Green Ammonia Financial Model Toolkit LCOA

Toolkit for Renewable Energy Project Development
© 2021 Fadi Maalouf
Version: 7
Date: 4/12/2021
Green Ammonia from RE Powered Electrolysis & HB-ASU Plant
Pre-Feasibility Study
Levelized Cost of Ammonia
Financial Model Analysis
Green-Ammonia-Model-LCOA-rev-7-fm211204-draft-1-30yrs-1GWe-70pcCF-1.8cent-OPT-R3
Cover
Version: 7
Date: 4/12/2021 Page 1 of 18

Toolkit
CONTENT
S.N. Description Link
1 Cover Cover
2 Content Content
3 Disclaimer Disclaimer
4 Project Info Summary Project-Info-Summary
5 Inputs Form Guide Inputs-Form-Guide
6 Pre-COD Finance Cost Pre-COD-Finance-Cost
7 Summary Inputs Outputs Summary-Inputs-Outputs
8 Cashflow Cashflow
9 Sensitivity 1D 2D Sensitivity-1D-2D
10 Export 2D Hi Res Table for GIS Export-2D-HiRes
11 Export Charts Export-Charts
12 Contact Contact
Content
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Date: 4/12/2021 2 of 18

Toolkit
Disclaimer
This document does not constitute legal, financial, technical advice nor any advice of any sort. It is issued for general information and research purposes only. All stakeholders
should seek their own in-house and/or external suitably qualified and experienced professional certified advisors. The author, affiliates, agents, officers, directors, advisors,
consultants, advisory board members and employees do not warrant the correctness, completeness, accuracy of this document nor fitness of information covered in this
document for any purpose, and shall not be held liable for any direct, indirect, special and consequential liability nor any sort of losses, injury and damages or likewise resulting
from the use of information covered in this document.
Disclaimer
Version: 7
Date: 4/12/2021 Page 3 of 18

Toolkit
Green Ammonia from RE Powered Electrolysis & HB-ASU Plant - Levelized Cost of Ammonia (LCOA)
Project Information Summary
Project Communication Details
Project Title Green Ammonia Plant
Project Reference No.
Project Location
Project Sponsor Organization
Contact Person
Mobile
Email
Web
Project Data Room Page Link
Document Title
Document Version
Document Date 4-Dec-2021
Project Techno-Commercial Details
Electrolyzer Plant Effective Capacity (kWe DC) 1,000,000
Electrolyzer Technology (ALK/PEM/SOEC/Other) ALK
Estimated Commercial Operation Date (yr) 2025
Plant Annual Capacity Factor (%)
Electrolyzer Plant Estimated Hourly Production (Kg H2/h)
Electrolyzer Plant Estimated Annual Production (Kg H2/yr)
Electrolyzer Plant H2 Output Pressure (Bar)
H2 Buffer Storage Capacity in H2 Production Days (day)
H2 Buffer Storage Capacity (Kg H2)
H2 Buffer Storage Pressure (Bar)
N2 Production Process Air Separation Unit (ASU)
NH3 Synthesis Process Haber Bosch (HB)
NH3 Synthesis H2 Inlet Pressure (Bar)
NH3 Synthesis Estimated Hourly Production (Kg NH3/h)
NH3 Synthesis Estimated Annual Production (Kg NH3/yr)
NH3 Storage Capacity (Kg NH3)
NH3 Storage Design Temperature (°C)
NH3 Storage Design Pressure (Bar)
NH3 Synthesis Operational Flexibility Details
NH3 Synthesis Operational Flexibility Assumptions
NH3 Synthesis Operational Flexibility Mitigation
Energy Supply (RE PV/Wind/Other)
Grid Connection Capacity (MW)
Grid Connection Voltage (33/132/220/400 kV)
Water Supply (RO Plant/Process Water/Other)
Water Supply Capacity (m3
/h)
Estimated Water Consumption per Annum (m3
/yr)
Project Land Plot Requirement (m2
)
Project Structure Description Special Purpose Vehicle (SPV)
Project Offtake Agreements Description
Project Supply Agreements Description
Project EPC/EPCM Agreements Description
Project Energy Supply Agreements Description
Project O&M Agreements Description
Project Finance Term Sheet Agreements Description
Project Capital Structure Description Equity Bridge Loan, Equity and Sr. Debt
Pre-COD Finance Cost
Construction Period (Months) 18.0
CAPEX Credit Period (Months) 0.0
Equity Bridge Loan Interest Rate (p.a.) 3.75%
Debt Interest Rate During Construction (p.a.) 3.75%
EBL Commitment Fee as % of Debt (%) 0.30%
EBL Upfront Fee as % of Debt (%) 1.20%
Sr. Debt Commitment Fee as % of Debt (%) 0.30%
Sr. Debt Upfront Fee as % of Debt (%) 1.20%
Drawdown Selection: Uniform or Custom? Custom
Custom Drawdown Month 1 (%) 10.00%
Equity Percentage 25.00%
Debt Percentage 75.00%
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Other Info
Project-Info-Summary
Version: 7
Date: 4/12/2021 Page 4 of 18

