Alcohol to Jet (ATJ) June 2013 Glenn Johnston Gevo, Inc. 1

Transcription

1 Alcohol to Jet (ATJ) June 2013 Glenn Johnston 2012 Gevo, Inc. 1

2 Forward-Looking Statements Certain statements within this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of Such statements relate to a variety of matters, including but not limited to: the timing and costs associated with and the availability of capital for Gevo s scheduled retrofits of existing ethanol production facilities, its future isobutanol production capacity, the timing associated with bringing such capacity online, the availability of additional production volumes to seed additional market opportunities, the expected applications of isobutanol, including its use to produce renewable paraxylene, PET, isobutanol-based fuel blends for use in small engines, and ATJ bio-jet, addressable markets, and market demand, Gevo s ability to produce commercial quantities of isobutanol from cellulosic feedstocks, the suitability of Gevo s idgs for the animal feed market, the expected cost-competitiveness and relative performance attributes of isobutanol and the products derived from it, the strength of Gevo s intellectual property position and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of Gevo s management and are subject to significant risks and uncertainty. All such forward-looking statements speak only as of the date they are made, and Gevo assumes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a discussion of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see the risk disclosures in Gevo s Annual Report on Form 10-K for the year ended December 31, 2011, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by Gevo. This presentation is based on information that is generally available to the public and does not contain any material, non-public information. This presentation has been prepared solely for informational purposes and is neither an offer to purchase nor a solicitation of an offer to sell securities Gevo, Inc. 2

3 Company Overview Isobutanol A 4 Carbon Alcohol 2013 Gevo, Inc. 3

4 Multiple Feedstocks; Proprietary Technology; Numerous End Markets Feedstock Proprietary Technology Yeast GIFT Separator Direct drop-in Green Processing Target Markets 2013 Gevo, Inc. 4

5 Competitive Economics of Isobutanol 2012 Gevo, Inc. 5

6 Cost Competitive Product Drives Market Adoption $4.50 Since 2007 >$0.85/gallon lower cost to produce than petroleum isobutanol (Backcast, Gevo process) $4.00 $/gal isobutanol $3.50 $3.00 $2.50 $2.00 Petro-IBA cost Avg. Diff > $0.85/gal $1.50 Bio-IBA cost $1.00 $0.50 $0.00 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Bio-IBA Cash Cost Petro- IBA Cash Cost Source: CMAI, Nexant, CBOT, Gevo Process Estimates *Cash Cost FOB Plant Gate Gevo, Inc. 6

7 Our Technology is Based on Metabolic Engineering 2012 Gevo, Inc. 7

8 Technology Based on Metabolic Engineering Proprietary yeast biocatalyst converts sugars (carbohydrates) to isobutanol Combination of biotechnology and process technology leads to competitive position Economic focus drives innovation Previously demonstrated commercial targets: Yield 94% (goal 92%) Concentration >107 g/l (goal >105 g/l) Productivity Rate 2 g/l/h (goal 2 g/l/h) Gevo, Inc Gevo, Inc. 8

9 How We Produce Isobutanol (GIFT ) BEFORE Our patented Gevo Integrated Fermentation Technology (GIFT ) continually separates isobutanol during fermentation Gevo owns the patent covering ethanol plants retrofitted to produce isobutanol AFTER Standard Fermentation Process START: Feedstock Fresh & Recycled Water Steam Enzymes CO 2 New Jet Cooker Finished Product Molecular Sieves Fermentation Isobutanol Recovery Isobutanol Animal Feed Drum Dryer Beer Water Syrup Evaporation System Wet Grain Distillation System Thin Stillage Gevo, Inc. 9

10 Production 2012 Gevo, Inc. 10

11 Luverne Update Startup began in May month construction project (broke ground May 2011) Shipped first product in August 2012 Proven that isobutanol can be made at commercial scale 2012 Gevo, Inc. 11

12 Alcohol to Jet (ATJ) 2012 Gevo, Inc. 12

13 Gevo ATJ Utilizes Proven Commercial Processes Synthetic FT Jet Fuel Gasification Olefins Kerosene Jet Blendstock ASTM Specification and in commercial use. Synthetic HEFA Jet Fuel Triglycerides Olefins Kerosene Jet Blendstock ASTM Specification and in commercial use Synthetic Alcohol-to-Jet (ATJ) Fermentation Alcohols ASTM in process, Gevo targeting approval in Olefins Kerosene Jet Blendstock 2012 Gevo, Inc. 13

14 Proven Demo Scale ATJ Production Synthetic Alcohol-to-Jet (ATJ) Fermentation Alcohols Olefins Kerosene Jet Blendstock 2012 Gevo, Inc. 14

15 Simplified Process Flow Diagram 2012 Gevo, Inc. 15

16 ATJ Fuel Property Data Jet Fuel Tests Units Specification ASTM D1655/7566 Gevo AD-SPK Freezing Point C < - 40 < -78 Flash Point C > Distillation (D86) T90 T10 C > Energy Density MJ/kg > C kg/l (SPK) 0.76 Aromatics % < Sulfur % < JFTOT Breakpoint C > 325 > Gevo, Inc. 16

17 Gevo ATJ Fuel Makes History in USAF Flight It flew like a usual A-10 without any issues. Maj. Olivia Elliott, A-10 pilot You won t be able to determine the difference and you won t care, because all perform as JP-8. Jeff Braun Chief for the Air Force Alternative Fuel Certification Division 2012 Gevo, Inc. 17

18 Recent Performance Testing on Gevo ATJ FFP testing - AFRL LibertyWorks (RR) testing June AE 3007 combustor sector testing TF34 engine/a-10 flight summer 2012 Goodrich fuel gauging analysis Toxicology testing P&W Canada (PW 615F) small engine testing Honeywell atomizer (G230) and combustor rig Gevo, Inc. 18

19 ASTM Setting the Standard 2012 Gevo, Inc. 19

20 ASTM History ASTM Task Force in ASTM D02-J6 Initiated by Gevo (June 2010) Group of producers assembled (Fall 2010) First task force meeting with engine OEMs at (Dec 2010 ASTM) Task Force meetings held at both 2011 ASTM and CAAFI meetings Task Force focused in two main areas: ATJ-SPK (paraffins) ATK-SKA (w/aromatics) Task Force is writing Data Report for SPK to be in the hands of the TF by end of January Hopefully ballot in June SKA group will await the SKA general data report and submit their one at that time. Estimated to be Gevo, Inc. 20

21 ASTM ATJ-SPK Data Report WK Gevo, Inc. 21

22 Comparison with FT-SPK Figure 3-2 (Evaluation of Bio-Derived Alcohol to Jet Synthetic Paraffinic Kerosene (ATJ-SPKs) 2012 Gevo, Inc. 22

23 Environmental Drivers 2012 Gevo, Inc. 23

24 Jet Emissions 2012 Gevo, Inc. 24

25 Commercial Aviation Emission Targets 2012 Gevo, Inc. 25

26 University of MN Study 2012 Gevo, Inc. 26

27 Phase 1 - Carbon Footprint 37% Lower emissions 2012 Gevo, Inc. 27

28 Thank you for your time and attention Glenn Johnston Exe Vice President Regulatory Affairs Direct: