Future Fuel Outlook Service Web Conference · 2020. 1. 23. · Patented micro-channel Fischer Tropsch reactor and catalyst. 5. Velocys proprietary technology and company • Velocys’

Future Fuel Outlook ServiceWeb Conference

Future Fuels for Shipping January 2020

Services Offered

Fueling the Future Blog & Podcast (Free)

Future Fuels Outlook Service

Individual Consulting (Retainer, Projects)

What Is Future Fuel Strategies?A consultancy that takes a 360° view of future fuels issues, trends and developments

Learn more at www.futurefuelstrategies.com

• Responsible for global business development, sales, marketing, product line management and after-sales service activities in the Company’s key Power Products markets of Heavy Duty Motive, Material Handling and Back-up Power

Rob CampbellChief Commercial OfficerBallard Power Systems

• Responsible for the commercial, financial and corporate development of the Altalto waste-to-jet-fuel project in the UK and for UK government relations and communications

Neville HargreavesVP, Waste to FuelsVelocys

Our Speakers Today

Global Freight Demand to Triple between 2015-2050More than 75% of all freight carried by ships by 2050

Spiraling GHGs Drove Initial StrategyIf not checked, will grow 250% by 2050; greatest increases from Asia and Africa

• Without additional policy measures, carbon emissions from global shipping are projected to reach approximately 1,090 million tons by 2035. This would represent a 23% growth of emissions by 2035 compared to 2015.

• Historical emissions from international maritime transport increased by 80% or 3.0% per year from 1990 to 2010.

What Are the Fuel Options under Consideration?Lloyd’s Register considered several in a study released last year

Pathways considered included (1) renewable electricity-based marine fuels in the form of hydrogen, ammonia, e-methanol, e-gas oil and electricity for use in batteries; (2) bioenergy; (3) an equal mix of the two which would mean a ramp-up of renewable electricity-based marine fuels and bio-based fuels. However, alongside these fuels, also hydrogen and ammonia produced from natural gas with carbon capture and storage (CCS) gradually enter the fuel mix

BALLARD.COM 1 BALLARD.COM Power to Change the World®

Future Fuels For

Shipping - Hydrogen

and Fuel Cells

By: Rob Campbell

Date: January 23, 2020

BALLARD.COM 2 Power to change the world®

Key Questions

•Policy changes and drivers

•Why marine?

•How real is hydrogen and fuel cells?

•How close?

• Is green hydrogen a reality?


Our World Sees the Need for Change


Governments and Industry are

Responding as Never Before

2019 Mega Trends

• Acceleration of CO2 reduction plans

• Green hydrogen emerges as a viable option

• Fuel cell technology + green hydrogen now recognized as critical to meeting CO2

and pollution targets

• Sustainability sector investment is significantly increasing


Marine is No Exception

Major Policy Developments

• IMO phasing-out GHG:

↓50% by 2050, zero-emission by 2099

• Europe EMSA to cut CO2 emissions by 50% (2050)

• Norway is protecting fjords:

Zero Emission by 2026

• POLA/POLB Clean Air Action Plan

• US EPA in Ports and Affected Communities

• Alaska Visible Emission Standards

BALLARD.COM 6 BALLARD.COM Power to Change the World® 6

Why Fuel Cells for

Zero-Emission Marine

Applications Scalable from 200kW to MWs

Distributed power solution

Reliable DC power generator

Long range and quick refueling

No noise, no vibration, no local or

global emissions


Key Benefits of Fuel Cell Technology

for Marine Transport

• Fuel cells will play a key role in helping marine industries address

greenhouse gas emissions on the water, and in ports.


Centralized hydrogen

infrastructure at

ports can fuel many

applications Vessels

Onshore power

Cargo handling equipment

Drayage trucks

BALLARD.COM Power to Change the World® 9

Yet, internal combustion engines have been the dominate form of

propulsion for the last century and this century so far.

Fuel Cell Technology Pre-dates

Internal Combustion Engines

1860 – introduction of the

internal combustion engine

1800 1900 1850

1839 - invention of the fuel cell by

William Grove


Early Motive Fuel Cell Applications


Fuel Cell Technology is Ready for

Scale: Proven, Safe and Reliable


2019 Mega Trends: H2 Roadmaps


IEA Report: The Future of Hydrogen

• The time is right to tap into hydrogen’s potential to play a

key role in a clean, secure and affordable energy future.

• Hydrogen can help tackle various critical energy

challenges.

• Hydrogen is versatile.

• Hydrogen can enable renewables to provide an even

greater contribution

• There have been false starts for hydrogen in the past;

this time could be different.

• Hydrogen can be used much more widely

• However, clean, widespread use of hydrogen in global

energy transitions faces several challenges. (Currently

mostly carbon based, infrastructure needed, ongoing

regulatory effort…)


$6.7 Billion

Investment

Major Investments and Partnerships

Now Accelerating


2019 Mega Trends: Investments

• Aug 1st: Germany turns to H2 in quest for

clean energy economy

• Sept 20th: €60 Billion Climate Change

Package announced by Germany

• Nov. 14th: EIB Announcement to stop

funding fossil projects

• Dec 5th: Hydrogen Council and EIB Advisory

Services

• Dec 11th: EU announces Moon Shot

Moment regarding new climate change

policies

• January 14th: Blackrock Larry Fink Letter to

Investors “Climate Risk is Investment Risk”


2019 Mega Trends: Cost Reductions

• January 7th: Ballard Deloitte White Paper: Fueling the Future of Mobility

• January 20th: Hydrogen Council White Paper-Path to Hydrogen Competitiveness


How Close?

• Ballard is already engaged and mobilizing for the marine market:

Ballard Marine Center of Excellence formed in Denmark

Major projects and contracts underway

• Other fuel cell markets are moving:

Buses, Trucks, Trains, Forklifts, Back-up Power, Power Generation, Cold Ironing/Shore

Power….

• This decade will see major scale-up based on point to point fueling

applications-ferries, barges, tugs, port equipment, service ships and….

Larger vessel demonstrations based on hydrogen availability


How Close?

December 11th, 2019:

Kawasaki launches first LH2

carrier vessel


The Ballard Fleet in Development

400 kW

400 kW

600 kW

200 kW 300 kW 600 kW

BALLARD.COM 20

Power to Change the World®

Marine Industry Leaders Working

with Ballard

Through active participation to a number of marine demonstration projects,

Ballard is developing a unique expertise and strong partnerships with industry

leaders and stakeholders.


Hydrogen is a

clean fuel

High energy density clean fuel

Supplied as compressed gas or

liquid

Can also be produced at port

Growing supply chain

BALLARD.COM 22


Hydrogen is a Safe, Flexible,

Low Carbon Fuel

Hydrogen is very light and buoyant –

extremely fast dispersion, rapidly

dropping below flammability limit with

much less explosive energy than

other fuels

Hydrogen is a flexible energy carrier

with large storage capacity

Hydrogen is produced from

renewable wind and solar

Or by conversion of bio wastes

Hydrogen is also available as a by-

product of some industrial processes

and from natural gas reformation.

BALLARD.COM Power to Change the World® BALLARD.COM Power to Change the World® 23

Hydrogen is the

Most Abundant

Element in the

Universe.

BALLARD.COM Power to Change the World® BALLARD.COM Power to Change the World® 24

Hydrogen is the

energy carrier that

enables energy

sector coupling for

a sustainable

future.


Renewable hydrogen

and fuel cell

technology will

deliver affordable

zero emission

mobility.


Falling Cost of Renewables


2019 Mega Trends: Green H2

• August 20th: Bloomberg New Energy: Costs of H2 to drop 80% by 2039

• October 14th: Hydrogen and Fuel Cell Day-Air Liquide announces $150 million new

green LH2 facility in USA (Guarantee of Origin platform)

• November 13th: Air Liquide, the Durance, Luberon, Verdon urban area (DLVA) and

ENGIE are signing a cooperation agreement to develop the “HyGreen Provence” project

which aims at producing, storing and distributing green hydrogen.


Ongoing Work

Product certification for marine

environment

Hydrogen availability (including

LH2) at ports

Hydrogen on board storage

(internal vs external bunkering)

Hydrogen safety and refueling

processes


Fuel cell technology

can deliver

zero-emission large

scale marine

propulsion


Hydrogen is a

necessary, safe and

effective power

solution for zero-

emission marine

applications.

BALLARD.COM 31


We deliver fuel cell power for a sustainable planet.

Future Fuels for ShippingSustainable hydrocarbon fuels

23rd January 2020

After IMO 2020, decarbonization

2

Another storm coming

“The future is already here, it’s just unevenly

distributed.” Our Mission:

To help reduce the environmental footprint of aviation and heavy goods transport through a proven and reliable supply of sustainable fuels

3

4

Fischer Tropsch (FT) route to sustainable fuels

Diesel for marine

• Can produce carbon negative fuels

• Large sustainable feedstock supply

• Improved exhaust emissions

• Drop in – no change to engines

Patented micro-channel Fischer Tropsch reactor and catalyst

5

Velocys proprietary technology and company

• Velocys’ patented FT process made commercially viable at target scale using micro-channel reactors

• Combined with other proven technologies for end-to-end process producing drop-in fuels

• Expert team with deep experience of designing, commissioning and operating synthetic fuel facilities

• Headquartered in Oxford UK with facilities in Columbus, Ohio and Houston, Texas

• Traded on AIM index (London Stock Exchange)

Velocys commercial FT reactor

18 years of experience across multiple scales

6

Velocys

Overview► Over 18 years of design, commissioning, start-up and support

experience at various scales and facilities across the world► Extensive lessons learned, captured and implemented into

future projects

We have over 18 years experience in developing and deploying XTL projectsExperience

Our technology has been operated at laboratory, pilot, demonstration and commercial scale

Scale

Velocys FT technology has operated on syngas derived from natural gas, landfill gas, coal and biomass

Feedstock

Velocys core personnel have been onsite for commissioning, startup and operation at all scales

Presence

Over 18 years, more than $100mn committed:► $15mn spent on catalyst development► >$25mn spent on catalyst testing► >$15mn spent on mechanical development► >$15mn spent on piloting operation► >$10mn spent on field demonstrations► >$25mn spent on supporting commercial

demonstration

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Laboratory

PILOT PLANT

IDU

ENVIA

2019

BTL

ENVIA

7

Completed demonstration at commercial scale

• Landfill gas and natural gas feedstock

• 5,000+ hours of cumulative operation across 2 commercial-scale FT reactors

• 420k gallons of finished fuel and wax delivered

• Produced and sold first Q-RINS

• Culmination of 18 years of development and testing

Oklahoma, 2017-18: Commercial scale Velocys FT demonstration completed

8

Lead client: Red Rock Biofuels

• Commercial biomass-to-fuels project in Lakeview, Oregon. Broke ground July 2018

• Velocys licensing FT technology, supplying reactors and catalyst‒ Reactor manufacturing in

progress and due for delivery in Q1/Q2 2020

• Plant expected to be operational in 2020

• Expected output: 15mm gallons/year of renewable fuels

Velocys solution

10

Municipal Solid Waste

Significant volumes of residual waste unsuitable for recycling

Avoid costly disposalDiverts waste from landfills

Gate fees

Two abundant feedstocks

Woody biomass

Large volumesRe-energize forestry

Leverage existing infrastructureCompliant with Roundtable for

Sustainable Biomaterials protocol

All technology steps demonstrated at commercial scale

11

Conversion process

Chemically react the syngas to form long

chain hydrocarbons

Chemically cut the long

hydrocarbons to sustainable

fuels

HydrocrackerFischer Tropsch

Synthesis

Syngas clean-up

Gasifier

Waste Syngas Clean syngas FT product Fuels

Physically and chemically

remove impurities from the syngas

Thermally and chemically break the

material into its component

parts to produce syngas

Physical preparation of the feedstock,

removal of remaining

recyclables

Woody biomass

Negative Carbon Intensity (CI)

Agreement with Occidental Petroleum for CO2 capture and sequestration materially lowers the CI, from an already low number, and further increases LCFS revenuesCCUS: Carbon Capture, Usage and Storage/Sequestration

*

12

89

29

-125

-150

-100

-50

0

50

100

California baseline Bayou Fuels withoutCCUS

Bayou Fuels withCCUS

gCO

2e/M

J

(net greenhouse gases (CO2 equivalent) per unit of energy)

240% reduction

• Distillate fuels (jet, diesel, gas oil) + naphtha— Approved for aviation

use at up to 50%— Can be used directly as

diesel or blended

• No changes to engines or infrastructure needed

• Up to 90% reduction in particulate matter (soot)

• >70 cetane

• Zero sulfur

13

Cleaner burning fuels that can be used immediately

Diesel made using Velocys process Regular diesel

14

Significant reductions in particulates and sulfur

0

20

40

60

80

100

NOx Unburnt hydrocarbons CO Particulate matter SOx

Max

em

issi

ons

redu

ctio

ns fo

r nea

t FT

fuel

as

% o

f co

nven

tiona

l jet

fuel

Reduced emissions of key pollutants

Anderson, B. E. et. al. (February 2011), Alternative Aviation Fuel Experiment (AAFEX), NASA Langley Research Center.