Toolkit
PRE-FEASIBILITY ECONOMIC ANALYSIS - BASELINE CASE - INPUTS FORM GUIDE & NOTES
INPUTS
FILL IN INPUTS FOR WHITE BACKGROUND CELLS ONLY
General
Analysis Period (years) 30
Reference Year for Technology & Costs (year) 2025
Electrolyzer Technology ALK
H2 Plant Economies of Scale (MWe) 1000
Finance Structure
Debt Percentage
Equity Percentage
Debt Interest Rate
Return on Equity Rate
WACC / Nominal Discount Rate
Capital Expenditure
Electrolyzer Stack Package Cost ($/kWe DC)
Electrolyzer Stack Package Cost ($)
Electrical & Mechanical BoP Packages Cost ($/kWe DC)
Electrical & Mechanical BoP Packages Cost ($)
Overall Civil & Infrastructure Package Cost ($/kWe DC)
Overall Civil & Infrastructure Package Cost ($)
H2 Buffer Storage Capacity in H2 Production Days (day)
H2 Buffer Storage Capacity (Kg H2)
H2 Buffer Storage Package Cost ($/Kg H2)
H2 Buffer Storage Package Cost ($)
H2 Buffer Storage Package Cost ($/kWe DC)
H2 Pre-Compression Package Cost ($/Kg H2/h)
H2 Pre-Compression Package Cost ($)
H2 Pre-Compression Package Cost ($/kWe DC)
NH3 Synthesis HB-ASU Package Cost ($/kWe DC)
NH3 Synthesis HB-ASU Package Cost ($)
NH3 Storage Capacity in NH3 Synthesis Production Days (day)
NH3 Storage Capacity (Kg NH3)
NH3 Storage Package Cost ($/Kg NH3)
NH3 Storage Package Cost ($)
NH3 Storage Package Cost ($/kWe DC)
Other Infra Package Cost ($/Kg NH3)
Other Infra Package Cost ($)
Other Infra Package Cost ($/kWe DC)
HV Substation Package Cost ($/kWe DC)
HV Substation Package Cost ($)
Plant Start-up Package Cost ($/kWe DC)
Plant Start-up Package Cost ($)
EPCM Service Package Cost ($/kWe DC)
EPCM Service Package Cost ($)
EPC Cost ($/kWe DC)
EPC Cost ($)
Project Developer Contingencies Allocation as % of EPC Cost (%)
Project Developer Contingencies Allocation Cost ($/kWe DC)
Project Developer Contingencies Allocation Cost ($)
Project Development Cost ($/kWe DC)
Project Development Cost ($)
Total CAPEX Cost ($/kWe DC)
Total CAPEX Cost ($)
Taxes GST/VAT Rate During Construction (%)
Taxes GST/VAT ($/kWe DC)
Taxes GST/VAT ($)
Finance Cost During Construction as % of Total CAPEX w/ Taxes (%)
Finance Cost During Construction ($/kWe DC)
Finance Cost During Construction ($)
Total Overnight CAPEX Cost w/ Taxes ($/kWe DC)
Total Overnight CAPEX Cost w/ Taxes ($)
O&M Expenditure
Taxes GST/VAT Rate During Operation (%)
Weighted Avg. (PV &/or Wind &/or Other) Energy Unit Rate Net Cost ($/kWhe AC)
Energy Net Cost Annual Escalation Yr2+ (%)
Electrolysis Package Energy Consumption Yr1 (kWhe AC/yr)
Electrolysis Package Energy Consumption Net Cost Yr1 ($/yr)
H2 Pre-Compression Package Specific Energy Consumption (kWhe AC/Kg H2)
H2 Pre-Compression Package Energy Consumption Yr1 (kWhe AC/yr)
H2 Pre-Compression Package Energy Consumption Net Cost Yr1 ($/yr)
NH3 Synthesis Package Specific Energy Consumption (kWhe AC/Kg NH3)
NH3 Synthesis HB-ASU Package Energy Consumption Yr1 (kWhe AC/yr)
NH3 Synthesis HB-ASU Package Energy Consumption Net Cost Yr1 ($/yr)
Other Infra Package Specific Energy Consumption (kWhe AC/Kg NH3)
Other Infra Package Energy Consumption Yr1 (kWhe AC/yr)
Other Infra Package Energy Consumption Net Cost Yr1 ($/yr)
General Fixed O&M Cost as % of EPC Cost (%)
General Fixed O&M Annual Escalation Yr2+ (%)
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT Yr1 ($/yr)
RE Powered RO Desalinated Water Unit Rate Net Cost ($/m3
)
Water Net Cost Annual Escalation Yr2+ (%)
Specific Water Consumption (m3
/Kg H2)
Water Consumption Yr1 (m3
/yr)
Water Consumption Net Cost Yr1 ($/yr)
MMRA - Electrolyzer Stack Replacement Cost as % of Initial Package Cost (%)
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr) 11
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
MMRA - NH3 HB-ASU Major Overhaul Cost as % of Initial Package Cost (%)
MMRA - NH3 HB-ASU Major Overhaul Year N, multi-interval (yr) 11
MMRA - NH3 HB-ASU Major Overhaul Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
Plant Leased Land Area (m2
)
Plant Leased Land Cost ($/m2
/yr)
Plant Leased Land Cost ($/yr)
System
H2 Electrolyzer Package Effective Capacity (kWe DC)
H2 Electrolyzer Package Total Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Balance of Plant (BoP) Specific Energy Consumption Yr1 (kWhe AC/Kg H2)
H2 Electrolyzer Stack AC/DC Rectifier Efficiency (%)
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe DC/Kg H2)
H2 Electrolyzer Package Specific Production Yr1 (Kg H2/kWhe DC)
H2 Electrolyzer Package Gross Production Rate (Kg H2 per hr)
H2 Electrolyzer Package Capacity Factor per Year (%)
H2 Electrolyzer Package Full Load Equivalent Operating Hours per Year (hr)
H2 Electrolyzer Package Gross Annual Production Yr1 (Kg H2)
H2 Electrolyzer Package Annual Production Degradation Yr1 (%/1000 hrs)
H2 Electrolyzer Package Annual Production Degradation Yr2+ (%/1000 hrs)
Apply Degradation to H2 Electrolyzer Package Annual Production ? (Yes/No) Yes
H2 Electrolyzer Package Annual Production Degradation Yr1 (%/year)
H2 Electrolyzer Package Annual Production Degradation Yr2+ (%/year)
Plant Annual Availability (%)
H2 Electrolyzer Package Net Annual Production Yr1 (Kg H2)
NH3 HB Synthesis Package Ideal NH3 Production (Kg NH3 per Kg H2)
NH3 HB Synthesis Package Losses (%)
NH3 HB Synthesis Package Estimated NH3 Production (Kg NH3 per Kg H2)
NH3 HB Synthesis Package Specific Production Yr1 (Kg NH3 per KWe DC per hr)
NH3 HB Synthesis Package Gross Production Rate (Kg NH3 per hr)
NH3 HB Synthesis Package Gross Annual Production Yr1 (Kg NH3)
NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/1000 hrs)
NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/1000 hrs)
Apply Degradation to NH3 Synthesis Package Annual Production ? (Yes/No) Yes
NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/year)
NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/year)
Applied NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/year)
Applied NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/year)
NH3 HB Synthesis Package Net Annual Production Yr1 (Kg NH3)
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
Spare allocation for any other infra requirements. Specify details (e.g. NH3 liquefaction for storage at ambient pressure, etc.). Set to zero if not required.
Based on plant design & sizing, NH3 synthesis H2 inlet pressure and flow rate requirement. To be verified with technology provider.
Includes NH3 Haber Bosch Process and N2 Air Separation Unit Consumption. To be verified with technology provider.
Calculated in Pre-COD Finance Cost Sheet.
Country specific (e.g. UAE 5%). Could be 0% if project is exempted.
Weighted Average based on energy source combination & estimated plant capacity factor per annum. Applies to plant energy cost calc. GST/VAT is included.
Normally set to 0% (quoted cost is levelized).
Country specific (e.g. UAE 5%). Could be 0% if project is exempted.
Set to zero if H2 plant is co-located with RE Solar/Wind/Other plant. Package includes installation & connection to HV line.
For Info.
NOTES
FILL IN ADDITIONAL NOTES WHERE NECESSARY
Variable period selection function up to 40 years is possible. Override is selectable for 20/30/40 years.
For Info.
For Info. Provide plant concept design schematic diagram with attributes/specs for each process package.
Default 70%.
Default 5%.
Default 10%
Package includes installation.
Includes NH3 Haber Bosch Process and N2 Air Separation Unit. Includes installation. To be verified with technology provider.
Package includes installation.
Package includes installation. includes plant buildings and associated facilities
Engineering, Procurement & Construction Management .
Package incl. consumables for testing & commissioning energy/water/etc., & min. fill up of delivery infra pipeline/storage, & plant min. mandatory spare parts.
To be based on plant design & sizing, downstream delivery pathway & frequency, & end consumer demand schedules. Set to zero if excluded.
Calculated based on NH3 synthesis production for 24 hours.
To be based on storage design details, temperature & pressure (not a universal benchmark per Kg). Includes installation.
Spare allocation for any other infra requirements. Specify details (e.g. NH3 liquefaction for storage at ambient pressure, etc.). Set to zero if not required.
H2 Production Project Developer Costs and Advisory Services Costs.
Based on plant design & sizing, NH3 synthesis process flexibility, plant capacity factor and renewables energy supply profile. Set to zero if excluded.
Calculated based on electrolyzer production for 24 hours.
To be based on storage design details, temperature & pressure (not a universal benchmark per Kg). Includes installation.
1.5% to 3.0% for LSTK type EPC contracts.
Based on plant design & sizing, NH3 synthesis H2 inlet pressure and flow rate requirement. To be verified with technology provider.
Fixed and set to 0% (deactivated function, Decom Cost = Residual Value).
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on electrolyzer package annual capacity factor.
Net value kWh AC for complete package (Electrolyzer + BoP). Verify with selected technology provider.
Calculated value: Net value kWh AC for Electrolyzer Stack Only. Verify with selected technology provider.
Default estimate is 2 Hectares for 100 MWe plant. To be based on selected technology & project concept design.
Calculated value: Net value kWh AC for BoP Only. Verify with selected technology provider.
Enter the efficiency of rectifier that powers electrolyzer stack.
Linear degradation. Verify with electrolyzer stack technology provider. Calculated based on electrolyzer package annual capacity factor.
Country Specific (e.g. default is 1 $/m2
). Could be 0 if project is exempted (free land grant/lease).
Applies to H2 production and CAPEX costing calculations. Degradation is applied to this effective capacity.
Calculated Net value kWh DC for Electrolyzer Stack Only. Based on selected technology.
Calculated specific production value in Kg H2 per kWe DC plant effective capacity.
Selected Capacity Factor shall match the available and used Weighted Average Cost of Energy (from VRE).
Calculated based on electrolyzer package capacity factor.
Electrolyzer package gross production (excludes degradation and availability losses).
Linear Degradation. Verify with electrolyzer stack technology provider.
Calculated based on MAX value of: stack degradation & NH3 synthesis HB degradation.
Calculated value. Plant capacity factor, plant annual availability, stack degradation, synthesis losses & degradation are accounted for.
Calculated value. H2 electrolyzer gross hourly production rate capacity.
Value based on molar weights of N2, H2, NH3.
Conversion yield losses. To be verified with NH3 synthesis package technology provider.
Calculated based on MAX value of: stack degradation & NH3 synthesis HB degradation.
Calculated value. NH3 synthesis hourly production rate capacity per kWe DC.
Calculated value. Accounts for plant annual capacity factor.
Linear Degradation. Verify with NH3 synthesis package technology provider.
Linear degradation. Verify with NH3 synthesis technology provider. Calculated based on plant annual capacity factor.
Linear Degradation. Verify with NH3 synthesis package technology provider.
Select "Yes" if NH3 synthesis degradation is to be accounted for ("Yes" is default setting). Select "No" if NH3 synthesis degradation is to be ignored.
Linear degradation. Verify with NH3 synthesis technology provider. Calculated based on plant annual capacity factor.
Calculated value. NH3 synthesis gross hourly production rate capacity.
Linear Degradation. Verify with electrolyzer stack technology provider.
Default is 99.5% if electrolyzer package default capacity factor is around 60%. If intended capacity factor is 100%, then set availability to max 97%.
Includes electrolyzer package degradation losses (if applied) and plant annual availability losses.
Based on selected electrolyzer technology (Est. 32.27%). Net expenditure, Includes removal and residual value of used equipment (recycling).
Fixed. Assumed Stack Life is 10 years and with one replacement cycle for 20 years plant life. Adjusted for multi-interval.
Default is 3.11186% (estimate to be based on used technology & weighted average of all plant packages).
Default is 2% (estimate to be based on CPI & Other Relevant Industrial Inflation Indexes).
Major Maintenance Reserve Account (MMRA). Funded annually for N-1 years. Adjusted for multi-interval.
Calculated value. Includes synthesis conversion losses.
Based on selected HB-ASU technology (Est. 10%). Net expenditure for major overhaul or modular capacity addition. Set to zero if not required.
Select "Yes" if stack degradation is to be accounted for ("Yes" is default setting). Select "No" if stack degradation is to be ignored.
Fixed. Assumed major overhaul or modular capacity addition is 10 years and with 1 cycle for 20 years plant life. Adjusted for multi-interval.
Major Maintenance Reserve Account (MMRA). Major overhaul or modular capacity addition. Funded annually for N-1 years. Adjusted for multi-interval.
Based on selected electrolyzer technology.
Based on economies of scale & "green water" (i.e. powered by renewables, RO desalination environmental impacts mitigated). GST/VAT is included.
Normally set to 0% (if quoted cost is levelized).
Inputs-Form-Guide
Version: 7
Date: 4/12/2021 Page 5 of 18

Toolkit
Inputs (Fill in white background cells only)
Construction Period (Months) 18.0
CAPEX Credit Period (Months) 0.0
Equity Bridge Loan Interest Rate (p.a.) 3.75%
Debt Interest Rate During Construction (p.a.) 3.75%
Custom Drawdown Month 1 (%) 10.00%
Equity Percentage 25.00%
Debt Percentage 75.00%
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Construction Period Flag 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0
Operations Period Flag 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Monthly Expenditure as % of CAPEX (end of month) Custom 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total Expenditure as % of CAPEX 10.00% 15.29% 20.59% 25.88% 31.18% 36.47% 41.76% 47.06% 52.35% 57.65% 62.94% 68.24% 73.53% 78.82% 84.12% 89.41% 94.71% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBL Drawdown as % of CAPEX 10.00% 5.29% 5.29% 4.41% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total EBL Drawdown as % of CAPEX 10.00% 15.29% 20.59% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.88% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cumulative Total Debt Drawdown as % of CAPEX 0.00% 0.00% 0.00% 0.88% 6.18% 11.47% 16.76% 22.06% 27.35% 32.65% 37.94% 43.24% 48.53% 53.82% 59.12% 64.41% 69.71% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
EBL Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Debt Interest Rate (Monthly) 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31% 0.31%
Applicable Interest Periods (Month) 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 0 0 0 0 0 0 0 0
Applicable EBL Interest 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBL Interest Amount as % of CAPEX 0.53% 0.26% 0.25% 0.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Applicable Debt Interest 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Interest Amount as % of CAPEX 0.00% 0.00% 0.00% 0.04% 0.22% 0.20% 0.18% 0.17% 0.15% 0.13% 0.12% 0.10% 0.08% 0.07% 0.05% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total EBL Interest Amount as % of CAPEX 1.2371%
Total Debt Interest Amount as % of CAPEX 1.5441%
Total Commitment Fees Amount as % of CAPEX 0.30% 0.1696%
Total Upfront Fees Amount as % of CAPEX 1.20% 1.2675%
Pre-COD Finance Cost as % of CAPEX (baseline) 4.2184%
Construction Delay Scenario Analysis
EBL Interest Rate During Construction Delay (p.a.) 3.75%
Debt Interest Rate During Construction Delay (p.a.) 3.75%
Developer Monthly Direct Cost as % of CAPEX 0.15%
Delay Penalties (N.B. risk transferred to contractor account) 0.00
0 1 2 3 4 5 6
0.0000% 0.0781% 0.1563% 0.2344% 0.3125% 0.3906% 0.4688%
0.0000% 0.2344% 0.4688% 0.7031% 0.9375% 1.1719% 1.4063%
0.0000% 0.0005% 0.0010% 0.0015% 0.0021% 0.0026% 0.0031%
0.0000% 0.0038% 0.0075% 0.0113% 0.0150% 0.0188% 0.0225%
0.0000% 0.1500% 0.3000% 0.4500% 0.6000% 0.7500% 0.9000%
0.0000% 0.4668% 0.9335% 1.4003% 1.8671% 2.3338% 2.8006%
4.2184% 4.6852% 5.1519% 5.6187% 6.0854% 6.5522% 7.0190%
Drawdown Schedule
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
SUM Check
Uniform Drawdown 100.00% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 5.56% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Custom Drawdown 100.00% 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Applied Drawdown Schedule Custom 10.00% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 5.29% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Total Delay Cost as % of CAPEX
Total Pre-COD Finance Cost as % of CAPEX with Delay
Construction Delay (Months)
Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX
Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX
Developer Monthly Direct Cost as % of CAPEX
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
Cumulative
Expenditure
Monthly
Expenditure
as
%
of
CAPEX
Month
CAPEX Cashflow
Monthly Expenditure as % of CAPEX (end of month) EBL Drawdown as % of CAPEX Debt Drawdown as % of CAPEX Cumulative Total Expenditure as % of CAPEX Cumulative Total EBL Drawdown as % of CAPEX Cumulative Total Debt Drawdown as % of CAPEX
0.0000%
0.4668%
0.9335%
1.4003%
1.8671%
2.3338%
2.8006%
y = 0.0047x - 0.0047
R² = 1
0.0000%
0.5000%
1.0000%
1.5000%
2.0000%
2.5000%
3.0000%
3.5000%
4.0000%
4.5000%
5.0000%
0 1 2 3 4 5 6
Total Construction Delay Cost as % of CAPEX
Total Delay Cost as % of CAPEX Change in EBL Interest Amount % of CAPEX
Change in Debt Interest Amount as % of CAPEX Change in Total Commitment Fees as % of CAPEX
Change in Total Upfront Fee as % of CAPEX Developer Monthly Direct Cost as % of CAPEX
Linear (Total Delay Cost as % of CAPEX)
4.2184%
4.6852%
5.1519%
5.6187%
6.0854%
6.5522%
7.0190%
0.0000%
1.0000%
2.0000%
3.0000%
4.0000%
5.0000%
6.0000%
7.0000%
8.0000%
0 1 2 3 4 5 6
Total Pre-COD Finance Cost as % of CAPEX w/
Construction Delay
Total Pre-COD Finance Cost as % of CAPEX with Delay
Pre-COD-Finance-Cost
Version: 25D
Date: 25/2/2020 Page 6 of 18

