SPARK THERMIONICS
The OpportunityThere is a better way for converting heat to electricity
What if we could change this?...
…Into this?
…and unlock infinite opportunities
Thermionics can actually do this!
The TechnologySolid state heat to electricity conversion
How do thermionics work?
Heat
Cathode
Collector
Thermionic
Vacuum space
emission
Rejected heat
Electricalload
How is it different from thermoelectrics?
ZLoad
Heat source
Heat sinkI
p pnn
Current flows through material
Lower temperatures
Less efficient
225 725 1225 1725 (°C)
450 1350 2250 3150 (°F)
Thermoelectric ZT = 1
Typical Thermionic 2.0 eV
1.5 eV
1.0 eV
Why Now?Using microfabrication and vacuum gap to radically increase efficiency of thermionics
“I still think we will achieve 30% efficiency…”
– V.C. Wilson, General Electric Research (1968)
Daniel Riley, Ph.D. Jared Schwede, Ph.D.
Forgotten by NASA, revived by microfabrication
Low Maintenance
High Temperature
High Power Density
Scalable
Looking for markets…The real value of thermionics lies in uses where temperature, maintenance, scalability and weight are a constraint
Competitive technologies landscape
Solid state heat to electricity convertor
Heat to electricity convertor
Fuel to electricity convertor
Thermionics
Thermoelectics
Stirling engine IC engine
Steam turbine Gas turbine
Fuel cell
Effi
cien
cy %
0%
13%
25%
38%
50%
Cost $/W
0 1 2 3 4
Thermionics
Fuel Cell
Stirling engine
IC Engine
Steam turbine plantGas turbine plant
Low costHigh cost
High
efficiency
Low
efficiency
Competitive technologies landscape
Large scale applicationsSmall scale applications
Thermoelectrics
Effi
cien
cy %
0%
13%
25%
38%
50%
Cost $/W
0 1 2 3 4
Thermionics
Fuel Cell
Stirling engine
IC Engine
Steam turbine plantGas turbine plant
Low costHigh cost
High
efficiency
Low
efficiency
Competitive technologies landscape
Large scale applicationsSmall scale applications
Thermoelectrics
Effi
cien
cy %
0%
13%
25%
38%
50%
Cost $/W
0 1 2 3 4
Thermionics
Thermoelectrics
Fuel Cell
Stirling engine
IC Engine
Steam turbine plantGas turbine plant
Low costHigh cost
High
efficiency
Low
efficiency
Competitive technologies landscape
Large scale applicationsSmall scale applications
Down scalable to Watt
Effi
cien
cy %
0%
13%
25%
38%
50%
Cost $/W
0 1 2 3 4
Thermionics
Thermoelectrics
Fuel Cell
Stirling engine
IC Engine
Steam turbine plantGas turbine plant
Low costHigh cost
High
efficiency
Low
efficiency
Competitive technologies landscape
Large scale applicationsSmall scale applications
No moving parts
Effi
cien
cy %
0%
13%
25%
38%
50%
Cost $/W
0 1 2 3 4
Thermionics
Thermoelectrics
Fuel Cell
Stirling engine
IC Engine
Steam turbine plantGas turbine plant
Low costHigh cost
High
efficiency
Low
efficiency
Competitive technologies landscape
Large scale applicationsSmall scale applications
High temperature
Numerous potential applicationsMobile applications Stationary applications
Primary power
generation
High temperatur
e waste heat
recovery
scale scale
scale scale
Drones
Automobiles
Submarines
Mobile gensets
RocketsRemote heating Heavy industries
Micro-CHP CSPPower plants
Aircraft
Numerous potential applicationsMobile applications Stationary applications
✓ Need for power density✓ Easier to integrate ✓ Larger markets
Short term Longer term
Numerous potential applications
Primary power
generation
High temperatur
e waste heat
recovery
✓ High temperature
✓ Better economics ✓ Need for modularity
Short term
Longer term
Numerous potential applications
scale
Small scale (W to kW) Large scale (MW to GW)
✓ Need for scalability ✓ Need for low maintenance
✓ Larger markets
Short term Longer term
Most promising applicationsMobile applications Stationary applications
Primary power
generation
High temperatur
e waste heat
recovery
scale scale
scale scale
Drones
Automobiles
Submarines
Mobile gensets
RocketsRemote heating Heavy industries
Micro-CHP CSPPower plants
Aircraft
Most promising applicationsMobile applications Stationary applications
Primary power
generation
High temperatur
e waste heat
recovery
scale scale
DronesMicro-CHP
Power plants
The path to market
Short Term Long Term
Integration complexity
Drones
Micro-CHPPower plants topping cycle
Low
Hig
h
DronesPreparing for a new era
Challenge in drones: Low energy density of Li-ion battery
Solution: Spark Thermionics + Fuel ✓Better autonomy ✓Higher power ✓Potentially cheaper
Why?
