Higher Performance • Longer Life • Lower Cost

ADVANCED FUEL CELL CATALYSTS ELECTROLYZER CATALYSTS & ENGINEERED CATALYSTSUPPORTS

?HigherPerformance ?LongerLife ?LowerCost

AdvancedPerformance/ReducedCostCatalysts

PajaritoPowderisfundamentallychangingtheeconomicsoffuel cells?enablingbetterperformanceandgreaterdurabilityatlower cost.PajaritoPowder,aU.S.based,venture-backedcompany, developsandmanufacturesEngineeredCatalystSupportsforthe rigorouspowerdensityrequirementsofFuelCellElectricVehicles (FCEV)andprecious-metal-freecatalystsfornextgenerationapplicationsthatrequirethelowestpossibleprice-per-kWwithreliable stability.

Catalystcostasapercentageof stackcost,increaseswithscale

ThePajaritoPowderteambringsdecadesoffirst-classcatalyst developmentandmanufacturingexperiencetosupportthecompanymission:toprovidehigh-performance,affordablecatalyst technology.Supportedbyacomprehensiveportfolioofboth internallydevelopedandexternallylicensedintellectualproperty, PajaritoPowderhascreatedtheVariPoreTM manufacturingplatform toprovidecontemporarysolutionsfortheautomotiveindustry,as wellaslong-termcatalystinnovationintothefuture.

Estimatedat500,000carscale.USDOEHydrogenandFuelCells ProgramRecordReport17007,2017,forlinktostudy,visit:

PajaritoPowderProducts

Engineered Catalyst Supports(ECS)

ECS PajaritoPowder'sEngineeredCatalystSupports(ECS)improveperformance,extendworkinglifeandreduce

thecostoffuelcellsforthemostdemandingapplications,includingFuelCellElectricVehicles(FCEVs). EngineeredCatalystSupportsarecomposedofinexpensive,widelyavailablematerials,andcanbemanufacturedeconomicallyatscaleusingthepatentedVariPoreTMprocess.PajaritoPowder'sECSmaterialsenablehigh specificplatinumcatalystperformance(activity)whilecombininghighresistancetobothcarboncorrosion (durability)andplatinumdispersion(stability).

Precious-Metal-Free(PMF)Catalyst

PMF PajaritoPowder'sworld-leadingcommercialPrecious-Metal-Free(PMF)catalystsprovideanear-termlow-cost

solutionforlowandmoderatepowerdensityapplications,suchasback-uppower,CombinedHeatandPower (CHP),andwaste-watertreatment.PMFmaterialsalsoofferthepotential,withcomponent,stackandsystem optimization,forthelong-termreplacementofpreciousmetalsinfuelcellcatalysts.Manufacturedwiththe proprietaryVariPoreTMmanufacturingprocess,PajaritoPowderPMFcatalystsachieveunprecedentedactivity, stability,andreasonabledurabilityunderreal-worldoperatingconditions,allatlowmaterialandproduction costsdramaticallylowerthanplatinum-basedcatalysts.

Engineered Electrolyzer Catalyst (EEC)

EEC EngineeredElectrolyzerCatalysts(EEC)provideanotableimprovementinelectrolyzerefficiencyandperfor-

mance.PajaritoPowdermanufactureshigh-performanceelectrolyzercatalystsexplicitlydesignedforProton ExchangeMembrane(PEM),AnionExchangeMembrane(AEM),andalkalinesystems.Theseproductsconsistof PGM,supported-PGM,andPGM-freecatalystsavailablein10gto1kgbatch-levels.Highqualityproduction platinumblackandpre-productioniridiumoxideproductsexplicitlydesignedforelectrochemicalapplicationsareavailablewithelectrochemical-relevantspecifications

IndustryLeadingPerformanceAcross

Activity?ECSmaterialsmeetorexceedtheperformanceofplatinumoncarbon,particularlyovertime. PMFmaterialsachievemodest,yetindustry-leading powerdensitiesforcompletelyprecious-metal-free catalysts.

KeyCatalystMetrics

Durability?Optimizedtoresistcarboncorrosion, catalystsbuiltwith(ECS)materialsshowhigher End-Of-Life(EOL)performance,comparedtostandard platinum on carbon catalysts.

CostofScaling >500,000 Cars

Stability?StrongstabilityovertimeforbothECS materialsandPMFcatalysts.

Activity Durability

Manufacturability?MaterialssharetheVariPoreTM

manufacturingplatformandprocessesthatempha-

sizelow-costandscalability.

CostofScaling

CostofScaling ................
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