Toolkit
Pre-COD Finance Cost Calculations
MONTH →→→→ →→→→ →→→→ →→→→ →→→→ →→→→
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
EBL Drawdown Flag 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sr. Debt Drawdown Flag 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0028% 0.0015% 0.0004% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Cumulative EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.0041% 0.0069% 0.0084% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088% 0.0088%
Applicable EBL Interest for Commitment Fee Drawdown (%) 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000219% 0.000140% 0.000069% 0.000016% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0002% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004% 0.0004%
Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.002942% 0.001547% 0.000391% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total EBL Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.007286% 0.008833% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224% 0.009224%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0197% 0.0183% 0.0170% 0.0157% 0.0144% 0.0130% 0.0117% 0.0104% 0.0091% 0.0077% 0.0064% 0.0051% 0.0038% 0.0024% 0.0011% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
Cumulative Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0197% 0.0380% 0.0550% 0.0707% 0.0850% 0.0981% 0.1098% 0.1202% 0.1292% 0.1370% 0.1434% 0.1485% 0.1523% 0.1547% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558% 0.1558%
Applicable Sr. Debt Interest for Commitment Fee Drawdown (%) 5.31% 5.00% 4.69% 4.38% 4.06% 3.75% 3.44% 3.13% 2.81% 2.50% 2.19% 1.88% 1.56% 1.25% 0.94% 0.63% 0.31% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.000860% 0.000745% 0.000638% 0.000539% 0.000449% 0.000367% 0.000293% 0.000227% 0.000170% 0.000121% 0.000080% 0.000048% 0.000024% 0.000008% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.0000% 0.0000% 0.0000% 0.0009% 0.0016% 0.0022% 0.0028% 0.0032% 0.0036% 0.0039% 0.0041% 0.0043% 0.0044% 0.0045% 0.0045% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046% 0.0046%
Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.020514% 0.019076% 0.017645% 0.016223% 0.014809% 0.013403% 0.012006% 0.010617% 0.009236% 0.007864% 0.006499% 0.005143% 0.003796% 0.002456% 0.001125% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total Sr. Debt Commitment Fees Amount as % of CAPEX (%) 0.000000% 0.000000% 0.000000% 0.020514% 0.039590% 0.057235% 0.073458% 0.088267% 0.101670% 0.113676% 0.124293% 0.133530% 0.141393% 0.147893% 0.153036% 0.156832% 0.159288% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413% 0.160413%
Total Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.002942% 0.001547% 0.020906% 0.019076% 0.017645% 0.016223% 0.014809% 0.013403% 0.012006% 0.010617% 0.009236% 0.007864% 0.006499% 0.005143% 0.003796% 0.002456% 0.001125% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
Cumulative Total Commitment Fees Amount as % of CAPEX (%) 0.004344% 0.007286% 0.008833% 0.029739% 0.048814% 0.066459% 0.082682% 0.097491% 0.110895% 0.122901% 0.133518% 0.142754% 0.150618% 0.157117% 0.162260% 0.166056% 0.168512% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637% 0.169637%
Pre-COD Finance Cost Breakdown
EBL Commitment Fee Amount Drawdown as % CAPEX (%) 0.008779%
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.000445%
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%) 0.155846%
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of CAPEX (%) 0.004567%
EBL Upront Fee Amount Drawdown as % CAPEX (%) 0.30000%
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.01688%
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%) 0.90000%
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%) 0.05063%
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%) 1.23713%
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%) 1.54412%
Total Pre-COD Finance Cost as % of CAPEX (%) 4.218387%
Pre-COD Finance Cost Sensitivity Analysis
Construction Period (Months) 4.22% Baseline
6 2.00%
9 2.54%
12 3.11%
15 3.65%
18 4.22%
21 4.76%
24 5.33%
27 5.88%
30 6.44%
33 6.99%
36 7.56%
0.00% 1.00% 2.00% 3.00% 4.00% 5.00%
EBL Commitment Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX…
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of…
EBL Upront Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%)
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%)
Total Pre-COD Finance Cost as % of CAPEX (%)
Pre-COD Finance Cost Breakdown as % of CAPEX
0.21%
0.01% 3.69%
0.11%
7.11%
0.40%
21.34%
1.20%
29.33%
36.60%
Pre-COD Finance Cost Breakdown by Component Contribution %
EBL Commitment Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Commitment Fee Drawdown as % of CAPEX
(%)
Sr. Debt Commitment Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Commitment Fee Drawdown as % of
CAPEX (%)
EBL Upront Fee Amount Drawdown as % CAPEX (%)
EBL Interest Amount for Upfront Fee Drawdown as % of CAPEX (%)
Sr. Debt Upfront Fee Amount Drawdown as % CAPEX (%)
Sr. Debt Interest Amount for Upfront Fee Drawdown as % of CAPEX
(%)
EBL Interest Amount on Drawn CAPEX as % of CAPEX (%)
Sr. Debt Interest Amount on Drawn CAPEX as % of CAPEX (%)
2.00%
2.54%
3.11%
3.65%
4.22%
4.76%
5.33%
5.88%
6.44%
6.99%
7.56%
y = 0.0056x + 0.0143
R² = 1
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
6 9 12 15 18 21 24 27 30 33 36
Pre-COD
Finance
Cost
(%)
Pre-COD Finance Cost Sensitivity
Construction Period (Months) Linear (Construction Period (Months))
Pre-COD-Finance-Cost
Version: 25D
Date: 25/2/2020 Page 7 of 18

