Virent is replacing crude oil.

Transcription

1 Virent is replacing crude oil. Louisiana Biofuels and Bioprocessing Summit September 11-12, 2012 Baton Rouge, LA Andrew Held Virent, Inc. Senior Director Feedstock Development Virent 2012

2 Virent at a Glance The global leader in catalytic biorefinery research, development, and commercialization Employees Partners & Investors 120 Employees Financial Infrastructure > $77 MM in Equity Funding > $75 MM in Gov & Industry 25x Development Pilot Plants 1x 10,000 gal/yr Demo Plant Virent

3 BioForming Concept Process flexibility enables the production of gasoline, aromatic chemicals, jet fuel and diesel from a variety of raw materials. Biomass Cane Modified ZSM-5 Reformate Aromatics Gasoline Biomass Sugar Cane Aqueous Phase Reforming (APR) Feedstocks to APR include any water soluble carbohydrate. APR prepares biomass derived feedstocks for optimal conversion into hydrocarbons. Option for natural gas co-processing significantly improve yields and economics. Overall process efficiency > 85%. Corn Corn Condensation + Hydrotreating Distillate Jet Fuel Diesel Virent

4 High Quality, Drop-in Fuels Premium Biogasoline 120,000 Btu/gal Virent Distillates Meet ASTM Specifications Virent Fuel in Scuderia Ferrari Race Fuel Energy Dense, Drop-in Fuels Virent Slide 4

5 Commercial Sugars and Cellulosics Virent

6 Cellulosics Portfolio Approach Dilute acid and enzyme hydrolysis Cold Acid Solvent Extraction Wet oxidation and enzyme hydrolysis Catalytic Biomass Deconstruction Virent

7 Fully Renewable Synthetic Jet Cellulosic Biomass to Jet Fuel, 3/26/2012 Analysis from Wright Patterson AFB Specification Test MIL-DTL G Spec Requirement JP-8 Physical and Chemical Properties Heat of Combustion (measured), MJ/Kg Flash point, C Freeze Point, C < C, kg/l Excellent freeze point and density due to unique Virent jet composition Distillation 10% recovered (T 10 ), C EP, C T 90 -T 10, C Thermal Stability Temperature 260 C 325 C Tube Deposit Rating <3 1 1 Very high thermal stability Change in Pressure, mm Hg Virent

8 NABC (DE-AC36-08GO28308) Corn Stover Wood Pretreatm ent Hydroly sis Purifica tion HDO AC Aromatic-Rich Gasoline Blackbird (DE-EE ) Corn Stover Pretreatment Purification HDO DHOG Gasoline Jet Fuel Diesel Fuel Phoenix (DE-EE ) Corn Stover Bagasse Wood RCL AC Separat ions Para-xylene Benzene Fuel Co-product Virent 2012 The three projects above total more than $25 million; DOE support is >$20 million. 8

9 Sustainable Bioproducts Initiative LSU LED PROJECT - A REGIONAL PROGRAM FOR PRODUCTION OF MULTIPLE AGRICULTURAL FEEDSTOCKS AND PROCESSING TO BIOFUELS AND BIOBASED CHEMICALS USDA NIFA AFRI Bioenergy CAP: Award No Timeline: 5 year project starting Q Virent and team members will demonstrate agronomic, economic, technical, and sustainability attributes for energy cane and sweet sorghum to biofuels and bioproducts in the Southeast U.S. Energy Cane Sweet Sorghum Process -ing Purification Hydrocarbons Aromatics / Gasoline Distillate MS Process Economics Sustainability MS Process Virent

10 World Petrochemical Market Approximately 300M tonnes in Mt/a Market value ~ US$400B (today) 70 Mt/a 11 Mt/a 40 Mt/a Virent focusing on BTX 23 Mt/a 40 Mt/a Ethylene Propylene Butadiene Benzene Toluene Xylene Olefins Aromatics Assoc. Gases /Naphtha Crude Oil Natural Gas Liquids Virent Estimates of world demand, 2009 Sources: ICIS Chemical Business; BMI, CMAI.

11 Catalytic Processing Offers Flexibility to Replace More than Fuels Bio-reformate can replace typical reformate which is dominant feedstock for many chemicals, fibers, and plastics in use today 2.0E % Benzene 38 % Toluene Benzene 1.8E+07 FID Response (Arbitrary Units) 1.6E E E E E E+06 Composition Shifted for Aromatics Production Optimized Product for Gasoline Blending Toluene Virent - TCCC Para-Xylene 4.0E E E % Benzene 12 % Toluene Retention Time (Minutes) Product Composition Flexibility Meta-Xylene Ortho-Xylene Virent

12 Current State-of-the-Art PET Petro-based feedstock PX Ethanol Ethylene Petro-based Bio-based feedstock PTA 69% PET Resin Bio- MEG MEG 31% 31% Today, the vast majority of PET is sourced from fossil derived feedstocks. Partially bio-based PET bottles (up to 30%) can be produced from MEG that is derived from ethanol. Blow molding Adapted from Coca-Cola website graphic Virent

13 100% Renewable, Recyclable PET Petro-based Bio-based feedstock BioForm PX PX Ethanol Ethylene Petro-based Bio-based feedstock Bio- MEG MEG 31% 31% Bio- PTA PTA 69% 69% Bio-PET PET Resin Resin Virent technology for bio-based PX enables a 100% bio-based PET bottle that is: 100% Recyclable 100% Renewable Blow Blow molding molding Adapted from Coca-Cola website graphic Virent Slide 13

14 Economics Biomass Breakeven Cash cost breakeven for a Virent BioForming refinery producing aromatics. Crude Oil, $/BBL Industry Projection Favors biomass Favors crude Biomass, $/tonne Notes: *Product Values utilize historic Crude to Product Value Ratios from Mid 2007 to Mid 2010 *Major Utilities Cost Assumptions of $4/mmbtu NG and $0.07/kw-hr *Includes Variable and Fixed costs IEA Projection Virent

15 Green House Gas (GHG) Emissions Cradle To Grave Analysis > 30% reduction > 35% reduction > 55% reduction 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. Virent

16 Summary Leading technology for catalytic conversion of plant matter to direct replacement hydrocarbons, including aromatics. Pursuing opportunities in aromatic chemicals as a first plant deployment Initial target is PX for the production of biobased PTA and PET. Establishing strategic partnerships to commercialize biobased aromatics production and supply chain. Advancing commercialization of Virent s liquid fuels technology with Shell. Pursuing additional fuel opportunities with other third parties. Developing pathways to advance integration with cellulosic feedstocks to further improve yields and profitability. Virent

17 Thank you. Virent converts plant-based sugars into 100% renewable chemicals and fuels. Our biobased products are identical to those produced from petroleum direct replacements that utilize today s processing, storage and transportation infrastructure. Andrew Held, Senior Director Feedstock Development andrew_held@virent.com Virent 2012