Licensing Cellulosic Biofuel Technology Today

Coskata: Accelerating to Commercialization

Wes BolsenCMO & VP, Government Affairs

Coskata, Inc.

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Coskata’s platform technology is progressing to commercialization

Coskata has a 3-step process platform for biomass to fuels and chemicals

1. Biomass Gasification

2. Syngas Fermentation

3. Product Recovery

Can use any sustainable biomass

• First focus is Ethanol, but can selectively produce other fuels and chemicals

• Secured US Department of Agriculture’s intent to fund the largest biofuel loan guarantee in US Government history

Coskata’s ethanol technology is ready for commercialization and licensing

• Produces ~400 liters of ethanol per dry ton of material

• Feedstock flexible process enables rapid licensing and commercialization

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Ethanol ProductionProprietary microorganisms convert syngas (CO and H2) into ethanol.

6 CO + 3 H2O C2H5OH + 4 CO2

6 H2 + 2 CO2 C2H5OH + 3 H2O

Each reaction is independent allowing for a range of H2/CO ratios.

Proprietary bioreactor designs enhance productivity.

Ethanol ProductionProprietary microorganisms convert syngas (CO and H2) into ethanol.

6 CO + 3 H2O C2H5OH + 4 CO2

6 H2 + 2 CO2 C2H5OH + 3 H2O

Each reaction is independent allowing for a range of H2/CO ratios.

Proprietary bioreactor designs enhance productivity.

Coskata’s proprietary technology drives efficiency

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Advanced bioreactor at Lighthouse facility.

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Feedstock flexibility is critical to commercialization

Gasification +

Enzymatic Catalytic

Feedstock Flexibility No Yes Yes

Ethanol Specificity Yes No Yes

Yield* (gal/dry ton)

~55-85 76-89** ~100+

* Best estimates from publicly available data** Chemical catalysis yield estimate from 2012 NREL targets (76 for ethanol, 89 for all alcohols)

Source: Press; DOE; Company reports 4

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Coskata is ready for commercialization

Lighthouse (2009)Semi-Plant DemonstrationMadison, Pennsylvania

Integrated biorefinery Linear scale-up to commercial

production Will test multiple commercial-

scale bioreactor and separations designs

FlagshipCommercial ProductionBoligee, Alabama

55 MM Gallons / yr Multiple gasifiers that

process ~1700 dry tons/day of biomass

Horizon (2008)Integrated ProcessingWarrenville, Illinois

Integrated processing system with methane thermal reformer, multiple bioreactor designs, and distillation

Currently Operating Currently Operating Under Development

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Coskata Integrated Biorefinery Operating: Now ready for full-scale facilities

Coskata has: • Successfully scaled its

cellulosic ethanol technology

• Shown the process to be cost-competitive with gasolinefrom multiple feedstocks

• Completed design for commercial scale facilities

• Enabled commercialization through licensing model

IT’S TIME TO START BUILDING!

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Coskata’s partners support commercialization

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Significant U.S. biomass resources are available

Sandia estimates production of 90 billion gallons of ethanol per year by 2030.

Sandia estimates production of 90 billion gallons of ethanol per year by 2030.

Source: Sandia National Labs, Feasibility, economics, and environmental impact ofproducing 90 billion gallons of ethanol per year by 2030 8

Perspective paper by Rathin Datta, Mark Maher, Coleman Jones, and Richard Brinker

J. Chemical Technology and Biotechnology, 2011, 86: 473-480, Society of Chemical Industry

Ethanol-The Primary Renewable Liquid Fuel

•The biofuel option most naturally compatible with biomass will have the highest yield from the least amount of feedstock, leading to greater efficiency, lower costs, and less greenhouse gas emissions. •Because of its molecular advantages, biomass-to-ethanol achieves the highest yields.

•Requires at least half as much carbon as other biofuels,.•Makes the best use of the significant oxygen portion in the feedstock.

Natural Efficiencies: Half the Carbon

Product Conversion equationTheoretica

l YieldTypical Yields Achieved

Ethanol3”CH2O” C2H5OH +

CO2

51%46 to 50%

(90 to 98% of theoretical achieved in industrial carbohydrate fermentations)

n-Butanol or iso-Butanol

6“CH2O” C4H9 OH + 2CO2 + H2O

41%

23 to 25%(55 to 60% of theoretical yields achieved in industrial scale ABE

fermentations)

Octane C8-Hydrocarbon

13“CH2O” C8H20 + 5CO2 + 3H2O

29.7%Not practiced industrially – wide mix of hydrocarbons and oxygenates produced

1) Biomass-to-ethanol has natural efficiencies. On a molecular level, ethanol is the fuel that is most compatible with biomass.

• Ethanol requires at least half as much carbon as other biofuels• Cellulosic ethanol is the fuel that best utilizes the oxygen in the biomass• A ton of biomass converted to ethanol will have higher yields than other alternative

biofuels, resulting in the lowest cost to the consumer, and less greenhouse gas emissions to the environment

2) Ethanol has a history of superior performance. A fabric of American transportation for over a century, ethanol has the proven longevity other fuels don’t.

3) Today’s cars are ready for ethanol. America’s cars are rapidly being developed to run on higher ethanol blends. The transition to electric vehicles will take decades. Ethanol is ready today.

4) Sufficient biomass exists to make an impact. America has sufficient biomass to supplant our dependence on foreign oil by 30%.

Major Conclusions

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Licensing Cellulosic Biofuel Technology Today