Jake Bainbridge Kanin Energy

1. © 2022 Kanin
Energy
Proprietary & Confidential
How Investing in Waste
Heat to Power Today
Supports Carbon Capture
Tomorrow
Proprietary & Confidential
October 19th 2022

2. Agenda
1.Carbon Capture Overview
2.The Logic of Waste Heat to Power & Carbon Capture
3.Kanin Energy’s Value Add
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3. Carbon Capture Overview
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4. Four General Categories of Carbon Capture Tech
1. Post-combustion capture:
• Remove most of the CO2 from the combustion products just before they are vented to the
atmosphere
• Three prominent approaches:
• Chemical absorption/adsorption: An amine-based solvent or a solid sorbent absorbs CO2 from a
gas at low temperatures
• Membrane separation: the CO2 is separated by selective passage through membranes driven by
a pressure differential
• Phase separation (Cryogenic): CO2 is separated by cooling gas to temperatures close to the frost
point where the CO2 de-sublimates
2. Direct air capture:
• The ambient air moves over some chemical that selectively react with CO2 and allow the other
components of air to pass through
• Once the CO2 is captured, heat is applied to release the CO2 from the chemical and also to
regenerate it for another cycle of capture
3. Pre-combustion capture:
• The feedstock is partially oxidized in steam and oxygen under high temperatures and pressures to
form synthesis gas (mixture of predominantly H2, CO, and CO2 )
• CO2 is captured and separated and the H2–rich fuel is combusted
4. Oxyfuel combustion capture:
• Fuel is burnt in a mixture of oxygen and recycled flue gases
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• Remove most of the CO2 from the combustion
products before they are vented to the
atmosphere
• Post-combustion carbon capture system requires
the exhaust gas to be cooled down to effectively
capture the CO2
• Chemical absorption and membrane separation
systems are promising from both large-scale
efficacy and cost standpoints
• Both power and / or heat are required
• Exhaust gas requires some preconditioning (SOx,
NOx, and particulate removal) for the post-
combustion carbon capture process
• Flue gas composition (CO2 concentration) is the
most significant cost driver – more concentrated
CO2 is more economic to recover
Post-combustion Carbon Capture

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Schematic of amine post-combustion carbon capture
process
• Post-combustion carbon capture system
requires the exhaust gas to be cooled down to
~60°C (typical gas turbine exhaust 460-
520°C)
• A solvent (amine) absorbs the CO2 at low
temperatures and the cleaned flue gas is
vented to the atmosphere
• Power and heat are both required in
chemical systems
• Rich CO2 solution is transported a stripper to
be heated and release a highly pure CO2
stream. This can be achieved with waste heat
from the exhaust
• CO2 is cooled down, stored and/or
transported
• The amine solution is cooled down and
directed back to the absorber to repeat the
Post-combustion Carbon Capture – Chemical Absorption Systems

7. • Membrane post-combustion carbon capture
requires the exhaust gas to be cooled down to
~100°C (typical GT exhaust 460-520°C)
• The exhaust will be pressurized to go through a
set of membranes that will selectively isolate CO2
from the stream
• Membrane systems require power but not heat
• The exhaust needs to have a pressure gradient to
effectively cross the membranes
• After the secondary membrane, a portion of the
cleaned exhaust will be recirculated to increase
the carbon capture rate of the system
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Post-combustion Carbon Capture – Membrane Separation Systems
Schematic of membrane separation post-combustion carbon
capture process

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Comparison of Chemical Absorption & Separation Systems
Chemical Absorption (Amine)
Energy requirements:
Heat: 2.6 – 3.2 GJ / tCO2
Electricity*: 0.10 – 0.15 GJ / tCO2
Pros Cons
‒ Established
commercial
technology
‒ Multiple
designs and
providers
‒ Efficient at
large scale
‒ Sorbent
material is
cheap and
widely
available
‒ Capex
dominated by
equipment size
‒ Thermal
regeneration &
electrical
pumping loads
‒ Amines subject
to degradation
from O2 and
impurities
Membrane Separation
Energy requirements:
Heat: 0 GJ / tCO2
Electricity*: 2.6 – 3.0 GJ / tCO2
Pros Cons
‒ Smaller
footprint
‒ Economically
scale down to
small
applications
‒ Can efficiently
scale to smaller
exhaust
streams
‒ Short start-up
time
‒ Requires
compression
‒ Scales less
efficiently at
larger exhaust
flows
‒ Unknown long
term
membrane
stability
‒ Emerging
technology
Phase Separation (Cryogenic)
Energy requirements:
Heat: 0 GJ / tCO2
Electricity*: 2.5 – 2.8 GJ / tCO2
Pros Cons
‒ Less energy
intensive
‒ Can capture
above 90%
capture rate
‒ Reduced
equipment cost
and energy
required for
CO2
compression
‒ Capex
dominated by
equipment size
‒ Large cooling
loads
‒ Emerging
technology
‒ Uneconomical
for dilute CO2
streams
*Excludes required compression.

