ABLC 11112014 Virent at a Glance The global leader in catalytic biorefinery research development and commercialization Location Technology Infrastructure Madison Wisconsin USA 25x Development ID: 482594
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Slide1
Virent Leveraging Your Platform
ABLC
11/11/2014Slide2
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 chemicalsSlide3
20 integrated pilot plants
Biomass to final products
Reconfigurable for feedstock and product optimization
Scale-up of 100x
Full length reactors and commercial scale catalyst10,000 gal/yr. aromatics output
Volumes to seed market demand, confirm advantaged attributes, provide customer confidence
Pilot Plant Lab
Aromatics Demo
Scale-up
of
20X
5,000 gal/yr.
sugar to
fuel from
continuous
operationVolumes for jet fuel and diesel testing and certification
Distillate Demo
Virent Facilities, Madison WI USASlide4
Virent
Aromatics Production
Conventional Sugars
(Corn Starch, Cane Sugar,
Beet Sugar)
BIOMASS
Ethanol
Ethanol Conditioning
BIOMASS
Third Party Deconstruction
Virent
BIOMASS
Deconstruction
Virent
Distillate Production
Virent
APR Processing
p
-Xylene
Aromatics Complex
Toluene
Benzene
Fuels
Gasoline
Jet Aromatics
Light Cycle Oil
Fuels
Gasoline
Jet Fuel
Diesel
Tier 1 Feedstock Tier 2 Feedstock Virent Technology Industrial Solutions
1
2
3
Virent Conversion Platform Slide5
The
Virent
Value Proposition
Virent has the leading technology platform for catalytic conversion of renewable feedstocks to drop-in fuels and chemicals
Large markets, with leading global brand partnersRange of capabilities in R&D and pilot scale product and process developmentStrong IP positionEconomically attractive process
Higher yields and feedstock flexibility relative to other bio-based processes
Pathway to paraxylen competitive with petroleum and superior to other bio - pathwaysEnd-user relationship that supports bio-based product developmentClear strategy and path towards commercialization
Focus first on higher value aromatics chemical products
First to market with bio-paraxylene through development of
First Commercial Plant Leverage aromatics chemicals technology and process development to enhance fuels economics
Develop fuels platform with partners after technology is demonstrated Slide6
Virent Bio-Based Paraxylene
Competitive Strengths
Protected Pathway
Virent’s
advantaged position protected through IP position
110+ issued patents
165+ Pending Patent Applications
Data
Souces
: EIA Annual Energy Outlook 2014 Early Release, ISU
AgMRC
, ICISSlide7
Dasani Turnaround Driven by
PlantBottle
New York Times, Oct 20
th
2009
Mr
. Kent said that sales of Dasani brand water in North America were
down by more than 19 percent
. Sales of multipacks of Dasani, a popular packaging for water, were down even more, he said.
Muhtar
Kent, Oct 2012
(KO earnings call)
“The rest of our North America water business
grew 4% in the quarter
, led by Dasani which maintained its
premium price position
and saw further gains across key brand equity measures driven by consumer awareness of our innovative plant bottle packaging.”Slide8
The BioForming
®
Concept
Corn
BioForm
™
Diesel:
APR
Aromatics Processing
Distillates Processing
Biomass
Sugar Cane
Corn
Biobased
feedstocks to direct replacement products via modified conventional processing
Hydrodeoxygenated
Synthesized Aromatic
Kerosene
- HDO SAK
Hydrodeoxygenated
Synthesized Kerosene
- HDO SK
Natural Gas
H
2
(optional)
BioForm
™
Gasoline:
BioFormate
®
Gasoline
BioForm
™
Jet Fuel:
BioForm
™
Jet Fuel:
Renewable DieselSlide9
Yield & Selectivity Progress
Conversion of sugars to liquid hydrocarbons as % of theoretical maximum
* Virent conversion process with external H
2 Slide10
First Commercial Project
Scope: Ethanol to BioFormate® to
BioPX
, Benzene, Heavies
Scale: Circa 30 kt/a BioFormate
Ethanol Conditioning
Acid Condensation
Hydrotreating
Aromatics Processing
Ethanol
~15% Heavies
~60%
pX
~25% Benzene
Capital increases with scope requirement
Engaged consultants to facilitate engagement of aromatics toll processing partner
EC Licensor
Aromatics Licensor
Core Virent Technology and Modified Existing Technology
Licensing Options
Licensors bring credibility and know how to key technology areasSlide11
Fuels Summary
Fuels Partners
Successful completion of non-exclusive fuels collaboration entered into in April 2007 with Shell
Shell has taken Virent technology forward in a capital project and is now operating integrated pilot plant in Houston, TX
Significant interest from other energy companies – Shell license is non-exclusive
Bio-gasoline
Used
in competition
by Ferrari F1 team
Completed ‘no-harms’ fleet testing with Shell
EPA fuel registration in blends up to 45%
Bio-jet fuel
Two jet fuel components (Synthetic Kerosene; Synthetic Aromatic Kerosene)
Certification underway with FAA and ASTM
Delivered 100 gal to U.S. Air Force Research Lab in 2013
Positive analysis from U.S. Navy
Renewable diesel
Successful demonstration and production of >100gal of drop-in, direct replacement diesel in 2013 on Mini-Distillate demonstration plantSlide12
Funding & Commercialization Timeline
Commercialization plan provides several value-realizing liquidity opportunities. Virent requires $60MM debt/equity
to commercialization. Raising $20+M Now.
2014
2015
2016
2017
2019
2018
2020
2021
2022
2023
2024
Continued Gov’t Grants, Corporate JDAs & Sample Production
PX and Fuels Revenue
Stream
Chemicals Deployment
Fuels Deployment
Funding
PX First Commercial Plant
Final Investment Decision (FID):
late 2015-early 2016; Operate: 2017
Equity Funding
1
st
Full-scale fuels plant
(1 new every
2 yrs.)
FID: 2018-2019; Operate: 2020-2021
Liquidity Opportunity
Notes
: Value creation
e
vents driving
l
iquidity opportunities
First Commercial Plant
FID
First Commercial Plant
Operational , 1
st
Full-Scale PX Plant FID, 1
st
fuels Plant FID
1
st
full-scale PX plant operational, 1
st
fuels Plant Operational
(1)
M&A
(in lieu of Series D)
(2)
IPO/M&A
(3)
IPO/M&A
Plant 2
Plant 3
Plant 2
Plant 3
1
st
Full-scale PX plant
(1 new every 2
yrs. for first
two plants then 1 every year)
FID: late 2017; Operate: 2019
Plant 4Slide13
Jeff White, CFO
jeff_white@virent.com
Thank you