PerformanceSafety Value

2

Founded in 2009• 8 Years of Department of Energy• 8 Years of productization• Black & Veatch verified Breakthrough Technology• Safest chemistry available• Long duration + High power• Multiple daily cycles • Negligible degradation• 100% useful State of Charge• Scales from 100 kW to 100 MWRamping Production• Jabil Manufacturing• Global Project Wins : Behind the Meter and Front of 

Meter• Made in America

Overview

3

4

Best Grid Scale Non Li‐Ion Technology in the global market

Industry Recognized

1 MW/4 MWh Building Block

ViZn’s Standard Building Block

0 1 2 3 4 5 6 7 8 9 10

11

12

4 Hrs.

7.2 Hrs.

12 Hrs.

Multiple Deep Cycles Per Day For 20 Years

“Black & Veatch believes that Jabil’s vendor qualification and monitoring process is well established and should be able to ensure quality materials and components for ViZn’s products.”

Manufacturing

Company “Key differentiators from other flow battery technologies are safety of the electrolytes, abundance of core raw materials, and a 20‐year expected system”

“Black & Veatch believes that the ViZn batteries outperform systems with lithium based chemistries at high ambient temperatures due to the fact that the ViZn ESS requires a smaller HVAC load.” 

Performance 

“Black & Veatch believes that ViZn’s senior management team has experience in the manufacturing commercialization of novel products in the energy industry and appears to have the skills required to manage ViZn.”

“ViZn improved upon the original technology developed by Lockheed Martin and the US DOE to achieve higher electric charge capacity, power capacity, and improved reliability.”Design

Leadership

ViZn Confidential

Independent Engineering Assessment

Independent 3rd Party Validation & Insurance

Tier 1 Complete Hardware + Controls 

Bankable Turnkey EPC Suppliers

Leading Downstream Developers

Financial Solutions for Every Scenario

Vetted, Partnered and Delivering Complete Solutions

Unprecedented Power Cycling From A Flow Battery   

• Over 1 million high frequency power switching cycles ‐> Over 27 years PJM cycling

• Tested across complete State of Charge from 10% to 50% to 90%• ZERO cell replacements

Assumptions: 675 kW Solar, 1MW/ 4MWh Storage, Load Type: Industrial, Utility: TOU8‐RTP SCE CBP, COE – 0.17 $/kWh, 8% Discount Rate 

6%

10%

14%

18%

10 11 12 13 14 15 16 17 18 19 20

Internal Rate of Return %

Project Economic Life (Years)

$0 $550,000 $1,100,000 $1,650,000 $2,200,000

10

11

12

13

14

15

16

17

18

19

20

Net Present ValueProject E

cono

mic Life

 (Yea

rs)

20 Year ViZn Lifetime + 20 Year Solar Project Lifetime 

20 Year Life  ~10X The Value for Battery Owners

Energy and Power Services From One Versatile Platform

Energy AND Power For 20 Years

Li-Ion

Energy OR Power For 5 ‐ 10 Years

Power vs. Energy Service Versatility Maximizes Value

P

P

P

P

P

E

E E

E

E

E

E E

P

E

Power

Energy

Power and Energy Services From 1 Platform  

Single ViZnSystem Capability$

$$$$$$ $$ =

Use Case Versatility ‐> Greatly Enhanced C&I Economics  

•Stacked services drives IRR and NPV•Two “Power” services•Two “Energy” services

13VIZN ENERGY

Material Safety Comparisons

Simplified Siting, Permitting, Insurance, Transport and End of Life Recycling

Li-Ion

Bromine HCL Acid, Bromine

Lead Acid H2SO4 Acid, Lead

Vanadium Acid, Vanadium

Sodium Sulphur, High pressurized molten sodium/sulphur

ViZn - Alkaline, Zinc/Iron

Source: NFPA 704: Standard System for the Identification of the Hazards of Materials for Emergency Response

Health 0

Fire 0

Reactivity 0Personal Protection A

223

W

213

COR

213

COR

023

COR

023

W

002

COR

World Class ISO 9001 Manufacturing

“ViZn has a unique and robust energy storage solution and we 

are proud to be working alongside ViZn Energy as they scale up to meet industry 

demand.”

