John PlazaPresident and FounderChief Executive Officer

john@imperiumrenewables.com

- Integrated Bio-refineries - maximizing distillate fuels including

jet fuel

- Advanced Biofuels Leadership Conference

April 22nd, 2013

Imperium Renewables

Imperium Renewables Inc. – Who we areImperium Renewables Inc. – Who we are

Company founded in 2004

$275M in capital raised since 2005

Strong history of innovation and practical commercialization efforts for clean fuels in transportation sector

49 employees in Washington State

100 million gallons of annual biodiesel production capacity

First renewable jet fuel producer with initial demo on Boeing 747 with Virgin Atlantic in 2008.

Ongoing R&D effort since 2010 for proprietary drop-in renewable fuels suitable for use in Aviation with PNNL and LanzaTech

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Imperium Grays Harbor – what we doImperium Grays Harbor – what we do

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One of the largest biodiesel facilities in the world.

Current site is 10.5 acres Additional 12 acres adjacent

for new construction Deep water port Major rail infrastructure

Biodiesel production sourced from oils and fats Established relationships

with major feedstock producers

Reliable supplier to petroleum industry

Major supplier to domestic and global marketplace

Imperium’s vision for the next 10-20 years

Maximize Drop-in Distillate Production Options

Integrated bio-refinery - maximize distillates including jet fuel Ability to use wide range of biomass feedstocks that are readily

available and not tied to commodity pricing End fuel product must be “drop-in” replacement and complement

ASTM specifications as required Superior performance to petroleum equivalent Economically viable with fuel markets over the long term and without

government subsidy

Biomass Processing Infrastructure Application

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Imperium Alcohol to Jet Fuel (ATJ) Strategy Imperium Alcohol to Jet Fuel (ATJ) Strategy

Proprietary development of technology for ATJ drop-in fuel with PNNL– Research started in July 2010 with joint funding from Imperium and Battelle– Technology development focused on converting mixed alcohols derived from biomass

sources into hydrocarbon equivalent “drop-in” fuels for aviation and other transportation fuels Renewable jet fuel is of SPK composition as opposed to aromatic based product Agnostic to source of ethanol – can be mixed alcohols and aqueous solution High yield conversion of available carbon into desired end products

Received $4M in Q4-’11 from DOE for biomass to jet fuel funding opportunity in collaborative partnership led by LanzaTech– Allows for the use of existing biomass sources which are environmentally sustainable

and economically viable in the long-term Waste stream gases from industrial facilities Municipal solid waste Forest and agriculture wastes

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Alcohol to Jet Fuel (ATJ) CollaborativeAlcohol to Jet Fuel (ATJ) Collaborative

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Gas

Reception

GasolineJetDiesel

Separation

Catalytic

Conversion

Alcohol

Product

Recovery

Fermentation

Gas Feed Stream

IAF/PNNL Technology

A novel route to Drop-in hydrocarbon Fuels with a low cost, low value

feedstock

LanzaTech Technology

S, N, O containing Compounds < 5%

Paraffins70 - 85%

Aromatic< 2%

Olefins< 5%

The Compound Selection in our Fuel ProductionThe Compound Selection in our Fuel Production

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Ideal Carbon Length C8-C14

Normal Paraffins Iso-paraffins Cyclic Paraffins

H3CCH3

CH3CH3

H3CCH3

H3CCH3

CH3

CH3

S

H3C CH3

CH3

OH

OH

O

Fuel test results from 2012Fuel test results from 2012

PNNL prepared samples for fuel property evaluation

Off-site specification testing conducted by AFRL

Positive results with continued focus on improving yields and limiting aromatics

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Specification TestMIL-DTL-

83133H Spec Requirement

PNNL-1 PNNL-2 FT-SPK JP-8

Aromatics, vol % ≤25 1.9 2.2 0.0 18.8

Olefins, vol %   1.2 1.1 0.0 0.8

Heat of Combustion (measured), MJ/Kg ≥42.8 43.1 43.1 44.3 43.3

Distillation:          

IBP, °C   161 165 144 159

10% recovered, °C ≤205 165 171 167 182

20% recovered, °C   166 173 177 189

50% recovered, °C   171 183 206 208

90% recovered, °C   190 220 256 244

EP, °C ≤300 214 243 275 265

T90-T10, °C 22 25 49 89 62

Residue, % vol ≤1.5 1.1 1.1 1.5 1.3

Loss, % vol ≤1.5 1 0.8 0.9 0.8

Flash point, °C ≥38 44 48 45 51

Freeze Point, °C ≤-47 <-60 <-60 -51 -50

Density @ 15°C, kg/L

0.775 - 0.840 (0.751 - 0.770) 0.803 0.814 0.756 0.804

Natural Gas, CH4

Associated Gas,Biogas

Solid WasteIndustrial, MSW,

DSW

Inorganic CO2

COCO CO + H2CO + H2 CO + H2 + CO2CO + H2 + CO2 CO2 + H2CO2 + H2 CO2 + H2O + e-CO2 + H2O + e-

Fuels Chemicals

Gas Fermentation

Reforming Gasification RenewableElectricity

Renewable H2

Industrial Waste Gas

Steel, PVC, Ferroalloys

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Biomass

LanzaTech is key partner - Recycling Carbon for production of alcohol

LanzaTech is key partner - Recycling Carbon for production of alcohol

Source: LanzaTech

The Importance Integration and Product Diversification

The Importance Integration and Product Diversification

Fuel pricing can be supported with alcohol inputs and distillate/chemical outputs– There must be an adequate difference between the intermediate alcohol feedstock and wholesale

jet fuel on a $/gallon basis – Lanzatech’s technology and business model facilitates this

– EIA projections suggest there is a positive price differential in most cases, except in the Low Oil Price case

– Co-location facilitates significantly reduced processing and capital requirements – bolt on strategy

Flexibility to produce paraffins or cyclic components for fuels and/or chemicals– Not all biofuel routes allow for production of paraffins or cyclics– PNNL ATJ technology has low hydrogen demand and greater flexibility to produce paraffins and

cyclic components for synthetic jet fuel

Other material benefits of our ATJ strategy– Ability for feedstock flexibility and partnership opportunities on alcohol supplies– Alcohol intermediates isolate feedstock variations prior to ATJ conversion technology– Long term, this route offers cost competitive pathway for sustainable aviation fuel that can be on

parity to petroleum based fuels based on forward projections from EIA and other global sources.

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Imperium ATJ FAQ’s Imperium ATJ FAQ’s

Why is Imperium pursuing ATJ technology? – Broad source of inputs for biomass-based alcohols– Large and diverse group of technology solutions to effectively source biomass-based alcohols– Alcohols have limited market demand due to blend wall whereas hydrocarbon fuels derived from

biomass have unlimited market demand if certified and economically viable

What makes this strategy different than the other ATJ strategies?– Unique technology approach – Very efficient yield from available carbon in alcohol into drop-in fuels, largely isoparaffins – Strong technology development team with decades of previous successes (PNNL)

How can it be economically viable?– Inputs not tied to commodities – IE, waste stream inputs– Integrated with alcohol production – process optimization– Diversified products included chemicals and able to optimize production depending on market

conditions

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Next steps Next steps

Securing tolling facility for production of renewable jet fuel currently for larger volume demands in 2014

Ethanol will be supplied from Lanzatech’s facilities in China or India

Technology used for tolling will be supplied by PNNL/IAF

Fuel production would occur in 2014 with test flights to follow– Will include enough production to facilitate ASTM certification process

Anticipating additional scale up in 2016

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