15

Velocys fuels meet requirements for drop-in

• Representative fuels were made from local feedstock, upgraded, and analyzed by Southwest Research Institute

• Meets all requirements and regulations to be sold in the US and generate Federal and State credits— Qualifies for cellulosic RINs under the RFS (D3 and D7) and credits under the

LCFS— Diesel complies with ASTM D975, naphtha as a blend into ASTM D4814, and

Synthetic Paraffinic Kerosene (SPK) with ASTM D7566• On-highway fuels certified under Part 79 of EPA’s fuels regulations• Products expected to qualify as Development Fuels under Renewable

Transport Fuels Obligation (RTFO) in the UK • Drop-in ready

— Diesel no blend restriction— SPK blend up to 50% in Jet A1 (ASTM approved)

RIN: Renewable Identification NumberRFS: Renewable Fuels StandardLCFS: Low Carbon Fuels Standard (California)ASTM: American Society for Testing and Materials

Altalto projectWaste to Sustainable Aviation Fuel

17

• Plan to build commercial waste-to-jet-fuel plant (with co-investors)

• 70% lifecycle greenhouse gas reduction (200+% possible with CCS)1

• Target start construction in 2021, production 2024 (subject to planning and funding)

80 million liters2 of

clean fuel/yr

600,000 tonnes1 of

residual waste /yr

Immingham

1 GHG reduction 70% on biogenic fraction of waste – methodology for non-biogenic fraction to be confirmed by Government2 Nameplate capacity

• 12 million tonne capacity gap in UK

• Better use of waste than landfill or waste-to-energy

• Gate fees paid to the project

• Expect to contract ~90% of the volume from medium to large waste contractors

18

Waste supply

• Pre-FEED1 completed; £7.3M invested to date, plus £0.4M grant

• Option secured on 32ha site near Immingham

• Planning application submitted; supportive local community

19

Project status

1 Pre-Front End Engineering Design (+/-30% cost estimate)

MagnoliaWoody biomass to fuel project portfolio

• Located in Natchez Mississippi, the Bayou Fuels project will produce 23.5 million gallons per year, at nameplate capacity, of renewable fuels from forestry waste materials supplied under long term contracts from local sources.

• With a relentless focus on environmental attributes, the project will deliver drop-in transportation fuels to a rapidly growing market while achieving a Carbon Intensity of -125 g CO2e/MJ.

— At a 50/50 blend with fossil fuels, this enables net zero carbon transportation.

21

Bayou Fuels overview

Renewable Woody BiomassFeedstock

Captured and SequesteredCO2 Emissions

Below Zero (Carbon Sink)Lifecycle Fuel Emissions

Treated grey water from City of NatchezWater Intake

Maximum reuse of effluent within the facilityEffluent Treatment

SolarElectricity Source

6%

20%

28%

46%

Base Case D3/7 RINs and LCFS at long term forecast values

Naphtha Diesel RINs LCFS

• Highly negative Carbon Intensity drives high LCFS revenues and helps to reduce exposure to RINs

• Relatively insensitive to crude price

• Assumes only a modest premium for green fuels

22

Revenues supported by federal and state credits

>$13 per

gallon

Chart1

Naphtha

Diesel

RINs

LCFS

Base Case

Base Case D3/7 RINs and LCFS at long term forecast values

14523610.758716

52702757.8978629

74277841.3012608

120853148.037166

Summary Cases

Base Case

CAPEX reduction to 577

Naphtha sales to CA

CI Reduction

Increased leverage under DOE

maintain WTI Adjustment

Low RIN Scenario

RIN Prices reduce to $1.00/RINNo IRR as Cash negative

High WTI scenario

WTI at $8013.4% Project Levered IRR, DSCR at 1.63x

Base Case #s

FS Ann

Model period ending - annual-Error chks01 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 04

Timeline label - annual106Track chgsConstructionConstructionConstructionCommissionOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsOperationsPost - ops

Financial year ending - annual4Alerts202020212022202320242025202620272028202920302031203220332034203520362037203820392040204120422043204420452046204720482049

-Model column counterConstantUnitTotal123456789101112131415161718192021222324252627282930

-

PROFIT AND LOSS

-

-NaphthaPL$204,473,368---3,803,2917,060,7986,693,9107,121,2066,613,1097,354,8056,812,3877,556,8387,019,7157,809,2787,235,4198,028,3807,459,8388,301,2147,693,3238,538,7927,936,2428,833,7028,188,9749,091,2798,451,9169,410,0848,725,4819,689,3089,010,09810,033,978-

-SolventPL$-------------------------------

-DieselPL$862,349,168---16,468,20430,517,33128,849,23430,543,09128,223,69631,351,79129,080,96332,140,81729,894,46533,239,34130,774,21634,114,81631,662,47335,185,54332,557,34936,070,09933,456,70237,155,91334,358,09938,039,47035,258,79839,129,05336,155,70939,998,84037,045,37041,077,787-

-Drilling fluidsPL$-------------------------------

-Jet FuelPL$-------------------------------

-WaxPL$-------------------------------

-LubesPL$-------------------------------

-D3 RINsPL$599,157,187---9,298,44418,475,88818,992,99019,625,58118,196,61919,963,68418,775,08620,839,47719,080,60321,459,32420,100,52822,548,46221,182,18923,831,05722,329,77325,057,88123,547,77426,501,77224,841,02227,885,85626,214,70129,513,87727,674,38631,077,82129,226,06532,916,327-

