Proprietary and confidential information of White Dog Labs, Inc 2R23
White Dog Labs – What’s in the name?
Bourbon before barrel aging is called “White Dog”
Proprietary and confidential information of White Dog Labs, Inc 3R23
White Dog Labs’ Innovative MixoFerm™ Platform
WDL has developed microorganisms that concurrently ferment
carbohydrate and gases (e.g., CO2 & H2) increasing yields 50-100%
The technology was accepted for publication in Nature
and awarded a major grant by the US Department of Energy
The DOE announced funding for six projects
to advance bioenergy
…potentially breakthrough approaches and technologies…
“CO2 fixation by anaerobic non-
photosynthetic mixotrophy for improved
carbon conversion”
Proprietary and confidential information of White Dog Labs, Inc 4R23
WDL’s Industry and Product Opportunities
Nutrition & Food Specialty Products
Feeding a growing
population
Improved performance
& natural alternatives
Bio Chemical & Fuels
Improving our future
Carbon footprint
Proprietary and confidential information of White Dog Labs, Inc 5R23
WDL’s Integrated Facility – Molecular Lab to Commercial Pilot
Investment in pilot facility reduces commercialization risks
Proprietary downstream-extraction pilot facility
Molecular lab
Fermentation pilot facility
Fermentation lab
Proprietary and confidential information of White Dog Labs, Inc 6R23
Addressing Protein Demand of the Future
Aquaculture is critical to feed the world sustainably
• With a projected global
population of 9B by 2040, the
current production and
consumption of animal protein
is unsustainable
How do livestock compare?
Feed Conversion Ratio (FCR)
>6CATTLE
2.9HOGS
1.7BROILERS 1.1
Aquaculture
• Feed Conversion Ratio (FCR)
is the critical measure of
sustainability
Proprietary and confidential information of White Dog Labs, Inc 7R23
Future Forecast for Aquaculture
Demand for seafood is expected
to grow to 230 million tons by
2050
Aquaculture industry must grow
from 60 to 145 million tons $300BFarm gate value / year*
*Source: Worldfish – Aquaculture
Futures: Supply and demand trends.
Tremendous market growth projected yielding a large market opportunity
Proprietary and confidential information of White Dog Labs, Inc 8R23
Aquaculture is Already Constrained by Fishmeal
Fishmeal alternatives MUST enter the market and soon
1kg of farmed fish eats 1kg of forage
fish as fishmeal
Fishmeal supply has declined by 2
million tons since 1997.
Why?
• Unsustainable harvesting in the
past
• Climate change
• Ocean ecosystem change
• Competition to direct human
consumption
Global Fishmeal Supply
Proprietary and confidential information of White Dog Labs, Inc 9R23
ProTyton™ - Premium SCP with Enhanced Protein Content
ProTyton™ - The WDL Solution to Single Cell Protein
60
62
64
66
68
70
72
AnchovyMeal
ProTyton™ Soy ProteinConcentrate
CPContent(% as-is)
Crude Protein (CP) Comparison
0
1
2
3
4
5
6
7
Lys Met Thr His Ile Leu Phe
AA content (% as-is)
Amino Acid (AA) Comparison
Anchovy Meal ProTyton™ Soy Protein Concentrate
Most essential
Crude Protein and Amino Acid Characteristics of ProTyton™
Proprietary and confidential information of White Dog Labs, Inc 10R23
Good start to salmon
trials - palatable at 30%
inclusion
ProTyton™ Feeding Trials
Proprietary and confidential information of White Dog Labs, Inc 11R23
ProTyton™ is a high-value protein-replacement for fishmeal
ProTyton™ “Shadow Pricing” Analysis
Shadow pricing analysis performed by
• Feeds are formulated on
macronutrient (e.g. protein),
and micronutrient basis (e.g.
digestible amino acids)
• CATC recipe specifies 30
nutrients to be satisfied from a
library of 19 ingredients.
