what you’ll see now

What You’ll See Now

A Fully Functioning, but Version 1 of the Model

FuelMarketplaceConversion

R&DConversion

Facilities

Investment

FeedstockProduction

FeedstockCost

VehicleDynamics

Land Use

2

Escalated Capital Cost

AttractivenessTo Build

RequiredRate of Return

LearningCurve Logic

Plant AdditionLogic

Marketplace Corn EtOH Price

MarketplaceFuel Market

R&D Applied Fundamentals

R&D: Piloting

Expected PlantPerformance

R&DYield

CostGrowth

EffortRatio

EquityROI

Potential EtOHDemand fromFuel Usage

PrevailingValue

IndustrialCapacity Detail

PlantPipeline

Capacity &Ave. Yield

Total Biomass Production& Residue Collection

CapitalCost

Ave Yield On-line #In D&S#In Start-up#On-line

Plant Additions

Conversion Yield

Output Capacity

Cost ofCapital & Taxes

EffortRatio &CostGrowth

R&DYield

IncreaseIn Ag Output

OperatingExperience

Output Capacity

Output Capacity

& AveYield

EtOHPrice

Corn EtOHPrice

Cost ofCapital & Taxes

Output Capacity

Corn EtOHCapacity

Detail

Attractiveness

Ave On-line Yield #On-line

LearningCurve Logic

Detail

Detail

Detail

Detail

Detail Detail

Detail

Detail

Detail

Detail

Detail

Detail

Feedstock Price

Corn Price

Corn Price

END

Detail

3

Fundamental R&DMaximum Required Effort

$500MM

Investment Profile & Initial LoadMM$/year

Maximum MatureTechnology Yield

R & D Yield

R & D Capital Cost Growth Factor

Effort Ratio = Accumulated R&D InvestmentMax Required Effort

As the effort is increased (with appropriate dampeners and dissipation) the R&D yield (gal/ton) is increased on a curve from 50% to 100% of maximum.

Effectiveness of spending is influenced by $/yr

Similarly the Capital Cost Growth is Lowered as a result of increased effort

Intro Return Forward

Maximum EffectiveAnnual Spending

Fundamental R

&D

- 1

4


$500MM



R & D Yield



As the effort is increased (with appropriate dampeners and dissipation) the R&D yield (gal/ton) is increased on a curve from 50% to 100% of maximum.Yield = Factor x Max Yield PossibleEffectiveness of spending is influenced by $/yr


Return Forward


R&D InvestmentMax Effort Req

YieldFactor

Fundamental R

&D

- 2

5


$500MM



R & D Yield



As the effort is increased (with appropriate dampeners and dissipation) the R&D yield (gal/ton) is increased on a curve from 50% to 100% of maximum.

Effectiveness of spending is influenced by $/yr


Cap Cost Growth is multiplier onCap Cost

Return Forward


Impact on Capital Cost Growth Factor of Effort

0

0.5

1

1.5

2

2.5

0 0.2 0.4 0.6 0.8 1

Effort Ratio

Cap

ital C

ost G

row

th

Fact

or

Fundamental R

&D

- 3

6

Illustration of Impact on Yield and Capital Cost Growth of Research Spending

Capital Cost GrowthFactor is Reduced

R&D Yield is Increased

Track 1 reaches its expectedMaximum of 50 gal/ton

Track 2 continues to increase toward its Maximum of 105 gal/ton

R&D Spending increases in 2Research Tracks to a MaximumOf $500MM

END Return

Fundamental R

&D

- 4

Cumulative Fundamental R&D Spending

0

100

200

300

400

500

600

2004 2005 2006 2007 2008 2009 2010 2011 2012

$MM

Track 1 Track 2

0

0.5

1

1.5

2

2004 2005 2006 2007 2008 2009 2010 2011 2012Year

Cos

t Gro

wth

Fac

tor

0

20

40

60

80

100

Yiel

d (g

al/to

n)

Track 1 Track 2 Track 1 Track 2

7END Return

Actual STELLA Module Flowsheet

Fundamental R

&D

- 5

8

Pilot R&DMaximum Required Effort

$250MM


R & D Yield

R&D Capital Cost Growth Factor

Pilot EffortRatio

•Build on the R&D Yield and Capital Cost Growth Accomplished in Fundamental R&D

•Utilize similar logic of funding drives improvements, but can be dampened and dissipated

