MODULAR
AND PROFITABLE

Modular carbon capture for a wide range of emitters.

Commerical profibility at $50/tonne through carbon tax offset and credit revenues.

Modular Design Enables Market Expansion

Massive Market OpportunityAcross Multiple Industries¹0200400600Oil and GasManufacturingUtilitiesWasteManagementPulp and PaperMiningFood ManufacturingMiscellaneousAgricultureTransportationConstructionNumber of Facilities96%4%43%57%Emitters by SizeTotal Emissions by Large and SmallEmitters
Sources

1. Data from Environment and Climate Change Canada’s Greenhouse Gas Reporting Program (2019)

Definitions

Entropy projects are defined are profitable at today’s carbon pricing for large and small emitters.

Scalable project opportunities exist as small as 8,000 tonnes/year.

550 -450 -350 -250 -150 -50 -0 -10,000100,0001,000,00010,000,000Total Emissions (tonnes/year COe in 2019) - Binned @ 10,000 tonnesLarge Emitter (>1 MM TCO/y)Small Emitter (<1 MM TCO/y)∑1,637Emitters∑60EmittersCanadian Facility GHG Reporting (2019)¹Number of Facilities
Sources

1. Data from Environment and Climate Change Canada’s Greenhouse Gas Reporting Program (2019)

Definitions

86% of heavy emitters produce emissions at a scale that Entropy technology could capture.

Significant Net Operating Income Opportunity

entropy_charts050100150200250USA 45QCaliforniaCanada 2022Canada 2030SwedenNor w a y FinlandUK Germany Carbon Pricing Initiativ es ($CAD/ T CO₂e) Carbon Price Adoption in K e y Mar k ets Carbon pricing is p r ojected t o inc r ease in d ev eloped nations
Sources
Definitions
entropy_charts T otal P r oject NOI (Glacier Phase 1 & 2) V arious carbon pricing scenarios ($CAD/ T CO₂e) -$5$ 1 0 $1 5 $2 0 $2 5 $30$352021203020242026202220282025202720232029Net Oper ating Income ($CAD millions) Y ear Escalating t o $170 Flat $80 Flat $50
Sources

Forward-looking information. Refer to Advisory for material assumptions and risk factors.

Definitions

Assumptions:

Glacier Phase 1 on-stream March 2022; Phase 2 on-stream June 2023.

Gas price estimated (average ~C$2.40/mcf from 2021 to 2030).