More Related Content Similar to Aggregating capital Similar to Aggregating capital (20) Aggregating capital1. !"#$#%&'(&%)*+,'-..+&.$/#.'0$1")$2''
3*+'(%$2&'41'5+*6&%)7
Cindy Thyfault, Founder and CEO
Pacific 2012 International Maritime Conference
Sustainable Maritime Fuels
Sydney, Australia
February 1, 2012
2. !"#$#%&'()%*+,&-.%#*
•! !"#$"%#&'()'*#+,-$'
•! ./"#+,0#/,'1$#/2+'3'!44($,5/%6#+'
•! 7%()5#8+'9%/-/:#';,$5:,5$#+'3'<%+=+'
•! >?;?'9%/-/:%/@'A$(@$-0+'
•! ./,#$/-6(/-8'9%/-/:%/@'!44($,5/%6#+'
•! !,B#$'./,#$/-6(/-8'A$(@$-0+'
3. C%++%(/';,-,#0#/,'
' *#+,-$' 1$-2#' <#+(5$:#+' %+' :(00%D#2' ,(' -++%+6/@' :8%#/,+' ,(' 2#"#8(4'
+5+,-%/-E8#'E5+%/#++#+'%/',B$##'&-F+G'
/,$&'.%'0-#*12)-)34*H'A$("%2%/@'+(856(/+',B-,'4$(,#:,I'4$#+#$"#'-/2'#/B-/:#'
,B#' #/"%$(/0#/,' )($' ,B#' /##2+' ()' ,(2-F' &%,B(5,' 2#,$-:6/@' )$(0' ,B#'
:-4-E%8%,F',('4$("%2#')($',B#'/##2+'()')5,5$#'@#/#$-6(/+?'
/,$&'.%'0-#* 5#26%)-)34' H' J#"#8(4%/@' /#&' -/2' %04$("#2' +5+,-%/-E8#'
,#:B/(8(@%#+' ,B-,' :-/' 4$("%2#' ,#:B/%:-8' +(856(/+' )($' -' &%2#' $-/@#' ()'
4$(E8#0+'-/2'-8+(':$#-,#'/#&'(44($,5/%6#+?'
/,$&'.%'0-#*!")7&'0.-.&4*H'K$#-6/@'8(/@H,#$0'L/-/:%-8'+,-E%8%,F'EF'2#"#8(4%/@'
-/2' #M#:56/@' :(+,H#N#:6"#' L/-/:%/@' +(856(/+I' $%+=' +,$-,#@%#+I' -/2' -/'
-2#O5-,#':-4%,-8'E-+#?'
4. 75+%/#++'2#"#8(40#/,'+#$"%:#+'%/:852#G'
!-'%%.%3' 8#9#-):.%3' ;.%'%2.%3*
9#-+%E%8%,F';,52%#+' C-$=#6/@'J#"#8(40#/,' 1$-2%6(/-8'9%/-/:%/@'
75+%/#++'A8-/+' !NH,-=#'K(/,$-:,+' Q(/H1$-2%6(/-8'9%/-/:%/@'
;%,#';#8#:6(/' A$(25:,'J#"#8(40#/,' >;JP'3'J!R'S(-/'T5-$-/,##+'
9##2+,(:=';(5$:%/@' ./,#$/-6(/-8'C-$=#6/@I' T("#$/0#/,'T$-/,+'
<%+='P++#++0#/,' J#"#8(40#/,'3'9%/-/:%/@' !A.K'-/2'RMH.0'7-/='9%/-/:%/@'
75+%/#++'J#"#8(40#/,' T("#$/0#/,-8'S%-%+(/+''
;,52%#+'
6. >#4*=-.#%&*/#2&)"$*
Technology ?%9#$&)"$*@* Banking &
Providers & ?%A,$&"4* Finance
Stakeholders /&'B#6)-A#"$* Stakeholders
•! Biofuels & Bioproducts! •! Traditional & •! State & Federally
•! Renewable Power! Investment Banks! Charted Banks!
