8/1/2008 CATALYTIC CONVERSION OF BIOMASS TO GASOLINE, DIESEL, JET FUEL AND OTHER HYDROCARBONS

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1 ATALYTI ONVERSION OF BIOMASS TO GASOLINE, DIESEL, JET FUEL AND OTHER HYDROARBONS Virent Energy Systems Overview Virent is commercializing proprietary low temperature catalytic processes that convert biomass into hydrocarbon fuels, chemicals, or hydrogen. Founded in 2002 Based in Madison, WI > 70 Employees 16 Pilot Plants in Operation 29,000 sq. ft. facility > $ 30 MM of Venture Financing 1

2 Tier-One Global Partners Government Funded Programs Over $11 million in ompetitive Federal funding 2

3 Pathways to Renewable Fuels Gasification Syngas Fischer- Tropsch Fermentation Diesel Jet Fuel Ethanol atalysis Methanol Ethanol Biomass Pyrolysis Bio-oilsoils Refining Liquid Fuels Hydrolysis Sugars Fermentation Aqueous Phase Reforming Ethanol Butanol Gasoline Diesel Jet Alcohols BioForming Process to Liquid Fuels Glycerol arbon Number H 2 Sorbitol Xylose Glucose Sucrose Polysaccharides ellulose Hemi-ellulose H H [ O O ] H H n H 2 O H H 2 * * H H xo * * OH x H xo * * * * H 2 O,H 2 alkanes H 2 O H 2 - cleavage O 2,H 2 OH x H 2 O WGS O 2 3

4 Virent Attributes Life ycle Feed: Water Soluble Sugars Product: Gasoline, Jet Fuel, Diesel Economics Process: Solid State atalyst Virent Feed Stock Feed Process Product Feedstock Flexible. onventional and Non-Food Feedstocks Sources: Sugar ane Bagasse, Sugar Beet Pulp, Wheat Straw, Woody Biomass, Switchgrass Allows processing of mixed sugar streams including water soluble poly- saccharides and non-food hemi-cellulosic sugars 4

5 Virent Process Feed Process Product Inorganic atalysts not Living Organisms. Low temperature process. Liquid fuel products separate naturally from aqueous feedstocks; no distillation needed. Product slate is tunable. Achieved high yields of biogasoline from -5 s, -6 s, corn syrup and sucrose feedstocks. Virent Products Feed Process Product onventional Hydrocarbons- Gasoline, Jet Fuel, Diesel Product can be blended or used as a drop-in replacement. 50% higher energy density than ethanol. Will avoid massive fueling & engine infrastructure investment. Process can be tuned to alter yields to hydrogen, light hydrocarbons, heavier hydrocarbons, and alcohols. 5

6 ane Sugar and Xylose to Bio-Gasoline Bio-Gasoline omposition Same omponents as Unleaded Gasoline Unleaded Gasoline 115,000 BTUs/Gal Unleaded Gasoline Bioforming Green Gasoline Bioforming Green Gasoline 115,000 BTUs/Gal Ethanol 76,000 BTUs/Gal 6

7 Virent Life ycle Life ycle Feed: Product: Water Gasoline, Soluble Diesel, Sugars Jet Fuel Process: Solid State t atalyst Energy Balance: Produces gasoline with >50% higher net energy yield per acre than the corn ethanol process. Water Positive: The BioForming reaction is a net producer of water. O2 Neutral: Low energy input and biomass based feedstocks offer near-zero O2 process emissions. Low Energy Separation: Liquid Hydrocarbons naturally separate from water. Virent Economics Feed: Water Soluble Sugars Product: Gasoline, Diesel, Jet Fuel Economics Process: Solid State t atalyst 7

8 Sugar Mill ost Model (FOB) onclusions Virent s BioForming Process - Produces onventional Liquid Fuels Economically and Efficiently - Based on Heterogeneous atalysis - Feedstock Flexible - Tunable to Alter Product Yields Virent and Shell are collaborating to commercialize the BioForming process for gasoline production. Biorefineries i incorporating next generation biofuel technologies will produce higher quality fuel products and a broader range of renewable chemicals and materials. 8

9 Mary Willoughby Blanchard Director, Marketing Virent Energy Systems, Inc 3571 Anderson Street Madison, WI Phone: Fax: