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Avantium
Renewable
Chemistries
Update for
IFBC2017
Alan Smith
9-May-2017
2
Avantium, a Leading Renewable Chemicals
Technology Company
From Strong shareholder base
with strategic and
financial partners to
Listed company1 capital raised
€254m
Future
Renewable Chemistries
2013
2012
2011 2010
2014
employees
140 100+
patent families
Founded in 2000
In Amsterdam 18 nationalities
1) IPO 15-Mar-2017; Euronext Amsterdam and Brussels: AVTX
Strategic Options to Deploy Renewable
Chemistries Projects
Lab-scale Pilot plant Reference plant Industrial scale
Sale of products Licensing
Licensing
Scale
Business model / earnings
Sale of products
Partnering
Sell technology
Strategic choices
Stand-alone
Strategic choices
ZAMBEZI YXY
Technology FDCA
MEKONG
MEG
PEF Glucose
Coherent portfolio, each targeting blockbuster markets
4
YXY Deployment Example Higher Performance Bio-Plastics Delivered via JV with BASF
MMF (MethoxyMethyl Furfural)
FDCA (FuranDiCarboxylicAcid)
Plant-based sugars
PEF (Poly Ethylene Furanoate)
https://www.basf.com/en/company/news-and-media/news-releases/2016/10/p-16-322.html
+ =
ZAMBEZI
2G Biorefinery
Sugar from 1G & 2G Biomass
6
First generation (1G) – Sugar cane, corn, sugar beet, wheat
Second generation (2G) - Wood, agricultural waste, waste paper, energy crops
Corn Sugar cane Sugar beet
Wood Corn stover Waste paper
Now
Future
• Well established technology
• Delivers high quality sucrose & dextrose
• Technologies still in development
• A challenge to deliver high quality dextrose
Rheinau plant acid tanks
Bergius HCl Hydrolysis technology A rich history: proven technology
1916 Bergius began development of industrial process of saccharification
1933 Mannheim-Rheinau plant completed (single step hydrolysis) 6-8 kt/a mixed sugars
1939 Regensburg plant completed (destroyed 1945) 20 kt/a sugars
1948-59
Modified- Rheinau process (with sugar fractionation) 12 kt/a glucose
1953-55 Japan pilot plant
1957–87 Russia pilot plants (10 m3 scale hydrolysis reactors)
1980’s Dow USA: Pilot Plant - HCl recovery by solvent extraction
2007 HCl CleanTech (Israel) Stora Enso (2014) (HCl recovery via amine complexation)
2013-2015
Avantium studies all available know-how on Bergius process and developed proprietary improvements leading to glucose production competitive to 1G glucose
Regensburg plant
Rheinau plant reactors
7
Zambezi Process Process outline
8
Improved Bergius-Rheinau process
Two stage, concentrated HCl hydrolysis
Acid / sugar separation by proprietary
evaporation technology
High purity glucose product
Technical Breakthroughs
– Acid sugar separation
– Material construction
– Lignin deacidification
IP filed
9
Glucose Glucose is a central building block for many bio-based polymers
Glucose
Adipic acid
Iso-butene
Isoprene
p-xylene
Acrylic acid
BDO
Ethylene
MEG (Ethylene glycol)
Acetone
Acetic acid
n-butanol
5-HMF
Isobutanol
Succinic acid
Ethanol
Farnesene
Itaconic acid
Lactic acid
Furfural
Xylitol
PDO
Algal lipids
PHAs
Sorbitol
Levulinic acid
FDCA
3-HPA
Ethylene
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Market Potential for Glucose Bio vs fossil market size 2015 – Growth potential
Bio-Market Sales $ 65 bn
Related Fossil & Bio Sales $400 bn
91%
9%
Ethanol
MEG
From Opportunities for the Fermentation Based Chemical Industry; Analysis of Market Potential and Competitiveness in North West Europe – Deloitte 2014
From the Sugar Platform to Biofuels and Biochemicals Final report for the European Commission Directorate-General Energy N° ENER/C2/423-2012/SI2.673791 April 2015
Demand for sugars will increase
– Arable land will come under increasing pressure
Demand for 1G products (grain, starch, sugars) will increase
More 1G milling will need to come on-line (primarily for food and feed)
– Demand for 2G glucose to support bio-fuels will increase
– Volume of plastics, especially bio-based, will increase
Demand for high purity 2G glucose will increase
2G Advantages:
– free-up more 1G sources for food
– reduce pressure on arable land
– reduce volatility due to reduced seasonal effects
We believe Zambezi, more than any other 2G technology, addresses the feedstock demands for the growing bio-based chemicals industry