Toolkit
PRE-FEASIBILITY ECONOMIC ANALYSIS - BASELINE CASE - SUMMARY INPUTS & OUTPUTS
INPUTS
Fill In Inputs - White Background Cells Only
General LCOA Component Component $/t NH3 Component Percentage
Analysis Period (years) 30 Capex Component 129.82 31.33%
Reference Year for Technology & Costs (year) 2025 Opex Component - Electrolysis Energy Cost 175.99 42.47%
Electrolyzer Technology ALK Opex Component - H2 Pre-Compression Energy Cost 3.67 0.89%
H2 Plant Economies of Scale (MWe) 1000 Opex Component - NH3 Synthesis Energy Cost 12.36 2.98%
Finance Structure Opex Component - Other infra Energy Cost 0.00 0.00%
Debt Percentage 75.00% Opex Component - General Fixed O&M 70.32 16.97%
Equity Percentage 25.00% Opex Component - Water Cost 5.49 1.33%
Debt Interest Rate 3.75% Opex Component - Stack Replacement Cost 10.80 2.61%
Return on Equity Rate 7.00% Opex Component - HB-ASU Major Overhaul Cost 5.60 1.35%
WACC / Nominal Discount Rate 4.56% Opex Component - Leased Land Cost 0.30 0.07%
Capital Expenditure Opex Component - Decom. & Res. Cost 0.00 0.00%
Electrolyzer Stack Package Cost ($/kWe DC) $275.00 Total Percentage Check
Electrolyzer Stack Package Cost ($) $275,000,000.00 100.00%
Electrical & Mechanical BoP Packages Cost ($/kWe DC) $180.00 LCOA ($/t NH3) 414.35
Electrical & Mechanical BoP Packages Cost ($) $180,000,000.00 LCOA (AED/t NH3) 1,522.75
Overall Civil & Infrastructure Package Cost ($/kWe DC) $40.00
Overall Civil & Infrastructure Package Cost ($) $40,000,000.00 Model Integrity OK? (True/False) TRUE
H2 Buffer Storage Capacity in H2 Production Days (day) 1.00
H2 Buffer Storage Capacity (Kg H2) 488,499.90
H2 Buffer Storage Package Cost ($/Kg H2) $288.00
H2 Buffer Storage Package Cost ($) $140,687,970.69
H2 Buffer Storage Package Cost ($/kWe DC) $140.69
H2 Pre-Compression Package Cost ($/Kg H2/h) $2,480.00
H2 Pre-Compression Package Cost ($) $50,478,322.82
H2 Pre-Compression Package Cost ($/kWe DC) $50.48
NH3 Synthesis HB-ASU Package Cost ($/kWe DC) $460.00
NH3 Synthesis HB-ASU Package Cost ($) $460,000,000.00
NH3 Storage Capacity in NH3 Synthesis Production Days (day) 20.00
NH3 Storage Capacity (Kg NH3) 53,379,391.67
NH3 Storage Package Cost ($/Kg NH3) $0.94
NH3 Storage Package Cost ($) $50,176,628.17
NH3 Storage Package Cost ($/kWe DC) $50.18
Other Infra Package Cost ($/Kg NH3/h) $0.00
Other Infra Package Cost ($) $0.00
Other Infra Package Cost ($/kWe DC) $0.00
HV Substation Package Cost ($/kWe DC) $0.00
HV Substation Package Cost ($) $0.00
Plant Start-up Package Cost ($/kWe DC) $18.00
Plant Start-up Package Cost ($) $18,000,000.00
EPCM Service Package Cost ($/kWe DC) $70.00
EPCM Service Package Cost ($) $70,000,000.00
EPC Cost ($/kWe DC) $1,284.34
EPC Cost ($) $1,284,342,921.67
Project Developer Contingencies Allocation as % of EPC Cost (%) 1.50%
Project Developer Contingencies Allocation Cost ($/kWe DC) $19.27
Project Developer Contingencies Allocation Cost ($) $19,265,143.83
Project Development Cost ($/kWe DC) $20.00
Project Development Cost ($) $20,000,000.00
Total CAPEX Cost ($/kWe DC) $1,323.61
Total CAPEX Cost ($) $1,323,608,065.50
Taxes GST/VAT Rate During Construction (%) 0.00%
Taxes GST/VAT ($/kWe DC) $0.00
Taxes GST/VAT ($) $0.00
Finance Cost During Construction as % of Total CAPEX w/ Taxes (%) 4.22%
Finance Cost During Construction ($/kWe DC) $55.83
Finance Cost During Construction ($) $55,834,912.01
Total Overnight CAPEX Cost w/ Taxes ($/kWe DC) $1,379.44
Total Overnight CAPEX Cost w/ Taxes ($) $1,379,442,977.51
O&M Expenditure
Taxes GST/VAT Rate During Operation (%) 0.00%
Weighted Avg. (PV &/or Wind &/or Other) Energy Unit Rate Net Cost ($/kWhe AC) $0.018000
Energy Net Cost Annual Escalation Yr2+ (%) 0.00%
Electrolysis Package Energy Consumption Yr1 (kWhe AC/yr) 6,593,424,752.09
Electrolysis Package Energy Consumption Net Cost Yr1 ($/yr) $118,681,645.54
H2 Pre-Compression Package Specific Energy Consumption (kWhe AC/Kg H2) 1.1135
H2 Pre-Compression Package Energy Consumption Yr1 (kWhe AC/yr) 137,433,824.92
H2 Pre-Compression Package Energy Consumption Net Cost Yr1 ($/yr) $2,473,808.85
NH3 Synthesis Package Specific Energy Consumption (kWhe AC/Kg NH3) 0.6864
NH3 Synthesis HB-ASU Package Energy Consumption Yr1 (kWhe AC/yr) 462,874,858.34
NH3 Synthesis HB-ASU Package Energy Consumption Net Cost Yr1 ($/yr) $8,331,747.45
Other Infra Package Specific Energy Consumption (kWhe AC/Kg NH3) 0.0000
Other Infra Package Energy Consumption Yr1 (kWhe AC/yr) 0.00
Other Infra Package Energy Consumption Net Cost Yr1 ($/yr) $0.00
General Fixed O&M Cost as % of EPC Cost (%) 3.11%
General Fixed O&M Annual Escalation Yr2+ (%) 1.25%
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT Yr1 ($/yr) $39,966,957.76
RE Powered RO Desalinated Water Unit Rate Net Cost ($/m3
) $3.000000
Water Net Cost Annual Escalation Yr2+ (%) 0.00%
Specific Water Consumption (m3
/Kg H2) 0.010000
Water Consumption Yr1 (m3
/yr) 1,234,261.47
Water Consumption Net Cost Yr1 ($/yr) $3,702,784.40
MMRA - Electrolyzer Stack Replacement Cost as % of Initial Package Cost (%) 32.27%
MMRA - Electrolyzer Stack Replacement Year N, multi-interval (yr) 11
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $8,873,315.00
MMRA - NH3 HB-ASU Major Overhaul Cost as % of Initial Package Cost (%) 10.00%
MMRA - NH3 HB-ASU Major Overhaul Year N, multi-interval (yr) 11
MMRA - NH3 HB-ASU Major Overhaul Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $4,600,000.00
Plant Leased Land Area (m2
) 200,000.00
Plant Leased Land Cost ($/m2
/yr) $1.0000
Plant Leased Land Cost ($/yr) $200,000.00
System
H2 Electrolyzer Package Effective Capacity (kWe DC) 1,000,000.00
H2 Electrolyzer Package Total Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 53.4200
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 49.9289
H2 Balance of Plant (BoP) Specific Energy Consumption Yr1 (kWhe AC/Kg H2) 3.4911
H2 Electrolyzer Stack AC/DC Rectifier Efficiency (%) 98.40%
H2 Electrolyzer Stack Specific Energy Consumption Yr1 (kWhe DC/Kg H2) 49.1300
H2 Electrolyzer Package Specific Production Yr1 (Kg H2/kWhe DC) 0.0204
H2 Electrolyzer Package Gross Production Rate (Kg H2 per hr) 20,354.1624
H2 Electrolyzer Package Capacity Factor per Year (%) 70.00%
H2 Electrolyzer Package Full Load Equivalent Operating Hours per Year (hr) 6,132.00
H2 Electrolyzer Package Gross Annual Production Yr1 (Kg H2) 124,811,724.00
H2 Electrolyzer Package Annual Production Degradation Yr1 (%/1000 hrs) 0.10000%
H2 Electrolyzer Package Annual Production Degradation Yr2+ (%/1000 hrs) 0.10000%
Apply Degradation to H2 Electrolyzer Package Annual Production ? (Yes/No) Yes
H2 Electrolyzer Package Annual Production Degradation Yr1 (%/year) 0.61320%
H2 Electrolyzer Package Annual Production Degradation Yr2+ (%/year) 0.61320%
Plant Annual Availability (%) 99.50%
H2 Electrolyzer Package Net Annual Production Yr1 (Kg H2) 123,426,146.61
NH3 HB Synthesis Package Ideal NH3 Production (Kg NH3 per Kg H2) 5.632581
NH3 HB Synthesis Package Losses (%) 3.00%
NH3 HB Synthesis Package Estimated NH3 Production (Kg NH3 per Kg H2) 5.463603
NH3 HB Synthesis Package Specific Production Yr1 (Kg NH3 per KWe DC per hr) 0.1112
NH3 HB Synthesis Package Gross Production Rate (Kg NH3 per hr) 111,207.07
NH3 HB Synthesis Package Gross Annual Production Yr1 (Kg NH3) 681,921,728.55
NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/1000 hrs) 0.10000%
NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/1000 hrs) 0.10000%
Apply Degradation to NH3 Synthesis Package Annual Production ? (Yes/No) Yes
NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/year) 0.61320%
NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/year) 0.61320%
Applied NH3 HB Synthesis Package Annual Production Degradation Yr1 (%/year) 0.61320%
Applied NH3 HB Synthesis Package Annual Production Degradation Yr2+ (%/year) 0.61320%
NH3 HB Synthesis Package Net Annual Production Yr1 (Kg NH3) 674,351,483.59
Residual Value at End of Service Life
Net of Decommissioning Cost & Residual Value, as % of EPC at EoL 0.00%
OUTPUTS - 30 Years
129.82
31.33%
175.99
42.47%
3.67
0.89%
12.36
2.98%
0.00
0.00%
70.32
16.97%
5.49
1.33%
10.80
2.61%
5.60
1.35% 0.30
0.07% 0.00
0.00%
LCOA Breakdown $/t NH3
Capex Component Opex Component - Electrolysis Energy Cost
Opex Component - H2 Pre-Compression Energy Cost Opex Component - NH3 Synthesis Energy Cost
Opex Component - Other infra Energy Cost Opex Component - General Fixed O&M
Opex Component - Water Cost Opex Component - Stack Replacement Cost
Opex Component - HB-ASU Major Overhaul Cost Opex Component - Leased Land Cost
Opex Component - Decom. & Res. Cost
$275.00
19.94%
$180.00
13.05%
$40.00
2.90%
$140.69
10.20%
$50.48
3.66%
$460.00
33.35%
$50.18
3.64%
$0.00
0.00%
$0.00
0.00%
$18.00
1.30%
$70.00
5.07%
$19.27
1.40%
$20.00
1.45%
$0.00
0.00%
$55.83
4.05%
CAPEX Breakdown $/kWe DC
Electrolyzer Stack Package Cost ($/kWe DC) Electrical & Mechanical BoP Packages Cost ($/kWe DC)
Overall Civil & Infrastructure Package Cost ($/kWe DC) H2 Buffer Storage Package Cost ($/kWe DC)
H2 Pre-Compression Package Cost ($/kWe DC) NH3 Synthesis HB-ASU Package Cost ($/kWe DC)
NH3 Storage Package Cost ($/kWe DC) Other Infra Package Cost ($/kWe DC)
HV Substation Package Cost ($/kWe DC) Plant Start-up Package Cost ($/kWe DC)
EPCM Service Package Cost ($/kWe DC) Project Developer Contingencies Allocation Cost ($/kWe DC)
Project Development Cost ($/kWe DC) Taxes GST/VAT ($/kWe DC)
Finance Cost During Construction ($/kWe DC)
236.55
351.44
318.35
376.06
379.19
382.28
387.74
400.47
592.15
624.27
510.36
452.64
449.51
450.55
440.97
428.24
414.35
$0 $200 $400 $600 $800
LCOA $/t NH3
Parameter
Tornado Chart - LCOA $/t NH3
Total Sp. Energy Consump. (kWhe AC/Kg H2)
(-50%, 0%, 50%)
Capacity Factor (%)
(50%, 0%, -50%)
Energy Cost ($/kWhe AC)
(-50%, 0%, 50%)
NH3 HB-ASU Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
WACC (%)
(-50%, 0%, 50%)
Stack Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
Fixed O&M Cost (% of EPC Cost)
(-50%, 0%, 50%)
BoP Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
MODEL INTEGRITY STATUS
Summary-Inputs-Outputs
Version: 7
Date: 4/12/2021 Page 8 of 18

