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Virent is Replacing Crude Oil. - Ascension Process Yield Advantage ... Propylene Butadiene Benzene...

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  • Virent is Replacing Crude Oil.Advanced Biofuel Leadership Conference

    Lee Edwards Virent CEO April, 2012

    Virent 2012

  • Virent at a GlanceThe global leader in catalytic biorefinery research, development, and commercialization

    120 Employees

    Financial Infrastructure

    26x Development Pilot Plants, 1x 10,000 gal/yr Demo Plant

    Partners & Investors

    > $77 MM in Equity Funding, > $75 MM in Gov & Industry

    Virent 2012 2

  • Virent BioForming Platform

    Biomass

    Cane

    Corn

    Reformate

    Distillate

    Biomass

    SugarCane

    Corn

    Aqueous Phase

    Reforming (APR)

    ModifiedZSM-5

    Condensation + Hydrotreating

    Aromatics&

    Gasoline

    Jet Fuel Diesel

    Process flexibility enables the production of gasoline, aromatic chemicals, jet fuel and diesel from a variety of raw materials.

    Virent 2012 3

    Continuous Catalytic Conversion

    Drop-ins with high yield efficiency

    30 Issued/Allowed Patents

    152 Pending Patent Applications

  • High Quality, Drop-in Fuels

    EnergyDense,DropinFuels

    PremiumBiogasoline 120,000Btu/gal VirentDistillatesMeetASTMSpecifications

    VirentFuelinScuderiaFerrariRaceFuel

    Virent 2012 4

  • Virent Process Yield AdvantageApproaching Theoretical- Lower is Better

    TheoreticalFermentation

    TheoreticalVirentConversion*

    *VirentconversionprocesswithexternalH2

    2.5 lbs of sugar lbs of liq. HC

    Virent 2012 5

  • Strategic Investors & Fuel Partners

    Feedstock Logistics

    ConversionPlatform

    Deployment Opportunity

    Customer Acceptance

    Major shareholder

    Participating in feedstock development and commercial deployment

    Platform R&D Technology

    provider Feedstock R&D Catalyst

    development Operations

    Major shareholder

    Development partner

    Fuel qualification

    Scale-up partner

    Market channels

    Shareholder Support efforts

    to determine sustainability in current and next generation engines

    Develop, deploy and commercialize at scale a renewable petrochemical platform that can utilize existing infrastructure.

    Virent 2012 6

  • Chemicals Strategic Investors & Partners

    Feedstock Logistics

    ConversionPlatform

    Deployment Opportunity

    Customer Acceptance

    In Progress

    Develop, deploy and commercialize at scale a renewable petrochemical platform that can utilize existing infrastructure.

    Major shareholder

    Participating in feedstock development and commercial deployment

    Platform R&D Technology

    provider Feedstock R&D Catalyst

    development Operations

    Development partner

    In existing petrochem supply chain

    Scale-up partner

    Market channels

    Demand and supply chain pull-through

    Strategic alignment on alternative feedstocks

    Support validation of final product

    Virent 2012 7

  • World Petrochemical Volumes

    Ethylene

    Assoc. Gases /Naphtha

    115 Mt/a

    Estimates of world demand , 2009Sources: ICIS Chemical Business; BMI, CMAI.

    Propylene Butadiene Benzene Toluene Xylene

    Olefins Aromatics

    Crude Oil

    70 Mt/a

    11 Mt/a

    40 Mt/a

    23 Mt/a

    40 Mt/a

    Natural Gas Liquids

    Approximately 300M tonnes in 2009

    Market value ~ US$400B (today)

    7% CAGR, doubles market by 2020

    Virent focusing on BTX

    Virent 2012 8

  • PET Supply Chain Integration

    Virents technology addresses sustainability: supply, economics, & environment Diversify raw materials leveraging current supply chain. Reduce exposure crude oil pricing Solution for demand for sustainability

    Virent will target 2015 or sooner for the production of BioFormPX Secured Coca-Cola development and supply agreement. Establishing production and supply chain partnerships.

    CrudeOil

    Reformate

    BTX PX PTA

    PETresin Preform Bottle

    Naphtha

    Biomass Reformate BTX PX

    Virent

    PETfiber Textile Clothing

    BioFormPXBrand

    Virent 2012 9

  • VirentSummary

    Leading technology with catalytic conversion to quality hydrocarbons including aromatics

    First mover opportunities in chemicals PX is chemicals target Signed a JDA and MSA with Coca-Cola Establishing supply chain partnerships to support deployment

    Deployment opportunities for fuels Supporting Shell to accelerate biomass to fuels deployment. DPA tri-agency partner opportunities

    Developing pathways to accelerate integration with cellulosic feedstocks and lignin to further improve yields and profitability.

    Virent 2012 10

  • Virent 2012

    Industry Opportunity

    11

  • Closing in on US Liquid Fuels Supply

    Virent 2012 12

    U.S. Energy Information Administration | Annual Energy Outlook 2012 Early Release Overview

    Total Imports valued at $200-500 bn

  • Fuel Prices could be higher!

    $

    $1.00

    $2.00

    $3.00

    $4.00

    $5.00

    $6.00

    $7.00

    $8.00

    $9.00

    UnitedStates Germany UnitedKingdom

    VATExciseDutiesCosts+MarginCrude

    Virent 2012 13

    http://www.energy.eu/#fueltaxesEIA: http://205.254.135.7/tools/faqs/faq.cfm?id=22&t=10

  • China Liquid Fuel Supply Outlook

    Virent 2012 14

    Note USA Consumption is 20 mm bbls/day: 200% more than China

  • India Liquid Fuel Supply Outlook

    Virent 2012 15

  • USA Agricultural Productivity Advantage 2011/2012

    Virent 2012 16Data Source: USDA FAS PSD

  • Feedstock Energy Costs Opportunity to Innovate

    Heating Value Data Sources: GREET and Aspen Plus

    2011 Virent, Inc. Slide 17

  • [Policy

    Supporting the Industry

    Slide 18 2011 Virent, Inc.

    Technical/CapitalRisk

    ProductValueRisk

    Stable Market Drivers RFS Section 526

    Market Floor Section 45K

    Long-term Off-take

    Long-term Policies

    FeedstockPricingRisk

    Bonus Depreciation Section 179C Cellulosic Biofuels

    Investment Tax Credit Expansion of MLPs Loan Guarantees/Grants

    Stable and secure Farmer incentives to participateSugar Availability Outside the Sugar Program

  • Leadership in Sustainability

    Supp

    ly C

    hain

    SUSTAINABILITY

    Econ

    omic

    s

    Envi

    ronm

    ent

    CostVolatility

    CustomerValues

    ResourceScarcity

    1

    Virent 2012 19

  • Industry Prospects

    Virent 2012 20

    Meet or Exceed 2012-13 commercial milestones: Restore investor confidence- Signal risks early, avoid surprises

    Distinguish Plant 1 performance and nth Plant: Set realistic forward plans- Yield- Scale- Capital Efficiency

    New feedstocks & technologies compete with 1st Generation: Upside profits- Cellulosics- Waste streams

    Support long term Policy stability and competition: We can win!

  • Lee Edwards CEOLee_Edwards@virent.com

    Thank you.

    Virent 2012

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