1 CONFIDENTIAL Bill Brady President and CEO, Mascoma Corp, ABL Conference Washington, D.C. April...
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Transcript of 1 CONFIDENTIAL Bill Brady President and CEO, Mascoma Corp, ABL Conference Washington, D.C. April...
1CONFIDENTIAL
Bill BradyPresident and CEO, Mascoma Corp,
ABL ConferenceWashington, D.C. April 2011
Direct, low cost conversion:
BiomassFuels and
Commodity Chemicals
• Converts non-food plant matter (cellulose) to fuels and chemicals cheaply
• No Sugars Required
• Cellulose is Low Cost and Abundant
• Low to negative carbon footprint
Why this makes sense:
Mascoma Corporation
BUILDING BIOREFINERIES “FUELS FIRST”
Today : Ethanol Conversion across a variety of cellulosic feedstocks
Tomorrow : Expansion to Advanced Fuels and Chemicals
Our Pathway to Commercialization
Develop a Commercial Pathway to Generate Revenue in the Short Term & Scale in the Long Term
Get the Technology Ready
Get Competitive With Oil – Now and Later
Mascoma Corporation
Pull it All Together in Big (Complex) Projects
CBP is “widely considered to be the ultimate low-cost configuration for cellulose hydrolysis and fermentation” – U.S. Department of Energy study
Patented Consolidated BioProcessing (CBP) TechnologyRome Facility
DISTINCT, COMPREHENSIVE CAPABILITES IN BIOFUELS
Feedstock
Simple Pretreatment
Bioprocessing & Distillation
CBP Ethanol
Direct microbial conversion of biomass to ethanol and reduction of additional
enzymes
Consolidated BioProcessing Technology
Low cost and abundant feedstock
Pretreatment Advantages
• Flexible pretreatment system• Proven reliability
CBP Advantages
• Little to no additional enzymes• Single tank fermentation
Economic Advantages
• Low operating costs• Low capital costs
Advanced Biofuels & Chemicals
Mascoma Corporation
DISTINCT, COMPREHENSIVE CAPABILITES IN BIOFUELS
Mascoma Corporation
“Corn CBP”
Transform Existing
Ethanol Assets
Build 2nd Generation
Ethanol Infrastructure
Expansion
Hardwood CBP :
Kinross, MI
Hardwood CBP :
Alberta, CN
• Advanced
Fuels
• Chemicals
• Geographic
Expansion
CLEAR PATH TO SCALE : Financial, Products, Markets
Mascoma Corporation
Bagasse :
Brazil
$2 Billion $50 - 100 Billion
$1 + Trillion
Market
Size
Iraq
Oil
Pri
ce
to
De
liv
er
a 1
6%
IR
R
100
20
90
80
70
60
50
40
30
110
1000 2000 3000 4000 5000 6000 7000 8000 9000 10,000 11,000
Production - kpd
GOMMiocene
SantosBasin
AngolaUltra Deep
RussiaGreenfield
Nigeria
Canada/heavy oil
Supply Curve Source: Credit Suisse Equity Research
Kinross/Alberta 2013 with incentives
COMPETITIVE WITH CRUDE OIL PRODUCTION TODAY
2015 without
incentives
2015 with incentives
Mascoma Corporation
MascomaJ.M.
LongyearValer
o
Frontier Renewable
Resources, LLC
Kinross, LLC
75% 25%
• 40MMgal, 15MW Ethanol Facility• 500kton of hardwood per annum• $350 mm CapEx
The Scope :
• Advanced Biofuel Tax Policy has to be Clear, Consistent, Long Term
• Market Infrastructure has to Enable Growth
• Venture Investors have done their job• PE and Debt Providers want more certainty• A Gap Exists
• LG Programs and Strategics can fill the gap
Clear Market Signals Attract Investors
Funding Gaps (aka “The Valley”)
Managing Complex Partnerships
Mascoma Corporation
PULLING TOGETHER BIG, COMPLEX PROJECTS : Kinross Example
The Issues :