Result is:R&D Yield after PilotingR&D Capital Cost Growth Factor after Piloting

R & D Yield



Pilot R

&D

- 6

9


$250MM


R & D Yield


Pilot EffortRatio

Pilot Effort Ratio = Acc Pilot R&D InvestmentMax Required Effort

• Convert the Pilot Effort Ratio into an “S” type learning curve.• Piloting will reduce Capital Cost Growth by a maximum of 0.785 from 2.04 - 1.61 to 1.6 – 1.26 based on “S” ratio

Cap Cost Growth = Cap Cost Growth-R&D x [1 – (0.215 x “S” ratio)]

R & D Yield


Return Forward

Pilot R

&D

- 7

10


$250MM


R & D Yield


Pilot EffortRatio

Pilot Effort Ratio = Acc Pilot R&D InvestmentMax Required Effort

• Piloting enables Yield to approach Fundamental R&D Yield• Without Piloting - R&D Yield is 50% of Fund R&D Yield• Yield Reduction is minimized by Pilot Effort – “S” Ratio

•R&D Yield = R&D Yield x Impact of Pilot Effort

R & D Yield


END Return

Pilot R

&D

- 8

11END Return


Pilot R

&D

- 9

12

Calculating Escalated Capital CostCo-LocationReductions

Total Plant Investment& Fraction Debt Financing

AccumulatedOperatingExperience

Pilot Effort Ratio &R&D Capital Cost Growth Factor

EscalatedCapital Cost

Determine the “Real” Capital Cost for Demo, Pioneer and Full-scale Facilities

Utilize experience at previous scale (e.g., pilot for Demo),R&D Capital Cost Growth and total industry size

Allow reductions in capital cost for co-location of Demo plants with existing corn mills

EtOH OutputCapacity

Debt InvestorMultiplier


Calculating E

scalated Capital C

ost - 1

13Accumulated years ofExperience at Pioneer Scale

CapGrowthFull Scale

Years Growth

Pilot Effort Ratio

Ratio Growth

CapGrowthDemo






Determine the Debt Investor Capital Growth Factor forVarious scale-up

•Demo – 1 to 2 growth factor based on Pilot Effort Ratio•Pioneer – 1 to 2 growth factor based on Accumulated Operating Experience at the Demo Scale up to 1 yr

•Full Scale - 1 to 2 growth factor based on Accumulated Operating Experience at the Pioneer Scale up to 1 yr

All times the Debt Investor Multiplier

EtOH OutputCapacity


Return Forward

Calculating E

scalated Capital C

ost - 2

14

Industrial CapacityBillions of Gal per yr

500MMGal/yr

Industry Experience Factor






Finalize Capital Cost Growth Factor =

Industry Experience Factor (see graph) x

R&D Cost Growth Factor (~1.2 to 2) x Equity Frac +

Debt Investor Cost Growth (~1.25 to 2.5) x Debt Frac

IndExp x (R&DCapGrowth x Equity + DebtCapGrowth x Debt ) + 1 - IndExp

EtOH OutputCapacity

Debt InvestorCost Growth

Return Forward

Calculating E

scalated Capital C

ost - 3

15






Escalated Capital Cost is then Cost Growth x User Input Capital Cost for each scale plant

Allowances for Capital Reduction for Demo (75% for 5MM gal/yr) and Pioneer (50% for 50MM gal/yr) for co-location or reduced “Greenfield”

EtOH OutputCapacity


END Return

Calculating E

scalated Capital C

ost - 4

16

END Return


Calculating E

scalated Capital C

ost - 5

17

Calculating Required Rate of ReturnInvestor

Type

New IndustryRisk Factor


Pilot Effort Ratio

Equity RequiredRate of Return

Utilize Prior Scale Experience & Investor Type (Conservative to Aggressive)

