September 2023

Accelerating the
Low CO2 Ammonia
Adoption
LUIS SARRÁSInternational Green Hydrogen Vice President
PROPRIETARY AND CONFIDENTIALAES Global Presence

PROPRIETARY AND CONFIDENTIAL

The New Strategic Business Units (SBUs)
Renewables

PROPRIETARY AND CONFIDENTIAL

Utilities

EnergyInfrastructure

New Energy
Technologies

AES Experience for Low CO2 Ammonia

Renewable Energy••

Leader building &operating renewableprojects.
Large portfolio of existing
assets and projects.

Water Desalination• Expertise developing &operating water
desalination projects.

PROPRIETARY AND CONFIDENTIAL

Energy Storage•H2•

Leader developing andoperating energy storage
projects.
Fluence – partnership
AES and Siemens.

Key Locations• Existing assets & projects
in most competitive
regions for solar & windpower.
4

Partnership Strategy

1Strategic Equity &Offtake Partnerships
De-risk opportunities by guaranteeing
creditworthy developers and off takers

PROPRIETARY AND CONFIDENTIAL

2

Production Innovation
Partnerships
Build competitive advantage by
optimizing renewables & electrolysis
integration

Business Model
Air

Wind-Solar

NH3

H2
Green E

H2 OChemicals• Ammonia/Fertilizer

H2

NH3

AES (A %) + Partner (B %)Power/Heating• Ammonia co-firing• H2 blending to NGShipping• Ammonia as marinefuelRoad Transport• Heavy dutyvehicles• Passengervehicles

Electrolyzer

Desalination

PROPRIETARY AND CONFIDENTIAL

NH3Ammonia
Synthesis

H2

AES (X %) + Partner (Y % )NH3

Industry• Refineries• SteelH2

H2
Offtake / Partner

H2Mining• Heavy duty trucks

End Users

AES Low CO2 Hydrogen/Ammonia Pipeline
2030 Vision

1200 MT/D
H2 production

Opportunity$20B

total capital needs for 1200 MT/D1
inclusive of hydrogen plant and renewables investment1.

Capital requirements inclusive of hydrogen plant and renewables required; AES equity expected to be 5% of total capex after debt and partner equity. MT/D = metric tons per day

PROPRIETARY AND CONFIDENTIAL

The Potential of The Americas
green H2 $/kg - 2040 0

12

3

4AES
Locations

Potential
ExportMarkets

PROPRIETARY AND CONFIDENTIAL

 South America can provide
35% of global GreenHydrogen The Americas have themost competitive LCOEs
globally

Potential
Competitors

Optimistic
Source: Adapted from IRENA & AccentureThis price of hydrogen is considered until the outlet of electrolyzer

5Pessimistic

 The region will support
global diversification ofenergy production

The Largest Green Hydrogen Project in US
Downstream

UpstreamWind and Solar
Installed capacity ~1.5 GW

Electrolyers capable ofproducing over 200 MT/Dof green hydrogen

HydrogenPowerTotal Investment: $4 billion
Commercial Operation: 2027
Location: Wilbarger County, Texas
Hydrogen Production JV: 50:50 Air Products and AES
Hydrogen Offtake and Marketing: 100 % Air Products
9PROPRIETARY AND CONFIDENTIAL

Industrial market

Hydrogen

Heavy duty transportation market
Avoids more than 50 million metric tons of CO2 over theproject's lifetime, the equivalent of avoiding emissions
from nearly 5 billion gallons of diesel fuel

To Be Prepared for Deliver Before 2030

Most industries and regulations have initial targets for 2030 toreach carbon neutrality goals.

PROPRIETARY AND CONFIDENTIAL

Need to Act Now – Project Timeline
Construction

Feasibility

2023

2022

Pre-Feasibility

2024

2025

2026

Development

2027

Operation

EXPECTED EVOLUTION BEFORE FID
REGULATORY ADJUSTMENTPROPRIETARY AND CONFIDENTIAL

DEMAND GROWTH

2028

TECHNOLOGICAL IMPROVEMENTTakeaways

Experienced company accelerating theavailability of low CO2 Ammonia
Early COD based on advanced stage ofdevelopment in the best world locations inThe Americas
Strong business model to increase
competitiveness, de-risking financially andtechnologically its low CO2 ammonia projects
PROPRIETARY AND CONFIDENTIAL

September 2023

THANK YOULUIS SARRÁSInternational Green Hydrogen Vice President
PROPRIETARY AND CONFIDENTIAL