-D7 RINsPL$2,716,179,246---42,152,94583,757,36186,101,55488,969,30282,491,34090,502,03485,113,72594,472,29786,498,73597,282,26891,122,394102,219,69296,025,923108,034,123101,228,302113,595,727106,749,910120,141,364112,612,632126,415,882118,839,979133,796,243125,457,217140,886,122132,491,496149,220,680-

-LCFS RINsPL$2,200,942,798---29,113,21175,462,68272,232,83776,160,47070,360,80677,783,51571,583,48578,842,37873,523,01282,178,47576,493,34185,264,88379,583,67288,952,62582,798,85392,293,45286,143,92696,285,18289,624,14199,901,40093,244,956104,222,17797,012,053108,136,489100,931,340112,813,436-

-Tipping fee revenuePL$-------------------------------

-CO2 sales revenuePL$-------------------------------

-Operating revenue$6,583,101,766---100,836,095215,274,060212,870,524222,419,650205,885,570226,955,829211,365,647233,851,808216,016,530241,968,686225,725,898252,176,233235,914,095264,304,561246,607,600275,555,952257,834,554288,917,932269,624,867301,333,888282,010,351316,071,435295,024,846329,788,580308,704,369346,062,208-

-EBITDA$4,172,517,604(965,014)(2,952,943)(6,061,461)47,245,995131,040,559137,831,850136,970,319130,890,192138,933,028134,601,109143,431,988136,479,973148,244,546143,972,939156,287,782152,257,536165,415,514159,469,515173,026,862167,875,763182,333,118176,163,294190,161,570184,783,903200,994,263194,127,452210,397,828203,196,628236,363,496-

-Cash flow available for debt service$3,533,218,352439,8027,311,19116,296,36178,177,917129,740,438122,752,809135,334,257119,921,218138,072,654123,272,588129,256,732101,112,921121,284,281105,822,202127,149,564112,665,485135,350,382119,507,022142,433,711126,079,769150,611,843133,036,033158,279,060140,320,124167,088,720147,878,980175,328,015161,396,848207,297,425-

-Guaranteed loan interest - paidCF$(175,855,395)(439,802)(7,311,191)(16,296,361)(23,683,041)(24,062,500)(21,562,500)(19,062,500)(16,562,500)(14,062,500)(11,562,500)(9,062,500)(6,562,500)(4,062,500)(1,562,500)----------------

-Unguaranteed loan interest - paidCF$-------------------------------

-Refinance debt interestPL & CF$-------------------------------

-Refinancing debt 2 interestPL & CF$-------------------------------

-Guaranteed loan repaymentCF$(500,000,000)----(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)----------------

-Unguaranteed loan repaymentCF$-------------------------------

-Refinance debt repaymentCF$-------------------------------

-Refinancing debt 2 repaymentPL & CF$-------------------------------

Total Debt Service439,8027,311,19116,296,36123,683,04174,062,50071,562,50069,062,50066,562,50064,062,50061,562,50059,062,50056,562,50054,062,50051,562,500----------------

DSCR1.75x1.72x1.96x1.80x2.16x2.00x2.19x1.79x2.24x2.05x

RIN$1 #s

FS Ann

Model period ending - annual1Error chks01 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 04



0Model column counterConstantUnitTotal123456789101112131415161718192021222324252627282930

0

PROFIT AND LOSS

0

0NaphthaPL$204473367.6370640003803291.134240337060798.350456846693909.69560447121206.279470896613109.348892277354804.578453086812386.80563467556838.217944017019715.071629337809277.7772927235419.399570248028380.238070477459838.182359968301214.183573327693323.483974398538792.485446717936241.591774048833701.970407048188973.591128799091279.116864638451915.963257489410083.875683098725481.207220179689308.414681469010098.4870389510033978.1863960

0SolventPL$0000000000000000000000000000000

0DieselPL$862349168.41260300016468204.291198530517330.902007828849234.432036530543091.132612728223695.927044531351791.384884329080962.592390732140816.556698529894464.817523333239340.763467230774215.967963934114815.796838331662472.534074735185542.732984532557349.455015536070098.950556333456701.798611837155913.060058734358099.118539338039469.720210635258797.527183939129053.468556436155709.28898839998839.897436537045369.722721541077786.57299960

0Drilling fluidsPL$0000000000000000000000000000000

0Jet FuelPL$0000000000000000000000000000000

0WaxPL$0000000000000000000000000000000

0LubesPL$0000000000000000000000000000000

0D3 RINsPL$154269549.311850003361359.112656294889.33925988142.1886277690.1885744516.50086294889.33925744516.50086277690.1885744516.50086294889.33925744516.50086277690.1885744516.50086294889.33925744516.50086277690.1885744516.50086294889.33925744516.50086277690.1885744516.50086294889.33925744516.50086277690.1885744516.50086294889.33920

0D7 RINsPL$699,355,29000015238161.3106828536831.6710427146244.585628458862.185626041808.1369628536831.6710426041808.1369628458862.185626041808.1369628536831.6710426041808.1369628458862.185626041808.1369628536831.6710426041808.1369628458862.185626041808.1369628536831.6710426041808.1369628458862.185626041808.1369628536831.6710426041808.1369628458862.185626041808.1369628536831.671040

0LCFS RINsPL$2,200,942,79800029113211.283162575462681.926348272232836.625825776160469.54064770360806.01383777783515.400546671583485.45926678842378.344035873523011.774175782178475.315973976493341.449852485264883.298742779583672.444426488952624.541776382798852.811181392293451.80120686143926.46475396285181.520423989624141.09392999901400.387035393244956.3941238104222177.00914597012052.6324464108136488.607963100931339.558797112813436.1799110

0Tipping fee revenuePL$-000000000000000000000000000000

0CO2 sales revenuePL$-000000000000000000000000000000

0Operating revenue$4121390173.4547700067984227.1319314147872532.189053140910367.527067148561319.326331136983935.927534151321832.374124139263159.495051153276585.492278142223516.301088158058814.866973146289301.455147162144631.707251150492307.798621167271102.468574154835850.387931171638895.610809159323194.492899177106517.56113163957538.441357181768701.597711168741994.522325187593035.363624173679567.766415192561189.293681178773132.406318198756921.9495460

0EBITDA$1710806011.77351(965,014)(2,952,943)(6,061,461)14,394,12863,639,03165,871,69363,111,98961,988,55963,299,03262,498,62262,856,76662,686,95964,334,67564,536,34266,256,18166,835,74968,382,05667,697,76569,109,80669,364,40470,521,70370,495,96570,596,38471,515,54772,515,86472,782,17473,170,43773,265,39189,058,210-

0Cash flow available for debt service$1588080263.89784431705.3707176897096616.9349440315780849.841666977494200.374657263218621.542051757323291.810470767705336.644126445619377.232494368818738.922596646258948.126006267545741.457236340550657.563565765677969.005820643433764.234893468473285.042516141133581.69536765785103.822160854617850.399664967737566.90556653835820.487031164372911.691119551563058.251164766056576.533540452982536.7087567986489.235704954309814.835181669474676.551176361203580.868119781591591.80953110

-Guaranteed loan interest - paidCF$(174,433,496)(431,705)(7,096,617)(15,780,850)(22,999,324)(24,062,500)(21,562,500)(19,062,500)(16,562,500)(14,062,500)(11,562,500)(9,062,500)(6,562,500)(4,062,500)(1,562,500)----------------

-Unguaranteed loan interest - paidCF$-------------------------------

-Refinance debt interestPL & CF$-------------------------------

-Refinancing debt 2 interestPL & CF$-------------------------------

-Guaranteed loan repaymentCF$(500,000,000)----(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)(50,000,000)----------------

-Unguaranteed loan repaymentCF$-------------------------------

-Refinance debt repaymentCF$-------------------------------

-Refinancing debt 2 repaymentPL & CF$-------------------------------


DSCR0.85x0.80x0.98x0.69x1.07x0.75x1.14x0.72x1.21x0.84x

0Retained cash balance BEG$0-0.000926138-0.0012619962-0.0014784765-0.0015318674-14252123.4722963-33591648.012665-34256620.8989373-65338080.8625228-60734467.254903-86637455.1476982-77805245.8015977-104896251.471993-92969226.274598-72531430.9461862-5060512.841956221744567.910038550000000.000000150000000.000000150000000.000000150000000.000000110000000.000000210000000.000000210000000.00000023000000.000000163000000.000000163000000.000000163000000.000000163000000.000000160.0000001416

0plusNet cash flow-$0-(0)(0)(0)(0)(14,252,123)(19,339,525)(664,973)(31,081,460)4,603,614(25,902,988)8,832,209(27,091,006)11,927,02520,437,79567,470,91826,805,08128,255,432---(40,000,000)--(7,000,000)----(3,000,000)-

0Retained cash balance$-0.000926138-0.0012619962-0.0014784765-0.0015318674-14252123.4722963-33591648.012665-34256620.8989373-65338080.8625228-60734467.254903-86637455.1476982-77805245.8015977-104896251.471993-92969226.274598-72531430.9461862-5060512.841956221744567.910038550000000.000000150000000.000000150000000.000000150000000.000000110000000.000000210000000.000000210000000.00000023000000.000000163000000.000000163000000.000000163000000.000000163000000.000000160.00000014160.0000001416

High WTI #s

FS Ann

Model period ending - annual0Error chks01 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 0401 Jan 04



0Model column counterConstantUnitTotal123456789101112131415161718192021222324252627282930

0

PROFIT AND LOSS

0

0NaphthaPL$235150870.1653480005123671.67599659595209.8927529127639.592289568993.472288756284.4376489595209.8927528756284.4376489568993.472288756284.4376489595209.8927528756284.4376489568993.472288756284.4376489595209.8927528756284.4376489568993.472288756284.4376489595209.8927528756284.4376489568993.472288756284.4376489595209.8927528756284.4376489568993.472288756284.4376489595209.8927520

0SolventPL$0000000000000000000000000000000

0DieselPL$982382939.59619300021481425.132138340139984.645794138089620.103734439836849.546270436360903.104032239858162.282214436396238.161183639780567.626361436429522.655724740094576.895104236728757.379434440267313.207147636943427.99529740561935.586061537062150.782076440523383.684787537072425.35187240580697.737547336960535.398282940274726.812623936711440.97204540030265.519577936308661.573975939389472.17837135734149.296046538765745.96848810

0Drilling fluidsPL$0000000000000000000000000000000

0Jet FuelPL$0000000000000000000000000000000

0WaxPL$0000000000000000000000000000000

0LubesPL$0000000000000000000000000000000

0D3 RINsPL$506781854.9795040005353636.6587176510904007.313362211721908.095853812630461.550648511793607.266472413561206.001225312967441.768245914827904.22405614117953.533026116253534.301048615578715.894654717876323.86008517171890.406866819748283.99830118908876.822741421676106.468137620802034.184860823901028.399935122864760.692778426188427.17919825111580.186098528829506.800012427558235.78979731540568.010504530221791.313525534672064.25935120

0D7 RINsPL$2,297,411,07600024269819.5195249431499.820575553139316.701203757258092.362939853464352.941341661477467.205554958785736.01604867219832.482387264001389.349718473682688.831420370623512.055768181039334.832385377845903.177796389525554.125631585720241.596427998265015.988890594302554.9713689108351328.746372103653581.807262118720869.879031113839163.510313130693764.160056124930668.913746142983908.314287137005453.954649157180024.6423920

0LCFS RINsPL$2,142,782,38500028394763.693057473580418.360338770411687.373809474219173.702227268547684.491387575756462.329459369696958.207162776740644.833019371563078.792418679987810.104148974454227.175632482991942.447568777462177.953527986581378.064703780591649.942850589833147.526117483847552.600541693718468.074353987234993.725603597238287.91629490759287.4721179101443883.82961494425962.6859914105253850.02393698240771.5785055109806122.2924780

0Tipping fee revenuePL$-000000000000000000000000000000

0CO2 sales revenuePL$-000000000000000000000000000000

0Operating revenue$6164509125.84500084623316.6794299183651120.032822182490171.866881193513570.634366178922832.240882200248507.711206186602658.590288208137942.638104194868228.768536219613820.024474206141496.943138231743907.819466218179683.971136246012361.66745231039203.581744259866647.140213244780851.546291276146732.85096259470156.061575291991305.259427275177756.578223310592630.202012291979813.401159328736791.999378309958450.580374350019167.0554610

