James IVESCEO

OpenHydro

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OpenHydro Update

Thetis Presentation

James Ives | OpenHydro CEO | 21st May 2015

21st May 20152 Thetis Presentation

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Company Overview & Strategy

21st May 20153 Thetis Presentation

Technology

Development

Demonstration

ArraysIndustrialisation

Commercial

Arrays

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Technology Development

21st May 20154 Thetis Presentation

Turbine Design

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

Design of our Pre-Series turbine

is complete and procurement for

the first 4 units has commenced.

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EMEC

OpenHydro has been testing at the European Marine Energy

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

2014/2015 testing focused on new power convertor (ABB)

and in-house developed control system:

‒ Over 3,000 hours generating onto the grid.

‒ 16% improvement in turbine efficiency.

Technology Development

21st May 20155 Thetis Presentation

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Prototype 16m

The prototype 16m

turbine was installed in

December 2013 and

safely recovered in April

2014.

Technology Development

21st May 20156 Thetis Presentation

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Installation & Recovery

OpenHydro recognised early that the key constraint in the

development of the tidal industry is the deployment system.

Patented installation and recovery

system demonstrated in Scotland,

Canada and France.

Technology Development

21st May 20157 Thetis Presentation

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Demonstration Arrays

21st May 20158 Thetis Presentation

Demonstration ArraysTechnology

Development

Demonstration

ArraysIndustrialisation

Commercial

Arrays

Customer: Emera

Location: Bay of Fundy

Installation: 2015

Scale: 2 x 16m

Turbine Rating: 2MW

Customer: EDF

Location: Paimpol-Bréhat

Installation: 2015

Scale: 2 x 16m

Turbine Rating: 2MW

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Demonstration Array

21st May 20159 Thetis Presentation

France | EDF

During 2015 OpenHydro will install 2 x 16m Pre-Series turbines at EDF’s Paimpol-Bréhat tidal site.

This follows the successful testing of a prototype 16m turbine at the site over the winder of 2013/2014.

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Industrialisation

Industrialisation

OpenHydro is targeting a

competitive Levelised Cost of Energy (LCoE).

OpenHydro’s industrial strategy is based on a model with

industrial capacity in-market.

21st May 201510 Thetis Presentation

Pre-Series

Standard

Product

20162015 2017 2018 2019 2020

Cost

Time

Current Pre-Series Design

Cost Reduction - Design / Value Engineering

Supply Chain / Make or Buy Effect

Volume Effect ‘S’ Curve

Technology

Development

Demonstration

ArraysIndustrialisation

Commercial

Arrays

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Commercial Arrays

Commercial Project

Given the development

timescales it is important to

build a project pipeline in

parallel with technology and

industrial development.

1st October 201411 ICOE

Technology

Development

Demonstration

ArraysIndustrialisation

Commercial

Arrays

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Commercial Arrays

Emera | Canada

Joint Venture with Emera for

300MW tidal farm.

− Phase 1 (2015): 4MW

− Phase 2 (2017): 12MW

− Phase 3 (2019): 34MW

− Phase 4 (2020+): 100MW

per annum to 300MW

Brookfield | Northern Ireland

100MW Joint Venture in Northern Ireland.

− Phase 1 (2018): 30MW

− Phase 2 (2019+): 70MW

SSE Renewables | Scotland

200MW Joint Venture in Scotland.

− Phase 1 (2019): 30MW

− Phase 2 (2021): 170MW

ARE | Channel Islands

Joint Venture to develop a 300MW

project.

Separately, ARE are progressing

FABLink; an interconnector between

France, Alderney and the UK (available

from 2020).

− Installation of 50MW per annum

(initially) from 2021.

EDF | Paimpol-Brehat

Demonstration array of 2 x 16m

turbines.

EDF EN | France

Development of 14MW project in

the Raz Blanchard off the coast

of Normandy.

Commercial Pipeline

21st May 201512 Thetis Presentation

Project Portfolio

During 2014 OpenHydro’s

development portfolio

grew from 300MW to

919MW.

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OpenHydro Update

Thetis Presentation

James Ives | OpenHydro CEO | 21st May 2015

21st May 201513 Thetis Presentation