Bill Mitchell, Jabil senior director of corporate development said.

• 50 Years of experience (1966‐2016) • 2015 Revenue: $17.9B • 100 Locations• 180,000 Employees• 37 Million square feet• Unsurpassed quality: ISO 9001

Tier 1 Global EPC Partnerships

Bill Hargett, Director of Business Development at The Ryan Company

• “ViZn has a highly scalable, robust technology that can provide multiple lines of value for intermittent renewable assets.”

• “We believe that solar power producers are increasingly looking for ways to provide a more dynamic and flexible dispatch profile to the grid, and ViZn Energy has the product and ability to make this happen.”

Tom Bowker, Alpha Energy’s Director of Business Development

• “ViZn Energy has engineered a very versatile flow battery that is able to perform both high power and long duration applications.”

• “Their unique, robust system can scale up from less than 100kW to over 100MW and its 20-year expected lifetime will provide competitive ROI, making it a great fit for renewable energy projects that combine energy storage with solar, wind, or both.”

$7B Annual Revenue

40 Years In Storage

Li‐Ion Warranty Restrictions vs. ViZn Offering

“85% of Li‐Ion Battery Controls Code Is Dedicated To Protecting The Battery From Itself"

‐ Controls Company ExecutiveWe monitor customer installations 24/7 to ensure warranty compliance‐ Turnkey Solutions Provider Executive 

State of ChargeLimits 100% SOC Access

ViZn Energy Systems

Li‐Ion: 20% to 80% SOCPenalty Penalty

Tight CellTemp Ranges

Lenient Ambient Temp Range. No HVAC

ViZn Energy Systems

Li‐Ion Cell TempPenalty Penalty

Average Accumulated Energy (kWh)

No Cycle Life Limitations

ViZn Energy Systems

Li‐Ion: 1 Cycle/day Penalty

Average Charge/Discharge Power

(kW)Negligible Power Degradation

ViZn Energy Systems

Li‐Ion: Limitations on Average Power Penalty

Li‐Ion ViZn

Source: Tier 1 Li‐Ion Warranty Documents ; ViZn from corporate

Source:  Tier 1 Li‐Ion Warranty Documents ; ViZn from corporate

Simplified Siting, Permitting, Insurance, Transport and End of Life Recycling

Li-Ion

“Black & Veatch believes that the ViZn batteries outperform systems with lithium based chemistries at high ambient temperature due to the fact that the ViZn ESS requires a smaller HVAC load.” 

Source: "NFPA 704: Standard System for the Identification of the Hazards of Materials for Emergency Response

A Battery That Can Truly Go Anywhere

Comparing ViZn to Other Existing Products

ViZn Li‐Ion Vanadium Flow

20‐Year System Life 7‐10 Years New electrolyte every 7 years

Power + Energy Applications Pick 1 Energy Only

Safe & Non‐Toxic Chemistry Fire, Toxic Acidic, Toxic

No Air Conditioning Loads 24/7 HVAC None

Access to 100% State of Charge 80% 100%

Duty Cycle >2 Full Cycles/Day  <1/Day >2

Low Raw Material Cost Supply constrained Vanadium = 

40 x Zn

Simple End of Life Recycling  Hazmat Hazmat

Case Study:Cement Plant w/

Industrial Storage with

Solar

21

1. Project Data2. Revenue Stream Research3. HOMER: Battery and Renewable 

Energy size optimization4. Bill of Materials (BOM)5. All‐In Turn Key BOM Costing6. Full 20 year Project Pro‐forma 

development7. Proposal development

ViZn Transactional Customer Support Process

Example Project: Cement Manufacturing Plant

Background:• Most energy intensive of all 

manufacturing segments.• Large energy users• Decent power spikes• Resiliency matters: mission critical 

energy• Battery EHS is critical• Typically some diesel back‐up• Typically enough space for PV• Global (top 20 companies): 951 plants