0EBITDA$3749789984.81264(965,014)(2,952,943)(6,061,461)30,815,45599,079,432107,126,881107,737,612103,641,474111,926,752109,578,732117,449,626115,099,947125,651,369124,185,596135,649,881134,350,130146,950,647143,759,278157,200,089154,712,636169,460,304165,932,882180,755,242177,910,695195,490,756191,078,310209,362,095204,484,578240,379,004-

0Cash flow available for debt service$3200864394.10674435694.2848326417202309.3000742816034714.079045777817820.286325298043203.61323392236858.2528649106055222.1606492849750.3629122111013938.62322298718406.0069125115627469.62471398230116.7053905106041838.93314690413064.8842825111110199.65385698701313.0689545120976600.559466107232197.459219130084056.161037115763867.411523140529198.244179124976111.689589150858427.077216134843194.027345162665941.486877145344703.225037174338339.317201162200453.226164210519384.3814810

0Guaranteed loan interest - paidCF$-175120661.363184-435694.289176807-7202309.30178328-16034714.0801053-23322943.6921188-24062500-21562500-19062500-16562500-14062500-11562500-9062499.99999999-6562500-4062500-15625000000000000000000

0Unguaranteed loan interest - paidCF$0000000000000000000000000000000

0Refinance debt interestPL & CF$0000000000000000000000000000000

0Refinancing debt 2 interestPL & CF$0000000000000000000000000000000

0Guaranteed loan repaymentCF$-5000000000000-50000000-50000000-50000000-50000000-50000000-50000000-50000000-50000000-50000000-500000000000000000000000

0Unguaranteed loan repaymentCF$0000000000000000000000000000000

0Refinance debt repaymentCF$0000000000000000000000000000000

0Refinancing debt 2 repaymentPL & CF$0000000000000000000000000000000


DSCR1.32x1.29x1.54x1.39x1.73x1.60x1.96x1.74x1.96x1.75x

Graphs

Revenue Splits - Average first 5 years

Base Case$0.5 RIN$1 RIN and $190 LCFS

Naphtha14,523,61114,523,61114,523,611

Diesel52,702,75852,702,75852,702,758

RINs74,277,84116,476,79932,953,598

LCFS120,853,148120,853,14892,943,078

Revenue Splits - Over first 10 years - $ Millions

Base Case2024202520262027202820292030203120322033

Naphtha$ 7$ 7$ 7$ 7$ 7$ 7$ 8$ 7$ 8$ 7

Diesel$ 31$ 29$ 31$ 28$ 31$ 29$ 32$ 30$ 33$ 31

RINs$ 105$ 109$ 101$ 110$ 104$ 115$ 106$ 119$ 111$ 125

LCFS$ 72$ 76$ 70$ 78$ 72$ 79$ 74$ 82$ 76$ 85

Total$ 215$ 220$ 209$ 223$ 214$ 230$ 219$ 238$ 229$ 248

Low RINs2024202520262027202820292030203120322033

Naphtha$ 7$ 7$ 7$ 7$ 7$ 7$ 8$ 7$ 8$ 7

Diesel$ 31$ 29$ 31$ 28$ 31$ 29$ 32$ 30$ 33$ 31

RINs$ 35$ 33$ 35$ 32$ 35$ 32$ 35$ 32$ 35$ 32

LCFS$ 75$ 72$ 76$ 70$ 78$ 72$ 79$ 74$ 82$ 76

Total$ 148$ 141$ 149$ 137$ 151$ 139$ 153$ 142$ 158$ 146

Max WTI2024202520262027202820292030203120322033

Naphtha$ 10$ 7$ 7$ 7$ 7$ 7$ 8$ 7$ 8$ 7

Diesel$ 40$ 29$ 31$ 28$ 31$ 29$ 32$ 30$ 33$ 31

RINs$ 60$ 65$ 70$ 65$ 75$ 72$ 82$ 78$ 90$ 86

LCFS$ 74$ 72$ 76$ 70$ 78$ 72$ 79$ 74$ 82$ 76

Total$ 184$ 173$ 184$ 170$ 192$ 179$ 201$ 189$ 213$ 201

EBITDA and DSCR

Base CaseLow RINHigh WTI

Sensitivities Chart from Model

reflects levered project IRR sensitivity on base case

Run STORE SENSITIVITY OUTPUTS macro to update the chart >>>STORE SENSITIVITY OUTPUTS

CategoryUpside SensitivityBase IRRIRRΔ IRR

RevenueRevenue +5%17.3%19.1%1.8 %

Plant Availability UptimePlant Availability +5%17.3%19.1%1.8 %

Capital expenditureCapex -5%17.3%18.8%1.5 %

RINRIN +5%17.3%18.2%0.9 %

Commission delayCommission -3 months17.3%18.0%0.7 %

Operating expenditureOpex -5%17.3%18.0%0.7 %

LCFSLCFS +5%17.3%17.9%0.6 %

Construction delayConstruction -3 months17.3%17.9%0.6 %

WTIWTI -5%17.3%17.8%0.5 %

Operating cost UptimeOpCost Availability -5%17.3%17.7%0.4 %

CategoryDownside SensitivityBase IRRIRRΔ IRR

RevenueRevenue -5%17.3 %15.5 %(1.8)%

Plant Availability UptimePlant Availability -5%17.3 %15.6 %(1.8)%

Capital expenditureCapex +5%17.3 %16.0 %(1.3)%

RINRIN -5%17.3 %16.4 %(0.9)%

Commission delayCommission +3 months17.3 %16.6 %(0.8)%

Operating expenditureOpex +5%17.3 %16.6 %(0.7)%

LCFSLCFS -5%17.3 %16.7 %(0.6)%

Construction delayConstruction +3 months17.3 %16.8 %(0.5)%

WTIWTI +5%17.3 %16.8 %(0.5)%

Operating cost UptimeOpCost Availability +5%17.3 %16.9 %(0.4)%

CAPEX Bridge

TotalsMovementsNote

Old "Core Capex"720720

Biomass boiler reduction(65)backup note from Sulis

2nd hand equipment savings(20)backup note from Cadmus

Design margin and other direct field cost savings(50)based on Ivan calc that used 6MWe for compressors

Associated indirect field cost savings(7)

Revised "core" capex577577

CI Bridge

TotalsMovementsNote

Original CIOriginal CI2626

Switch to solar with upgraded infrastructureSwitch to solar- 0backup note from Sulis

