1 CONFIDENTIAL Bill Brady President and CEO, Mascoma Corp, ABL Conference Washington, D.C. April 2011
Dec 13, 2015
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 :