1. Silicon Valley Bank Cleantech Practice
The Advanced Biofuel and
Biochemical Overview
June 2012

2. Table of Contents
I. Introduction III. The Importance of Biofuels/Biochemicals (Cont.)
I. Biofuel/Biochemicals Outlook – Macro Observations 3 V. Liquid Demand Growth from Non-OECD Countries 36
II. Biofuel/Biochemicals Outlook – Micro Observations 4 VI. Biofuels for Transportation 38
III. The Cleantech Ecosystem 5 VII. Increasing Marginal Cost of Production 39
IV. Market Snapshot: Global Ethanol Production 6 VIII. Oil Market Price and Saudi Breakeven Threshold 42
V. Market Snapshot: Global Biodiesel Production 7 IX. U.S. Renewable Fuel Standards 43
Market Snapshot: Ethanol and Biodiesel Production X. Biofuel Blending Mandates by Country 46
VI. 8
Landscape in the U.S.
VII. Market Snapshot: Global Biochemical Production 9 XI. Cellulosic Ethanol Pricing Model 47
II. Biofuels/Biochemicals Overview IV. Biofuel/Biochemicals Landscape
I. What are Biofuels/Biochemicals? 11 I. Advanced Biofuel and Biochemicals Value Chain 49
II. Types of Biofuels 15 V. Where Are They in Development?
III. Biofuel Feedstocks 16 I. Investments in Biofuels/Biochemicals 52
IV. Comparative Yields 18 II. Global Players – Milestone Update 54
V. Petroleum Replacement Overview 21 III. Biofuel/Biochemical IPOs in Pipeline 56
VI. Conversion Technologies 22 IV. Strategic Partnerships 57
V. Projects to Watch in 2012–2013 58
III. The Importance of Biofuels/Biochemicals
VI. Appendix 61
I. Compelling Market Opportunity 28
VII. Selected Due Diligence Questions 69
II. Drivers of Biofuels/Biochemicals Growth 29
VIII. Silicon Valley Bank Cleantech Team 70
III. Liquid Demand Statistics 32
IV. Energy Market Growth 34
The Biofuels and Biochem Industry 2