Sequestration of all Diesel associated CO2Sequestration of CO2(123)backup note from Cadmus

CO2 emissions (estimated) to sequester CO2Incremental CO2 emissions13based on Ivan calc that used 6MWe for compressors

All CO2 Sequestration CINew CI(85)(85)

IRR Bridge

TotalsMovementsNote

Original Unlevered Project IRR7.20%7.2%CAPEX $720m, 1660 boiler FEED, 11MW Power, No Naphtha LCFS, CI 26, no change to pre_FID $ or FID Sept '20 -- OP COST at 100% unplanned, Power declines to 5% end of commissioning, IRR is now at 7.2%

CAPEX9.21%2.0%CAPEX reduced to $576m, Boiler FEED to 315sgt, Power at $70/mwh, increased ramp to match opcost ramp,

Sell Naphtha to CA9.88%0.7%Getting LCFS for Napthta adds ~$7m p.a. in revenue

Sequestration of CO213.15%3.3%backup note from Cadmus

Project Unlevered13.2%

DOE Leverage17.71%4.6%10 year DOE Debt at 5%, 2.1 DSCR, no Refi

Project Levered IRR17.71%17.7%

New Project Unlevered13.15%13.2%

Upside Reliability13.47%0.3%1.5% increase in reliability to 90.6%

Upside Regulatory Reform13.93%0.5%25% decrease in Feedstock

Premium pricing14.33%0.4%add $0.25/gallon premium for all products, by adding $53 to Naphtha adder $0.25*42/.2

Upside Unlevered IRR14.33%14.3%

Upside Leverage33.37%19.0%$700m DOE debt at 15 years, 2.3xdscr, no refi

Upside Project IRR33.37%33.4%

FEED Spend Profile

Check underlying data

We do not have this over time to my knowledge

Graphs

Base Case

Tables

$0.5 RIN

Low RIN

$1 RIN and $190 LCFS

Naphtha

Diesel

RINs

LCFS

$ Millions

Revenues Over Time - Base Case

Naphtha

Diesel

RINs

LCFS

$ Millions

Revenues Over Time - Low RINs

Naphtha

Diesel

RINs

LCFS

$ Millions

Revenues Over Time - High WTI

20241.7517696288

20251.7153230996

20261.9595910451

20271.8016333211

20282.155280454

20292.0023973755

20302.1884737617

20311.7876317543

20322.2434086712

20332.0523093785

EBITDA

DSCR

EBITDA vs DSCR - Base Case

131.0405588491

137.8318501369

136.970319064

130.8901924985

138.9330281873

134.6011092599

143.4319884387

136.4799727015

148.2445458456

143.9729385665

EngineeringEngineering

Project ManagementProject Management

Project FinanceProject Finance

Site & PermittingSite & Permitting

Commercial AdvisoryCommercial Advisory

FEED Spend %

28800000

0.7396002194

5688000

0.1460710433

3800000

0.0975861401

281989.6

0.0072416517

369966.4

0.0095009455

20241.7517696288

20251.7153230996

20261.9595910451

20271.8016333211

20282.155280454

20292.0023973755

20302.1884737617

20311.7876317543

20322.2434086712

20332.0523093785

EBITDA

DSCR


131.0405588491

137.8318501369

136.970319064

130.8901924985

138.9330281873

134.6011092599

143.4319884387

136.4799727015

148.2445458456

143.9729385665

20241.7517696288

20251.7153230996

20261.9595910451

20271.8016333211

20282.155280454

20292.0023973755

20302.1884737617

20311.7876317543

20322.2434086712

20332.0523093785

EBITDA

DSCR


131.0405588491

137.8318501369

136.970319064

130.8901924985

138.9330281873

134.6011092599

143.4319884387

136.4799727015

148.2445458456

143.9729385665

EBITDA and DSCR

Base Case2024202520262027202820292030203120322033

EBITDA$ 131$ 138$ 137$ 131$ 139$ 135$ 143$ 136$ 148$ 144

DSCR1.75x1.72x1.96x1.80x2.16x2.00x2.19x1.79x2.24x2.05x

below not yet updated

Low RINs2024202520262027202820292030203120322033

EBITDA$ 64$ 66$ 63$ 62$ 63$ 62$ 63$ 63$ 64$ 65

DSCR0.85x0.80x0.98x0.69x1.07x0.75x1.14x0.72x1.21x0.84x

High WTI2024202520262027202820292030203120322033

EBITDA$ 99$ 107$ 108$ 104$ 112$ 110$ 117$ 115$ 126$ 124

DSCR1.32x1.29x1.54x1.39x1.73x1.60x1.96x1.74x1.96x1.75x

Spend Profiles

table to right for formatting puropsesFEED

External SpendFEED

Site and Permitting$ 281,990

Legal$ 168,000

Commercial$ 369,966

Project Finance$ 2,000,000

Engineering$ 28,800,000

Feedstock$ 72,000

Plant Operations Management$ 448,000

Internal and Other Spend

Total internal labor costs$ 5,000,000

Additional internal costs$ 1,800,000

Contingency$ - 0

Total Costs$ 38,939,956

Categories for Chart

Engineering$ 28,800,00074%

Project Management$ 5,688,00015%

Project Finance$ 3,800,00010%

Site & Permitting$ 281,9901%

Commercial Advisory$ 369,9661%

Total$ 38,939,956Note, this figure is not represented in model for Pre-FID Spend. Once aligned on $ for FEED, suggest we update pre-FID spend

Engineering Breakout

FEED contractor$ 8,000,00028%

Licensor packages$ 8,000,00028%

License fees$ 3,800,00013%

AL engineering$ 6,700,00023%

Other support$ 2,100,0007%

Other licensor services$ 200,0001%

Total$ 28,800,000

Sources and UsesBasecase

table to right for formatting puropsesSOURCES AND USESSOURCES AND USES

SourcesUSD% totalUsesUSD% totalSourcesUSD% totalUsesUSD% total

Core CAPEX567,749,93963.6 %Core CAPEX567749939.10.6364694123

Guaranteed loan500,000,00056.1 %EPC cost's profit and risk68,129,9937.6 %Guaranteed loan5000000000.5605191375EPC cost's profit and risk68129992.6920.0763763295

Unguaranteed loan--Owners engineering3,000,0000.3 %Unguaranteed loan00Owners engineering30000000.0033631148