FuelST Power Generation Unit
Batt
ery/
Fuel
tan
k w
eigh
t (k
g)
0
2.25
4.5
6.75
9
Autonomy (Mins)12:10:00 AM 12:27:30 AM 12:45:00 AM 1:02:30 AM 1:20:00 AM
BatteryFuel
Li-ion Battery: 12 mins Fuel + TEC: 60 mins
Enhancing autonomy
Market CategoriesRegion Type Application
North America Aerial Defense
Europe Ground Logistics & Warehouses
Asia Marine Agriculture & Field Ops
Rest Of World Other Surface Healthcare
Entertainment
Others
Market CategoriesRegion Type Application
North America Aerial Defense
Europe Ground Logistics & Warehouses
Asia Marine Agriculture & Field Ops
Rest Of World Other Surface Healthcare
Entertainment
Others
Liberal regulations
Energy density (energy/weight)
Autonomy
Logistics Drone Market Size Projections [US$MM]
$0
$5,000
$10,000
$15,000
$20,000
2020 2025 2030
ROWAsiaEuropeNorth America
Field Operations Drone Market Size [US$MM]
$0
$4,500
$9,000
$13,500
$18,000
2020 2025 2030
ROWAsiaEuropeNorth America
How much?By 2025…
1.4 m. units $22 bn. market
1.6 m. units $26 bn. market
Go-to market strategy Joint technology developmentRevenue
model• Co-develop ST power generation unit with industry drone manufacturers
Industry drone manufacturersPartnerships• Logistics Agricultural inspection Surveying &
mapping
Legislation & PerceptionRisks• Legislation around drone uses • Potential reluctance of drone manufacturers/users towards using fuel
Micro CHPEnhancing distributed energy generation
Internal Combustion Engine
Micro turbine Fuel Cell Stirling Engine
Thermionic CHP *potentially
Efficiency ˜30% ˜25% ˜45% ˜25% ˜30%
Installed Cost ($/
kW)$2,000 $3,000 $6,000 $8,000 <$1,000
Scalability10kW – 5 MW
30 kW – 250 kW
1 kW – 2 MW
<250 kW Any
Moving Parts? YES YES NO YES NO
Why? Small: less than 1 MW Micro: less than 5 kW
Competitive Efficiency
Lower Cost
Scalable
No Moving PartsFuel
Power Generation Unit
A $2.5 bn market in 202112.2% CAGR
Strong growth in the near future
Japan and Germany Best potential entry countries
Global small-micro CHP forecast ($million)
0
750
1500
2250
3000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Japan Germany UK ROW
+500 MW in 2021 Capacity forecast for small/micro CHP
Go-to-market strategy CHP incumbentsRevenue model
• Sell thermionic converter to incumbent companies in the industry • Co-develop product with CHP manufacturers
Current CHP leadersPartnerships
RegulationRisks• Government support: FIT, tax credits, environmental regulation etc. • Spark Spread: Cost of electricity - Cost of fuel
Power plant topping cycleReducing our carbon footprint
Why thermionics for power plant topping cycle
Problem: High temperature of the combustion
Opportunity: Using thermionics (no moving parts) as a topping cycle to extract some energy and lower the temperature before the turbine
Higher efficiency and Lower CO2 emissionsLower cost
Combustion chamber
Compressor
Turbine
Fuel
Fresh air Exhaust gases
Huge constraints on the first blades (moving parts)Need temperature drop before entering the turbine
A $1,5b/yr market in the US only+ 140 GW
Additional conventional power plants needed in the US by 2040
+ 50 TWh/yr Additional power generation if thermionics were used as topping cycle for those new plants (+10%
efficiency)
+ $1.5b/yr Additional revenue for power producers
- 10 million tCO2/yr Avoided CO2 emissions at constant electricity
production
Cumulative Electric Power Sector Additions
AEO2015 Reference case
GW
0
40
80
120
160
2012 2015 2018 2021 2024 2027 2030 2033 2036 2039
Combined Cycle Combustion Turbine/Diesel
Source: Energy Information Administration
Go-to-market strategy Thermionics units manufacturerRevenue model
• Co-develop product with turbines manufacturers • Sell thermionics units to them
Gas and steam turbines manufacturersPartnerships
ComplexityRisks• Integration • Long time to market • Few very powerful potential clients
Path to successAiming at the right markets at the right time
Next Steps
Prototype 1.0 – 3.0
Prototype 4.0 – 5.0
Milestone Funding
Grant
Partnership
Partner Goal
Pilot Product Equity / Debt
Prove Features
Create Drone/CHP Prototype
Create commercial Pilot Product
2017
2020
2023
Victor
MBA Candidate
Gerardo
MBA Candidate
Kayo
MBA Candidate
Mitch
MS Mech. Engineering
Stephanie
Ph.D. Chemistry
Pol-Hervé
MBA Candidate
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