Carbon Capture & Storage: A Venture Capital Perspective

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1 Carbon Capture & Storage: A Venture Capital Perspective Patrick Burtis Kauffman Fellow Amadeus Capital Partners & Imperial College Department of Earth Sciences and Engineering Slide 1 Authorised & Regulated by the Financial Services Authority

2 Amadeus Capital Partners Ltd. A leading European technology venture capital firm Founded 1997 ~ 460m under management across five funds Invested in ~70 companies in 11 years Telecoms, IT, Semiconductors, Med Tech, Cleantech Sample of Successes: Cambridge Silicon Radio, Element 14, Solexa, Optos Interesting cleantech portfolio companies: GreenRoad, Plastic Logic, Power Paper, Power ID, Nujira Slide 2

3 KFP/KTP Structure Amadeus Kauffman Fellows Program (Center for Venture Education) Kauffman Fellow (Imperial College London) Slide 3

4 Why this conference? To learn and to share CCS needs innovation capital, and VCs have been largely ignoring CCS Imperial College and UK are CCS leaders European VCs will need each other if we re going to invest in CCS Slide 4

5 Typical Venture Capital Profile VC firms raise 50m- 250m funds from LPs and invest on their behalf Invest 2m- 15m per company in private (usually tech) start-ups 10-year fund life; 5-7 year investment horizon High-growth, scale-able businesses - typically don t invest in projects High risk (technology, market, execution), but High reward: potential for >10X cash returns on winners Significant % of companies don t return investment Goal is to build big, profitable companies, not just have an IPO Slide 5

6 Major Cleantech Categories Energy Water Pollution & Waste Industrial Consumer Slide 6

7 North America vs. Europe Cleantech VC investing Millions of US Dollars $1,500 $1,300 $1,100 N.A. $900 $700 $500 $300 (67) (61) (47) (74) (63) (56) (83) (71) (53) (56) $100 (30) (23) (17) (17) (32) (28) (36) (37) (32) (31) EUR -$100 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Source: Cleantech Venture Network Slide 7

8 Millions Of Dollars Cleantech VC Investment By Sector Q3 07 Q2 08 $6.4 billion Other Energy Efficiency & Storage Materials Recycling/Waste Transportation Energy Infrastructure 2000 Energy Generation Cleantech VC Investment Q3 07 Q2 08 Slide 8 Source: Cleantech Venture Network

9 CCS Startups Scrubbing/Separation CO 2 Solutions, Inc (CAN TSX:CST) Post-combustion enzymatic process in a packed column absorber/desorber transforms CO 2 into bicarbonate ion Raised $20m so far development stage target 2012 launch Innosepra (NJ, USA) Microporous CO 2 scrubbing of flue gas Raising funds Powerspan (NH, USA) Ammonia-based post-combustion CO 2 scrubber (add-on to existing plants) Announced 120MW/1MTpy CO 2 demonstration project with Basin Electric; also working with NRG Raised $59m VC money last round 2004 Sargas (Norway) Pressurized boiler with CO 2 separation Raising funds Skyonic (TX, USA) Post-combustion mineralization - reacts flue gas (incl CO 2 ) with Sodium hydroxide => sodium bicarbonate; removes heavy metals and acid gases Raised $4.25m in 2 rounds Slide 9

10 CCS Startups Enhanced Oil Recovery HTC Pure Energy (CAN CVE:HTC) Solvent absorption based CO 2 capture 2 demonstration plants Technology and project design, modeling, equipment manufacture early revenue GreatPoint Energy (MA, USA) Gasification from tar sands, coal, pet coke, etc Uses resulting CO 2 for EOR Raised $137m in 3 rounds from Kleiner Perkins, DFJ, and others Blue Source (CA, USA) Project developer and financier for EOR projects Reported to have ~$1 billion under management Slide 10

11 CCS Startups Embedded CO 2 Calera (CA, USA) Sequestering CO 2 during production of cement Stanford spin-out, Khosla Ventures-backed Calix (AUS) Flash calcination to make a variety of building products (coatings, paints, panels, cement) while sequestering CO 2 Carbon8 Systems (UK) Accelerated carbonation of waste and ash into carbonate salts for use as aggregate, other Carbon Sense Solutions Inc (CAN) CO2 technology consulting firm with technology under development for sequestration in precast concrete Novacem (UK) CO 2 -sequestering cement Imperial College spin-out Slide 11

12 CCS Startups Other approaches Ceramic and polymeric membranes Biogeochemical processes for carbonate precipitation Fuel cells with CO 2 separation Planktos iron fertilization of oceans to spur plankton growth and CO 2 uptake Global Research Technologies (Klaus Lackner) sorbent-based air capture (10t/m^2) Slide 12

13 Carbon Market Now and Potential Humans emit ~30GT CO 2 each year Compliance market for CO 2 credits and allowances covers <2% of annual emissions $64B of credits (551Mt) transacted in 2007 Vattenfall/McKinsey: ~2.5Gt/yr CO 2 could be captured (<10% of human emissions) by 2030 At 25-40/tonne = 62B- 100B of carbon captured annually Worldwide industrial gas market is ~$40B/year So is there a VC opportunity here? Sources: Capoor, K. et al. State and Trends of the Carbon Market Report World Bank; Vattenfall; IPCC; Point Carbon Slide 13

14 Key Challenges, Risks, & Questions Physical/Geological will it work? Cost Separation and Purification Compression and Transport Injection Sensing & Monitoring (intergenerational) Legal & Regulatory Lack of approved methodologies Unclear property and liability rights (intergenerational) Transport rights-of-way, cross-border jurisdiction, etc Policy and Political Risk Public Acceptance NIMBY Consumer acceptance of credits Development and Commercialization Timescales Capital Intensity and Infrastructure Dependencies Slide 14

15 CCS Challenges, Risks, & Questions Imagine investing in wireless if there were no FCC, no clear spectrum ownership rules, no industry standards, and you weren t entirely sure there was a market for the product Slide 15

16 Today s Questions What are the key technology (or other) innovations needed for large-scale commercialization of CCS? How can private capital best be mobilized to support rollout of CCS? Is CCS an appropriate investment area for venture capital? If so, where, when, and how? Slide 16

17 Thank You Patrick Burtis Kauffman Fellow Amadeus Capital Partners & Imperial College Department of Earth Sciences and Engineering Slide 17 Authorised & Regulated by the Financial Services Authority

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