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LanzaTech

Circular economy through C1 fermentation

Business Confidential

Business Confidential

The LanzaTech process is driving innovation

Gas Feed Stream

Gas Reception Compression Fermentation Recovery ProductTank

• Process recycles waste carbon into fuels and chemicals

• Process brings underutilized carbon into the fuel pool via industrial symbiosis

• Potential to make material impact on the future energy pool (>100s of billions of gallons per year)

Novel gas fermentation

technology captures CO-rich

gases and converts the carbon

to fuels and chemicalsProprietary

Microbe

Gases are the soleenergy and carbon source

Waste carbon streams as a Resource

CO2

CO CO + H2 CO + H2 + CO2

Reforming Gasification

CO2 + H2O + e-

Renewable

Electricity

CO2 + H2

Renewable H2

Gas Fermentation

Available Most Point SourcedHigh Volume/Low Intrinsic Value

Non-Food

Industrial Waste Gas

Steel, PVC, Ferroalloys

~ 1.4B MTA (Steel only)

Biomass

>1.3B MTA (US Alone)

Solid WasteIndustrial, MSW, DSW

>2B MTA

BiogasLFG, Methane

~184.2T M3

Source:2010 global production; 2012 proven gas reserves data (IEA, UNEP, IndexMundi, US DOE Billion Ton Update)

Pyruvate

CO/H2/CO2

Acetyl-CoA

Ethanol

2,3-Butanediol

Fuel and Chemicals from gas

4

LanzaTech proprietary bacterial strain

The natural LanzaTech gas fermenting microbe can make

both ethanol and 2,3-butanediol

Ready Now: Scale-up of the LanzaTech technology

Commercial Scale-up Factor Less Than

What Has Been Proven at Demo Scale

Lab

2005

~0.5-1 kg/day

Pilot

2008

50-100 kg/day

50 X Demo

2012

~1500 kg/day

32 X Commercial

2015

~300,000 kg/day

25 XStrain

Development

5

6

CSC Board Approval

Public Announcements

China Steel Invest 7000 MM TWD Launch Two Projects 2015 -03-28 Economic Daily News

CSC board meeting held yesterday (27) has approved two investment project. It will spend 5600 MM TWD to overhaul No. 2 blast furnace of the third train; meanwhile investment 1400 MM TWD to erect a 100,000 ton per annum ethanol plant.

CSC states, trans-invested to WBT using LanzaTech (USA) fermentation technology, built an ethanol demonstration plant, in accordance with actual operation result, all indices were way exceed the targets, approve this technology worth for commercialization, will begin commercial plant at the year end.

Per the decision of CSC board, it will use the land near Xiao Gang Zhong Lin Road purchased from LCY to build the plant. The investment amount 1400 MM TWD. Starts production after estimated 2~3 years later. Per understanding, the plant will be in two phases, it will erect a 100,000 MT per annum production line, main application is gasoline additives and industrial ethanol.

http://www.chinatimes.com/newspapers

Project Execution Time-lines:• Project K.O. - May, 2015• JV Establishment – June, 2015• Construction start – Q4’15

ArcelorMittal Gent

Electricity generation

Carbon recycling

with LanzaTech

• 120,000 tons/annum CO2

reduction• 300.000 tons/annum CO2

captured for future reuse• 60k MTA ethanol capacity• Adding value to CO

7

Steel Mill Value Proposition

LanzaTech business case:

• Providing 2x More returns from fuel than from electricity

0

0.02

0.04

0.06

0.08

0.1

0.12

0.14

0.16

0.18

Power Ethanol

US$

/Cu

bic

Met

er

Gas

8

LanzaTech Ethanol Life Cycle Assessment

Third Party Study – EU Basis

83.8

19.6

0

10

20

30

40

50

60

70

80

90

Fossil Fuel LanzaTech Ethanol

gCO

2e/

MJ

Lifecycle GHG emissions following RED methodology

Fossil fuel comparator emissions (83.8 gCO2eq/MJ) from EU’s FQD

LanzaTech ethanol achieves a 76.6%

reduction in greenhouse gas emissions

over baseline fossil fuel

Key Assumptions:

• Cradle-to-pump lifecycle of ethanol

• EU’s Renewal Energy Directive methodology

• BOF gas considered as waste gas by steel industry and as residue by RSB.

• GHG emissions for LanzaTech ethanol from steel mill waste gas (BOF)

Steel Mill

Steel production

WasteGases

Broader Environmental Impact

LanzaTech Process emits 33% less CO2 than

electricity generation per MJ energy recovered

NOx

&Particulates

LanzaTech Process emits ~40% less NOx and ~80% fewer particulates

than electricity generation per MJ energy recovered

GridElectricity

Generation

Electricity

LanzaTechProcess

EthanolGasoline Pool

Carbon is Only Part of the Story

11

MSW to fuel

Project overviewLanzaTech has a two year partnership with a major Asian chemical company to convert live-feeds of syngas produced from municipal solid waste (MSW) into ethanol.

LanzaTech has designed, installed, and operates a pilot plant producing ethanol at a MSW processing facility.

Pilot plant at gasification site

12

Continuous stable ethanol production from MSW

0 1 2 3 4 5 6 7 8 9 10 11 12Et

OH

, HA

c,C

on

cen

trat

ion

Time [Days]

Acetate Ethanol OD

• Continuous with live feeds of MSW Syngas proven• Operation at commercial ethanol production rates and yields• Gas utilization efficiency exceeds 90%• All gas contaminant and variability issues understood and overcome.

LanzaTech is the only company to demonstrate continuous fuel production from MSW syngas.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gas

Uti

lizat

ion

[%]

Time [days]

R1

Target

1 3 6 9 12 15

Gas utilization efficiencyTarget

Downstream Conversion - Hydrocarbon Fuels Process

Key Enabler:

Price and

Availability

of Alcohol

Downstream Conversion – 2,3-BDO to Butadiene

Styrene Butadiene Rubber (SBR)

US $13 billion/yr

Polybutadiene Rubber

(BR)

US $8 billion/yr

Nylon 6,6 (from Adiponitrile/HDMA)

US $7 billion/yr

Acrylonitrile Butadiene Styrene (ABS)

US $16 billion/yr

Köpke and Havill, Catalyst Review 27: 7-12 (2014)

Butadiene Product Markets

What do you want to make today?

Gas Feed Stream

Gas Reception Compression Fermentation Recovery ProductTank

• Fermentation systems remain identical• Product recovery may in some cases need modification

Paradigm Shift: chemical production plants that rapidly react to market

conditions

Microbes producing different

products can be exchanges within 3

days

Pyruvate

CO/H2

Acetyl-CoA

Fatty Acids,

Terpenoids

DiscoveryLab-scale

Cont.

Ferment.

Pilot/

Demo

Ethanol

Isopropanol

Acetone

Isobutylene

3-Hydroxypropionate

2,3-Butanediol

MEK

Biodiesel

Isoprene

1 Organism, over 25 products so far…

Succinate

2-Butanol

1-Butanol

16

1,3-Butadiene

LactateBiopolymers

1,3-Butanediol

3-Hydroxybutyrate Physiology

• Control flux tosingle product

• Product tolerance• Vitamin biosynthesis

Recycle to Reduce Pressure on Reserves

Carbon Reduction through Re-use and Recycling

Carbon

C

Steel Aluminum Glass Plastic

Ore Alum Minerals Oil Oil

Keep it in the Ground!

17

A 2-degree carbon budget will require countries to leave80 % of coal, 50 % of gas and 33 % of global oil in the ground.

Organization for Economic Growth and Development, Nature

Reducing Carbon: use all strategies

Re-using Atmospheric Carbon

RecyclingWaste Carbon

Carbon Reduction through Re-use and Recycling

(Todays approach) (Gas fermentation)

ReducingCarbon footprint

Fuels

Chemicals

Industry Waste

Municipal Waste

BiogasAgricultural

Waste

Starch-based

Sugar-based

Oilbased

Cellulose-based

Questions?