•! Value-Added •! Venture Capital •! Investment Banks!
Agriculture! Companies! •! Equity Providers!
•! Water Production & •! Multinational •! Family O"ces &
Recycling! Corporation! Hedge Funds!
•! Smart Grid •! Family O"ce & Hedge •! International
Technologies! Funds! Development
•! Sustainable Fiber •! Oil & Gas Companies! Banks!
Production! •! Food Production
•! Energy E"ciency Companies!
Technologies! •! Air Transport
•! Transformational Companies!
Technologies! •! Air, Land, & Water Fuel
Users!
9. 5"'%$:)"&'()%*1%#"34**
=)%$,D:()%*!")E#2()%$*FGHGIFGJG*
Source: World Economic Forum Report, “Sustainable Transportation Ecosystem.”!
10. /&'B#6)-A#"$*.%*&6#**
5"'%$:)"&'()%*/#2&)"*
Source: World Economic Forum Report, “Sustainable Transportation Ecosystem.”!
11. K'".%#*5"'%$:)"&*
C")L&6*!")E#2()%$*
Source: World Economic Forum Report, “Sustainable Transportation Ecosystem.”!
13. =6'--#%3#$*.%*N-&#"%'(9#**
;,#-$*;.%'%2.%3*
•! Capital Cost of Commercial Facility
•! Long-term Sales Contracts
•! Long-term Supply Contracts
•! Scale-up Risk
•! ASTM Certification
•! Bank Syndication
•! Debt Interest Rate
14. /'D:-#*O.)P,#-**
;.%'%2#*/&",2&,"#'
Step One – Development
Phase!
Tech. Equity Offtake Feedstock Project Fuel
Provider Provider Provider Provider Site Cert.
Step Two – Evaluation Phase!
3rd Party Gov’t
Feasibility Lender’s
Eng. Assistant
Study Analysis
Report App.
Step Three – Lender & Government Approval!
Conditional Loan
Commit. Closing
15. Buildings Equipment
Feedstock
Production /'D:-#*!")E#2&* * Trans.
Infrastructure
=)$&*/&",2&,"#*
;##A$&)2B* Working
?%9#%&)"4* Capital
Accounts
Receivable
16. Carbon Tax
Credits Credits
Gov’t Export-
Loan Import
Guarantee Financing
/'D:-#*Q#9#"'3#A* *
Dev.
Grants ;,%A.%3*/&",2&,"#* Bank
Financing
Bank
Cash
Financing
Bond
Financing
17. RS/S*O.)P,#-$*;.%'%2.%3*
USDA 9003 Program Highlights:
•! 80% Loan Guarantee up to $125 million
•! Long-term financing up to 20 years
•! Non-recourse financing
•! Minimum of 20% equity contribution
•! Lender of record must hold 7.5% of loan
•! US and Foreign Ownership both qualify
18. 1T:)"&I?D:)"&*O'%B*
K#A.,D*'%A*Q)%3I5#"D*Q)'%*C,'"'%&##*
!")3"'D*U.36-.36&$V*
o! >4' ,(' UVW' 8(-/' @5-$-/,##I' /(' 0%/%050' ($' 0-M%050' 8%0%,' ,(' ,B#' +%X#' ()' ,B#'
#M4($,''
'''''''+-8#',B-,'0-F'E#'L/-/:#2'&%,B'RMH.0'7-/=Y+'8(-/'@5-$-/,##?'
o! ZVW'2(&/'4-F0#/,'%+'$#O5%$#2')$(0',B#'E5F#$'
o! ;0-88'E5+%/#++'L/-/:%/@'$(+#'("#$'[W')$(0']^?^'E%88%(/'%/'9_'`U',(']a'E%88%(/'%/ '
9_'`ZZ'
o! <#/#&-E8#H#/#$@F'#M4($,+'%/:$#-+#2',('][`a'0%88%(/'%/'9_'`ZZ')$(0']^'0%88%(/ '
%/'9_'`U'
1-.3.0.-.&4*M#W,."#D#%&$V*
o! A$(25:,+'05+,'E#'+B%44#2')$(0',B#'>?;?',('-')($#%@/'E5F#$?'
o! RMH.0' 7-/=' :-//(,' +544($,' #M4($,+' ()' 0%8%,-$F' ($' 2#)#/+#' 4$(25:,+' -/2' +#$"%:#+
'
b&%,B'+(0#'#M:#46(/+c?'
