Zeachem presentation at the TAPPI International Bioenergy & Bioproducts Conference

1. Deployment of Third-
Generation Cellulosic
Biorefineries
Tim Eggeman, Ph.D., P.E.
TAPPI International Bioenergy & Bioproducts Conference
Memphis, TN
October 16th, 2009

2. Company History
• Incorporated in 2002
• Series A ($6MM) in 2006
– Led by Mohr Davidow Ventures (MDV) and Firelake Capital
Management
– Proved out technology at lab scale
• Series B ($34MM) in 2008
– Co-led by Globespan Capital Partners and PrairieGold
Venture Partners, follow on from Series A VCs
– Valero Energy Corporation
– Money raised for Demo plant
• Current Status = Execution on Demo Plant
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3. CONFIDENTIAL
ZeaChem Technology
• “Third-generation”
― Best of bio & thermo chemical processes
― Hybrid cellulosic technology – “Prius” BioChemical
― Highest theoretical yield 160 gal/BDT
• Proven components & processes
― Natural organism; no enzymes
― Ultra-low CO2 net impact
• Product platform flexibility
ThermoChemical
― Biofuels (ethanol, butanol)
― Biochemicals (ethyl acetate, propylene)
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4. ZeaChem Technology
ZeaChem’s Core
Technology Sales
Sugar Acetic
Solution Acid
Ethyl
Biomass: Acetate
• Hardwood
• Softwood
• Switch Grass Ethanol
• Corn Stover Sales
Hydrogen
Residue to Gasifier
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5. Theoretical Yields
Biochemical Only Thermochemical Only Syngas Fermentation ZeaChem Hybrid
Yield: 78-112 gal(neat)/BDT Yield: 112 gal(neat)/BDT Yield: 112 gal(neat)/BDT Yield: 156 gal(neat)/BDT
39-56 56 56 78
Balance
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Balance Mixed Alcohol Balance Biochemical Hydrogenolysis
14 Synthesis 14 Processing
Balance
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Biochemical Balance Syngas Syngas H2
Ester
Processing 61-44 70 70 52 30
Balance Residue
Balance Thermochemical 30 Thermochemical Biochemical 8 Thermochemical
30 Processing Processing Processing Processing
100 100 100 60 40
Other, 10
Cellulose, 40
100
Lignin, 30
Hemicellulose Values in Italics Indicate Chemical Energy
Acetate, 2 Hemicellulose Flow Normalized to Biomass = 100
Sugars, 18
Yield assumes 200 gal(neat)/BDT for 100%
Chemical Efficiency

6. Yield Drives Economics
Ethanol Price
$/gal
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7. ZeaChem Pilot Plant
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8. Fermentation Data
70
Exceeds Target
60 Titer in 60 Hours
50 Target Titer = 50 g/l
Acetic Acid, g/l
40 Fermentation Works Well
With Hydrolyzates.
30 Mixed Sugars, Wood Breakdown
Products, etc. Issues Are Solved.
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Corn Syrup
10
Poplar Hydrolyzate
0
0 50 100 150
Time, Hr

9. A Resource That Lasts Forever™
About GreenWood Resources
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10. Feedstock Strategy
• ZeaChem process is feedstock agnostic
– Hardwood, softwood, grasses, corn stover, etc.
• Dedicated sustainable energy crops
– Geographic diversity, “Grow where we go”
• Contract with GreenWood Resources
– Supply high yield hybrid poplar feedstock
• Benefits
– Efficient harvesting, cost effective
– “Store on the stump”
– Integrate energy crop + biorefinery =
minimal footprint, low CO2
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11. Efficient Harvesting
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12. Maximizing Land Productivity
⎛ Land ⎞ ⎛ Farm ⎞ ⎛ Factory ⎞ ⎛ Auto ⎞
⎜ ⎟ ⎜ ⎟ ⎜ ⎟ ⎜ ⎟
⎜ Productivity, ⎟ = ⎜ Yield, ⎟ x ⎜ Yield, ⎟ x ⎜ Efficiency, ⎟
⎜ miles/ac/yr ⎟ ⎜ BDT/ac/yr ⎟ ⎜ gal/BDT ⎟ ⎜ miles/gal ⎟
⎝ ⎠ ⎝ ⎠ ⎝ ⎠ ⎝ ⎠

13. Solving “Food vs Fuel” Debate
Farm Factory Auto Land
Yield Yield Eff. Prod.
Corn 150 2.7 14 5,670
Ethanol Bu/ac/yr Gal/bu Mile/gal Mile/ac/yr
EtOH Corn Ethanol
1st Gen. 7.5 90 14 9,450
Cellulosics BDT/ac/yr Gal/BDT Mile/gal Mile/ac/yr 1st Gen.
EtOH
Cellulosics
Advanced 15 135 14 28,350
Cellulosics BDT/ac/yr Gal/BDT Mile/gal Mile/ac/yr Advanced
EtOH
Cellulosics
Advanced 15 135 25 50,625
Cellulosics + BDT/ac/yr Gal/BDT Mile/gal Mile/ac/yr Ad. Cell. +
Auto Efficiency EtOH
Auto Eff.
0 20,000 40,000 60,000
Land Productivity, Mile/ac/yr

14. ZeaChem Carbon Advantage
Fuel Technology GHG % Reduction
from Gasoline
Gasoline 0%
Corn Ethanol 21-24%
Cellulosic Ethanol w/Stover 86-89%
ZeaChem w/Energy Farm 94-98%
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15. Advancing Biofuels and
Biochemicals Markets
C2 Chain C3 Chain
Ethanol Ethylenes Propylene & Propylene Glycol
Acrylics (consumer product additive)
• Start with C2 chain: ethanol, ethyl acetate
• Expand to C3 chain – and beyond
– Dramatically increases market scope
– Hedge against market volatility
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16. Deployment of Demo Plant
• Construction begins in 2009, Operation begins in 2010
• Hybrid poplar + others feedstocks
• 75 Construction jobs, 25 Operating jobs
• Next Steps:
– Scale to 1st Commercial Plant
– Retrofits to pulp mills and corn ethanol plants
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17. Partnerships
• Strategic Partners
• Feedstock
• VC Investors
• Research
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18. • Multi-stakeholder organization to develop comprehensive
voluntary sustainability standards for the production of
biomass and its conversion to bioenergy
– Feedstock developers and producers, Environmental NGOs,
Biorefinery developers, Petroleum industry
• Sustainability categories include:
– Biological diversity, Climate change, Integrated Resource
Management planning, Socio-economic well-being, Soil
quality, Water quality and quantity
• Will recognize existing sustainability standards including
Forest Stewardship Council (FSC), Sustainable Forestry
Initiative (SFI), and Program for the Endorsement of
Forest Certification (PEFC)
• Draft standard open for public review and comments
through November 9th
www.csbp.org
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19. ZeaChem Summary
• Highest yield, best of biochemical and thermochemical
• Proven technology, naturally occurring organism
• Dedicated sustainable energy crops
• Product flexibility: biofuels and biochemicals
• Deploying at demo plant scale
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20. Thank You
Tim Eggeman
(303) 248-7774
time@zeachem.com
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