• A Cargill software (Indigo) is
used to combine the
ingredients for the least-cost
feed 0.0
5.0
10.0
15.0
20.0
25.0
30.0
$- $1,000 $2,000 $3,000 $4,000 $5,000
Incl
usi
on
leve
l (%
die
t)
SCP price ($/MT)
Scenario 2 - America
SCP Anchovy Menhaden PBM SPC CGM
Americas
ProTyton™ price
recommendation
$2,000/MT @ 12% inclusion
Anchovy fishmeal - $1350
Menhaden fishmeal - $1300
PBM: poultry by-product meal - $600
SPC: soy protein concentrate - $1100
CGM: corn gluten meal - $525
Anchovy and Menhaden fishmeal
inclusion levels are capped at 10% each
ProTyton™ SCP
Projected salmon feed cost at this intersection is $1,294/MT
ProTyton™
Proprietary and confidential information of White Dog Labs, Inc 12R23
ProTyton™ Low Cost Features
Feedstock for ProTyton™
• Ethanol “Syrup” as is or processed
• MixoFerm™ uniquely leverages
glycerol and syrup fermentables
Anaerobic Fermentation
• Low CapEx and OpEx
• <15 hour inoc to drop
• Non-sterile
Proprietary and confidential information of White Dog Labs, Inc 13R23
• Non-sterile
• No oxygen delivery Low agitation requirements
• Non-pressure vessels
• Typically very large capacity (500 – 1000K gallon)
• Same process as ethanol production
• Sterile
• High oxygen demand large agitation/high power input
• Pressure vessels
• 20 – 40K gallon fermenters
• High foaming
Anaerobic Fermentation Lowers CAPEX and OPEX
Typical anaerobic Fermentation Typical aerobic Fermentation
Proprietary and confidential information of White Dog Labs, Inc 14R23
ProTyton™ Low Cost Features
Feedstock for ProTyton™
• Ethanol “Syrup” as is or processed
• MixoFerm™ uniquely leverages
glycerol and syrup fermentables
Leveraging the material, equipment and operational expertise of the ethanol industry
SCP
Plant
“Bolt-on” to ethanol plants
Existing facilities, management and staff
Anaerobic Fermentation
• Low CapEx and OpEx
• <15 hour inoc to drop
• Non-sterile
Proprietary and confidential information of White Dog Labs, Inc 15R23
ProTyton™ Bolt-on Plant Design
Bolt-on SCP plantDesigned by
Proprietary and confidential information of White Dog Labs, Inc 16R23
ProTyton™ Plant Financial Summary
Collaborating with a major ethanol producer to get to the first plant
Project
cost
ProTyton™
price $/MT
Revenue
$M IRR
Payback
years
Current Market Price Estimates for SCP $22M 1500 17 56% 1.9
Future Market Price Estimates for SCP $22M 1750 20 78% 1.4
Licensee 100MGY plant pro-forma summary*
2017
Feed Trials 2018
Customer Qualification
2019
Plant Construction
2020
Production
Plant pro-forma Plant design & cost
R 15.1
Product pricing
*Assumptions: Feedstock purchased at DDGS prices, 50% loan at 6% for 7 years, 5% royalties for 20 years
Proprietary and confidential information of White Dog Labs, Inc 17R23
ProTyton™ Business Strategy
Tech Provider
EPC
Project
Finance
ProTyton™ Partnerships
Ethanol
plant
Ethanol
plant
Ethanol
plant
ProTyton™Bolt-on plant
WDL intends to leverage the ethanol industry to build a protein company
SCP ProTyton™Branding and marketing
QC and distribution
Proprietary and confidential information of White Dog Labs, Inc 18R23
Thank YouBryan Tracy, PhD
CEO – White Dog Labs, Inc.
Proprietary and confidential information of White Dog Labs, Inc 19R23
ProTyton™ – continual product differentiation and market expansion
ProTyton™ Enhanced Product Roadmap
ProTyton™ Enhanced AA• Non GMO
• Potential for 15% more essential AA
Glycolysis
TCA cycle
Aspartate
Aspartate-P
Aspartate
kinase
Lysine
Threonine
MethionineHomoserine
Aspartate-semialdehyde
Homoserine
dehydrogenase
ProTyton™ Probiotics• Non GMO
• Sporulate cultures for better
gut health and
immunostimulation