Bio-based PX for 100% bio-PET

International Conference on Sustainable Chemistry & Engineering

November 19th 2013

© Virent 2013

Virent Vision

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Consumption outpacing population

0

20

40

60

80

100

120

2010 2050

pe

rce

nt

incr

ea

se Consumption

Population

Source: United Nations © Virent 2013 3

Consumption today

We are consuming 1.5x the ability of the

earth to supply resources sustainably…

yet consumption will grow

as we increase quality of life © Virent 2013 4

Consumption growth

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Sustainable Consumption

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We can increase the ability of the earth to

sustainably supply the resources we need through

efficiency, growth and technology

Sustainable Consumption

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technology

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Converting biomass around the world

…with Virent technologies and partners

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Virent at a glance The global leader in catalytic biorefinery research, development, and commercialization

Location

Technology

Infrastructure

Madison, Wisconsin, USA 25x Development Pilot Plants

2x Larger Demo Plants

Partners & Investors

Catalytically converting plant-based feedstocks to fuels and chemicals

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Virent’s BioForming® Technology

Fast and Robust Inorganic Catalysts

Moderate Conditions

Industry Proven Scalability

Energy Efficient Exothermic

Low Energy Separation

Low Carbon Footprint

Premium Drop-in Products Tunable Platform

Infrastructure Compatible

Fuels and Chemicals

Feedstock Flexible Conventional Sugars

Non-Food Sugars

Leading catalytic route to renewable hydrocarbon fuels and chemicals.

“Eagle” Virent’s Biogasoline Demonstration Plant- Madison, WI

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The BioForming® Concept

Corn

Reformate

Distillate

APR/HDO

Modified

ZSM-5

Condensation

+

Hydrotreating

Aromatics

Gasoline

Jet Fuel

Diesel

Cellulosic

Biomass

Cane Sugar

and Bagasse

Bio-based feedstocks to direct replacement products

73 Issued/Allowed Patents, 160+ Pending Patent Applications

H2

APR = Aqueous Phase Reforming HDO = Hydro-deoxygenation, a variation of APR that utilizes external hydrogen

Option 1

Option 2

Drop-In

Drop-In

Woody

Biomass

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Biobased Chemicals

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Global Petrochemical Market

Ethylene

Assoc. gases / Naphta

127 Mt/a

Estimates of world demand , 2011 Sources: IHS Chemical, ICIS.

Propylene Butadiene* Benzene Toluene Xylene

Olefins Aromatics

Crude Oil

79 Mt/a

10.5 Mt/a

41 Mt/a

29 Mt/a

43 Mt/a

Natural Gas Liquids

• Approximately 330M tonnes in 2011

• Market value ~ US$440B

• BTX Market value ~ US$130B

Virent focusing on BTX

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Global Petrochemical Market

Benzene Toluene Xylene

Aromatics

Nylon Polyester Polyurethane Phenolics Polycarbonate Polystyrene

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Same polymers, same performance, same equipment

Mass Balance

16

Virent BioForming

Aromatics Processing

Soluble Carbohydrate

2.6t

BioFormate (Liquid

Hydrocarbons)

1t

Paraxylene 0.6t

Benzene 0.2t

BioGas 0.1t

BioFuel 0.1t

Virent BioForming

Best Theoretically Achievable

Specific Feedstock Consumption (mass carbohydrate per mass hydrocarbon)

2.6 2.3

Carbohydrate mass yield to liquid hydrocarbon

38% 43%

Biomass

Sugar cane

Corn

Hydrogen 0.17 t

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100% Bio-based Paraxylene

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Why are customers interested?

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Diversifying supply & tackling volatility Consumer interest and demands

Supply as co-product diminishing Projected Strong Global Growth Rates

Coca-Cola & Virent partnership

Coca-Cola supporting the commercialization of Virent’s BioFormPX™ for use in PlantBottle™

Multi-million dollar, multi-year agreements with Virent

Joint Development Agreement

Supply Agreement

Supporting Virent’s plans for first chemicals plant

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Challenges

Scaling and entering into a complex

supply chain

Raising capital for a novel technology

Competing commodities (petro vs agro)

Feedstock sustainability is a “moving

target”

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Bio-PET Supply Chain

22

Crude Oil

Reformate

BTX PX PTA

PET

Naphtha

Biomass Reformate BTX PX

Virent BioFormPX

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1 2 3

Natural

Gas

NGL

Pygas

Ethane

Cra

cker

R

efo

rmer

Ethylene Ethylene

oxide

Ethylene

glycol

Biomass Ethanol Ethylene Ethylene

oxide

Ethylene

glycol

Feedstocks

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Feedstocks

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Cellulosics

Maize / Corn

Sugar cane

Sugar beet Ethanol

Cellulosics

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Corn Stover

Sugar cane bagasse

Wood chips

Rice straw

Wheat straw

Tall grasses

Sustainability

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Green House Gas (GHG) Emissions Cradle To Grave Analysis

• Initial Virent internal GHG estimates conducted for one potential commercial plant configuration

• GHG emissions calculated based on economic allocation methodology (5 yr. price average)

• Utilized EcoInvent and GREET data in conjunction with GaBi software for GHG analysis.

• Does not include any transportation effects post-gate.

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> 30% reduction

> 55% reduction

> 35% reduction

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Summary

Leading technology for catalytic conversion of plant matter to direct

replacement hydrocarbons, including aromatics.

Strong strategic partnerships (e.g. The Coca-Cola Company, Royal

Dutch Shell, Cargill, Honda).

First commercial deployment will be bio-PX for the production of

biobased PTA and PET.

Initial deployment for bio-PX will use ethanol as a feedstock for more

rapid, lighter capital project

Growing demand for bio-based aromatics due to

Consumer demands and desire for differentiation

Shifts in petrochemical supply dynamics and fears

Tackling volatility with a portfolio approach

Developing pathways to advance integration with cellulosic feedstocks

and lignin.

Sustainability is critical and must account for biogenic carbon

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Virent converts plant-based sugars into 100% renewable chemicals and fuels. Our bio-

based products are identical to those produced from petroleum—direct replacements

that utilize today’s processing, storage and transportation infrastructure.

Kieran Furlong, Director Chemicals Business Development

kieran_furlong@virent.com

Thank you.

© Virent 2013