Along with a Mature Industry Rate of Return and New Industry Risk Factor

To Determine the Required Rate of Return

EtOH OutputCapacity

EquityMature Rate of Return

Willingness toSkip from Demo to Full Scale

Debt Fraction &Debt Interest Rate

Net (with Debt) ReqRate of Return


Calculating R

equired Rate of R

eturn - 6

18


Type



Pilot Effort Ratio


EtOH OutputCapacity





Prior Scale Experience Risk Factor (dependent on investor)• Use Pilot Effort Ratio for Demo• Use years of experience at Demo Scale for Pioneer

Scale• Use years of experience at Pioneer Scale for Full Scale• Or years of experience at demo for Full Scale if skipping • Pioneer

Return Forward

Risk forDemo

Pilot Effort Ratio

e.g. Aggressive Investor

Risk forPioneer

Years at DemoAccumulated Op Exp

e.g. Moderate Investor

Risk forFull Scale

Years at PioneerAccumulated Op Exp

e.g. Conservative Investor

Calculating R

equired Rate of R

eturn - 7

19


Type



Pilot Effort Ratio


Overall Industrial Experience Risk FactorUse Output Capacity & Investor Type for all Scales

EtOH OutputCapacity





Return Forward

IndustryExperienceRiskFactor

Calculating R

equired Rate of R

eturn - 8

Industrial EtOHCapacity

Conservative Investor

Moderate Investor

Aggressive Investor

20


Type



Pilot Effort Ratio


•New Industry Rate of Return (ROR) = Mature Rate (e.g., 10%) x New Industry Risk (e.g., 3) x Prior Scale Risk (2 for none, 1 for high exp)Range from 10 to 60%

•Final Equity Rate of Return = New Industry ROR x Industry Exp Risk (1 for none, 0 for high exp)+ (1 - Ind Exp Risk) x Mature ROR

Range from 60% with no industry experience & no scale experience down to 10%

EtOH OutputCapacity





Return Forward

Calculating R

equired Rate of R

eturn - 9Full Scale Required Return on Equity and

Risk Factors

010203040506070

2005 2010 2015 2020 2025

Ret

urn

on E

quity

0

0.5

1

1.5

2

2.5

Ris

k Fa

ctor

s

Rtn on Equity Prior Scale Risk Factor Industry Experience Factor

21


Type



Pilot Effort Ratio


EtOH OutputCapacity





Venture Capital Utilization for DemonstrationPilot Effort Ratio > 0.95Full Scale EtOH Production Price < Prevailing Gasoline PriceIndustry Output < 20 MM gal/yr

If the above Criteria is met then demonstration will be done with Venture Capital at 2% Hurdle Rate

END Return

Calculating R

equired Rate of R

eturn - 10

22END Return


Calculating R

equired Rate of R

eturn - 11

23

Calculating Cost of Capital and TaxesPlant Life

Equity Rateof Return

Annual LoanPayment

Utilize standard financial calculations to calculate:Capital Recovery FactorAnnual Return Before and After TaxesAnnual Loan Payment

All are combined in one term

Cost of Capital+Taxes+Loan / Gallon of Capacity


Time for Design, Const & Startup


Cost of CapitalAnd Taxes

Intro Return

EtOH OutputCapacity

Tax Rate

Forward

Calculating C

ost of Capital and Taxes - 12

24

Cost of Capital and Taxes

0

10

20

30

40

50

60

70

80

90

2005 2007 2009 2011 2013 2015 2017 2019

$/ga

l ins

talle

d vo

lum

e

Demo Pioneer Full Scale

Venture Capital Ends for Demodue to Industry Volume

Venture CapitalStarts for Demo

Example of Cost of Capital for Different Scale Plants over Time

End Return

Calculating C


25END Return


Calculating C


26

Calculating Expected Plant PerformanceMature Plant

Design Feed Rate

R&D Max Yield

Purpose is to Calculate the plant EtOH production capacity

Plants are designed on Feedstock Rates

Use Maximum of; Installed Yield or 90% of R&D Yield

Influenced by Overall Experience in the Industry (installed capacity) – “Learning Curve”

