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- 1. Scaling-up Synthetic Biology in Southeast Asia ISSB presentation Zürich • Bombay • Singapore ISSB presentation Per Dahlen, Partner Portelet Asia Pte. Ltd. up Synthetic Biology in Southeast Asia ISSB presentation Zürich • Bombay • Singapore ISSB presentation Per Dahlen, Partner Portelet Asia Pte. Ltd.
- 2. Copyright and disclaimer Portelet Asia Pte. Ltd. is happy to let those who want to, use and redistribute the information in this presentation as long as you add Portelet Asia Pte. Ltd. (www.portelet.com) as the source of your information. Thank you. The information in this document is for informative purposes only, Portelet Asia Pte. Ltd. should not be held responsible for the accuracy of the data presented in this document The purpose of this document is to share our view about the future of Biofuels in Southeast Asia and to serve as aThe purpose of this document is to share our view about the future of Biofuels in Southeast Asia and to serve as a platform for discussions with potential clients, partners and other parties interested in this business opportunity The information described in this document may be protected by one or more U.S. patents, foreign patents, or pending applications. Portelet is a registered trademark of Portelet Holdings Pte. Ltd. Product and brand names used in the document may be trademarks or registered trademarks of their respective owners. Any such trademarks or registered trademarks are the sole property of their respective owners. The information in this document is provided “as is” without warranty of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non infringement. Zürich • Bombay • Singapore infringement. This document could include technical inaccuracies or typographical errors. All strategic and product statements in this document are subject to change at Portelet Asia Pte. discretion, including the right to alter or cancel features, functionality, or release dates. Changes to this document may be made at any time without notice. © 2010 Portelet Asia Pte. Ltd. Portelet Asia Pte. Ltd. is happy to let those who want to, use and redistribute the information in this presentation as long as you add Portelet Asia Pte. Ltd. (www.portelet.com) as the source of your information. Thank you. The information in this document is for informative purposes only, Portelet Asia Pte. Ltd. should not be held responsible for the accuracy of the data presented in this document The purpose of this document is to share our view about the future of Biofuels in Southeast Asia and to serve as aThe purpose of this document is to share our view about the future of Biofuels in Southeast Asia and to serve as a platform for discussions with potential clients, partners and other parties interested in this business opportunity The information described in this document may be protected by one or more U.S. patents, foreign patents, or Portelet is a registered trademark of Portelet Holdings Pte. Ltd. Product and brand names used in the document may be trademarks or registered trademarks of their respective owners. Any such trademarks or registered trademarks are the sole property of their respective owners. The information in this document is provided “as is” without warranty of any kind, either express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose, or non- Zürich • Bombay • Singapore This document could include technical inaccuracies or typographical errors. All strategic and product statements in this document are subject to change at Portelet Asia Pte. Ltd.’s sole discretion, including the right to alter or cancel features, functionality, or release dates. Changes to this document may be made at any time without notice.
- 3. a unique Capital Services & Investment Boutique • Corporate Finance, Wealth Management and Fund Management • Established 1998, Cleantech investments since 2006 Portelet • Established 1998, Cleantech investments since 2006 • Invests in Feedstock, Conversion and Supporting technologies • Internationalization and Growth Acceleration of Technologies • Mostly focused on Southeast Asia and India • Team, Business Model, Sustainability, Scalability and Exit Zürich • Bombay • SingaporeZürich • Bombay • Singapore Boutique Corporate Finance, Wealth Management and Fund Management Established 1998, Cleantech investments since 2006Established 1998, Cleantech investments since 2006 Invests in Feedstock, Conversion and Supporting technologies Internationalization and Growth Acceleration of Technologies Mostly focused on Southeast Asia and India Team, Business Model, Sustainability, Scalability and Exit Zürich • Bombay • SingaporeZürich • Bombay • Singapore
- 4. Industrial Biotechnology The Industrial Biotechnology Framework “MAGIC”Feedstock Bugs Zürich • Bombay • Singapore Process The Industrial Biotechnology Framework 85 mbpd Chemical Fuel Target Zürich • Bombay • Singapore