9. The Logic of Waste Heat to
Power & Carbon Capture
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10. Organic Rankine Cycle Conversion
Process
Waste Heat to Power Process
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• Many industrial processes vent exhaust flue
gas containing a significant amount of
wasted energy that can be converted into
electricity
• Organic Rankine Cycle (ORC) turbines are
closed loop systems using an organic fluid
that heats up to drive a turbine
• Ideal heat sources are temperatures
greater than 150°C / 300°F
• Kanin uses off-the-shelf technology with
proven deployments (such as Exergy and
Turboden)
• Kanin is technology agnostic, picking the
best tech for the application
How Waste Heat to Power Works

11. Post-combustion Carbon Capture + Waste Heat to Power
• The WHP installation generates electricity by
cooling down exhaust fluid from ~450°C to
130°C
• Post-combustion carbon capture
requires the exhaust gas to be further
cooled ~60°C for chemical absorption or
~100°C for membrane separation
• WHP supports carbon capture by partially
cooling the exhaust to temperatures required
for post-combustion carbon capture
• Some of the original wasted thermal energy
from the exhaust can be used to meet the
heat required for the carbon capture process
• Power required for the carbon capture plant
can be supplied from the electricity produced
by the ORC system
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Post-combustion Carbon Capture With ORC
System

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The Building Blocks of the Business Case
WHP Only
Capex:
• Full capital cost of the WHP system
Products:
• 24 / 7 carbon-free power
• Renewable Energy Credits or
Carbon Offsets
Operating Considerations:
• WHP installation can be remote
operated
• Fully self-sufficient system when
running
• Start-up load can be from the grid,
storage, or backup generator
Emissions:
• Scope 2 emissions reduction
Carbon Capture Only
Capex:
• Full capital cost of the Carbon
Capture system
Products:
• Value for the captured carbon as
defined by the regulatory stick or
carrot that exists
Operating Considerations:
• Power must be purchased from the
grid – carbon reduction impact is
lessened without a green grid
• Heat is required – this may involve
burning gas which emits carbon
Emissions:
• Scope 1 emissions reduction
WHP + Carbon Capture Only
Capex:
• Planning for a combined system
can realize capex savings, even if
only one part is initially built
Products:
• 24 / 7 carbon-free power
• Renewable Energy Credits or
Carbon Offsets
• Value for the captured carbon
Operating Considerations:
• Carbon-free power is generated to
run the carbon capture system
• Heat that is already cooled via the
WHP system is available to the
carbon capture system
Emissions:
• Scope 1 and Scope 2 emissions
reduction

13. • Assumptions:
• Site elevation: 250m
• Average ambient temperature: 12°C
• Grid carbon intensity: 0.74 tCO2 / MWh
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Illustrative WHP + Carbon Capture Project
*Results in this section are based on indicative average values of energy requirements. The utilization and storage energy requirements were
assumed to be the same for both cases and excluded from our analysis.
WHP Only WHP + Amine
WHP +
Membranes
WHP +
Cryogenic
Outlet Temperature After ORC (°C) ~130 ~300 ~130 ~130
ORC Electrical Output (MWe) 10 – 11 5 – 6 10 – 11 10 – 11
Heat Required for Carbon
Capture
(MWth) 0 24 – 25 0 0
Power Required for Carbon
Capture
(MWe) 0 4 – 5 16 – 17 13 – 14
Net Available Power (MWe) 10 – 11 0.7 – 1 -5.5 – -6.5 -3.3 – -3.6
Annual CO2 Captured (tCO2) 0
190,000 –
200,000
190,000 –
200,000
190,000 –
200,000
Carbon Capture Capacity (%) ~90% ~90% ~90% ~90%
Annual CO2 Avoided From
Power
(tCO2)
58,000 –
60,000
3,500 – 5,000
-34,000 – -
35,000
-18,500 – -
20,000
Total Annual CO2 Avoided (tCO2)
58,000 –
60,000
197,000 –
200,000
159,000 –
164,000
175,000 –
176,000
• Turbine quantity and model: 3 x Solar Mars 100s
• Exhaust temperature and flow rate: 485°C @
42.6 kg/s
• CO2 content: 4% Vol
• Uptime: 90%