19. +9#"$#'$*!".9'&#*?%9#$&D#%&*=)":)"'()%*
K#A.,D*@*Q)%3I5#"D*;.%'%2.%3*
!")3"'D*U.36-.36&$V*
•! VHaVW'4(++%E8#'!A.K'4-$6:%4-6(/')($'-'/#&'"#/,5$#'-/2'>4',('[VW'4(++%E8#'!A.K'
4-$6:%4-6(/')($'-/'#M4-/+%(/'%/'#0#$@%/@'0-$=#,+'()'-'+5::#++)58'#M%+6/@'(4#$-6(/''
•! S(-/+')$(0']ZI'54',(']`V'0%88%(/'4#$'4$(d#:,''
•! J%$#:,'8(-/+'-/2'%/"#+,0#/,'@5-$-/6#+'e'J%$#:,'8(-/+'-"-%8-E8#',('>?;?'L$0+'&%,B'5/2#$''
•! ''''''']`V'0%88%(/'%/'+-8#+'($']a['0%88%(/'%/'/#,'&($,B''
•! C#2%50',('8(/@H,#$0')5/2%/@G'C%/%050'^HV'F#-$+'-/2'54',('ZVH`'F#-$+'
1-.3.0.-.&4*M#W,."#D#%&$V*
•! 9%/-/:%-88F'-/2':(00#$:%-88FH+(5/2'4$(d#:,'4$(25:%/@'-/'-2#O5-,#':-+B'f(&''
•! `VW'>?;?H(&/#$+B%4''
•! ;5g:%#/,'#O5%,F''
•! 1$-:='$#:($2'()'+5::#++'%/',B#'+-0#'($'+%0%8-$'%/25+,$F''
20. N$.'%*8#9#-):D#%&*O'%B*
=-#'%*1%#"34*!")3"'D*
!")3"'D*U.36-.36&$*
•! `[W' ()' ,(,-8' 8(-/+' %/' PJ7'
)5/2' @(' ,(' :8#-/' #/#$@F'
:(04(/#/,+'
•! ]`' 7%88%(/' %/"#+,0#/,'
,-$@#,'EF'`Z`'
•! P448%:-6(/+' $#"%#' %/' a'
E-,:B#+G' h-/?I' C-$?I' C-FI'
h58?I';#4,II'-/2'Q("?'
•! R8%@%E8#' -:6"%6#+G' E%(0-++I'
E%()5#8I' E%(@-+I' $5$-8'
#8#:,$%L:-6(/' -/2' #/#$@F'
-::#++I' 2%+,$%E5,#2' #/#$@F'
4$(25:6(/I' &-+,#H,(H
#/#$@F' 4$(d#:,+' -/2' (,B#$'
:8#-/'#/#$@F',#:B/(8(@%#+'
21. +&6#"*?%&#"%'()%'-**
;.%'%2.%3*!")3"'D$*
•! ./,#$HP0#$%:-/'J#"#8(40#/,'7-/='
•! ;5+,-%/-E8#'R5$(4#-/'./"#+,0#/,'7-/=''
•! P5+,$-8%-'RM4($,'9%/-/:#'-/2'./+5$-/:#'K($4($-6(/*
•! 7-/:(0#M,'e'C#M%:('Q-6(/-8'RM4($,'7-/='
•! ./2%-'RM4($,H.04($,'7-/='
•! Ri9'e'J#/0-$='RM4($,'K$#2%,'P@#/:F'
•! RM4($,'J#"#8(40#/,'K-/-2-'
•! RM4($,H.04($,'7-/='()'i($#-'