Direct Conversion of CO2 and Sunlight to Liquid Fuels, Joule Unlimited Technologies, Inc

1. Liquid fuel from the sun™ ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Direct Conversion of CO2 and Sunlight to Liquid Fuels 13th International Conference on Carbon Dioxide Utilization (ICCDU XIII) University Town, Singapore Keith D. Patch Process Engineering Manager Joule Unlimited Technologies, Inc. July 6, 2015, 11:40 AM to 12:00 PM

2. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Renewable Transportation Fuels are Needed  Large‐scale renewable ground transportation fuels are needed  Battery electric vehicles (BEV) use current electric utility power supplies  Current electric utility power supplies are primarily fossil fuel‐based  Hydrogen for fuel cell electric vehicles (FCEVs) is primarily from natural gas  Large‐scale renewable air transportation fuels are needed  Commercial air transport with battery power is impractical  Commercial air transport with hydrogen FCEV technology is impractical  Joule is developing large‐scale renewable transportation fuels  Renewable ethanol is being produced at demonstration‐plant scale today  Renewable diesel/jet fuel is being produced in the lab today  Both use a one step, continuous carbon dioxide‐to‐fuel sequence 2

3. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Joule Summary  Joule is the most advanced and most scalable carbon‐neutral source of energy for the mobility sector  Recycles CO2 emissions through biocatalyst to produce ethanol and diesel/jet fuels  Also uses sunlight, non‐potable brackish water and non‐arable land  Protects existing assets from carbon taxes and emission caps through emissions reuse  Can benefit from incentives for advanced biofuels and low‐carbon fuel markets  Utilizes existing infrastructure, logistics, and service station networks  To date, the company has committed $200m to develop technology  Proven field operations at demonstration‐plant facility in Hobbs, NM, USA  Produced independently‐validated US and EU fuel‐grade ethanol and diesel/jet blend stock  Currently rolling out the first phase of the industrialization process  Joule is assembling a strong network  A coalition of a few large, international industrial companies to join Audi as strategic partners  All advancements support the industrialization process  Commissioning of first commercial plant in 2019  Targeting full‐scale commercial rollout in 2020 3

4. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Identified Over 1,000 Potential Locations for Joule Plants Globally 4 Indicative selection of sites from Joule CO2 emitter database, with CO2 emissions >= 300 kton/year, maximum theoretical productivity >=18,000 gal/acre/yr, air temperature >= 0°C, wet‐bulb temperature <=25°C. Source: Team Analysis, NASA climate data. Not all locations adjusted for availability of land.

5. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Channeling Photosynthesis to Convert Solar Power into Fuels 5 Nature’s Way Sunlight, CO2 and water enable trees’ growth and produces O2 95% of Energy to Product 5% of Energy for Cell Maintenance Fuel Oxygen Carbon Dioxide Water Sunlight Joule’s Way Sunlight, CO2 and water enable biocatalytic conversion to secrete fuel (and produces O2) 100% for Maintenance & Growth Carbon Dioxide Water Sunlight Oxygen

6. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com • Extremely amenable to genome engineering • No nucleus, chloroplast or mitochondial compartments • Rapid metabolism and cell division • Multiple CO2 concentrating mechanisms • No photorespiration or energy dissipation at high CO2 • Can be engineered as a thermotolerant species for thermal management • No biofilm or fouling issues • Many barriers to genome engineering • Nucleus, chloroplast and mitochondria are separate membrane‐bounded compartments • Each compartment has distinct chromosomes • Difficult to control the integration and segregation of DNA • Slow metabolism and cell division • Mitochondria contribute to energy cost of metabolism ALGAECYANOBACTERIA OUTER MEMBRANE THYLAKOID MEMBRANE CHLOROPLAST NUCLEUS GENOME MITOCHONDRION Base Organism: Cyanobacteria vs. Algae

7. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com The Joule Process: Cellular‐Level Photosynthesis 7  Either Ethanol or Diesel Pathway can be Implemented  Metabolic Switch Disabling Biomass Creation is Used with Both Pathways C8,10,12 fatty acyl carrier protein (ACP) Acetyl CoA 3‐Phosphoglycerate (3PG) Pyruvate Acetaldehyde Ethanol NEW ETHANOL PATHWAY Ethanol C8,10,12 fatty acid C8,10,12 aldehyde C7,9,11 alkane Diesel Jet Fuel Gasoline NEW ALKANE PATHWAY EXISTING PATHWAY; OPTIMIZED CO2 UPTAKE EXISTING PATHWAY; INCREASED FLUX BIOMASS CREATION DISABLED  EXISTING PATHWAY Biomass Metabolic Switch Metabolic Switch Metabolic Switch CO2

8. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Joule’s Process is not Conventional Algal Biofuels 8 Joule Uses Cyanobacteria in a Closed Photobioreactor Ethanol or Diesel / Jet Fuel Open Pond Phototroph Closed Bioreactor Algal Oil Algal Oil Catalysis Metathesis Trans‐ esterification Catalysis Diesel / Jet Fuel Diesel / Jet Fuel Biodiesel Diesel / Jet Fuel Closed Photobioreactor Ethanol or Diesel / Jet FuelCyanobacteria Joule’s Process

9. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Joule’s Process is not Conventional Algal Biofuels 9 Conventional Algal Biomass: 1X Productivity  Conventional Algal Biomass is Grown, Harvested and Refined into Biofuels  Joule’s Cyanobacterial Biocatalyst Continuously Secretes Biofuel Joule’s Cyanobacterial Biocatalyst: 5X Productivity of Conventional Algal Biomass (No Harvesting or Refining Needed) Grow Algae Harvest Dry Break Cell Walls Solvent Extraction Refine into Biofuels Repeat Grow Cyanobacteria Repeat Continuous Secretion

10. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Joule’s Process has Much Higher Productivities 10  Corn Starch  Sugarcane (Brazilian)  Cellulosic Switchgrass  Conventional Algae  Joule’s Liquid Fuel from the SunTM Relative Annual Volumetric Production

11. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Organism & Process Engineering Combine to Maximize Ethanol Production 11 • Resistance to high levels of solar radiation • Oxidation protection • Improved CO2 uptake • Improved metabolic pathways GAINS FROM ORGANISM ENGINEERING • Reactor depth • Medium optimization • Culture mixing • Gas mass transfer • Thermal management GAINS FROM PROCESS ENGINEERING Single random mutation Mutant + process variables Ethanol Titer Time Biocatalyst 1, Optimized Reactor Design Biocatalyst 1, Standard Reactor Design Base Strain

12. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Demo Plant Operating Today In Hobbs, NM, USA 12 Engineered Catalyst Ethanol Diesel Jet Fuel Joule Demonstration Plant  A disruptive carbon‐neutral fuel technology based on superior biology & biotechnological competence  Patented technology SunlightCO2 Water

13. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Production Unit 1: Hobbs, New Mexico, USA • 0.1 acre, 4,500 liter total volume • Deployed with 6, 22‐channel capsules • Capsule length of 50 m; expandable to 100 m • Active area of 180 m2 – 360 m2 SPECIFICATIONS 13

15. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Recent Progress 15  Independent test results confirm that Joule’s Diesel (C11 alkane) meets ASTM diesel standard D975 when blended up to 50% with No. 2 diesel  Same C11 molecule can be blended up to 25% with commercial jet fuel  Provides additional benefit of lowering fuel sulfur levels ASTMASTM MCANMCAN  Joule's first Microbial Commercial Activity Notice (MCAN) for a direct fuel production biocatalyst favorably reviewed by U.S. EPA  Voluntary consent order enables commercial use of biocatalyst strain at Joule’s demonstration plant  Facilitates future regulatory compliance for Joule’s continued strain improvements Advanced Bioengineering Advanced Bioengineering  Recent U.S. Patent for Joule Diesel/jet fuel (C11 alkane)  Achieved multi‐week contamination‐free production runs in large‐scale outdoor system ASTM & DIN ASTM & DIN  Independent test results confirm that Joule’s ethanol meets U.S. and European specifications  ASTM D4806 – Denatured fuel ethanol for blending with gasolines for use as automotive spark‐ignition engine fuel  DIN EN 15376 – Ethanol as a blending component for petrol

16. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Ecologically sound: conserves arable land, crops and fresh water (not food for fuel)Ecologically sound: conserves arable land, crops and fresh water (not food for fuel) A CO2‐to‐Fuels Platform with Record‐Breaking Advantages 16 Monetizes CO2: enabling new markets and revenues for industrial emittersMonetizes CO2: enabling new markets and revenues for industrial emitters Infrastructure‐ready products: ethanol and diesel with no chemical processing Competitive target costs: $1.30/gal, $50/barrel (in ideal locations)Competitive target costs: $1.30/gal, $50/barrel (in ideal locations) Unrivaled target productivity: up to 25,000 gal/acre/year for ethanol and 15,000 gal/acre/year diesel Unrivaled target productivity: up to 25,000 gal/acre/year for ethanol and 15,000 gal/acre/year diesel Infrastructure‐ready products: ethanol and diesel with no downstream processingInfrastructure‐ready products: ethanol and diesel with no downstream processing Abundant inputs: sunlight, waste CO2 and non‐potable (brackish) waterAbundant inputs: sunlight, waste CO2 and non‐potable (brackish) water Massive scale and supply: enables localized creation of above‐ground fuel reservesMassive scale and supply: enables localized creation of above‐ground fuel reserves

17. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com Summary • Demonstrated end‐to‐end production of CO2‐recycled fuels • Mitigates CO2 emissions, captures tax & carbon incentives • A broad proprietary technology with strong IP • Highly‐experienced management team in place • Founded in 2007 & raised $200MM to date • Main office in Bedford, MA, USA • Demonstration facility in Hobbs, NM, USA • 130 Employees, including 27 PhDs • Industrialization process is underway 17

18. ©2015 Joule. Rights Reserved.. www.jouleunlimited.com References  Automotive fuels ‐ Ethanol as a blending component for petrol ‐ Requirements and test methods, DIN EN 15376:2014, 2014, http://www.beuth.de/en/standard/din‐en‐ 15376/205428341  D.E. Robertson et al, “A New Dawn for Industrial Photosynthesis,” Photosynthesis Research, March 2011, Volume 107, Issue 3, pp 269‐277, DOI 10.1007/s11120‐011‐ 9631‐7; http://link.springer.com/content/pdf/10.1007%2Fs11120‐011‐9631‐7.pdf  F.A. Skraly and N. Li, “Recombinant synthesis of medium chain‐length alkanes,” U.S. Patent 9,034,629, May 19, 2015  Standard Specification for Aviation Turbine Fuel Containing Synthesized Hydrocarbons, ASTM D7566 – 14c, 2014, http://www.astm.org/Standards/D7566.htm  Standard Specification for Denatured Fuel Ethanol for Blending with Gasolines for Use as Automotive Spark‐Ignition Engine Fuel, ASTM D4806 – 15, 2015, http://www.astm.org/Standards/D4806.htm  Standard Specification for Diesel Fuel Oils, ASTM D975 – 15a, 2015, http://www.astm.org/Standards/D975.htm 18

Direct Conversion of CO2 and Sunlight to Liquid Fuels, Joule Unlimited Technologies, Inc

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Direct Conversion of CO2 and Sunlight to Liquid Fuels, Joule Unlimited Technologies, Inc

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