Power Infrastructure4,000,0000.4 %Power Infrastructure40000000.0044841531

1st lien500,000,00056.1 %Construction costs642,879,93272.1 %1st lien5000000000.5605191375Construction costs642879931.7920.7206930097

Pre COD operating costs58,606,5876.6 %Pre COD operating costs58606586.91326110.0657002271

Owner's Risk capital8,516,2491.0 %Owner's Risk capital8516249.08650.0095470412

Equity308,322,06034.6 %Insurance during construction3,499,2740.4 %Equity308322059.9389510.3456408302Insurance during construction3499274.286561220.0039228204

Pre COD revenue83,708,1439.4 %Performance risk insurance14,000,0001.6 %Pre COD revenue83708143.1133710.0938400324Performance risk insurance140000000.0156945358

Other sources392,030,20343.9 %O&M reserve deposit16,904,2521.9 %Other sources392030203.0523220.4394808625O&M reserve deposit16904251.59442580.018950313

EPC Contingency Deposit34,064,9963.8 %EPC Contingency Deposit34064996.3460.0381881647

Development capital & fee--Development capital & fee00

Corporation tax3,637,4500.4 %Corporation tax3637449.611566870.0040777202

Other costs139,228,80815.6 %Other costs139228807.8383150.1560808226

Equity financing fee9,249,6621.0 %Equity financing fee9249661.798168520.0103692249

Guaranteed loan upfront fee15,000,0001.7 %Guaranteed loan upfront fee150000000.0168155741

Guaranteed loan agency fee350,7820.0 %Guaranteed loan agency fee350782.096320.0003932402

Guaranteed loan interest paid47,730,3955.4 %Guaranteed loan interest paid47730394.5321030.0535075991

DSRA deposit37,590,6254.2 %DSRA deposit375906250.0421405294

Financing cost109,921,46312.32 %Financing cost109921463.4265920.1232261677

Total sources892,030,203100.0 %Total uses892,030,203100.0 %Total sources892030203.0523221Total uses892030203.0569071

23

Future U.S. projects• Velocys initial site identification process involved a

US wide search for sites, which has resulted in 11already vetted sites and three priority sitesfocused in the Southeast which can be quicklysecured for future development.

• Future site opportunities have strong localinfrastructure, sufficient woody biomass within a75 mile radius, and excellent State and Countylong term incentive packages on offer.

• Abundance of woody biomass enablesincreasing production capacities for futureplants by 2x leading to economies of scale.

• Recently closed paper mills, have infrastructure(e.g. woody biomass boiler and wood yards) thatcould materially reduce the required investmentsfor a biorefinery.

• Magnolia believes a number of potential sites existin other states based on discussions with localrepresentatives, feedstock supply, and futureregulatory changes.

• Future plants also benefit from leverage at FID,reducing equity and increasing returns.

Arkadelphia,Arkansas

Shreveport,Louisiana

Epes,Alabama

Portfolio accelerates both volume of fuels and carbon savings

Industry implications and conclusion

• Carbon-negative, sustainably sourced fuels can be made available as soon as plants are built (~4 years)— RSB and RFS-compliant woody feedstock for 100 plants (~2

billion gallons, 10 million tonnes) in the US

• Can be blended into marine diesel / marine gas oil — Immediate CO2 reductions (double due to negative CI) with no

change to engines or bunkering infrastructure— Air quality improvements (particulates, sulfur)— Higher cetane likely to improve maintenance and performance

• Challenges— Marine fuels do not currently qualify for credits in US or UK— No internationally agreed decarbonisation structure for sector — Competition for feedstock with aviation in long term

25

Sustainable hydrocarbon fuels for marine

• Velocys is advancing sustainable fuels projects in the US and UK— One of the few sustainable routes to producing drop-in,

renewable fuels not limited by blending, derived from waste resources

— Demonstrated technology and operational capability— CCUS enables negative Carbon Intensity fuels, enabling the

growth of a material supply of sustainable fuels

• Opportunity to deploy in the marine sector — Easily implemented route to decarbonization— Requires supportive regulation and a concerted drive

26

Summary

27

Neville Hargreaves

• Neville is responsible for Velocys’ waste to fuels business, including the commercial, financial and corporate development of the Altalto waste-to-jet-fuel project in the UK. He developed this project from inception, building the collaboration with British Airways and Shell and securing £8M ($10M) in funding to date. He is also responsible for government and stakeholder relations in the UK.

• Neville has over 30 years’ technical and commercial experience in the oil, renewable energy and consulting industries, including 12 years with Exxon and 4 years with Bain and Company, the strategy consulting firm. At Exxon he led technical and commercial teams in areas including marine fuels and product development, bringing over 70 new products to market. He has delivered complex projects with many stakeholders across global public companies, contributing hundreds of millions of dollars to corporate value, led two small businesses and launched a successful innovation programme for the UK government.

• He holds an MA in chemistry from Cambridge University and a PhD from University College London, and is a Fellow of the Royal Society of Chemistry.

VP Waste to Fuels

Questions? Tammy Klein, Principal

+1.703.625.1072 (M); [email protected]

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FFO_Shipping_WebinarTK.pdfFuture Fuel Outlook Service�Web Conference ��Future Fuels for Shipping ��January 2020Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Questions?

FFS_Shipping_WC2.pdfBallard Marine Webinar_FinalFuture Marine Fuels - Velocys finalFuture Fuels for ShippingAnother storm comingSlide Number 3Fischer Tropsch (FT) route to sustainable fuelsVelocys proprietary technology and companyVelocys Completed demonstration at commercial scaleLead client: Red Rock BiofuelsVelocys solutionSlide Number 10Conversion processNegative Carbon Intensity (CI)Cleaner burning fuels that can be used immediatelySignificant reductions in particulates and sulfurVelocys fuels meet requirements for drop-inAltalto projectSlide Number 17Waste supplyProject statusMagnoliaBayou Fuels overviewRevenues supported by federal and state credits�Future U.S. projectsIndustry implications and conclusionSustainable hydrocarbon fuels for marineSummaryNeville Hargreaves

Future Fuel Outlook Service Web Conference · 2020. 1. 23. · Patented micro-channel Fischer Tropsch reactor and catalyst. 5. Velocys proprietary technology and company • Velocys’

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