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Opportunity and Impact of Zambezi Future Trends
CONFIDENTIAL 12
Zambezi Business Cases
1ry Business Cases
Confidential 2ry Business Cases
Chemie Park Delfzijl Flagship
Flagship Deployment Timeline
2019 2022 2025 2017 2026+
Investment Pilot Plant
Expand to Full Capacity
Stage 3: Expansion
Commercial scale design and EPC
Flagship launch
Stage 2: Flagship Commercial scale
design and EPC
Stage 1 Build Pilot
Plant
Flagship FEED Pre-PDP Flagship PDP
Phase II Ownership Vehicle &
Operational Level for Flagship
Phase I Flagship Consortium
Agreement Level
Phase III Full Commercial Scale
Operation
Business Cases for Global Deployment Licence multiple plants in multiple locations
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2018 2020 2021 2023 2024
Collaborations & JDA’s
Features
– Concentrated acid, low temperature, two-stage, high selectivity
– Near quantitative conversion of cellulose to glucose
– Basic technology capable of delivering high purity glucose
Desirable for chemical and biochemical application
Produces a drop-in 2G glucose cf. dextrose
– Fractionation: glucose, extractives, C5/C6 sugars and lignin
– Static Biomass
– Feedstock flexibility: forestry waste (wood) & wastepaper, (corn)
stover and bagasse
Technical Breakthroughs
– Acid sugar separation
– Material construction
– Lignin deacidification
ZAMBEZI: Process Fundamentally desirable features
14
MEKONG
Bio-MEG
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Production Routes for MEG
Prime Raw Material Intermediates
Fossil based
Biomass based
Crude Oil/Naphtha/
Gas/Fuel Oil
Natural Gas
Shale Gas
Coal
Methanol
Methanol
Ethylene EO
MEG Sugar Cane
Maize/Corn
1G and 2G
C6 carbohydrates
Ethanol
Sorbitol Mix of Glycols
Multi -step :
Low atom
efficiency
Difficult separation
Product
Direct hydrogenolysis – Efficient conversion
W
W
B
G
G
G
W
G
B
White MEG
Black MEG
Green MEG 16
Carbon dioxide Oxalic acid Electrochemistry Hydrogenation
G
Biomimetic
Nov 2016, Avantium acquired Liquid Light Inc,
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Using Bio-MEG Trend: Shifting from Petroleum to Plant-based
Today
70% Petroleum,
30% Plants
Tomorrow
100% Plants
Yesterday
100% Petroleum
i.e. General PET e.g. Plant Bottle™ e.g. PEF
OH
OH
OH
OH
+ 2CO2
Fermentation
CO2 CO2
OH OH OH
O
OH OH
EG EG
Fermentation, dehydration, Oxidation, hydration
4 steps
Max theoretical yield = 67%
Current Commercial Production of Bio-based MEG
Avantium MEKONG Process
OH
OH
OH
OH
+ 3 H2
OH OH OH
O
OH OH
EG EG
Catalysis 1 step
Max theoretical yield = 100%
EG
EG EG
EG
OH
OH
EG EG
Hydrogenolysis
MEKONG: Superior Carbon Efficiency Superior economics
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MEKONG: Process / Technology Assessment Process outline
19
Reactor 1
Water removal
Reactor 2
Distillation
1G or 2G Carbohydrates
PG
MEG
Hydrogen Light Ends Recovery
Cat. recycle
MEKONG: Process / Technology Assessment Application Testing: Polyester polymerization
Monomers Ex-Reactor PEF
MEG Mn Mw UV-Abs
1 Bio-MEG 16100 33200 0.005
2 Petro-MEG 16100 33100 0.006
3 Mekong-MEG 16100 34400 0.007
Polymerization trial with distilled-only
EG
Mn/Mw similar to Petro- and Bio-MEG
Color very similar
20
Global (incl. Petro) MEG Market Potential Market Growth and Players
0
5
10
15
20
25
30
35
40
45
50
19
95
19
97
19
99
20
01
20
03
20
05
20
07
20
08
20
10
20
12
20
14
20
16
20
18
20
20
20
22
20
24
20
26
20
28
20
30
Glo
bal M
EG
Mark
et
(M
Mtp
a)
Source: Nexant from 2015 data set
Sabic, 12%
MEGlobal, 9%
Shell, 6%
Nan Ya Plastics, 6%
Mitsibishi, 4%
Lotte Chemicals Corp, 4%
Sinopec, 3%
NPC (Iran), 3%
Henan Coal Chem. Group,
3%
Reliance, 3%
Others, 47%
Options and Timelines
Lab-scale Pilot plant Reference plant Industrial scale Scale
Investment decision Pilot Plant
Pilot scale trials
Pilot plant design
Pilot plant construction Basic engineering
Construction commercial plant
Partnerships Start construction pilot plant
Start up pilot plant Site selection
Mekong
H2 2016 2017 2018 2019 2020
Alan Smith
Director Business Development –
Renewable Chemistries
THANKS FOR YOUR ATTENTION
23