• North America: 104 plants 

Use Case Strategy

GET SOLAR and optimize bills around TOU rates Energy –Mid‐Peak 4% YoY average increase. Minimize Net Metering

GET A BATTERY and reduce Demand Charges Power ‐ Mid‐Peak has a 19% YoY average 

increase. Generally 50% or more of the rate payer’s bill The part of the bill that is increasing the fastest

Wholesale Opportunities  Demand response

Capacity Based Bidding (CBP) Plant Benefits

Power factor corrections Resiliency

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

SCE TOU‐8 CPP Rate Changes

Summer Season, Peak ‐ $/kW

Summer Season, Mid‐Peak ‐ $/kW

$0.050

$0.090

$0.130

$0.170

$0.210

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

SCE TOU‐8 CPP Rate Changes

Summer Season, Peak ‐ $/kWh

Summer Season, Mid‐Peak ‐$/kWh

Utility Bill Interpretation: SCE TOU‐8

HOMER: The Heart and Brain Of Storage Economic Modeling

Background:• Leading battery models included• Takes into account:

• Round trip efficiency• SoC access limits• Cycles/day limits• Charge/discharge rate limits

• Optimized for loads, rates, fuel costs and multiple services

• Outputs expected 1st year savings

24

25

HOMER: 365 Day Battery Dispatch Profile

Solar

Demand Charge Reduction

Discharge

Charge

26

Drilling Into Some Days In June

HOMER: The Heart and Brain of Storage Economic Modeling

Background:• Leading battery models included• Takes into account:

• Round trip efficiency• HVAC Loads• SoC access limits• Cycles/day limits• Charge/discharge rate limits

• Optimized for loads, rates, fuel costs and multiple services

• Outputs expected 1st year savings

27

Year 1ViZn

Energy Savings 164,708Escalator 2%

Demand Charge Savings 231,154Escalator 7%

CBP Demand Response 71,737Escalator 2%

467,599

28

Capital CostsESBatteryExtended WarrantyService Agreement

Aux ‐ Rack, Container, HVAC, FireRackContainerFire SuppressionHVACES Container Integration

PCS InverterPCSExtended warrantyPCS ContainerXFMRPCS Factory Integration

BOS + Utility InterconnectDC RailsSwitchBreakerCable and Conduit

PCS Site Installation/Commissioning/DeliveryPCS Installation

ESS Site InstallationCivil/Land Prep/AccessBOP Installation (Mechanical)Grid Tie installation (Mechanical)Interconnection installation (LV+MV)General ConditionsQA/QC

EMS (3rd Party)EOS ModuleEOS Applications FeeFleet ControlEOS Hardware

Soft CostsCivil EngineeringEletrical EngineeringPermitPM/CMDeveloperBondFreight/WarehousingSecurity

+

ViZn Provides All‐In 1st Cost System Estimates w/ BOM

ViZn GS2002018

3 MWh 

Energy Storage Capacity kW 1000Duration Hours 3

Energy Storage Energy kWh 3000PV Solar Power kWp DC  675

Battery DC Block CAPEX $/kWh $370PCS/Inverter $ $160,000Controls/EMS $ $100,000

BOS/Installation $ $475,000ESS CAPEX $ $1,845,000

PV Solar CAPEX $ $1,350,000System CapEx  $ $3,195,000

per kWh $/kWh $615O&M ‐ Battery $ $616,199Unlevered NPV $ $3,152,105

Unlevered 10‐year IRR % 10.8%Unlevered 15‐year IRR % 14.9%Unlevered 20‐year IRR % 16.5%

29

Winning on NPV, IRR, Safety, Resiliency and End of Life

Unlevered Project Economics

Thank You