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100% Biobased PET: A Sustainable Approach to Fiber, Film, and Bottles.
© Virent 2012
5th Annual Renewable Energy and
Advanced Biofuels Summit
Greg Keenan, Virent Inc. - Vice President Business Development & Engineering
Virent at a Glance The global leader in catalytic biorefinery research, development, and commercialization
Employees
Financial Infrastructure
117 Employees
25x 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’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.
Virent’s “Eagle” Demonstration Plant- Madison, WI
30 Issued/Allowed Patents 152 Pending Patent Applications
© Virent 2012 3
Fuels and Chemicals from Biomass
Fermentation
Fermentation
APR
Refining
Fischer-
Tropsch
Catalysis
Gasification
Pyrolysis
Hydrolysis
Syngas
Bio-oils
Sugars
Diesel
Jet Fuel
Ethanol
Methanol
Ethanol
Liquid Fuels
Ethanol
Butanol
Hydrocarbons
Gasoline
Jet fuel
Diesel
Chemicals
CH1.4O0.6
CH1.6O0.4
CH2O
CO + H2
CH2
CH2
CH3O0.5
CH3O0.5
CH3O0.5
CH2
CH2
CH3O0.5
Virent’s BioForming® Process
Biomass
© Virent 2012 4
BioForming® Concept
Biomass
Cane
Corn
Reformate
Distillate
Biomass
Sugar Cane
Corn
Aqueous
Phase
Reforming
(APR)
Modified
ZSM-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.
APR prepares biomass derived feedstocks for
optimal conversion into hydrocarbons.
Feedstocks to APR include any water soluble
carbohydrate.
Option for natural gas co-processing can improve
yields and economics.
Overall process efficiency > 85%.
Demonstrated process yields are 85% of theoretical.
© Virent 2012 5
Commercializing Drop-in Fuels from Biomass
Virent’s biobased gasoline fuel
being used by the Scuderia
Ferrari race team.
Fuel produced from sugar beets
in Virent’s demonstration plant in
Madison, WI.
Fleet trial successfully completed
by Shell in the summer of 2011.
Results demonstrate the biobased
gasoline produced by Virent
performs as well as conventional
fuels derived from petroleum.
Shell Led Validation Activities Demonstrate the Utility and Benefits of
Virent’s Direct Replacement Hydrocarbon Fuels.
© Virent 2012 6
Jet Fuel Product Validation
Testing validates potential for 100% replacement. Initiated ASTM certification process. Awarded FAA contract to support certification.
Wright Patterson Air Force Lab confirms Virent’s jet meets or exceeds petroleum derived fuel standards.
© Virent 2012 7
Making 100% Plant Based PET Possible
Virent and The Coca-Cola Company Sign Agreements to Develop and
Supply PX for 100% Renewable, Recyclable PlantBottle™ Packaging
Virent’s Plant Based Paraxylene Paves the Way for a 100% Bio-PET Bottle
8 © Virent 2012
Adapted from Coca-Cola website graphic
http://www.thecoca-colacompany.com/citizenship/plantbottle_basics.html
Current State-of-the-Art PET
PTA
69%
MEG 31%
Ethylene PX Petro-based
feedstock
PET Resin
Blow
molding
Petro-based
feedstock
Bio-based
feedstock Ethanol
Bio-
MEG
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.
© Virent 2012 9
100% Renewable, Recyclable PET
PTA 69%
MEG 31%
Ethylene PX Petro-based
feedstock
PET Resin
Blow molding
Petro-based feedstock
Bio-based
feedstock Ethanol
Bio-
MEG
31%
Bio-based
feedstock
BioForm
PX
Bio-
PTA
69%
Bio-PET
Resin
Blow
molding
Slide 10
Virent technology for
bio-based PX enables a
100% bio-based PET bottle
that is:
• 100% Recyclable
• 100% Renewable
Adapted from Coca-Cola website graphic
http://www.thecoca-colacompany.com/citizenship/plantbottle_basics.html © Virent 2012 10
PX World Market
2010 2020
$39B
30Mt 57Mt
World
market
size (2010 USD)
World
consumption (million metric
tons)
$116B
Sources: PCI; EIA.
© Virent 2012 11
BioForming® & Aromatics Separation
Aqueous Phase
Reforming
Catalytic Conversion
to Hydrocarbons
BioForming® Process Catalytic de-oxygenation of soluble
carbohydrates
Proprietary novel APR catalyst & Virent-
modified acid condensation catalyst
Virent has proven technical feasibility of
using cellulosic materials as feedstock
Aromatics Processing BioFormate® can be utilized as a fuel or
processed in existing aromatics
infrastructure
Optimized integration with aromatics
isomerization, separation and purification
possible
Reactive
Intermediates BioFormPX™
&
other aromatic
chemicals
Aromatic-Rich
BioFormate®
Aromatics
Complex
Converting Multiple Feedstocks to High Value Hydrocarbons
Biomass
Sugar
Cane
Corn
© Virent 2012 12
PET Supply Chain Integration
Virent’s technology addresses sustainability: supply, economics, & environment
Diversify and increase available raw materials with minimal impact to the supply chain.
Reduce exposure to crude oil volatility, increase security of supply.
Address sustainability requirements of the consumer and regulator.
Virent will target 2015 or sooner for the production of BioFormPX™
Secured Coca-Cola development and supply agreement.
Establishing production and supply chain partnerships.
Crude Oil
Reformate
BTX PX PTA
PET resin Preform Bottle
Naphtha
Biomass Reformate BTX PX
Virent
PET fiber Textile Clothing
BioFormPX™ Brand
© Virent 2012 13
Economics – Mass Balance/Yield
Virent BioForming
Aromatics Processing
Soluble Carbohydrate
2.6t
BioFormate (Liquid
Hydrocarbons)
1t
Paraxylene 0.6t
Benzene 0.2t
Light Ends 0.1t
BioFuel 0.1t
Virent BioForming
Maximum Theoretical Conversion
Specific Feedstock Consumption (mass carbohydrate per mass hydrocarbon)
2.6 2.3
Mass yield to liquid hydrocarbon
38% 43%
Efficiency (% of theoretical)
88% efficient --
Mass Flows Biomass
Sugar cane
Corn
© Virent 2012 14
Economics – Biomass Breakeven
15
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
Cash cost breakeven for a Virent BioForming® refinery producing aromatics.
60
70
80
90
100
110
120
0 50 100 150 200 250
Cru
de
Oil,
$/B
BL
Biomass, $/tonne
© Virent 2012
Green House Gas (GHG) Emissions Cradle To Grave Analysis for biobased PX
0
1
2
3
4
5
6
7
Petro PX BioFormPX- US corn
BioFormPX- EU sugar beet
BioFormPX - BR sugar cane
kg C
O2
eq
v /
kg p
rod
uct
GHG emissions
> 30% reduction
> 55% reduction
> 35% reduction
16
• 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 2012
Virent Produces Aromatics From Cellulosics
In June 2011 Virent announced the production of aromatics (Benzene,
Toluene, Xylene) from corn stover and pine tree waste.
Virent’s Success Advanced the Company to Phase II of the US Department of Energy’s National
Advanced Biofuels Consortium Program.
© Virent 2012 17
One scenario…
-
10,000
20,000
30,000
40,000
50,000
60,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Par
a X
ylen
e C
on
sum
pti
on
('
000
met
ric
ton
s)
Biobased PX
Petro PX
• 10% of PX biobased by 2020… ~ 30 full-scale BioForming plants.
• Brand owner sustainability commitments provide near term market pull and support
the development of a biobased supply chain.
Coca-Cola has made 10 billion PlantBottles since launch in 2009; Odwalla is now is entirely in
100% bio PE bottles; Coca-Cola has stated its aim is to have ALL of its PET packaging based
on PlantBottle resin by 2020
• Increasing crude and naphtha prices support investment into biobased PX.
© Virent 2012 18
Environment – Scale
Currently in the US, 36% of
potential corn starch output
is used to make ~10% of
the gasoline fuel demand
(volumetric basis)
36% 10%
% o
f su
pp
ly o
r d
em
and
26%
• The cellulosic column represents the embodied sugars of the cellulose and hemicellulose in the US DoE’s estimate of
total currently used and potential forest and agriculture biomass available in the US alone in 2012. Using 26% of that
feedstock would also supply 10% of the US gasoline market.
© Virent 2012 19
Environment – Scale
4.5% 100%
But only 4.5% of potential US corn
starch output is required to make
100% of North American PX
consumption
% o
f su
pp
ly o
r d
em
and
© Virent 2012 20
Environment – Scale
Chemicals such as PX
are used at a scale that
can be realistically
supplied by bio-based
feedstocks alone
4.5% 100%
% o
f su
pp
ly o
r d
em
and
• The average year-on-year increase in US corn production (total bushels) over the past 50 years has been 4.8% per year
• The cellulosic column represents the embodied sugars of the cellulose and hemicellulose in the US DoE’s estimate of
total currently used and potential forest and agriculture biomass available in the US alone in 2012.
3.1%
© Virent 2012 21
Commercial Status
1st BioForming
Chemicals Plant
2015
JV & Financing
In discussions
Feedstock
In discussions
Site
Selection process
underway
Expected
Q2 2012
EPC
FEL2 underway
Customers
Others in negotiation
© Virent 2012 22
Summary
Leading technology for catalytic conversion of plant matter
to direct replacement hydrocarbons, including aromatics.
Pursuing opportunities in chemicals as a first plant
deployment.
PX is the first chemicals target.
Signed a development and supply agreement with Coca-Cola.
Establishing strategic partnerships to commercialize
biobased aromatics production and supply chain.
Developing pathways to advance integration with
cellulosic feedstocks and lignin to further improve yields
and profitability.
© Virent 2012 23
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. If you are interested in strategic partnering opportunities please contact:
Greg Keenan, VP Business Development
[email protected] | 608.237.8604
© Virent 2012
Thank you.