Toolkit
PRO-FORMA CASHFLOW 30 Years
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Construction Period Flag 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operations Period Flag 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0
NPV Calc.
H2 Electrolyzer Package Gross Annual Production - (Kg H2) $2,018,178,974.55 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 124,811,724.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Electrolyzer Package Net Annual Production - w/ Lin. Deg. & Avail. Losses - (Kg H2) $1,944,880,477.09 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 123,426,146.61 122,664,627.85 121,903,109.09 121,141,590.32 120,380,071.56 119,618,552.79 118,857,034.03 118,095,515.26 117,333,996.50 116,572,477.74 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Electrolyzer Stack Cycle Number 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0
Electrolyzer Stack Replacement Flag 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NH3 Synthesis Package Gross Annual Production - (Kg NH3) $11,026,529,005.22 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 681,921,728.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Synthesis Package Net Annual Production - w/ Lin. Deg. & Avail. Losses - (Kg NH3) $10,626,055,103.49 674,351,483.59 670,190,847.27 666,030,210.95 661,869,574.63 657,708,938.31 653,548,301.99 649,387,665.67 645,227,029.35 641,066,393.04 636,905,756.72 674,351,483.59 670,190,847.27 666,030,210.95 661,869,574.63 657,708,938.31 653,548,301.99 649,387,665.67 645,227,029.35 641,066,393.04 636,905,756.72 674,351,483.59 670,190,847.27 666,030,210.95 661,869,574.63 657,708,938.31 653,548,301.99 649,387,665.67 645,227,029.35 641,066,393.04 636,905,756.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NH3 Synthesis Package Cycle Number 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 0 0 0 0 0 0 0 0 0 0
NH3 Synthesis Package Major Overhaul Flag 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating Expenses
Electrolysis Energy Consumption Net Cost ($/yr) $1,870,119,271.55 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 118,681,645.54 117,949,399.55 117,217,153.57 116,484,907.59 115,752,661.61 115,020,415.62 114,288,169.64 113,555,923.66 112,823,677.68 112,091,431.69 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) $747,227,493.96 39,966,957.76 40,466,544.73 40,972,376.54 41,484,531.25 42,003,087.89 42,528,126.49 43,059,728.07 43,597,974.67 44,142,949.35 44,694,736.22 45,253,420.42 45,819,088.18 46,391,826.78 46,971,724.62 47,558,871.17 48,153,357.06 48,755,274.03 49,364,714.95 49,981,773.89 50,606,546.06 51,239,127.89 51,879,616.99 52,528,112.20 53,184,713.60 53,849,522.52 54,522,641.55 55,204,174.57 55,894,226.75 56,592,904.59 57,300,315.90 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Water Consumption Net Cost ($/yr) $58,346,414.31 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 3,702,784.40 3,679,938.84 3,657,093.27 3,634,247.71 3,611,402.15 3,588,556.58 3,565,711.02 3,542,865.46 3,520,019.90 3,497,174.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $114,800,950.56 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 8,873,315.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
H2 Pre-Compression Package Energy Consumption Net Cost ($/yr) $38,980,902.07 2,473,808.85 2,458,545.86 2,443,282.87 2,428,019.88 2,412,756.89 2,397,493.91 2,382,230.92 2,366,967.93 2,351,704.94 2,336,441.95 2,473,808.85 2,458,545.86 2,443,282.87 2,428,019.88 2,412,756.89 2,397,493.91 2,382,230.92 2,366,967.93 2,351,704.94 2,336,441.95 2,473,808.85 2,458,545.86 2,443,282.87 2,428,019.88 2,412,756.89 2,397,493.91 2,382,230.92 2,366,967.93 2,351,704.94 2,336,441.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NH3 Synthesis HB-ASU Package Energy Consumption Net Cost ($/yr) $131,287,036.01 8,331,747.45 8,280,341.96 8,228,936.46 8,177,530.97 8,126,125.47 8,074,719.98 8,023,314.49 7,971,908.99 7,920,503.50 7,869,098.01 8,331,747.45 8,280,341.96 8,228,936.46 8,177,530.97 8,126,125.47 8,074,719.98 8,023,314.49 7,971,908.99 7,920,503.50 7,869,098.01 8,331,747.45 8,280,341.96 8,228,936.46 8,177,530.97 8,126,125.47 8,074,719.98 8,023,314.49 7,971,908.99 7,920,503.50 7,869,098.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Infra Package Energy Consumption Net Cost ($/yr) $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
MMRA - NH3 HB-ASU Major Overhaul Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) $59,513,763.75 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 4,600,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
[Spare] $0.00
Plant Leased Land Cost ($/yr) $3,233,957.37 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 200,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total O&M Expenses $3,023,509,789.58 186,830,259.00 186,508,085.94 186,192,157.72 185,882,552.40 185,579,349.01 185,282,627.58 184,992,469.14 184,708,955.71 184,432,170.36 184,162,197.20 192,116,721.66 191,860,629.39 191,611,607.96 191,369,745.77 191,135,132.30 190,907,858.16 190,688,015.09 190,475,695.99 190,270,994.90 190,074,007.04 184,629,114.12 184,447,843.19 184,274,578.38 184,109,419.75 183,952,468.64 183,803,827.65 183,663,600.64 183,531,892.79 183,408,810.60 183,294,461.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residual Value $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses $3,023,509,789.58 186,830,259.00 186,508,085.94 186,192,157.72 185,882,552.40 185,579,349.01 185,282,627.58 184,992,469.14 184,708,955.71 184,432,170.36 184,162,197.20 192,116,721.66 191,860,629.39 191,611,607.96 191,369,745.77 191,135,132.30 190,907,858.16 190,688,015.09 190,475,695.99 190,270,994.90 190,074,007.04 184,629,114.12 184,447,843.19 184,274,578.38 184,109,419.75 183,952,468.64 183,803,827.65 183,663,600.64 183,531,892.79 183,408,810.60 183,294,461.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost Flow ($3,023,509,789.58) -1,379,442,977.51 -186,830,259.00 -186,508,085.94 -186,192,157.72 -185,882,552.40 -185,579,349.01 -185,282,627.58 -184,992,469.14 -184,708,955.71 -184,432,170.36 -184,162,197.20 -192,116,721.66 -191,860,629.39 -191,611,607.96 -191,369,745.77 -191,135,132.30 -190,907,858.16 -190,688,015.09 -190,475,695.99 -190,270,994.90 -190,074,007.04 -184,629,114.12 -184,447,843.19 -184,274,578.38 -184,109,419.75 -183,952,468.64 -183,803,827.65 -183,663,600.64 -183,531,892.79 -183,408,810.60 -183,294,461.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Revenue (check @ LCOA) 279,420,509.47 277,696,531.47 275,972,553.47 274,248,575.48 272,524,597.48 270,800,619.48 269,076,641.49 267,352,663.49 265,628,685.49 263,904,707.49 279,420,509.47 277,696,531.47 275,972,553.47 274,248,575.48 272,524,597.48 270,800,619.48 269,076,641.49 267,352,663.49 265,628,685.49 263,904,707.49 279,420,509.47 277,696,531.47 275,972,553.47 274,248,575.48 272,524,597.48 270,800,619.48 269,076,641.49 267,352,663.49 265,628,685.49 263,904,707.49 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operations cashflow -1,379,442,977.51 92,590,250.47 91,188,445.53 89,780,395.75 88,366,023.08 86,945,248.47 85,517,991.90 84,084,172.35 82,643,707.78 81,196,515.13 79,742,510.29 87,303,787.81 85,835,902.09 84,360,945.51 82,878,829.71 81,389,465.18 79,892,761.33 78,388,626.39 76,876,967.50 75,357,690.59 73,830,700.45 94,791,395.35 93,248,688.28 91,697,975.10 90,139,155.73 88,572,128.84 86,996,791.84 85,413,040.85 83,820,770.70 82,219,874.89 80,610,245.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Calculated IRR (unleveraged) 4.56%
Equity -344,860,744.38
WACC 4.56%
Logic & Calc Check: WACC = IRR (Unleveraged). True/False TRUE
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Annual
Production
(Kg)
Year
40 Years - Annual Production (Kg)
H2 Electrolyzer Package Net Annual Production - w/ Lin. Deg. & Avail. Losses - (Kg H2) NH3 Synthesis Package Net Annual Production - w/ Lin. Deg. & Avail. Losses - (Kg NH3)
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Operating
Expenses
($)
Year
40 Years - Operating Expenses ($)
Electrolysis Energy Consumption Net Cost ($/yr) General Fixed O&M Cost Yr1 w/ Taxes GST/VAT ($/yr) Water Consumption Net Cost ($/yr)
MMRA - Electrolyzer Stack Replacement Cost Allocation Yr1 to YrN-1, multi-interval ($/yr) Residual Value H2 Pre-Compression Package Energy Consumption Net Cost ($/yr)
NH3 Synthesis HB-ASU Package Energy Consumption Net Cost ($/yr) Other Infra Package Energy Consumption Net Cost ($/yr) MMRA - NH3 HB-ASU Major Overhaul Cost Allocation Yr1 to YrN-1, multi-interval ($/yr)
Plant Leased Land Cost ($/yr) Total Operating Expenses Total O&M Expenses
Cashflow
Version: 7
Date: 4/12/2021
Page 9 of 18

Toolkit
LCOA 1D Sensitivity Analysis
Parameter Variance
Stack Pack Cost
($/kWe DC) LCOA LCOA Variance
BoP Pack Cost
($/kWe DC) LCOA LCOA Variance
NH3 HB-ASU
Pack Cost ($/kWe
DC) LCOA LCOA Variance WACC (%) LCOA LCOA Variance
Energy Cost
($/kWhe AC) LCOA LCOA Variance
Fixed O&M Cost
(% of EPC Cost) LCOA LCOA Variance
Total Sp. Energy
Consump. (kWhe
AC/Kg H2) LCOA LCOA Variance
Capacity Factor
(%) LCOA LCOA Variance
414.3544 414.3544 414.3544 414.3544 414.3544 414.3544 414.3544 414.3544
-50% $137.50 387.7361 -6.42% $90.00 400.4673 -3.35% $230.00 376.0647 -9.24% 2.28% 382.2799 -7.74% $0.009000 318.3457 -23.17% 1.56% 379.1943 -8.49% 26.71 236.5542 -42.91% 35.00% 624.2659 50.66%
-45% $151.25 390.3979 -5.78% $99.00 401.8560 -3.02% $253.00 379.8937 -8.32% 2.51% 385.2790 -7.02% $0.009900 327.9466 -20.85% 1.71% 382.7103 -7.64% 29.38 254.3342 -38.62% 38.50% 586.0911 41.45%
-40% $165.00 393.0598 -5.14% $108.00 403.2447 -2.68% $276.00 383.7227 -7.39% 2.74% 388.3264 -6.28% $0.010800 337.5475 -18.54% 1.87% 386.2263 -6.79% 32.05 272.1143 -34.33% 42.00% 554.2805 33.77%
-35% $178.75 395.7216 -4.50% $117.00 404.6334 -2.35% $299.00 387.5516 -6.47% 2.97% 391.4213 -5.53% $0.011700 347.1483 -16.22% 2.02% 389.7423 -5.94% 34.72 289.8943 -30.04% 45.50% 527.3657 27.27%
-30% $192.50 398.3834 -3.85% $126.00 406.0221 -2.01% $322.00 391.3806 -5.54% 3.19% 394.5630 -4.78% $0.012600 356.7492 -13.90% 2.18% 393.2583 -5.09% 37.39 307.6743 -25.75% 49.00% 504.2973 21.71%
-25% $206.25 401.0453 -3.21% $135.00 407.4108 -1.68% $345.00 395.2096 -4.62% 3.42% 397.7508 -4.01% $0.013500 366.3501 -11.59% 2.33% 396.7743 -4.24% 40.07 325.4543 -21.46% 52.50% 484.3063 16.88%
-20% $220.00 403.7071 -2.57% $144.00 408.7996 -1.34% $368.00 399.0385 -3.70% 3.65% 400.9840 -3.23% $0.014400 375.9509 -9.27% 2.49% 400.2903 -3.39% 42.74 343.2343 -17.16% 56.00% 466.8155 12.66%
-15% $233.75 406.3689 -1.93% $153.00 410.1883 -1.01% $391.00 402.8675 -2.77% 3.88% 404.2617 -2.44% $0.015300 385.5518 -6.95% 2.65% 403.8064 -2.55% 45.41 361.0144 -12.87% 59.50% 451.3838 8.94%
-10% $247.50 409.0307 -1.28% $162.00 411.5770 -0.67% $414.00 406.6965 -1.85% 4.11% 407.5833 -1.63% $0.016200 395.1527 -4.63% 2.80% 407.3224 -1.70% 48.08 378.7944 -8.58% 63.00% 437.6679 5.63%
-5% $261.25 411.6926 -0.64% $171.00 412.9657 -0.34% $437.00 410.5254 -0.92% 4.33% 410.9478 -0.82% $0.017100 404.7535 -2.32% 2.96% 410.8384 -0.85% 50.75 396.5744 -4.29% 66.50% 425.3970 2.67%
0% $275.00 414.3544 0.00% $180.00 414.3544 0.00% $460.00 414.3544 0.00% 4.56% 414.3544 0.00% $0.018000 414.3544 0.00% 3.11% 414.3544 0.00% 53.42 414.3544 0.00% 70.00% 414.3544 0.00%
5% $288.75 417.0162 0.64% $189.00 415.7431 0.34% $483.00 418.1834 0.92% 4.79% 417.8023 0.83% $0.018900 423.9553 2.32% 3.27% 417.8704 0.85% 56.09 432.1344 4.29% 73.50% 404.3645 -2.41%
10% $302.50 419.6781 1.28% $198.00 417.1318 0.67% $506.00 422.0123 1.85% 5.02% 421.2907 1.67% $0.019800 433.5561 4.63% 3.42% 421.3864 1.70% 58.76 449.9144 8.58% 77.00% 395.2839 -4.60%
15% $316.25 422.3399 1.93% $207.00 418.5205 1.01% $529.00 425.8413 2.77% 5.25% 424.8187 2.53% $0.020700 443.1570 6.95% 3.58% 424.9025 2.55% 61.43 467.6945 12.87% 80.50% 386.9939 -6.60%
20% $330.00 425.0017 2.57% $216.00 419.9093 1.34% $552.00 429.6703 3.70% 5.48% 428.3853 3.39% $0.021600 452.7579 9.27% 3.73% 428.4185 3.39% 64.10 485.4745 17.16% 84.00% 379.3956 -8.44%
25% $343.75 427.6636 3.21% $225.00 421.2980 1.68% $575.00 433.4992 4.62% 5.70% 431.9898 4.26% $0.022500 462.3588 11.59% 3.89% 431.9345 4.24% 66.78 503.2545 21.46% 87.50% 372.4062 -10.12%
30% $357.50 430.3254 3.85% $234.00 422.6867 2.01% $598.00 437.3282 5.54% 5.93% 435.6312 5.13% $0.023400 471.9596 13.90% 4.05% 435.4505 5.09% 69.45 521.0345 25.75% 91.00% 365.9553 -11.68%
35% $371.25 432.9872 4.50% $243.00 424.0754 2.35% $621.00 441.1572 6.47% 6.16% 439.3086 6.02% $0.024300 481.5605 16.22% 4.20% 438.9665 5.94% 72.12 538.8145 30.04% 94.50% 359.9832 -13.12%
40% $385.00 435.6490 5.14% $252.00 425.4641 2.68% $644.00 444.9861 7.39% 6.39% 443.0212 6.92% $0.025200 491.1614 18.54% 4.36% 442.4825 6.79% 74.79 556.5946 34.33% 98.00% 354.4384 -14.46%
45% $398.75 438.3109 5.78% $261.00 426.8528 3.02% $667.00 448.8151 8.32% 6.62% 446.7680 7.82% $0.026100 500.7622 20.85% 4.51% 445.9985 7.64% 77.46 574.3746 38.62% 100.00% 351.4446 -15.18%
50% $412.50 440.9727 6.42% $270.00 428.2415 3.35% $690.00 452.6441 9.24% 6.84% 450.5482 8.73% $0.027000 510.3631 23.17% 4.67% 449.5146 8.49% 80.13 592.1546 42.91% 100.00% 351.4446 -15.18%
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) 387.736
390.397
393.059
395.721
398.383
401.045
403.707
406.368
409.030
411.692
414.354
417.016
419.678
422.339
425.001
427.663
430.325
432.987
435.649
438.310
440.972
BoP Pack Cost ($/kWe DC) 400.467
401.856
403.244
404.633
406.022
407.410
408.799
410.188
411.577
412.965
414.354
415.743
417.131
418.520
419.909
421.298
422.686
424.075
425.464
426.852
428.241
NH3 HB-ASU Pack Cost ($/kWe DC) 376.064
379.893
383.722
387.551
391.380
395.209
399.038
402.867
406.696
410.525
414.354
418.183
422.012
425.841
429.670
433.499
437.328
441.157
444.986
448.815
452.644
WACC (%) 382.279
385.279
388.326
391.421
394.563
397.750
400.984
404.261
407.583
410.947
414.354
417.802
421.290
424.818
428.385
431.989
435.631
439.308
443.021
446.768
450.548
Fixed O&M Cost (% of EPC Cost) 379.194
382.710
386.226
389.742
393.258
396.774
400.290
403.806
407.322
410.838
414.354
417.870
421.386
424.902
428.418
431.934
435.450
438.966
442.482
445.998
449.514
Total Sp. Energy Consump. (kWhe AC/Kg H2)236.554
254.334
272.114
289.894
307.674
325.454
343.234
361.014
378.794
396.574
414.354
432.134
449.914
467.694
485.474
503.254
521.034
538.814
556.594
574.374
592.154
Energy Cost ($/kWhe AC) 318.345
327.946
337.547
347.148
356.749
366.350
375.950
385.551
395.152
404.753
414.354
423.955
433.556
443.157
452.757
462.358
471.959
481.560
491.161
500.762
510.363
Capacity Factor (%) 624.265
586.091
554.280
527.365
504.297
484.306
466.815
451.383
437.667
425.397
414.354
404.364
395.283
386.993
379.395
372.406
365.955
359.983
354.438
351.444
351.444
y = 2.6618x + 385.07
y = 1.3887x + 399.08
y = 3.829x + 372.24 y = 3.4182x + 377.51
y = 3.516x + 375.68
y = 17.78x + 218.77
y = 7E-15x3 + 2E-13x2 + 9.6009x + 308.74
y = -0.0326x3 + 1.783x2 - 37.79x + 655.33
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
LCOA
$/t
NH
3
Parameter Variance from Baseline Case
LCOA 1D Sensitivity
Stack Pack Cost ($/kWe DC) BoP Pack Cost ($/kWe DC)
NH3 HB-ASU Pack Cost ($/kWe DC) WACC (%)
Fixed O&M Cost (% of EPC Cost) Total Sp. Energy Consump. (kWhe AC/Kg H2)
Energy Cost ($/kWhe AC) Capacity Factor (%)
Linear (Stack Pack Cost ($/kWe DC)) Linear (BoP Pack Cost ($/kWe DC))
-50% -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Stack Pack Cost ($/kWe DC) -6.42% -5.78% -5.14% -4.50% -3.85% -3.21% -2.57% -1.93% -1.28% -0.64% 0.00% 0.64% 1.28% 1.93% 2.57% 3.21% 3.85% 4.50% 5.14% 5.78% 6.42%
BoP Pack Cost ($/kWe DC) -3.35% -3.02% -2.68% -2.35% -2.01% -1.68% -1.34% -1.01% -0.67% -0.34% 0.00% 0.34% 0.67% 1.01% 1.34% 1.68% 2.01% 2.35% 2.68% 3.02% 3.35%
NH3 HB-ASU Pack Cost ($/kWe DC) -9.24% -8.32% -7.39% -6.47% -5.54% -4.62% -3.70% -2.77% -1.85% -0.92% 0.00% 0.92% 1.85% 2.77% 3.70% 4.62% 5.54% 6.47% 7.39% 8.32% 9.24%
WACC (%) -7.74% -7.02% -6.28% -5.53% -4.78% -4.01% -3.23% -2.44% -1.63% -0.82% 0.00% 0.83% 1.67% 2.53% 3.39% 4.26% 5.13% 6.02% 6.92% 7.82% 8.73%
Fixed O&M Cost (% of EPC Cost) -8.49% -7.64% -6.79% -5.94% -5.09% -4.24% -3.39% -2.55% -1.70% -0.85% 0.00% 0.85% 1.70% 2.55% 3.39% 4.24% 5.09% 5.94% 6.79% 7.64% 8.49%
Total Sp. Energy Consump. (kWhe AC/Kg H2)-42.91%
-38.62%
-34.33%
-30.04%
-25.75%
-21.46%
-17.16%
-12.87%-8.58% -4.29% 0.00% 4.29% 8.58% 12.87%17.16%21.46%25.75%30.04%34.33%38.62%42.91%
Energy Cost ($/kWhe AC) -23.17%
-20.85%
-18.54%
-16.22%
-13.90%
-11.59%-9.27% -6.95% -4.63% -2.32% 0.00% 2.32% 4.63% 6.95% 9.27% 11.59%13.90%16.22%18.54%20.85%23.17%
Capacity Factor (%) 50.66%41.45%33.77%27.27%21.71%16.88%12.66% 8.94% 5.63% 2.67% 0.00% -2.41% -4.60% -6.60% -8.44%-10.12%
-11.68%
-13.12%
-14.46%
-15.18%
-15.18%
y = 0.0064x - 0.0707
y = 0.0034x - 0.0369
y = 0.0092x - 0.1016
y = 0.0082x - 0.0889
y = 0.0085x - 0.0933
y = 0.0429x - 0.472
y = -8E-05x3 + 0.0043x2 - 0.0912x + 0.5816
-70%
-50%
-30%
-10%
10%
30%
50%
70%
LCOA
Variance
Parameter Variance from Baseline Case
LCOA 1D Sensitivity
Stack Pack Cost ($/kWe DC) BoP Pack Cost ($/kWe DC)
NH3 HB-ASU Pack Cost ($/kWe DC) WACC (%)
Fixed O&M Cost (% of EPC Cost) Total Sp. Energy Consump. (kWhe AC/Kg H2)
Energy Cost ($/kWhe AC) Capacity Factor (%)
Linear (Stack Pack Cost ($/kWe DC)) Linear (BoP Pack Cost ($/kWe DC))
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 10 of 18

Toolkit
236.55
351.44
318.35
376.06
379.19
382.28
387.74
400.47
592.15
624.27
510.36
452.64
449.51
450.55
440.97
428.24
414.35
$0 $100 $200 $300 $400 $500 $600 $700
LCOA $/t NH3
Parameter
Tornado Chart - LCOA $/t NH3
Total Sp. Energy Consump. (kWhe AC/Kg H2)
(-50%, 0%, 50%)
Capacity Factor (%)
(50%, 0%, -50%)
(-50%, 0%, 50%)
NH3 HB-ASU Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
WACC (%)
(-50%, 0%, 50%)
(-50%, 0%, 50%)
Fixed O&M Cost (% of EPC Cost)
(-50%, 0%, 50%)
BoP Pack Cost ($/kWe DC)
(-50%, 0%, 50%)
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 11 of 18