Net effect is a reduction in the capacity until 600MM gal have been installed

EtOH PlantCapacity

Intro Return

EtOH InstalledCapacity

Forward

AverageOnline Yield

Calculating E

xpected Plant P

erformance -1

27


Design Feed Rate

R&D Max Yield



Maximum of Installed Yield or 90% of R&D Yield


Yield is constrained until 600MM gal have been installed

EtOH PlantCapacity

Return


Industry CapacityBillions of Gallons

ExperienceImpact on% Capacity

600MMGallons/y

Forward

AverageOnline Yield

Calculating E

xpected Plant P

erformance -2

28


Design Feed Rate

R&D Max Yield



Maximum of Installed Yield or 90% of R&D Yield


Yield is constrained until 600MM gal have been installed

EtOH PlantCapacity

END Return


AverageOnline Yield

Example - Single Plant - Full Scale Plant CapacityMax Capacity: 350 d/y x 105 gal/t x 5000 t/d = 183.8 MM gal/y

020406080

100120140160180200

2005 2010 2015 2020

MM

gal

/yea

r

Calculating E

xpected Plant P

erformance -3

Theoretical – No PlantConstruction - Uneconomical

29

END Return


Calculating E

xpected Plant P

erformance -4

30

Marketplace – Fuel Market

Various OilPrice Projections

Oil to GasolineConversion

Utilizing various future oil price projections (AEO & User)

Convert the price of oil into a price of gasolineGasoline Price ($/gal) = Oil Price x 1.175 + 0.187

At low volumes, EtOH has a enhanced value because of its properties (e.g., octane, as an oxygenate, etc.)Prevailing Price ($/gal) = Gasoline Price x EtOH Relative Value

GasolinePrice

Intro Return

EtOH OutputCapacity

Gasoline FixedCosts

EtOH to GasolineValue Ratio

PrevailingPrice

Forward

Marketplace – Fuel M

arket -9

31






At low volumes, EtOH has a enhanced value for octane, as an oxygenate, etc.Prevailing Price ($/gal) = Gasoline Price x EtOH Relative Value

GasolinePrice

Return

EtOH OutputCapacity

Gasoline FixedCosts


PrevailingPrice

Projected Oil Prices

$0

$20

$40

$60

$80

$100

$120

$140

2000 2010 2020 2030 2040 2050

Oil

Pric

e $/

bbl

AEO 2006 RefAEO 2006 HighAEO 2005 RefVery HighUSER

Forward


arket -10

32






At low volumes, EtOH has a enhanced value for octane, as an oxygenate, etc.Prevailing Price ($/gal) = Gasoline Price x EtOH Relative Value

GasolinePrice

END Return

EtOH OutputCapacity

Gasoline FixedCosts


PrevailingPrice

Ethanol Value Relative to Gasoline

11.21.41.61.8

22.2

0 2 4 6 8

Volume of Ethanol Sold, billion Gal/yr

Valu

e of

EtO

H/Va

lue

of G

asol

ine


arket -11

33END Return



arket -12

34

Marketplace – Corn Ethanol Price

Corn Price

Corn EthanolPlant Life

Corn EtOH price is calculated based on specified capital, operating, and corn, and DDG costs minus the subsidy.

An “Attractiveness” based on the competing prices of EtOH and gasoline is calculated

The “Attractiveness” is used along with “Max growth Rate” to determine the corn EtOH growth and Total Capacity Corn EtOH production

Corn EtOH Price

Intro Return

Mature PlantReturn on Equity

New Plant Capital Cost,Operating Cost & Tax Rate

PrevailingPrice

ConversionYield

Maximum CornEtOH Growth Rate& Ultimate Capacity

DDG Price &Rate of Change

Corn EthanolSubsidy

EtOH Price(Cellulosic)

Corn EtOHCapacity

Forward

Marketplace – C

orn Ethanol P

rice -4

35


Corn Price


Corn EtOH Price• Plant Capital Cost (~1.30 $/gal) & ROI (10%)• Taxes (39%)• Operating Costs (35¢/gal)• DDG Price (29¢/gal EtOH decreasing with volume

0.006¢/MM gal)• EtOH yield per bushel (2.8 to 3.0 gal/bu)• EtOH Subsidy (50¢/gal until 2020)• Corn Price – dynamically calculated

