cannot

operate at high temperatures

Low Temperature FCs (60o_C-80o_{C) come with numerous setbacks, some of which are:} •Need expensive clean hydrogen fuel (cannot handle carbon monoxide, CO)

•Produce lots of liquid water (which requires disposal, and limits FC’s use at sub-freezing temperatures)

•As the membrane cannot operate at high temperatures, “hot” applications (like, internal combustion automotive) are no-go

LT PEM vs HT PEM

Enter HT PEM (High Temperature PEM), which operate at 120o_C-200o_C:

•High temperature fuel cells can handle CO, and thus can be operated on reformed gas (which is much cheaper than pure hydrogen)

•High temperature fuel cells do not have water management issue (burns off as steam, or redirected into heat-energy application)

•Can operate in extremely hot, or extremely cold conditions

Unfortunately, low temperature MEAs benefited from a highly developed membrane, and BASF’s PBI membrane, while capable of higher temperature, is not quite hot enough.

ADVENT’S BREAKTHROUGH TPS® _{HT MEMBRANE ELECTRODE ASSEMBLY SOLVES THE}

TEMPERATURE PROBLEM AND BOOTRAPS YEARS OF BASF DEVELOPMENT TO PRODUCE AN ADVANCED MEA. AS A RESULT, ADVENT IS POISED TO BECOME THE DOMINANT SUPPLIER OF HT MEMBRANE ELECTRODE ASSEMBLIES TO A MULTITUDE OF MARKETS AND END USERS

Doosan Co. Ltd (purchased assets ClearEdge Power 2014) Fuji Secure CHP Commercial CHP

Current Market Applications for LT & HT PEM

[U/R, Order Applications]

LT PEM

(60o_C-80o_C) Power: 1 kW – 200 kW

HT PEM

(120o_C-190o_C+) Power: 1 kW – 10 MW

Phosphoric Acid

(200o_C)

)

Power: 250 kW-10 MW

Company

Application

Company

Application

Company

Application

UTC Ballard Hydra Hydrogenics Plug Power Toshiba Toyota Sanyo Panasonic Many More… Buses Buses CHP (Residential) Forklift, Backup Forklifts µCHP Cars Portable Power µCHP Many More… Siqens SerEnergy UltraCell Fuel Cell Energy CHP

Cell phone towers Battery Charger Hydrogen Purification

Low temperature applications will continue to expand in only niche areas where the value can offset the expense of creating a pure hydrogen supply. High temperature MEAs overcome this limitation by being well matched to hydrogen made in low cost reformers.

ADVENT’S MEA FOR HT PEM HAS A DECISIVE ADVANTAGE IN VIRTUALLY ALL LT PEM APPLICATIONS – OFFERING A SIGNIFICANT MARKET OPPORTUNITY

Summary of Total Market

(http://www.fuelcelltoday.com/ 2013

Industry Review)

Stationary growth fueled by units that produce heat and power in Asia

(http://www.fuelcelltoday.com/ 2013 Industry Review)

List of representative projects

15

Project acronym Contract number Funding body Title Advent

DEMMEA 245156 FCH-JU Understanding the Degradation Mechanisms of Membrane-Electrode-Assembly for High Temperature PEMFCs and Optimization of the Individual Components

Coordinator

IRAFC 245202 FCH-JU Development of an Internal Reforming Alcohol High Temperature PEM Fuel Cell Stack

Coordinator

SPIN OFF SPIN OUT

1KAIN2009A General Secretariat of Research and Technology, Hellas

Combined system of hydrogen and energy production

Sole contractor

Eurostars No: E!5094 Eureka Development of a combined hydrogen and power production system with high temperature PEM fuel cells

Coordinator

Odikes 09SYN-51453 General Secretariat of Research and Technology, Hellas

Design and development of a hybrid power system for automotive vehicles

List of representative projects

16

Project acronym Contract number Title Advent

IRMFC 32538 Development of a Portable Internal Reforming Methanol High Temperature PEM

Fuel Cell System

Partner

DEMSTACK 325368 Understanding the degradation mechanisms of a high temperature PEMFC stack and optimization of the individual components

Partner

ESA 4000109578/13/NL /SC

Development of a closed loop Regenerative HT-PEM Fuel Cell system

Case for Advent

Growth in the fuel cell sector is driven by applications with higher temperature.

The stationary fuel cell market is expected to experience very strong growth over the coming years.

Investor support for the fuel cell sector is expected to be very strong. IPO for Bloom Energy is expected in Q4 2014.

Advent has a unique opportunity to capture the entire High Temperature MEA market and be a key player in the sector.

Advent has all the elements of success:

• Right markets (stationary power) and world class technology

• Correct structure for maximum ROI (EU, USA locations)

• Excellent team with ability to forward integrate to stacks and systems once HT MEA monopoly is established.