Toolkit
0
500
1,000
1,500
2,000
2,500
LCOA
$/t
NH
3
Capacity Factor (%)
LCOA Sensitivity 2D
Energy Cost ($/kWhe AC) & Capacity Factor (%)
0.000 0.005 0.010 0.015 0.020 0.025 0.030
0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost ($/kWhe AC) Legend
0
500
1,000
1,500
2,000
2,500
LCOA
$/t
NH
3
Capacity Factor (%)
LCOA Sensitivity 2D
Stack Pack Cost ($/kWe DC) & Capacity Factor (%)
100 150 200 250 300 350 400 450 500 550 600 650 700
Stack Pack Cost ($/kWe DC) Legend
0
100
200
300
400
500
600
700
800
900
1,000
100 150 200 250 300 350 400 450 500 550 600 650 700
LCOA
$/t
NH
3
Stack Pack Cost ($/kWe AC)
LCOA Sensitivity 2D
Energy Cost ($/kWhe AC) & Stack Pack Cost ($/kWe DC)
0.000 0.005 0.010 0.015 0.020 0.025 0.030
0.035 0.040 0.045 0.050 0.055 0.060
0
200
400
600
800
1,000
1,200
1,400
20 25 30 35 40 45 50 55 60 65 70 75 80
LCOA
$/t
NH
3
T. Specific Energy Consumption (kWhe AC/Kg H2)
LCOA Sensitivity 2D
Energy Cost ($/kWhe AC) & T. Specific Energy Consumption (kWhe AC/Kg H2)
0.000 0.005 0.010 0.015 0.020 0.025 0.030
0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost (S/kWhe AC) Legend
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 12 of 18

Toolkit
0
100
200
300
400
500
600
100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 475 500 525 550
LCOA
$/t
NH
3
LCOA Sensitivity 2D
NH3 HB-ASU Pack Cost ($/kWe DC) & Stack Pack Cost ($/kWe DC)
250 300 350 400 450 500 550 600 650 700 750 800 850
NH3 HB-ASU Pack Cost ($/kWe DC) Legend
0
500
1,000
1,500
2,000
2,500
LCOA
$/t
NH
3
Capacity Factor (%)
LCOA Sensitivity 2D
NH3 HB-ASU Pack Cost ($/kWe DC) & Capacity Factor (%)
250 300 350 400 450 500 550 600 650 700 750 800 850
NH3 HB-ASU Pack Cost ($/kWe DC) Legend
0
100
200
300
400
500
600
700
800
900
1,000
250 300 350 400 450 500 550 600 650 700 750 800 850
LCOA
$/t
NH
3
NH3 HB-ASU Pack Cost ($/kWe AC)
LCOA Sensitivity 2D
Energy Cost ($/kWhe AC) & NH3 HB-ASU Pack Cost ($/kWe DC)
0.000 0.005 0.010 0.015 0.020 0.025 0.030
0.035 0.040 0.045 0.050 0.055 0.060
0
100
200
300
400
500
600
700
800
900
1,000
0.35 0.40 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80 0.85 0.90 0.95
LCOA
$/t
NH
3
NH3 HB-ASU Sp. Energy Cons. (kWhe AC/Kg NH3)
LCOA Sensitivity 2D
Energy Cost ($/kWhe AC) & NH3 HB-ASU Sp. Energy Cons.
(kWhe AC/Kg NH3)
0.000 0.005 0.010 0.015 0.020 0.025 0.030
0.035 0.040 0.045 0.050 0.055 0.060
Energy Cost (S/kWhe AC) Legend
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 13 of 18

Toolkit
439.93
414.35
403.97
380
390
400
410
420
430
440
450
20 30 40
LCOA
$/t
NH
3
Plant Lifecycle Years
LCOA Plant Lifecycle Sensitivity Analysis
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 14 of 18

Toolkit
DATA TABLES - 2D
LCOA $/t NH3 Sensitivity Analysis - 2D
$414.354408 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
10% 1,482.28 1,535.61 1,588.95 1,642.29 1,695.63 1,748.97 1,802.30 1,855.64 1,908.98 1,962.32 2,015.66 2,069.00 2,122.33
15% 992.24 1,045.58 1,098.92 1,152.26 1,205.60 1,258.93 1,312.27 1,365.61 1,418.95 1,472.29 1,525.62 1,578.96 1,632.30
20% 747.23 800.57 853.91 907.25 960.59 1,013.92 1,067.26 1,120.60 1,173.94 1,227.28 1,280.62 1,333.95 1,387.29
25% 600.23 653.57 706.91 760.25 813.59 866.93 920.26 973.60 1,026.94 1,080.28 1,133.62 1,186.95 1,240.29
30% 502.24 555.58 608.92 662.25 715.59 768.93 822.27 875.61 928.95 982.28 1,035.62 1,088.96 1,142.30
35% 432.25 485.59 538.92 592.26 645.60 698.94 752.28 805.62 858.95 912.29 965.63 1,018.97 1,072.31
40% 379.76 433.10 486.44 539.77 593.11 646.45 699.79 753.13 806.46 859.80 913.14 966.48 1,019.82
45% 338.94 392.27 445.61 498.95 552.29 605.63 658.97 712.30 765.64 818.98 872.32 925.66 978.99
50% 306.28 359.62 412.96 466.30 519.64 572.97 626.31 679.65 732.99 786.33 839.66 893.00 946.34
55% 279.57 332.91 386.24 439.58 492.92 546.26 599.60 652.94 706.27 759.61 812.95 866.29 919.63
60% 257.31 310.65 363.99 417.32 470.66 524.00 577.34 630.68 684.01 737.35 790.69 844.03 897.37
65% 238.48 291.81 345.15 398.49 451.83 505.17 558.51 611.84 665.18 718.52 771.86 825.20 878.53
70% 222.34 275.68 329.01 382.35 435.69 489.03 542.37 595.70 649.04 702.38 755.72 809.06 862.39
75% 208.35 261.69 315.03 368.37 421.70 475.04 528.38 581.72 635.06 688.39 741.73 795.07 848.41
80% 196.12 249.45 302.79 356.13 409.47 462.81 516.15 569.48 622.82 676.16 729.50 782.84 836.17
85% 185.32 238.66 292.00 345.34 398.68 452.01 505.35 558.69 612.03 665.37 718.70 772.04 825.38
90% 175.73 229.07 282.41 335.74 389.08 442.42 495.76 549.10 602.44 655.77 709.11 762.45 815.79
95% 167.15 220.49 273.82 327.16 380.50 433.84 487.18 540.52 593.85 647.19 700.53 753.87 807.21
100% 159.43 212.77 266.10 319.44 372.78 426.12 479.46 532.79 586.13 639.47 692.81 746.15 799.49
$414.354408 100 150 200 250 300 350 400 450 500 550 600 650 700
10% 1,443.58 1,509.49 1,575.41 1,641.33 1,707.25 1,773.17 1,839.09 1,905.01 1,970.93 2,036.85 2,102.77 2,168.69 2,234.61
15% 1,030.10 1,074.15 1,118.19 1,162.24 1,206.28 1,250.33 1,294.37 1,338.42 1,382.47 1,426.51 1,470.56 1,514.60 1,558.65
20% 823.37 856.48 889.59 922.70 955.81 988.91 1,022.02 1,055.13 1,088.24 1,121.35 1,154.46 1,187.57 1,220.68
25% 699.34 725.88 752.43 778.98 805.53 832.07 858.62 885.17 911.72 938.26 964.81 991.36 1,017.91
30% 616.65 638.82 661.00 683.17 705.34 727.52 749.69 771.86 794.04 816.21 838.38 860.56 882.73
35% 557.59 576.64 595.69 614.74 633.79 652.84 671.89 690.94 709.99 729.04 748.09 767.13 786.18
40% 513.30 530.01 546.72 563.42 580.13 596.84 613.54 630.25 646.95 663.66 680.37 697.07 713.78
45% 478.86 493.74 508.63 523.51 538.40 553.28 568.16 583.05 597.93 612.82 627.70 642.58 657.47
50% 451.31 464.73 478.16 491.59 505.01 518.44 531.87 545.29 558.72 572.15 585.57 599.00 612.42
55% 428.77 441.00 453.23 465.47 477.70 489.94 502.17 514.40 526.64 538.87 551.11 563.34 575.57
60% 409.98 421.23 432.47 443.71 454.95 466.19 477.43 488.67 499.91 511.15 522.39 533.63 544.87
65% 394.09 404.49 414.89 425.29 435.69 446.09 456.49 466.89 477.29 487.69 498.09 508.49 518.89
70% 380.48 390.16 399.84 409.51 419.19 428.87 438.55 448.23 457.91 467.59 477.27 486.95 496.63
75% 368.68 377.73 386.79 395.84 404.90 413.95 423.01 432.06 441.12 450.17 459.23 468.28 477.34
80% 358.35 366.86 375.37 383.88 392.39 400.90 409.41 417.92 426.42 434.93 443.44 451.95 460.46
85% 349.24 357.27 365.30 373.33 381.35 389.38 397.41 405.43 413.46 421.49 429.52 437.54 445.57
90% 341.15 348.75 356.35 363.95 371.55 379.15 386.74 394.34 401.94 409.54 417.14 424.74 432.34
95% 333.91 341.13 348.34 355.56 362.77 369.99 377.21 384.42 391.64 398.85 406.07 413.29 420.50
100% 327.40 334.27 341.14 348.01 354.88 361.75 368.62 375.49 382.37 389.24 396.11 402.98 409.85
$414.354408 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
100 188.46 241.80 295.14 348.47 401.81 455.15 508.49 561.83 615.16 668.50 721.84 775.18 828.52
150 198.14 251.48 304.81 358.15 411.49 464.83 518.17 571.51 624.84 678.18 731.52 784.86 838.20
200 207.82 261.16 314.49 367.83 421.17 474.51 527.85 581.19 634.52 687.86 741.20 794.54 847.88
250 217.50 270.84 324.17 377.51 430.85 484.19 537.53 590.86 644.20 697.54 750.88 804.22 857.56
300 227.18 280.51 333.85 387.19 440.53 493.87 547.21 600.54 653.88 707.22 760.56 813.90 867.23
350 236.86 290.19 343.53 396.87 450.21 503.55 556.89 610.22 663.56 716.90 770.24 823.58 876.91
400 246.54 299.87 353.21 406.55 459.89 513.23 566.56 619.90 673.24 726.58 779.92 833.26 886.59
450 256.21 309.55 362.89 416.23 469.57 522.91 576.24 629.58 682.92 736.26 789.60 842.93 896.27
500 265.89 319.23 372.57 425.91 479.25 532.59 585.92 639.26 692.60 745.94 799.28 852.61 905.95
550 275.57 328.91 382.25 435.59 488.93 542.26 595.60 648.94 702.28 755.62 808.96 862.29 915.63
600 285.25 338.59 391.93 445.27 498.61 551.94 605.28 658.62 711.96 765.30 818.63 871.97 925.31
650 294.93 348.27 401.61 454.95 508.29 561.62 614.96 668.30 721.64 774.98 828.31 881.65 934.99
700 304.61 357.95 411.29 464.63 517.96 571.30 624.64 677.98 731.32 784.66 837.99 891.33 944.67
$414.354408 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
20 109.97 132.73 155.48 178.24 200.99 223.74 246.50 269.25 292.01 314.76 337.51 360.27 383.02
25 126.78 154.11 181.44 208.77 236.10 263.43 290.76 318.09 345.42 372.75 400.08 427.41 454.74
30 143.60 175.50 207.41 239.31 271.22 303.12 335.03 366.93 398.84 430.74 462.65 494.55 526.46
35 160.41 196.89 233.37 269.85 306.33 342.81 379.29 415.77 452.26 488.74 525.22 561.70 598.18
40 177.22 218.27 259.33 300.39 341.44 382.50 423.56 464.62 505.67 546.73 587.79 628.84 669.90
45 194.03 239.66 285.29 330.93 376.56 422.19 467.82 513.46 559.09 604.72 650.35 695.99 741.62
50 210.84 261.05 311.26 361.46 411.67 461.88 512.09 562.30 612.51 662.71 712.92 763.13 813.34
55 227.65 282.43 337.22 392.00 446.79 501.57 556.35 611.14 665.92 720.71 775.49 830.27 885.06
60 244.46 303.82 363.18 422.54 481.90 541.26 600.62 659.98 719.34 778.70 838.06 897.42 956.78
65 261.27 325.21 389.14 453.08 517.01 580.95 644.88 708.82 772.76 836.69 900.63 964.56 1,028.50
70 278.08 346.59 415.10 483.62 552.13 620.64 689.15 757.66 826.17 894.68 963.19 1,031.71 1,100.22
75 294.89 367.98 441.07 514.15 587.24 660.33 733.41 806.50 879.59 952.68 1,025.76 1,098.85 1,171.94
80 311.70 389.37 467.03 544.69 622.35 700.02 777.68 855.34 933.01 1,010.67 1,088.33 1,165.99 1,243.66
Capacity Factor (%)
Capacity Factor (%)
Total Spec Energy Consump
(kWhe AC/Kg H2)
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 15 of 18