3. Biofuel/Biochemicals Outlook – Macro Observations
OBSERVATIONS
• Multiple very large and growing markets
— Total markets will top $1+ trillion. Beyond the well-known fossil-fuel replacement markets is growing demand for non-fuel products like
food supplements, personal care products, and packaging.
• Positive supply/demand dynamics around crude
— The fundamental underlying demand is exacerbated by oil exporting countries‘ economic reliance on oil revenue. Meanwhile, the cost of
crude production continues to increase. Biofuels/biochemicals will play an increasingly important role to fill that need.
• Demand drivers – mandates and markets
— Mandate: Primarily for fuels, government mandated goals proliferate with varying degrees of adherence and enforcement. Subsidies of
all types remain important in attracting capital and shifts in policy could alter business plan direction between fuels or chemicals.
— Markets: Growing economic justifications are intersecting with other market demand factors. For example, the U..S Navy‘s goal of 50%
energy consumption from alternative sources by 2020 or the Air Force‘s initiative to acquire 50% of aviation fuel from alternative blends
by 2016 are policy influencers that also have purchasing power.
• The role of strategic corporate investors
— Always important, corporates from a variety of industries (and led by big energy, chemicals/materials, and consumer products) have
become critical parties in the development and scale-up of the sector. Taking multiple forms of straight investment, joint venture, and
collaboration, investors search for innovation, growth, and information.
• Commodity markets
— Fuels in particular are ultimately commodities. Without policy enhancements, the impact of commodity cycles will continue to challenge
scaling of new technologies.
• Business life cycle
— While the underlying trends and fundamentals may be inexorable, development of the industry and market dynamics is a very long term
process and investment cycle.
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4. Biofuel/Biochemicals Outlook – Micro Observations
OBSERVATIONS
• Platform technologies
— Venture investors and companies favor platforms where multiple markets can be addressed. Single product fuel companies like ethanol
are challenged. The platform companies may ultimately seek to enter fuel markets but may opt to defer that step in order to access
higher margin, less commoditized markets first.
• Feedstock flexibility
— Access to multiple feedstock types and sources is critical to scaling facilities, particularly in margin constrained markets where supply
and logistics can have great impact.
• The scale-up conundrum
— Given the capital required to achieve economies, and the fact that most investors want both scale and capital efficiency, the choice
between build/own and licensing is becoming acute. To truly reach scale requires enormous financing. The conundrum is how to get
licensees without experience at scale. And what scale is necessary to attract the right investors? Does the project need to demonstrate
revenue scale, cash flow positive, or just output?
• Understand the value chain
— In addition to sources and location of feedstock, proximity to off take and associated logistical costs are important for certain markets like
ethanol. In concert with the scale-up conundrum above, are these links in the value chain of a size to support large facilities?
Additionally, to attract investors companies must demonstrate the ability to reduce costs of collection, distillation, and extraction through
operational or technological advances.
• Milestone sensitivity
— At these development stages, sensitivity around scale-up milestones is palpable. Whether due to supply or technical aspects, such
delays in any project are not unusual but there seems to be heightened sensitivity here that often results in further delays or hurdles to
funding.
• Financing strategy
— Financing strategies, with minimal reliance on government support, must be devised at the outset. Today this likely means earlier and
more active role from strategic investors which may limit some flexibility. It also means determining the license/own decision. IPOs really
are not exits but financing events much like that seen in the biotech sector. Some combination of strategic investor with access to public
markets may be necessary to complete the demo and first commercial funding challenge.
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5. The Cleantech Ecosystem
Materials and Manufacturing
Materials & Manufacturing
Recycling &
Energy Energy Energy Agriculture, Air &
Energy Storage Waste
Generation Efficiency Infrastructure Water
Management
• Alternative fuels • Batteries • Building materials • Smart Grid • Waste to energy • Agriculture
• Biomass • Fuel Cells • Lighting Hardware • Waste • Air
• Solar / Thermal • Utility Scale grid • Demand response • Smart meters repurposing • Water
• Wind storage systems • Transmission
• Hydro • Energy
Management
• Improved and • Improved power • Reduced • Reduction in • Economic in • Organic
economical reliability operating costs wastage nature - well- pesticides /
Application Benefits
source of • Intermittency • Lower • Reduce outage run recycling fertilizers
energy Management maintenance frequency / programs cost • Water
• Less pressure • Increased costs duration less to operate purification
on non- cycles/longer • Extended • Reduce than waste • Water
renewable storage equipment lives distribution loss collection and remediation
resources (oil landfilling
• Efficiency • Purification
and gas)
• Management
• Energy security
• Grid/ Off Grid
Residential
End User
Commercial
Industrial
Utilities, Government and Others
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6. Market Snapshot: Global Ethanol Production
Top Five Countries (2010) Ethanol Production (millions of gallons/year) 1
The Global Renewable
Fuels Alliance (GRFA)
forecasts ethanol
production to hit 88.7
billion litres in 2011
Source: 1NREL (National Renewable Energy Laboratory) Data Book, 2011.
Note: Gallons to Liters conversion ratio at 1:3.78.
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7. Market Snapshot: Global Biodiesel Production
Top Five Countries (2010) Biodiesel Production (millions of gallons) 1
Source: 1NREL (National Renewable Energy Laboratory) Data Book, 2011.
Note: Gallons to Liters conversion ratio at 1:3.78.
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8. Market Snapshot: Ethanol and Biodiesel Production Landscape in the U.S.
U.S. Ethanol Production1 U.S. Alternative Fueling Stations2
• Corn ethanol production continues to expand rapidly in the U.S. Between 2000 and 2010, production increased nearly 8x
• Ethanol production grew nearly 19% in 2010 to reach 13,000 million gallons per year
• Ethanol has steadily increased its percentage of the overall gasoline pool, and was 9.4% in 2010
• In 2010, there were 1,424,878 ethanol (E85) fueled vehicles on the road in the U.S and 7,149 alternative fueling stations in the U.S.
• Biodiesel has expanded from a relatively small production base in 2000, to a total U.S. production of 315 million gallons in 2010.
However, biodiesel is still a small percentage of the alternative fuel pool in the U.S., as over 40x more ethanol was produced in 2010
• Biodiesel production in the U.S. in 2010 is 63x what it was in 2001
Source: 1,2NREL (National Renewable Energy Laboratory) Data Book, 2011.
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9. Market Snapshot: Global Biochemical Production
Overview of Biochemicals Specialty Biochemicals
Name Characteristics Uses
Adhesives Liquid or semi-liquid compound that bonds items together Paper products, labeling, packaging, plastic bags, Polymers
via drying, heat or pressure stamps, lamination Consumer Lubricants
and
Products and Additives
Cationic Surfactants Organic compound consisting of phospholipids and Soaps, detergents, shampoos, toothpastes Coatings
proteins with positively charged heads that lower the
surface tension between liquids and other surfaces
Geraniol Clear to pale yellow that is insoluble in water Commonly used in perfumes or fruit flavoring
Industrial Lubricants Oil-based compound that reduces friction between moving Used in operation of manufacturing, mining and 4.6 MM 4.0 MM 73.0 MM
surfaces transportation equipment and more tonnes/yr tonnes/yr tonnes/yr
Linalool Naturally occurring alcohol found in flowers and spice Scents for perfumes and cleaning agents, insecticides,
plants used to make Vitamin E
Nonionic Surfactant Organic compound consisting of phospholipids and Lower the surface tension of liquids or between liquids • Specialty • Base oils Building blocks for
proteins with non-charged heads and another surface
surfactants • Fuel additives • Specialty
O2 Scavenger Compounds that inhibit oxidation or other molecules Used to prevent the corrosion metal by oxygen • Soy petrolatum polymideds,
Plasticizer Additives that increase the workability, flexibility and Used for plastics, concrete and dry wall • Performance polyols, polyesters
fluidity of a substance allowing for easier changing of waxes • Epoxies and
shape
• Candles polyurethanes
Specialty Emollients Lipids that attract water and retain moisture Used in lotions and make-ups to prevent dry skin • Coatings and
Squalane Saturated form of squalene making it less susceptible to Used in personal care products such as moisturizers
cross linkers
oxidation
• Like the biofuels industry, the biochemical industry uses bioprocesses and biomass to replace petroleum as the important building block for a
number of products including plastics, lubricants, waxes and cosmetics.
• According to the American Chemistry Council dated July 2011, the market size of the global chemical industry (Basic Chemicals, Intermediate
Chemicals, Finished Chemical Products)1 was approximately $3.0 trillion as of July 2011
• Specialty chemicals compete more on desired effect than cost and as a result present less price‐sensitive, higher ASP markets for renewable
chemical firms to target
• In the U.S. ~200,000 barrels of oil per day are required to fulfill demand for plastic packaging
Source: Elevance Renewable Sciences Filings.
Note: 1Basic Chemicals include Butadiene, Propylene, Ethylene, Benzene; Intermediate Chemicals include Butanediol, Acrylic acid, Ethlyene glycol; Finished Products include
BR, PBT, SBR, Polyacrylics, PE, PET, Nylon-6.
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10. Biofuels/Biochemicals Overview
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11. What are Biofuels/Biochemicals? – Summary
• The Biofuels and Biochemicals industry refers to the set of companies focused on developing fuels and chemicals from Biomass rather than
from fossil fuels
• In 2010, approximately 700 million barrels of biofuels were produced globally. Over 45% of this was corn‐based ethanol in the U.S. and
>25% produced was sugarcane‐based ethanol in Brazil
• Biofuels/ Biochemicals are distinguished as either first , second or third generation. Focus is more on second generation and beyond as first
generation is a mature technology
— Corn and sugarcane will continue to be the most abundant feedstock for biofuels and biochemicals in the near term
— Companies utilizing food‐competitive feedstock (e.g., corn, soy, wheat) face higher price volatility and potential for societal push‐back
— Cellulosic feedstock does not face the ―food‐vs.‐fuel‖ argument but requires more specialized and expensive enzymes that are yet to be
completely commercialized
— Waste is a unique feedstock and companies that can successfully convert the biomass to fuels and chemicals will benefit significantly
— ―Energy‐dedicated‖ crops are emerging and will be vital to the growth of cellulosic biofuel and biochemical production
— Algae offer the highest oil yields of any biofuel feedstock, but challenges around cost have created challenges for commercial use
• Due to the importance of feedstock to the overall value chain, several companies are developing business models and technologies focused
on the ―upstream‖ segment of the value chain
• Numerous conversion technologies exist each with distinct advantages and disadvantages
• The United States and Brazil currently produce and consume the vast proportion of global biofuels due to size of ethanol industries, and is
expected to remain the most important countries for biofuel production/consumption in the near‐term
• Biofuel and Biochemical companies are aiming to compete in large established markets in fuels and specialty chemicals
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12. What are Biofuels/Biochemicals?
• A biofuel/ biochemical is a product made from biomass – organic material with stored chemical energy. While traditional
Biofuels/Biochemicals can be made from plant materials such as sugarcane, corn, wheat, vegetable oils,
biomass1 constitutes an
agriculture residues, grass, wood and algae.
important part of the
• Biofuels/Biochemicals currently comprise only a small part of today‘s global energy consumption. Liquid energy mix, so far
biofuels accounted for a modest 2.7% of global road-transport fuels in 2010 and only 0.6% of the global modern biomass2 use
final energy consumption. However, by 2030, this is forecast to increase to 9%, equivalent to 6.5 million makes up only a small
barrels of oil a day. share of total global
energy consumption
• Renewable energy overall (bio-energy,hydro, solar, etc) represented 16.0% of total energy demand in 2010.
Renewable Energy Share of Global Final Energy Consumption, 2010
Wind/Solar/Biomass/Geothermal Power Generation 0.7%
Nuclear 2.8%
Transport Biofuels 0.6%
Biomass/Solar/Geothermal/
Hot Water/Heating 1.5%
Several economical,
Renewable 16.2% political, technological,
Fossil
and environmental
Fuels 81% 16.2%
factors will drive growth
in the Biofuels/
Chemicals industry
Hydropower 3.4%
Traditional
Biomass 10%
Source: Renewables 2011, Global Status Report.
Note: 1Traditional biomass means unprocessed biomass, including agricultural waste, forest products waste, collected fuel wood, and animal dung, that is burned in stoves or
furnaces to provide heat energy for cooking, heating, and agricultural and industrial processing, typically in rural areas.2Modern bioenergy comprises biofuels for transport,
and processed biomass for heat and electricity production.
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13. Biofuels/Biochemicals Growth Rates
Global Average Annual Growth Rates of Renewable Energy Capacity and Biofuels Production, 2005–2010
Biodiesel production 38%
7%
In 2010, approximately Ethanol production 23% Year-end 2005-2010
17% (5-year Period)
700 million barrels of 16%
Solar hot water/heating 16%
biofuels were produced. 2010
3%
Over 45% of this was Hyderopower 3%
corn‐based ethanol in Geothermal power
4%
3%
the U.S. and >25% 25%
produced was Concentrating Solar Thermal Power 77%
sugarcane‐based Wind Power 27%
25%
ethanol in Brazil
Solar PV(grid -connected only) 60%
81%
49%
Solar PV 72%
• Global energy consumption rebounded strongly in 2010 after an overall downturn in 2009, with annual growth of 5.4%. Renewable energy, which had no
downturn in 2009, continued its strong growth in 2010 as well.
• During the period from the end of 2005 through 2010, total global capacity of many renewable energy technologies – including solar photovoltaic (PV), wind
concentrating solar power (CSP), solar water heating systems, and biofuels – grew at average rates ranging from around 15% to nearly 50% annually.
• Solar PV increased the fastest of all renewables technologies during this period, followed by biodiesel and wind. For solar power technologies, growth
accelerated during 2010 relative to the previous four years.
• At the same time, growth in total capacity of wind power held steady in 2010, and the growth rates of biofuels have declined in recent years, although ethanol
was up again in 2010.
• Hydropower, biomass power and heat, and geothermal heat and power are growing at more ordinary rates of 3–9% per year, making them more comparable
with global growth rates for fossil fuels (1–4%, although higher in some developing countries). In several countries, however, the growth in these renewable
technologies far exceeds the global average.
Source: 1Renewables 2011, Global Status Report.
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14. Main Feedstock Sources
Crops used for Biofuels/Biochemicals
Feedstock is typically the largest component of biofuel &
biochemical production cost. Feedstock cost is estimated to
represent >30%‐50% of the operating costs of most projects.
The main sources of biofuels are:
1. Oil-seed crops: Oil –seed crops include soybean, rapeseed and
sunflower. These go through a process called ―transesterification‖ and
the oils of these oilseeds are converted into methyl esters. Methyl
esters are liquid fuel that can either be blended with petro-diesel or
used as pure biodiesel.
2. Grains, cereals and starches: These come from corn, wheat, sugar
cane, sugar beet and cassava, which undergo a fermentation process
Biofuel Vehicle and Pumps
to produce bio-ethanol.
3. Non oilseed crops: Oil from the Jatropha fruit shows most promise.
The fruit is poisonous, so it is not affected by the ―food-or-fuel‖ tug of
war; and it grows well on arid soils which means it does not need felling
of forests. It is very resilient and needs less fertilizer and it can be
developed into plantations like any oilseed crop.
4. Organic waste: Waste cooking oil, animal manure and household
waste. Waste cooking oils can be converted into biodiesel while the rest
are converted to biogas methane.
5. Cellulosic materials: These are grasses, crop waste, municipal waste
and wood chips that are converted to ethanol. The conversion process
is more complex than the two process aforementioned. There is also
the option of converting these to gases such as methane or hydrogen
for vehicle use or to power generators.
Source: Broker Research and websites.
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15. Types of Biofuels
Biofuels/Biochemicals are
distinguished as either first, second
or third generation.
Most of the Biofuels today come from
corn-based ethanol and sugar-based First generation: Commercially produced using conventional technology. The basic feedstock are seeds, grains, or whole plants
ethanol. from crops such as corn, sugar cane, rapeseed, wheat, sunflower seeds or oil palm. These plants were originally selected as food or
fodder and most are still mainly used to feed people. The most common first-generation biofuels are bioethanol (currently over 80%
of liquid biofuels production by energy content), followed by biodiesel, vegetable oil, and biogas.
The current debate over biofuels/
biochemicals produced from food
Second generation: Produced from a variety of non-food sources. These include waste biomass,
crops has pinned a lot of hope on the stalks of wheat, corn stover, wood, and special energy or biomass crops (e.g. Miscanthus).
Second-generation biofuels/biochemicals use biomass to liquid (BTL) technology, by
"2nd-generation processes" thermochemical conversion (mainly to produce biodiesel) or fermentation (e.g. to produce
produced from crop and forest cellulosic ethanol). Many second-generation biofuels/biochemicals are under development such
as biohydrogen, biomethanol, Fischer-Tropsch diesel, biohydrogen diesel, and mixed alcohols.
residues and from non-food energy
crops. The commercial-scale production costs of 2nd-generation biofuels have been estimated by the
IEA to be in the range of US $0.80 - 1.00/liter of gasoline equivalent (lge) [US $3.02-$3.79 per
gallon] for ethanol and at least US $1.00/liter [$3.79 per gallon] of diesel equivalent for synthetic
Second generation conversion diesel. This range broadly relates to gasoline or diesel wholesale prices (measured in USD /lge)
technologies are key to progress and when the crude oil price is between US $100-130 /bbl . (However, many companies within SVB‘s
universe are estimating crude oil parity without subsidy of between US$60 -80/bbl or $1.50 to
sustainability. $2.00/gal at scale).
Third generation: Algae fuel, also called oilgae, is a biofuel/biochemical from algae and
addressed as a third-generation petroleum replacement. Algae is a feedstock from aquatic
cultivation for production of triglycerides (from algal oil) to produce petroleum replacement
products. The processing technology is basically the same as for biodiesel from second-
generation feedstock. Other third-generation biofuels include alcohols like bio-propanol or bio-
butanol, which due to lack of production experience are usually not considered to be relevant as
fuels on the market before 2050.
Source: UNEP Assessing Biofuels Report.
Note: Litre: Gallon = 1:0.26; Gallon: Barrel = 1: 0.0322; Tonne of Oil Equivalent (toe): Barrel of Oil Equivalent (boe) = 1: 7.4.
TABLE OF CONTENTS The Biofuels and Biochem Industry 15

