Sustainable cooling technology

Alessandro Pastore,
Executive Director Business Development
Camfridge Ltd.
apastore@camfridge.com

2022
1

Camfridge company confidential

Who is Camfridge

2Mission Camfridge’s mission is to create sustainable cooling products and has put
together a world-class team who passionately share this goal.

Company Camfridge is commercializing gas-free magnetic refrigeration technology. This is a
deep technology with potentially a wide range of applicability, from domestic tocommercial and heap pump appliances.
 Camfridge started operation in 2005, originally a spin-off University of Cambridge.
Our patented technology changes how cooling is delivered enabling a step-change
in energy efficiency, is largely circularly recyclable and cost competitive.
 Camfridge works with cooling appliance manufacturers (OEMs) and over 40
research centres and suppliers across Europe.
 Company funded to-date by investors and grants (~£15M R&D spend, £1.6 millionof which is equity).

Shareholders

 Camfridge has a set of committed early stage investors, who are highly motivated
to invest in sustainable technologies that can have a major environmental impact.

Camfridge company confidential

Problem: Sustainable and cost-effective commercial cooling
Commercial cooling is a $46 billion market.
OEMEnd-users

NetZeroDemand for IEA: The number of cooling
cooling is appliances will grow from 3.6
growing rapidly billion today, to ~12.5 billion by
2050.

OEMs design & build
commercial appliances

Changing regulatoryenvironment:• F-gas• Efficiency• End-of-life

Highly competitivemarket.
Limited technology
differentiation.
3

Commercial users buy
many refrigeratedappliances

Reduce operating costs(£10s million of savings)
Reduce total cost ofownership(£10s millions of savings)
Reduce carbon emissions(committed to net zeroand ESG goals).

IEA: It is necessary to avoid ~250
Making NetZero gigatons of CO emissions from2challenging cooling to achieve net zero goals.
Masanori Togawa (CEO of Daikin)
Current stated that for net zero we needtechnology is “a whole other level ofinadequate innovation and technologicaladvancements”.

Camfridge’s magnetic technology
is such a development

Camfridge company confidential

Solution: Camfridge’s Magnetic Cooling Technology
Magnetic cooling is a disruptive, transformational technology
Technology features

Environmental benefits

End-user benefits

Reduce indirect CO2 emissions

Up to 40% reduction in
operating costs.

Circularly
Recyclable

Material efficiency for thecircular economy

Critical for net zero.

Solid state

Reduce direct CO2 emissions

Sidestep regulatorychanges.

Energy Efficient(no refrigerant gas)

Camfridge technology can pay for itself in 12-24 months.
4

Camfridge company confidentialCamfridge achievements

Scalable
Competitive5

1. Camfridge’s modular technology is designed to be produced at scale, where the cost
will be ~$350/kW of cooling, enabled by our mastery of low cost magnetocaloric
alloys.

Recyclable

2. Our technology is largely circularly recyclable; this is unique in the market. Circular
economy could allow a further and significant reduction in long-term costs andenhance material efficiency, leading to unrivalled cost competitiveness.

Efficient

3. We measure 58% absolute efficiency in our core cooling components - 40% more
efficient (relatively) than the gas compressor, which translates into significantly
reduced operating costs for end-users.

Impactful

4. Prototypes have been tested with Whirlpool, Arcelik/Beko and our systemarchitecture by a leading OEM. A recent study demonstrated that 22% - 43% energy
reductions can be achieved in supermarkets through the use of our technology.

Enduring

5. Recently completed longevity testing cycle demonstrates our components will haveendurance of 10+ years against either mechanical deterioration or corrosion.

Camfridge company confidentialCamfridge’s Magnetic CoolingIndustrially Scalable

Enduring

Modular

Adaptable

Readily AutomatedRobustEfficientAppliance innovation

Cost competitive: At scale our solution will compete with current coolingtechnologies on cost.
6

Camfridge company confidentialCamfridge teamEd running the acceleration rig
for lifetime testing studies

Paul designing system
Components in SolidWorks

Six of our eight team members

Test system

Rachel preparing plates forregenerator assembly

7David performance-testing
regenerators
Camfridge company confidential

Route to market: Through OEMs

Route to market is through OEMs, that supply equipment to commercial users of coolingCamfridge has secured its first OEM partnership for a
premium (solar) commercial cooling application.

Camfridge is in negotiation with a European OEM market leader,
to develop POC application for a key customer.

… but supported by strong customer pull
8

Camfridge company confidential

Customer Pull: New cooling technologies will deliver corporate Net Zero strategies

In the commercial cooling market, customers are ready and willing to deploy new technologies
to achieve net zero goals.
Q: Is this type of refrigeration a good investment for the future?
A: “without a doubt”, Head of Energy, Morrisons plc.

The Coca-Cola
Company - Climate
Change CDP 2021

https://www.tescoplc.com/sustainability

9“As a beverage company,
refrigeration that is moreenergy efficient andcontributes less GHG
emissions is a key opportunity
for The Coca-Cola Co.”

“Transport is one of thelargest sources of emissions
in our own operations,alongside heating andrefrigeration.”

HEINEKEN Net Zero
carbon roadmap, 2021

“In HEINEKEN’s journey
towards net zero … low
carbon agriculture, green
packaging, logistics andcooling innovations will bepivotal.”“Gas, electricity and refrigerants
used in store are the maingreenhouse gas emitters”.
Carrefour now aims to reduce
2021 Carrefour “Fighting and“GHG emissions by 30% by 2030,preparing for climate
and 55% by 2040, compared tochange”
2019”

https://www.coca-colacompany.com/content/dam/journey/us/en/policies/pdf/sustainability/2021-cdp-climate-response.pdf

Camfridge company confidentialCamfridge’s business proposition

Camfridge technology delivers the sustainable cooling for commercial customers.



Our solution is scalable and cost-effective.



It is also energy-efficient and largely circularly recyclable.

Camfridge will be happy to discuss with Japanese partners how
to accelerate the time to market of its innovative and advanced technology in order todevelop more efficient end productsContact to:
Alessandro Pastore,
Business development Executive Director and co-founder
Email: apastore@camfridge.com
10Camfridge company confidential