CEWT's Equity Investment Thesis

Equity Investment Thesis (Infrastructure-Aligned) 135 MW Renewable Baseload Power Asset – Western Australia ASSET OVERVIEW Clean Energy and Water Technologies Pty Ltd (CEWT) is developing a 135 MW firm, dispatchable, zero-emissions renewable power asset based on its proprietary Carbon Recycling Technology (CRT). The project is conceived and structured primarily as long-life renewable baseload power infrastructure. Industrial applications such as steel, cement, and other continuous-process sectors are treated as downstream offtake options rather than as the defining factor in the investment case. CRT delivers continuous power by converting renewable electricity into recyclable molecular energy within a closed carbon loop, enabling >95% availability without reliance on long-duration energy storage or ongoing fossil fuel inputs. INVESTMENT RATIONALE • Long-life physical power asset (25–30+ years) • Baseload, dispatchable output suitable for grid and industrial offtake • Predictable operating profile aligned with infrastructure underwriting • Low merchant exposure once contracted • Designed to attract senior debt and concessional capital TARGET RETURNS • Target Equity IRR: Low-to-mid teens (unlevered, base case) • Infrastructure-style yield with long-duration cashflows • Upside from industrial replication and licensing excluded from base case CAPITAL STACK (INDICATIVE) • Senior Debt: Majority of total CAPEX (commercial and concessional) • Equity: Minority layer focused on risk absorption and alignment • Public Capital / Grants: Catalytic and non-dilutive DOWNSIDE CASE Base downside assumptions exclude carbon credit revenue and policy-driven upside. Under downside conditions, the asset remains cash-positive due to firm baseload power value, high availability, and absence of long-term carbon liability. RISK MITIGATION Technology: Proven industrial processes integrated at system level Construction: EPC alignment and performance guarantees Operations: Continuous baseload design (not cycling-dependent) Market: Power-first offtake with optional industrial demand Carbon: Closed-loop recycling eliminates liability Stranding: Asset remains relevant in high-renewables systems PLATFORM UPSIDE The 135 MW project serves as a commercial reference asset for replication across power markets. Integration with steel, cement, and other hard-to-abate industries represents upside optionality and is excluded from base-case underwriting. INVESTMENT THESIS CRT delivers infrastructure-grade renewable baseload power with returns driven by reliability, continuity, and downside resilience — not commodity volatility.