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Energy
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Kanin Energy’s Value Add

15. 15
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Heat Wasted at
Industrial
Facilities
42%
of energy we actually use ends up as “work”
58%
of energy ends as rejected energy, including waste heat

16. Hard to Decarbonize Sectors
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Natural Gas Cement Iron & Steel Others
• Chemicals
• Fertilizer
• Biomass
• Refineries
• Hydrogen
Natural gas
compressor stations
have consistent heat
at high
temperatures and
offer simple and safe
integration
Waste heat is
generated in the
process of
transforming raw
materials into clinker
for concrete. Kilns heat
materials to over
2,500 degrees F
All facets of the steel
industry, from
primary ore
processing to
recycling and rolling,
emit large quantities
of waste heat
1,900 MW Potential
Glass is made by melting
silica. Power can be
generated either at
primary facilities where
glass is made, or from
shaping and molding
operations where it is
formed into usable
shapes.
Glass
2,500 MW Potential
665 MW Potential 340 MW Potential

17. About Kanin Energy
“Kanin Energy is a clean energy company that
focuses on transforming industrial waste heat into
emission free baseload power “
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At no cost to facilities. In fact, we pay
them.

18. Status Quo Vs Kanin Energy
Partners
Don’t Pay,
Develop or
Operate
the Project
Industrial Facility
DevelopmentCapital Provider Engineering /
Construction
Organic Rankine Cycle
Turbine
Creates Electricity
Energy and Carbon
Offset Revenues
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The Business Model
Waste Heat
Atmosphere
Industrial Facility Waste Heat
Status Quo
The Kanin Approach

19. How Partners Benefit
Bottom Line
• Additional revenue
• No investment
• Energy savings
Why Now
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• ESG investors pressure companies to
act
• Policy trends favor clean energy
• Grid firming with clean baseload
power
• Improvements in ORC technology
• Carbon pricing improves returns
• Recession tool to combat a downturn
• Availability of capital for distributed
energy
Brand
• ESG branding
• Circular economy
• Decarbonized product
Operations
• Non-intrusive
• Low maintenance
• Option to operate
Other Benefits
• Hedge against fluctuating
energy prices
• Energy resiliency & reliability
• Business diversification

20. Kanin Energy’s Technical Execution
Experience
Technical Experience and
Highlights
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• Over 50 MW of Organic Rankine Cycle
projects designed, developed, constructed
and operating across North America
• Approximately 2 million MW-hrs of
electrical power production to date
• Deployments in Western Canada, and the
northeast US
• Experience using ORMAT and Turboden
systems
Kanin Energy’s technical team has over 12 years of
proven experience developing, designing and
constructing successful Organic Rankine Cycle
systems. The team has core competency in:
• Resource assessment and feasibility studies
• ORC system selection
• Facility integration & tie-in design
• Thermal oil system design
• Cooling system design, including aerial and
water-cooling systems
• EPC management
• Reducing cost and schedule through templating
and modularization

21. Kanin Energy’s Commercial Execution
Experience
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Kanin Energy’s commercial team has over 13 years
of proven experience related to the commercial
developments of clean energy and WHP projects:
• Interconnection and regulatory approvals
• Power Purchase Agreements & Offtake
Agreements
• Contract development, negotiation and
management
• Policy development and engagement
• Creation of new energy standards and
government programming
• Financial structuring and capital formation
Commercial Experience and
Highlights
• $125M in WHP projects managed from
design, development and construction.
• Over $250M capital deployment in organic
waste-to-energy projects across North
America
• Managed and negotiated over 70MW of
power projects in energy, capacity and
ancillary services markets
• Over 450 MW of Organic Rankine Cycle
projects scoped across North America in
PJM, MISO, ERCOT, NYISO, WECC, AESO,
IESO

22. Three Concluding Points
1. Waste heat to power can supply all or most of the electricity required by the
carbon capture plant
• This reduces the cost of capturing CO2 and makes the carbon capture project
energy self-sufficient
2. Developing a WHP project today will precondition the flue gas, chiefly through
cooling, for a carbon capture project in the future
• This reduces the capital investment for the carbon capture plant
3. Kanin Energy works with partners to monetize waste heat and can optimize
projects for future integration with carbon capture systems
• Waste heat to power can improve carbon capture economics and efficacy
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Dan Forget
Director of Businesss
Development
Kanin Energy
713-564-6618
dforget@kaninenergy.com
www.kaninenergy.com
Jake Bainbridge
Chief Technology Officer
Kanin Energy
646-868-8219
jake@kaninenergy.com
www.kaninenergy.com