Toolkit
DATA TABLES - 2D
LCOA $/t NH3 Sensitivity Analysis - 2D
NH3 HB-ASU Pack Cost (S//kWe DC)
$414.354408 250 300 350 400 450 500 550 600 650 700 750 800 850
100 345.52 353.84 362.16 370.49 378.81 387.14 395.46 403.78 412.11 420.43 428.75 437.08 445.40
125 350.36 358.68 367.00 375.33 383.65 391.98 400.30 408.62 416.95 425.27 433.59 441.92 450.24
150 355.20 363.52 371.84 380.17 388.49 396.82 405.14 413.46 421.79 430.11 438.43 446.76 455.08
175 360.04 368.36 376.68 385.01 393.33 401.65 409.98 418.30 426.63 434.95 443.27 451.60 459.92
200 364.88 373.20 381.52 389.85 398.17 406.49 414.82 423.14 431.47 439.79 448.11 456.44 464.76
225 369.71 378.04 386.36 394.69 403.01 411.33 419.66 427.98 436.31 444.63 452.95 461.28 469.60
250 374.55 382.88 391.20 399.53 407.85 416.17 424.50 432.82 441.15 449.47 457.79 466.12 474.44
275 379.39 387.72 396.04 404.37 412.69 421.01 429.34 437.66 445.99 454.31 462.63 470.96 479.28
300 384.23 392.56 400.88 409.21 417.53 425.85 434.18 442.50 450.82 459.15 467.47 475.80 484.12
325 389.07 397.40 405.72 414.05 422.37 430.69 439.02 447.34 455.66 463.99 472.31 480.64 488.96
350 393.91 402.24 410.56 418.88 427.21 435.53 443.86 452.18 460.50 468.83 477.15 485.48 493.80
375 398.75 407.08 415.40 423.72 432.05 440.37 448.70 457.02 465.34 473.67 481.99 490.32 498.64
400 403.59 411.92 420.24 428.56 436.89 445.21 453.54 461.86 470.18 478.51 486.83 495.15 503.48
425 408.43 416.76 425.08 433.40 441.73 450.05 458.38 466.70 475.02 483.35 491.67 499.99 508.32
450 413.27 421.60 429.92 438.24 446.57 454.89 463.22 471.54 479.86 488.19 496.51 504.83 513.16
475 418.11 426.44 434.76 443.08 451.41 459.73 468.05 476.38 484.70 493.03 501.35 509.67 518.00
500 422.95 431.28 439.60 447.92 456.25 464.57 472.89 481.22 489.54 497.87 506.19 514.51 522.84
525 427.79 436.12 444.44 452.76 461.09 469.41 477.73 486.06 494.38 502.71 511.03 519.35 527.68
550 432.63 440.95 449.28 457.60 465.93 474.25 482.57 490.90 499.22 507.55 515.87 524.19 532.52
NH3 HB-ASU Pack Cost (S//kWe DC)
$414.354408 250 300 350 400 450 500 550 600 650 700 750 800 850
10% 1,436.20 1,492.89 1,549.58 1,606.27 1,662.96 1,719.64 1,776.33 1,833.02 1,889.71 1,946.39 2,003.08 2,059.77 2,116.46
15% 1,025.17 1,063.05 1,100.93 1,138.81 1,176.68 1,214.56 1,252.44 1,290.32 1,328.19 1,366.07 1,403.95 1,441.83 1,479.70
20% 819.67 848.14 876.61 905.08 933.56 962.03 990.50 1,018.97 1,047.45 1,075.92 1,104.39 1,132.86 1,161.34
25% 696.37 719.20 742.03 764.86 787.69 810.52 833.35 856.18 879.00 901.83 924.66 947.49 970.32
30% 614.17 633.24 652.31 671.38 690.44 709.51 728.58 747.65 766.72 785.78 804.85 823.92 842.99
35% 555.46 571.85 588.23 604.61 620.99 637.37 653.75 670.13 686.52 702.90 719.28 735.66 752.04
40% 511.44 525.80 540.17 554.54 568.90 583.27 597.64 612.00 626.37 640.74 655.10 669.47 683.84
45% 477.20 490.00 502.80 515.59 528.39 541.19 553.99 566.79 579.59 592.39 605.19 617.99 630.79
50% 449.81 461.35 472.90 484.44 495.99 507.54 519.08 530.63 542.18 553.72 565.27 576.81 588.36
55% 427.40 437.92 448.44 458.96 469.48 480.00 490.52 501.04 511.56 522.08 532.61 543.13 553.65
60% 408.73 418.39 428.06 437.73 447.39 457.06 466.73 476.39 486.06 495.72 505.39 515.06 524.72
65% 392.93 401.88 410.82 419.76 428.71 437.65 446.59 455.54 464.48 473.42 482.37 491.31 500.25
70% 379.39 387.72 396.04 404.37 412.69 421.01 429.34 437.66 445.99 454.31 462.63 470.96 479.28
75% 367.66 375.45 383.24 391.02 398.81 406.60 414.39 422.17 429.96 437.75 445.53 453.32 461.11
80% 357.40 364.72 372.04 379.35 386.67 393.99 401.30 408.62 415.94 423.26 430.57 437.89 445.21
85% 348.35 355.25 362.15 369.06 375.96 382.86 389.77 396.67 403.57 410.47 417.38 424.28 431.18
90% 340.30 346.84 353.37 359.91 366.44 372.97 379.51 386.04 392.58 399.11 405.65 412.18 418.72
95% 333.10 339.31 345.51 351.72 357.92 364.13 370.34 376.54 382.75 388.95 395.16 401.36 407.57
100% 326.63 332.54 338.44 344.35 350.26 356.17 362.08 367.99 373.90 379.81 385.72 391.63 397.53
$414.354408 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
250 187.38 240.72 294.05 347.39 400.73 454.07 507.41 560.74 614.08 667.42 720.76 774.10 827.43
300 195.70 249.04 302.38 355.72 409.05 462.39 515.73 569.07 622.41 675.74 729.08 782.42 835.76
350 204.02 257.36 310.70 364.04 417.38 470.72 524.05 577.39 630.73 684.07 737.41 790.74 844.08
400 212.35 265.69 319.02 372.36 425.70 479.04 532.38 585.72 639.05 692.39 745.73 799.07 852.41
450 220.67 274.01 327.35 380.69 434.02 487.36 540.70 594.04 647.38 700.72 754.05 807.39 860.73
500 229.00 282.33 335.67 389.01 442.35 495.69 549.03 602.36 655.70 709.04 762.38 815.72 869.05
550 237.32 290.66 344.00 397.33 450.67 504.01 557.35 610.69 664.03 717.36 770.70 824.04 877.38
600 245.64 298.98 352.32 405.66 459.00 512.33 565.67 619.01 672.35 725.69 779.03 832.36 885.70
650 253.97 307.31 360.64 413.98 467.32 520.66 574.00 627.33 680.67 734.01 787.35 840.69 894.03
700 262.29 315.63 368.97 422.31 475.64 528.98 582.32 635.66 689.00 742.33 795.67 849.01 902.35
750 270.62 323.95 377.29 430.63 483.97 537.31 590.64 643.98 697.32 750.66 804.00 857.34 910.67
800 278.94 332.28 385.62 438.95 492.29 545.63 598.97 652.31 705.64 758.98 812.32 865.66 919.00
850 287.26 340.60 393.94 447.28 500.62 553.95 607.29 660.63 713.97 767.31 820.64 873.98 927.32
$414.354408 0.000 0.005 0.010 0.015 0.020 0.025 0.030 0.035 0.040 0.045 0.050 0.055 0.060
0.35 222.34 273.99 325.65 377.31 428.96 480.62 532.27 583.93 635.59 687.24 738.90 790.55 842.21
0.40 222.34 274.24 326.15 378.06 429.96 481.87 533.77 585.68 637.59 689.49 741.40 793.30 845.21
0.45 222.34 274.49 326.65 378.81 430.96 483.12 535.27 587.43 639.59 691.74 743.90 796.05 848.21
0.50 222.34 274.74 327.15 379.56 431.96 484.37 536.77 589.18 641.59 693.99 746.40 798.80 851.21
0.55 222.34 274.99 327.65 380.31 432.96 485.62 538.27 590.93 643.59 696.24 748.90 801.55 854.21
0.60 222.34 275.24 328.15 381.06 433.96 486.87 539.77 592.68 645.59 698.49 751.40 804.30 857.21
0.65 222.34 275.49 328.65 381.81 434.96 488.12 541.27 594.43 647.59 700.74 753.90 807.05 860.21
0.70 222.34 275.74 329.15 382.56 435.96 489.37 542.77 596.18 649.59 702.99 756.40 809.80 863.21
0.75 222.34 275.99 329.65 383.31 436.96 490.62 544.27 597.93 651.59 705.24 758.90 812.55 866.21
0.80 222.34 276.24 330.15 384.06 437.96 491.87 545.77 599.68 653.59 707.49 761.40 815.30 869.21
0.85 222.34 276.49 330.65 384.81 438.96 493.12 547.27 601.43 655.59 709.74 763.90 818.05 872.21
0.90 222.34 276.74 331.15 385.56 439.96 494.37 548.77 603.18 657.59 711.99 766.40 820.80 875.21
0.95 222.34 276.99 331.65 386.31 440.96 495.62 550.27 604.93 659.59 714.24 768.90 823.55 878.21
Capacity Factor (%)
NH3 HB-ASU Pack Cost
(S//kWe DC)
NH3 HB-ASU Sp. Energy Cons.
(kWhe AC/Kg NH3)
Stack Pack Cost (S//kWe DC)
Sensitivity-1D-2D
Version: 7
Date: 4/12/2021 Page 16 of 18

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