16. First Generation Feedstocks
Sugar cane has been used to produce bioethanol in Brazil since the 1970s. It is a perennial plant that needs few inputs, such as fertilizers, and has long root systems
that can store carbon in the soil. It has a good net Greenhouse Gases (GHG) balance (up to 90% reduction in GHGs from ethanol produced from sugar cane,
compared with conventional gasoline). Sugar Cane is one of the most heavily utilized feedstock for biofuels production and the highly developed infrastructure of the
sugarcane industry in Brazil will continue to make the country a hot‐spot for Biofuel/BioChemical firms. According to the U.S. Department of Energy, Brazilian
Sugarcane is not only the most abundant, but the cheapest available feedstock for ethanol production. Brazilian sugarcane offers several economic advantages to corn,
which in the Unites States is the principal ethanol crop. Sugarcane produces around 15 dry tons per acre per year yielding roughly 600 gallons of ethanol per acre.
Corn is a cereal grain that was domesticated in Central America. Corn can be used as a feedstock to make biobutanol and bioethanol. Corn is the most abundant crop
grown in the U.S. and the backbone of the current U.S. Biofuel industry. Approximately 80 million acres of land in the U.S. are dedicated to growing corn, and the U.S.
accounts for ~20% of global corn exports. For 2010, the USDA estimates the national corn crop to yield 154.3 bushel/acre, which corresponds to a dry weight of ~3.7
t/acre. Currently, one bushel of corn produces around 2.75 gallons of ethanol equating to 400 to 500 gallons per acre. Corn yields have experienced a long term general
uptrend from 70 bushels/acre in 1970 to the current yield as a result of enhanced seed research and development following the mapping of the corn genome. Corn ears
are widely used as a feedstock for first‐generation ethanol, but corn stover, the above‐ground portion of the plant that is left in the field after harvest, is increasingly being
utilized for second generation ethanol production.
Wheat is a grass that is cultivated worldwide. Wheat grain is used to make flour for breads, biscuits, pasta and couscous; and for fermentation to make beer, alcohol or vodka.
Wheat can be used as a feedstock to make bioethanol, and it has few sustainability issues. Wheat can also be used to make biobutanol.
Sweet sorghum is one of the many varieties of sorghum which have a high sugar content. Sweet sorghum will thrive better under drier and warmer conditions than many other crops
and is grown primarily for forage, silage, and syrup production. Sorghum has a very limited breeding history and as a result there has not been the same degree of testing for yield
improvements through genetic optimization as in other major biofuel feedstocks such as corn and sugarcane. While sorghum isn‘t as well‐suited as sugarcane for the production of
refined sugar, it has value for ethanol, and its high lignocellulosic biomass content opens up the potential for use in the production of additional biofuels.
Soybeans are a class of legumes native to East Asia. The crop is primarily harvested as a food source due to its exceptionally high protein content (~40% of dry weight). In
addition to their protein, soybeans are also valued for their oil content which accounts for ~20% of the dry weight of the beans. According to the USDA, approximately 17% of soy
oil is used in industrial products. These products include biodiesel, inks, paints, plasticizers and waxes, among many others. China is the world‘s largest producer of soybeans oil
with more than 10M tons in 2010. Global production of soy oil exceeded 41 million metric tonnes (90 billion pounds) in the 2010/2011 season.
Rapeseed is a yellow flowering plant of the mustard family that produces a seed which yields ~40% oil. It naturally contains 45+% euracic acid which is mildly toxic to
humans. Rapeseed is often grown as a high‐protein animal feed and also used in lubricants, soaps, and plastics manufacturing. According to the USDA, approximately 30%
of rapeseed oil is used in industrial products. In Europe, Rapeseed has become a preferred feedstock for biofuels as it has higher oil yields per unit of land than other crops
including soy beans, which only contain ~18‐20% oil. According to the Agricultural Marketing Resource Center, worldwide production was 61million tons in 2011 with China
and India being the largest producers at 14.7 million and 7.3 million tons respectively. The European Union accounted for 23 million tons of rapeseed output.
Source: Clean Tech Energy Report by Robert Baird.
Note: Litre: Gallon = 1:0.26; Gallon: Barrel = 1: 0.0322; Tonne of Oil Equivalent (toe): Barrel of Oil Equivalent (boe) = 1: 7.4.
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17. Second and Third Generation Feedstocks
Switchgrass is a perennial warm season grass native to North America. It can grow to heights of almost nine feet and an established stand has a lifespan of up to 10 years.
One of its defining characteristics is its large, underground root system which can weigh as much as 6-8 tons per acre, making the plant particularly adept at accumulating
carbon dioxide .The energy efficiency of producing ethanol from switchgrass is estimated to be much higher than corn with an energy input to output rate of 1:4 vs. 1:1.3. As
reported by the USDA, various switchgrass crops yield 5-9.4 tons per acre.
Camelina is an annual flowering plant and member of the mustard family, regarded for its oil properties. It typically stands 1‐3 feet tall, is heavily branched, and produces
small seeds high in oil content. It is able to grow effectively on land of marginal quality, needs minimal water input, and can withstand cold climates. Because of its high
oil‐yield of 35‐38% (~2x that of soybeans), it is specifically being studied for use in biodiesel applications.
Miscanthus is a tall perennial grass closely related to sugar cane. Though native to the tropical and subtropical climates of Africa and Southeast Asia, it is also
being grown by at least 10 countries in Europe explicitly for use as an energy feedstock. It has entered into favor due to its high expected commercial yields of
12-13 BDT/acre (as reported by Mendel Biotechnology in LA and MS) with low moisture content in the range of 15‐20% if harvested in late winter or spring.
Waste is a unique feedstock since it can often generate additional revenue from tip‐fees, but its heterogeneous characteristic makes it difficult to convert to biofuels
and chemicals. Municipal Solid Waste (MSW) and Commercial & Industrial (C&I) waste are two waste streams that several companies in the industry are working to
convert into fuels and chemicals. According to Pike Research, the market research and consulting firm that provides in-depth analysis of global clean technology
markets, the global market for thermal and biological waste-to-energy technologies is set to reach at least $6.2 billion in 2012 and grow to $29.2 billion by 2022.
Jatropha is a genus covering ~150 types of plants, shrubs, and trees which produce seeds with oil content of up to 40%. Making it even more attractive as a
feedstock is its ability to grow on poor quality land and its resistance to drought and pests. It is native to South America and typically only grows in tropical or
subtropical environments. One drawback of Jatropha is that it also contains toxic matter which necessitates it be carefully processed before use in production. It
is estimated that Jatropha nuts are capable of providing up to 2,270 liters of biodiesel per hectare, and the plant is currently the subject of several trials for use in
biodiesel applications including a collaborative effort between Archer Daniels Midland, Bayer CropScience AG, and Daimler AG.
Southern pine presents a rich biomass source in the Southeastern portion of the U.S. These trees typically reach heights of 60‐120 feet (depending on species) and
are characterized by their rounded tops, long needles, and rapid growth rates. According to the DOE, there are roughly 200 million tons of no-merchantable forest
material alone and total forestland in the US is estimated to be 750 million acres.
Algae offer the highest oil yields of any biofuel feedstock, but issues around capital cost have created challenges for commercial use: Algae are simple‐celled
organisms capable of creating complex organic compounds from inorganic molecules through photosynthetic pathways. Interest in using algae as a feedstock for
biofuel production has increased rapidly and more than 30 U.S. based firms are now working to commercialize such technology. Algae offer attractive yields
estimated to be upward of 4,000 to 5,000 gallons per acre. The DOE considers open pond algal configurations to have the most promise estimating 2012 fuel
costs to be $9.28/ gal with a roadmap to $2.27/ gal.
Source: Clean tech Energy Report by Robert Baird, June 2011.
Note: Litre: Gallon = 1:0.26; Gallon: Barrel = 1: 0.0322; Tonne of Oil Equivalent (toe): Barrel of Oil Equivalent (boe) = 1: 7.4.
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18. Comparative Yields
Energy density refers to the amount Energy Density for Biofuels per Unit of Required Land for Various Feedstock 1
of energy stored in a given system or
region of space per unit volume Crop
Required Fuel Fuel Energy Fuel Energy
Crop Yield (kg raw/kg Produced Density per Hectare
Among all the edible oils used for Crop (tons/hectare) fuel) (tons/hectare) (MJ/kg3) (GJ/hectare4)
manufacturing biodiesel, palm oil is
Oil Rapeseed 3.0 4.7 0.64 43.7 28.0
also the most efficient in terms of
Pyrolysis / wood 10.0 2.0 5.0 25.0 125.0
land use, pricing and availability
Wheat 2.6 6.2 0.43 35.0 15.0
Algae offer the highest oil yields of
Corn 4.2 3.9 1.1 35.0 37.0
any biofuel feedstock, but issues
Sugarcane 61.8 18.9 3.3 35.0 115.0
around cost have created challenges
for commercial use Sugarbeet 60.0 18.9 3.2 35.0 11.0
Wood Chips 10.0 8.6 1.2 35.0 41.0
Wheat Straw 1.9 7.9 0.25 35.0 9.0
Comparison of Yields for Typical Oil Crops2
Crop: Soybean Camelina Sunflower Jatropha Oil Palm Algae
Oil Yield: 1,000-
2.6 6.2 0.43 35.0 15.0
(g/acre/yr) 6,500
Source: 1Global Change Biology, 2Robert Baird Biomass Almanac July 2011.
Note: 3,4MJ & GJ: Megajoules and Gigajoules (derived unit of energy or work in the International System of Units, equal to the energy expended (or work done) in applying force
through a distance).
TABLE OF CONTENTS The Biofuels and Biochem Industry 18

19. Comparative Advantages and Disadvantages of Feedstock
Corn Sweet Sorghum Sugarcane Soybean Oil Rapeseed Oil Pine Oil
 Ethanol industry  Annual crop – short  Cheapest available crop  Good oil content makes it  Seeds have very high oil  High energy density and
P experienced with using growth cycle (90‐120+ (non‐cellulosic) for suitable for biodiesel content by volume at saturated fat content
O corn as a feedstock days) allows for multiple ethanol production production ~40%
S  Corn stover offers cuts (2‐3) to be made in  Does not have to be  Can be used as an
I potential for use in a given year transitioned from a animal feed as well as in
T cellulosic fuel  Low water requirements complex carbohydrate to lubricants and plastics
applications and adaptable to wide a simple sugar prior to manufacturing
I variety of environments fermentation
V
 Less residual waste  Does not compete as a
E biomass from harvesting food source
S
 Use for corn in biofuels  Lower sugar yields  Due to harvest timelines,  Competes as a food  Shares significant  Burning of peatland to
stokes the ―food vs. fuel‖ compared to sugarcane average mills only source demand with Canola oil clear room for new
I argument  Yields mixed sugars as operate an average of  Oil content lower than which could add to price plantations leading to
S  Subject to commodity opposed to pure sucrose, ~185 days per year many competing crops volatility significant deforestation
pricing volatility making it less conducive  Requires high quality used as targets for and GHG emissions
S
 High quality land required for production of refined land and significant water biofuels
U
as well as significant sugars and fertilizer inputs  Production of biodiesel
E
water and fertilizer needs  Vegetative propagation from soybean oil results
S can lead to overcrowding in a net energy loss of
~30%
Source: Robert Baird Biomass Almanac July 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 19

20. Comparative Advantages and Disadvantages of Feedstock (con’t)
Switchgrass Camelina Miscanthus Municipal Solid Waste Jatropha Southern Pine
 Reliable biomass yields  Can be grown on  Reliable biomass yields  Can generate a  Can be grown on low  Shuttering of paper &
P due its propensity for marginal lands, in cold  Capable of relatively high significant revenue quality land processing mills in U.S.
accumulating CO2 climates, and with stream from tip‐fees  Naturally resistant to have led to a growth
O yields today
 Higher energy content minimal water  Continuously generated drought and pests – surplus
S  Can be grown effectively
than corn for ethanol  Short crop that can be without fertilizers – less – no need for agriculture though yields shown to  Wood waste offers an
I production rotated with wheat and spending be significantly higher inexpensive source of
leaching
T when irrigated biomass
 Wide adaptability and  High oil yields of 35‐38%  Collection and hauling
I capable of growth in dry logistics and  Does not compete as a  Trees have longer
V climates infrastructure is in place food source as it is growth cycles than other
E  ESelf‐seeding, requiring non‐edible energy crops
S no replanting after
harvesting
 Additional research  Additional time/research  Limited adoption thus far  Heterogeneous  Contains toxic matter  Collection processes for
required before needed before in North America characteristic makes which must be separated residual wood waste still
I commercially viable commercially viable conversion difficult before used in production need development
 Studies have found it
S dries up soil more than  Often requires  Still requires significant  Rising demand for pulp
S other crops which can gasification which can yield improvements globally could provide
U reduce surface water carry high CAPEX before economically upward pricing pressures
supplies requirements viable at commercial  Cannot be utilized as
E
scale feedstock by
S
non‐cellulosic conversion
technologies
Source: Robert Baird Biomass Almanac July 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 20