- 5. Strong EU fuel imports very likely given the economics EU and US biotech companies must seek deployment and growth in low cost regions Second generation ethanol production comparing production in Europe to Southeast Asia (USD/ton ethanol in Rotterdam) $300.00 $400.00 $500.00 $600.00 $700.00 $800.00 $900.00 Source: SEKAB, Accenture, McKinsey, MPOB, Novozymes, Poyry, compiled by Portelet Zürich • Bombay • Singapore $- $100.00 $200.00 $300.00 EU SEA Strong EU fuel imports very likely given the economics EU and US biotech companies must seek deployment and growth in low cost regions For 2nd generation ethanol, with an average feedstock price of EUR 105 per ton (USD 136/t), this Second generation ethanol production comparing production in Europe to Southeast Profit before tax Shipment to EU CapEx OpEx Enzymes 105 per ton (USD 136/t), this translates into a total feedstock cost of EUR 362 per ton ethanol, 60% of today's sales price of EUR 600 per ton ethanol. Given high investments in processing plants and higher operating costs required for 2nd generation ethanol production (enzymes), any large-scale deployment may not be feasible without significant subsidies. The UK is proposing a EUR 0.30 , compiled by Portelet Zürich • Bombay • Singapore Enzymes Feedstock The UK is proposing a EUR 0.30 per litre subsidy which would make the business an interesting investment opportunity, but only with subsidies. Deploying the 2nd generation biofuel technology in a developing country alters the economics fundamentally
- 6. Evolution of Plantations in Southeast Asia Continuous evolution in search of higher returns per Hectare Revenue per Ha Rubber Zürich • Bombay • Singapore Gambir 1830 Evolution of Plantations in Southeast Asia Continuous evolution in search of higher returns per Hectare Palm Oil Energy Crop? Zürich • Bombay • Singapore 2010
- 7. Looking 10 years into the future… Revenues per Ha of plantation - USD 300,000,000 Source: MPBO, ViaSpace compiled by Portelet Average Palm Mill in MY: 100,000,000 150,000,000 200,000,000 250,000,000 2015? Average Palm Mill in MY: 410 Operational Mills 225,608 ton FFB/year 20.21% CPO yield 11,180 Ha of plantation 20.18 ton FFB per Ha Zürich • Bombay • Singapore - 50,000,000 CPO today CPO + Fronds & Trunks 2010 Looking 10 years into the future… 2020? Biofuel CPO2015? 2020? Zürich • Bombay • Singapore CPO + Fronds & Trunks Energy Crop
- 8. 140 160 Source: : EIA, December 2009 historic prices and short-term forecast The price of Crude Oil for the past 5 years Crossed USD 50.00/bbl barrier 5 years ago – the average price of oil has been USD 70.00/bbl 20 40 60 80 100 120 Zürich • Bombay • Singapore 0 Jun24,2005 Sep24,2005 Dec24,2005 Mar24,2006 Jun24,2006 Sep24,2006 Dec24,2006 Mar24,2007 Jun24,2007 term forecast The price of Crude Oil for the past 5 years the average price of oil has been USD 70.00/bbl Zürich • Bombay • Singapore Sep24,2007 Dec24,2007 Mar24,2008 Jun24,2008 Sep24,2008 Dec24,2008 Mar24,2009 Jun24,2009 Sep24,2009 Dec24,2009
- 9. Radical advancements in Biotechnology “Create and test 10,000 of engineered yeast strains each week...!” Improvements in DNA sequestering are driving down the costs of whole genomes creating a new “Moore’s Law” – Base pairs sequenced per dollar 10 100 1000 10000 100000 1000000 10000000 Source: George Church, Harvard University Note: Dollar figures refer to reagent costs 1995 Gel electrophoresis: USD 3.0 bn 2005 Capillary electrophoresis: USD 50 M 2009 Ligation: USD 1k-5k Polymerization: USD 50k 2011: USD 100 Zürich • Bombay • Singapore 0.01 0.1 1 10 USD 3.0 bn Radical advancements in Biotechnology “Create and test 10,000 of engineered yeast strains each week...!” In the fast-moving field of synthetic biology—a discipline that looks to Improvements in DNA sequestering are driving down the costs of whole Base pairs sequenced per dollar biology—a discipline that looks to rewrite the DNA of microorganisms as if it were computer code—the California laboratories of Amyris are considered state of the art Researchers create and test tens of thousands of engineered yeast strains each week The company employs nearly as many PhD yeast geneticists as all the universities in Brazil MIT Technology Review – April, 2010 2009 5k Polymerization: USD 50k 2011: USD 100 Zürich • Bombay • Singapore
- 10. Image source: Wikicommons, Peel, M. C. and Finlayson, B. L. and McMahon, T. A. (2007). Strategic advantage being in the Tropics …but also logistical advantages compared to other tropical regions Zürich • Bombay • Singapore Peel, M. C. and Finlayson, B. L. and McMahon, T. A. (2007). Strategic advantage being in the Tropics …but also logistical advantages compared to other tropical regions Zürich • Bombay • Singapore
- 11. Potential: Casson (2007) cites numbers on degraded land from the Indonesian Ministry of Forestry, which has classified over 23 million ha as degraded land. (1997) estimated the total area oftotal area of ImperataImperata million ha in Indonesia). This compares to roughly 10 million ha of globally harvested oil palm plantations today. WWF, Ecofys – September 2010 Zürich • Bombay • Singapore (2007) cites numbers on degraded land from the Indonesian Ministry of Forestry, which has classified over 23 million ha as degraded land. Garrity et al. ImperataImperata Grassland in Asia at 35 million haGrassland in Asia at 35 million ha (8.5 million ha in Indonesia). This compares to roughly 10 million ha of globally harvested Zürich • Bombay • Singapore
- 12. Zürich • Bombay • SingaporeZürich • Bombay • Singapore
- 13. Giant King Grass – VIASPACE Inc. 6 month to harvest – 100-135 ton Biomass per Hectare per Year Zürich • Bombay • Singapore Information provided courtesy of: ViaSpace Inc. – USA (www.viaspace.com) April-2009 VIASPACE Inc. 135 ton Biomass per Hectare per Year August-2009 Zürich • Bombay • Singapore November-2009 USA (www.viaspace.com)
- 14. http://www.claas.co.uk/countries/generator/cl-pw/en/products/forage_harvester/jaguar_980 930/video_animation/video/start,lang=en_UK.html Zürich • Bombay • Singapore pw/en/products/forage_harvester/jaguar_980- Zürich • Bombay • Singapore
- 15. One processing plant + 625Ha plantation = USD 15MOne processing plant + 625Ha plantation = USD 15M Total investment USD 15MTotal investment USD 15M ReRe--investing during 8 yearsinvesting during 8 years USD 2,000,000,000 annual revenuesUSD 2,000,000,000 annual revenues Zürich • Bombay • Singapore USD 2,000,000,000 annual revenuesUSD 2,000,000,000 annual revenues Total investment USD 15MTotal investment USD 15M investing during 8 yearsinvesting during 8 years USD 2,000,000,000 annual revenuesUSD 2,000,000,000 annual revenues Zürich • Bombay • Singapore USD 2,000,000,000 annual revenuesUSD 2,000,000,000 annual revenues
- 16. Current plans for Project Financing Expected USD +100bn available by 2015 in Southeast Asia Southeast AsiaUSA/EU REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M REF-1 USD 500M ADB/P8 USD 2bn 2007-2010 US/EU VC-funds USD 2.3 bn IB-tech 1 USD 100M IB-tech 2 USD 80M Zürich • Bombay • Singapore SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M IB-tech 3 USD 120M IB-tech n USD XXM Current plans for Project Financing Expected USD +100bn available by 2015 in Southeast Asia 2012 – USD 10bn (x5) Renewable Energy Private Equity Funds 2011 – USD 2bn Fund-of-Funds ADB + P8 PT Green Investments USD 1bn Zürich • Bombay • Singapore USD 100MUSD 100MUSD 100M 1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M SPV-1 USD 100M 2013 – USD 60bn (x6) Project financing + Debt financing (60-70%) 2014 – USD +100bn (?) Oil, Chemical, Agri
- 17. Tremendous potential, but need to act now… • Oil-price will remain above USD 70/bbl • Biotechnology will change our lives Conclusions • Biotechnology will change our lives • Energy crops are here today – 100tpy/Ha is possible • The money will be there, it is all about the plan • 2nd generation Biofuels starts through Palm biomass (Ag Waste) • Technology is looking for opportunities, abundant opportunities • Implementation likely to be faster then we think…. Zürich • Bombay • SingaporeZürich • Bombay • Singapore • Southeast Asia is the ideal region for 2 moving now… Tremendous potential, but need to act now… price will remain above USD 70/bbl 100tpy/Ha is possible The money will be there, it is all about the plan generation Biofuels starts through Palm biomass (Ag Waste) Technology is looking for opportunities, abundant opportunities Implementation likely to be faster then we think…. Zürich • Bombay • SingaporeZürich • Bombay • Singapore Southeast Asia is the ideal region for 2nd generation biofuels, let’s get
- 18. Thank You! p.dahlen@portelet.com Zürich • Bombay • Singapore Thank You! p.dahlen@portelet.com Zürich • Bombay • Singapore
- 19. Portelet Global Footprint Switzerland Portelet AG Portelet Asset Management AG Portelet Family Office AG Muehlegasse 29 CH-8001 Zurich India Portelet Management (India) Pvt. Ltd. 102 Garden View Dadabhai Road (off J.P. Road) Andheri (West) Mumbai 400 058 Zürich • Bombay • SingaporeZürich • Bombay • Singapore CH-8001 Zurich Switzerland T: +41 - (0)43 - 211 47 00 F: +41 - (0)43 - 211 47 09 Email: zurich@portelet.com Mumbai 400 058 India T: +91 - (0)22 - 65055801/2 F: +91 - (0)22 - 26237914 Email: india@portelet.com Singapore Portelet Holdings Pte. Ltd. Portelet Asia Pte. Ltd PWB One Pte. Ltd. 200 Mandai Lake Road Singapore 729827 Portelet Management (India) Pvt. Ltd. Road (off J.P. Road) Zürich • Bombay • SingaporeZürich • Bombay • Singapore Singapore 729827 Singapore T:+65 - 6729 8704 F:+65 - 6465 1861 Email: singapore@portelet.com 65055801/2 26237914 : india@portelet.com