21. Petroleum Replacement Overview
Market Size Customers
Alkylate/ Drop-in Refiners
$485 billion
Polygas Gasoline/Alkylate
Propionic Poly- Automative/
Propanol Propylene Packaging Consumer
C3 propylene
Products
$110 billion Chemical
Companies
Acrylics Super-Absorbents
Acetic Cellulosic Rayon/Filters
Anhydride Acetate
Consumer
Products
VAM EVA Paint/Adhesives
Paint Companies
$180 billion
Conversion Chemical
Technology Poly-ethylene Packaging Companies
Acetic Ethylene glycol PET
Ethanol Ethylene
C2
Linear a-
olefins Jet/Diesel $245 billion Airlines/Dod
Acetic Refiners
Sales
Gasoline Blending $60 billion Refiners
Alkylate Drop-in Gasoline
Butyric
Butanol Butene
C4
$1 billion Consumer
Products
Rubber/Plastics
Source: ZeaChem,, Inc..
TABLE OF CONTENTS The Biofuels and Biochem Industry 21

22. Conversion Technologies – Fermentation and Fluid Catalytic Cracking
Fermentation Fluid Catalytic Cracking
Definition: Fermentation is the process by which bacteria such Definition: Fluid Catalytic Cracking (FCC) is a proven process
as yeast, convert simple sugars to alcohol and carbon dioxide in the petroleum industry used to convert crude oil into higher
through their metabolic pathways. The most common input for value products such as gasoline and naptha. FCC reactions
fermentation in the United States is corn, but in warmer climates occur at extremely high temperatures (up to 1,000+ F°) and
sugarcane or sugar beet are the principal types of feedstock. use fine, powdery catalysts capable of flowing likely a liquid
Resulting alcohols such as ethanol and butanol can be utilized which break the bonds of long‐chain hydrocarbons into smaller
as blendstock with gasoline or in the case of butanol, can act as carbon‐based molecules. FCC technology is applied to organic
a gallon for gallon replacement sources of carbon such as woody biomass to convert the
TECHNOLOGY cellulosic content into usable hydrocarbons with equivalence to
Feedstock: Simple sugars – corn and sugarcane are most
crude oils – this process is referred to as Biomass Fluid
commonly used today in the production of ethanol
Catalytic Cracking (BFCC). FCC was first commercialized in
Output : Alcohols including ethanol and butanol, and distiller‘s 1942, and is presently used to refine ~1/3 of the U.S.s‘ total
grains annual crude volume
Feedstock: Feedstock agnostic – can utilize cellulosic biomass
Output: Biocrude, gases
 Ability to genetically modify metabolic pathways of  Commercially proven technology in the petroleum industry
organisms to yield different carbon molecule outputs  Can process low‐cost cellulosic biomass
(ethanol, butanol)
POSITIVES  Process already demonstrated at commercial scale via
first‐generation ethanol production
 Common outputs such as ethanol / butanol have existing
markets in both fuels and chemicals
 Costly to develop/purchase enzymes to break down  High capital costs for facilities
cellulosic materials to make simple sugars available for  Proven for petroleum but limited to demonstration testing for
ISSUES fermentation biomass
 First‐generation feedstock susceptible to commodity price
volatility
Source: Robert Baird, Clean Tech report July 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 22

23. Conversion Technologies – Anaerobic Digestion and Gasification
Anaerobic Digestion Gasification
Definition: Anaerobic digestion is the process by which Definition: Gasification is a process by which carbon‐based
bacteria decompose wet organic matter in the absence of materials such as coal, petroleum coke, and biomass are
oxygen. The result is a byproduct known as biogas which separated into their molecular components by a combination of
consists of ~60% methane and ~40% carbon dioxide. Biogas heat and steam, forming a gaseous compound known as
can then be combusted in the presence of oxygen to generate
synthesis gas or syngas as it is commonly called
energy. Effectively any feedstock can be converted to biogas
via digestion including human and animal wastes, crop Feedstock flexibility: Feedstock flexible including use of
TECHNOLOGY residues, industrial byproducts, and municipal solid waste. municipal solid waste
Anaerobic digestion is the same process that created natural
gas reserves found throughout the world today Output: Syngas which has the capacity to be used in a variety
of applications including the production of transportation fuels,
Feedstock: Starches, celluloses, municipal solid waste, food electricity, and heat. Other byproducts include sulphur and slag
greases, animal waste, and sewage
Output: Biogas
 Commercially proven technology  Input flexibility allows costs to be reduced through lower cost
 Can be used to process wet organic matter feedstock
 Resulting materials can be processed into valuable fertilizer  Energy conversion ratio potentially higher than competing
POSITIVES  Utilization of methane to produce biogas reduces impact of
technologies because biomass‐to‐liquid (BTL) gasification
can convert all of the cellulosic material into transportation
GHG emissions from landfill gas
fuels
 Low capital and costs and potential for low operating cost
 Lower emission levels than traditional power production
 Slower process than many alternatives  Gas quality suffers from irregularity due to challenges in
 Cannot be used to convert lignin removing tar content– energy density ~50% of natural gas
ISSUES  Accumulates heavy metals and contaminants in the  High capital and operating costs – this could be reduced in
resulting sludge future by co‐location next to feedstock sources
 Gas clean‐up has disrupted projects in the past
Source: Robert Baird, Clean Tech report July 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 23

24. Conversion Technologies – Pyrolysis and Transesterification
Pyrolysis Transesterification
Definition: Pyrolysis is the process by which organic materials Definition: Transesterification is the process by which a
are decomposed by the application of intense heat in the triglyceride is chemically reacted with an alcohol to create
absence of oxygen to form gaseous vapors which when cooled biodiesel and glycerin. While there are a few variants, the
form charcoal and/or bio‐oil can potentially be used as a direct predominance of biodiesel is created through base catalyzed
fuel substitute or an input for the manufacture of transportation transterification because of its high conversion yields and
fuels comparatively low pressure and temperature requirement.
TECHNOLOGY Transesterification is necessary because vegetable oils/animal
Feedstock: Capable of using a wide variety of feedstock
fats cannot be used directly to run in combustion engines
including agriculture crops, solid waste, and woody biomass
because of their high levels of viscosity
(currently most common)
Feedstock: Soybean oil, palm oil, jatropha oil, rapeseed oil,
Output: Bio‐oil (energy density of ~16.6 megajoules/liter) which
animal fats, food grease, etc.
must be processed further before it can be utilized as a
transportation fuel. It also yields syngas and biochar Outputs: Biodiesel and glycerol
 Flexibility of feedstock diversifies risk related to feedstock  Results in lower‐viscosity biodiesel allowing it to replace
supply/demand pressures petroleum in diesel engines
 Marketable biochar output provides secondary revenue  Glycerin byproduct can be sold to generate secondary
stream from production revenue stream
POSITIVES
 Low cost and high availability of methanol and sodium
hydroxide reduces input costs
 Relatively low reaction temperature of 60 degrees C keeps
utility costs down
 Potentially corrosive characteristics requiring specialized  Requires separation/recovery of base catalyst / glycerin from
components in fuel systems to adequately house it solution
ISSUES  Viscosity increases during storage meaning it must be used  Free fatty acid and water contamination can result in
more frequently than traditional fossil fuels negative reactions
Source: Robert Baird, Clean Tech report July 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 24

25. Conversion Technologies – Syngas Fermentation
Syngas Fermentation
Definition: Syngas Fermentation is the process by which
gasification breaks the carbon bonds in the feedstock and
converts the organic matter into synthesis gas. The syngas is
sent to bioreactor where microorganisms directly convert the
syngas to a fuels and/or chemicals
TECHNOLOGY
Feedstock: Capable of using a wide variety carbon containing
feedstocks including agricultural crops, solid waste, woody
biomass and fossil fuels such as coal and natural gas
Output: Ethanol, 2.3-BDO, Acetic Acid, Acetone, Propanol,
Butanol, MEK, Isoprene, Acrylic Acid, Butadiene, Succinic Acid
 Process does not rely on expensive enzymes or
pretreatment chemicals thus operating costs should be lower
than non-gasification based technology
POSITIVES  Ability to convert nearly all feedstock into energy with
minimal by-products. Microorganisms are able to produce
only one fuel/chemical under low temperature and pressure
 Imperative to keep the right nutrient and chemical balance in
order to keep the microorganisms alive and productive. Any
contaminants could spread quickly through the bioreactor
ISSUES  Reliability and Continuous Operations: Since the organisms
live off the energy contained in the synthesis gas, it is critical
that they continue to be through a well operating system
design
Source: Coskata Inc, LanzaTech Inc, Advanced Biofuels USA “Syngas Fermentation, The Third Pathway for Cellulosic Ethanol.
TABLE OF CONTENTS The Biofuels and Biochem Industry 25

26. The Importance of Biofuels/Biochemicals
TABLE OF CONTENTS The Biofuels and Biochem Industry 26

27. Biofuels/Biochemicals Growth – Summary
• The sector has received increasing attention from both public and private investors due to several growth drivers including the desire for
energy independence, the increasing demand for liquid fuels for transportation especially in emerging markets, technological advances
across the industry‘s value chain and environmental concerns (Green house gas (GHG) emissions). The most important driver, however,
spurring investment in the industry is the continued volatility and high price of crude oil.
• Biofuels/Biochemicals constitute a 3% share in the total global chemicals & fuels market in 2010 and is expected to touch 17% in 2025.
• As ―easy― conventional oil resources continue to decline and more expensive nonconventional liquid sources make up the difference,
biofuels/ biochemicals will play an increasing role in diversifying the liquid energy landscape.
• Liquids demand is growing mainly driven by rapidly-growing non- Organization for Economic Co-operation and Development (OECD)
economies and will be met by supply growth from Organization of the Petroleum Exporting Countries (OPEC) and the Americas. China (+8
million barrels per day), India (+3.5 million barrels per day), and the Middle East (+4 million barrels per day) account for nearly all of the net
global increases.
• Liquid biofuels accounted for a modest 2.7% of global road-transport fuels in 2010 , but will play an expanded role of meeting liquid demand.
• OPEC‘s critical position in the oil market grows given its oil reserve position while the Americas also play an expanding role by utilization of
new recovery technologies in tight oil formations and Canadian oil sands.
• Exporting oil producing nations, ―petro-states‖, rely heavily on oil revenues to support their economies (50-90% of GDP). Oil price decreases
can cause major deficits, budget cuts, considerable social turmoil, and political change creating an incentive for petro states to keep
production in line with demand.
• Government legislation is driving the adoption of renewable fuels
— In February 2010, the US Environmental Protection Agency (EPA) submitted its final rule for Renewable Fuels Standard 2 (RFS-2),
setting forth volume targets of 36 billion gallons of renewable fuels produced in the U.S. by 2022 with 21 billion being advanced biofuels.
— The EU is targeting 10% of transport energy from renewables by 2020, counting both sustainable biofuels and electric vehicles.
TABLE OF CONTENTS The Biofuels and Biochem Industry 27

28. Compelling Market Opportunity
Opportunities for bioproducts will Bio Based Market Opportunity
not only be fuels based but focused
on the whole barrel. The gasoline
market accounts for about 45% of Bio Based Market
1.5 approx.$1.4 trillion
the barrel of crude while there are
many different chemicals inside a
Fuels (Bio) Chemicals (Bio)
Trillions of Dollars (U.S.)
barrel of oil.
A 42-U.S. gallon barrel of crude 1.0
equates to about 45 gallons of
petroleum products which includes CAGR
(as a % of the total barrel) motor 16%
gasoline (45%), distillate fuel oil 0.5
(29%), jet fuel (9.4%) petroleum
coke (5.5%), still gas (4.4%). Bio Based Market
$148 billion
0.0
2010 2025
Total Chemicals &
Fuels Market $5.0 trillion $8.0 trillion
Bio-based Share 3.0% 17%
Source: Renmatix, International Energy Outlook 2009, Industrial biotechnology analysis 2010, Arthur D. Little – ICIS; World Energy Outlook 2009, International Energy Agency
2010; USDA Biobased Product Projections 2008; US Energy Information Administration.
TABLE OF CONTENTS The Biofuels and Biochem Industry 28

29. Drivers of Biofuels/Biochemicals Growth
The rising cost of oil will create an Crude Oil Monthly spot prices ($ per barrel)1
incentive for producers of
petroleum‐derived products to seek $160.0 The volatility and price increases of oil are
$140.0 the most significant drivers in the growth of
renewable alternatives that provide the Biofuel/Biochemical Industry: The
$120.0
greater stability in pricing. $100.0
increasing demand for petroleum products,
supply shocks, and other factors have led to
$80.0 volatile and high oil prices over the past
Strong public sentiment for the U.S. $60.0 decade. In January 2000, European Brent
$40.0 Crude spot prices were below $24/barrel
to reduce its dependence on foreign before peaking at over $140/barrel in 2008.
$20.0
petroleum reserves is thus one of the $0.0
After some price relief in the midst of the global
economic downturn, Brent Crude is
major drivers of the renewable fuel ~$97/barrel currently, representing a CAGR of
industry. ~13.5% from 2000‐2011.
U.S. oil imports drop due to rising
domestic output & improved Net Imports of Oil2
transport efficiency; EU imports to
overtake those of U.S. around 2015 Million barrels/day
Biofuels and Biochemicals help reduce U.S.
and China expected to be the largest 14.0 dependence on foreign oil: U.S. reliance on
2000 2010 2035 foreign imports has increased significantly
importer by 2020. 12.0
since the mid‐1980‘s. It can be argued that as
10.0 the world‘s current economic superpower and
the largest consumer of petroleum, the U.S.
8.0
will continue to command a reliable oil supply
6.0 from producing nations. However, with the
emergence of rapidly growing and
4.0
industrializing economies in China and India,
2.0 the global supply of oil may be spread
increasingly thin putting additional upward
0.0 pressure on energy prices
China India EU U.S. Japan
Source: 1Bloomberg, 2World Energy Outlook 2011.
TABLE OF CONTENTS The Biofuels and Biochem Industry 29

30. Drivers of Biofuels/Biochemicals Growth (con’t)
By 2035, the EIA projects that Vehicles per 1000 people in Selected Markets1
transportation sector will account for 800
73% of all liquid fuels consumption. 700 Increase in transportation applications driving
2010 2035 growth in liquid fuels consumption: The Energy
600
Key drivers of transportation growth Information Administration (EIA) projects that U.S.
500
consumption of liquid fuels will increase from 19.1 million
include population expansion and 400 barrels per day in 2009 to more than 21.9 million gallons
rising real disposable income which 300 per day by 2035. The increase is expected to be driven
200 almost entirely by an increase in the use of liquid fuels for
leads to more frequent travel . transportation applications which is forecasted to grow
100
0 from 13.6 million barrels per day in 2009 to 16.1 million
barrels per day by 2035 .
The global passenger vehicle fleet United European China India Middle East
States Union
doubles to 1.7 billion in 2035; most
cars are sold outside the OECD by
Commodity Food Price Index vs. CPI2
2020, making non-OECD policies key Cellulosic biofuel technologies unlock non‐food
feedstock and reduce input cost volatility: Cellulose (corn 400.0
to global oil demand. stover, switchgrass, miscanthus, woodchips etc) is not used 350.0
for food and can be grown in all parts of the world. The entire Million
300.0 barrels/day
250.0
plant can be used when producing cellulosic products. While 200.0
The development and subsequent the U.S. is the world‘s largest producer of the crop, corn 150.0
100.0
scale‐up of cellulosic technologies competes as a food source and is subject to significantly 50.0
more price volatility than residual waste biomass. Over the 0.0
offers a clear advantage to reducing past decade the value of the IMF‘s Commodity Food Price
price volatility of biofuel feedstock Index increased at a CAGR of 8.7% annually. This is ~3.6x
faster than the rate of inflation as measured by the Commodity Food Price Index CPI
and will play major role in driving Consumer Price Index which had a CAGR of 2.4% annually
down the costs of renewable over the same period. From 2000 to 2011, the maximum 12-
Relative Prices of Wood, Sugar, Soy Oil,
month price increase was 18% for pine woodchips versus
fuels/chemicals. 50% for corn, 46% for sugar and 51% for West Texas
Corn, Nat Gas and Crude Oil Since 20003
Intermediate crude according to average quarterly data from 500
450
Timber Mart-South, the USDA and the EIA. 400
Index (Q1 2000=100)
Million barrels/day
350
300
250
200
150
100
50
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
World raw sugar (No.11, spot) Corn (No.2 yellow, Chicago spot)
Source: 1World Energy Outlook 2011, 2Bloomberg, 3EIA, DOE, Timber Mart-South. US Nat Gas Industrial Price WTI Crude (Spot, FOB Cushing, OK)
Note: OECD- Organization for Economic Co-operation and Development. Pine Pulpwood (Delivered AL)
TABLE OF CONTENTS The Biofuels and Biochem Industry 30