Corn EtOH Price

Return

EtOH OutputCapacity



PrevailingPrice

ConversionYield



Corn EthanolSubsidy


Corn EtOHCapacity

PrevailingPrice

YieldGal/bu

Year

2010

2020

Forward

Marketplace – C

orn Ethanol P

rice -5

36


Corn Price


Corn EtOH “Attractiveness” drive Industry Growth• Function Related to the Ratio of Corn EtOH price to

lower of Cellulosic EtOH or Gasoline

•Ratio of 1 Attractiveness is 1•Ratio < 1 Attractiveness > 1

Corn EtOH Price

Return

EtOH OutputCapacity



ConversionYield



Corn EthanolSubsidy


Corn EtOHCapacity

PrevailingPrice

Corn EtOH PriceCellulosic EtOH or Gasoline

Corn EtOH PlantAttractiveness

Corn EtOH PriceCellulosic EtOH or Gasoline Price

Forward

Marketplace – C

orn Ethanol P

rice -6

37


Corn Price


Corn EtOH Capacity“Attractiveness” (1 to 2 scale) is converted into a frac

growth rateMax Growth Rate is set at 20%

Actual Growth Rate is FRAC x MAX Rate

As long as the Industry Capacity is less than the Maximum Allowable, set at 30 billion gal/yr MAX

Corn EtOH Price

END Return

EtOH OutputCapacity



ConversionYield



Corn EthanolSubsidy


Corn EtOHCapacity

PrevailingPrice

. Attractiveness .

FRAC ofMAX GrowthRate

Marketplace – C

orn Ethanol P

rice -7

38END Return


Marketplace – C

orn Ethanol P

rice -8

39

Industrial Capacity Detail

OnLine Yield

• Utilizing the number of Plant online and starting-up, their feed capacity, average online yield and utilization (startup are considered running at 50%)

•Industry Output in gallons is Calculated•Feedstock Requirements are Calculated

• If Feedstock Available is less than Plant Requirements

•EtOH is reduced to match Feedstock• Total EtOH is then the Sum of Corn EtOH and

Cellulosic EtOH

Industry EtOH OutputCellulosic and Total

END Return

Corn EtOHCapacity

Mature PlantFeedstock Demand

Plants Online& Starting up

Start-upUtilization Factor

Biomass (inc Residue)Production

Cellulosic EtOHCapacity

Cellulosic Feedstock Demand

Industrial Capacity D

etail -10

40END Return


Industrial Capacity D

etail -11

41

Plant Pipeline: Track Number of Plants & Yields

• Given the number of new plant starts demanded, the time for design & construction and time for start-up

•The number of plants (demo, Pioneer, Full Scale) in each phase (D&S, Start-up, Online) are determined

• Utilizing a Learning Curve Logic – On-line yield is increased

Accumulated YearsOf Operating Experience

END Return

ConversionYield

Start-up Time

Plants AdditionsSubsidized & Unsubsidized

Design & Construction Time

LearningCurve Logic

Average OnlineConversion Yield

Number of PlantsOnline, In Start-up, In Design

Plant P

ipeline: Track Num

ber of Plants &

Yields -5

42

END Return


Plant P

ipeline: Track Num

ber of Plants &

Yields -6

43

Plant Addition Logic

• Investment Attractiveness (1 to 2) is converted to a fraction (0 to 1)

• Market Attractiveness is a function of Current Capacity/Demand

• Attractiveness Frac & Market are used to adjust Max Growth Rate (25%)

• Smaller of Growth Rate x # Existing Plants or 30 becomes the number of new plants started per year

• As the industry grows to 1 billion gallons the need for Govt Subsidized Plants is eliminated

Intro Return

Investment Attractivenessw/o Cap. Subsidy

Max New PlantsPer Year

Max New PlantsSubsidized

MaximumGrowth Rate

PotentialEtOH Demand

Number of NewPlants to Build

Investment AttractivenessWith Cap. Subsidy

Total Plants inD&S, Start-up and OnlineTotal EtOH Output (Capacity)

Forward

Plant A

ddition Logic -20

44

Plant Addition Logic

END Return

Investment Attractivenessw/o Cap. Subsidy

Max New PlantsPer Year

Max New PlantsSubsidized

MaximumGrowth Rate

PotentialEtOH Demand

Number of NewPlants to Build

Investment AttractivenessWith Cap. Subsidy

Total Plants inD&S, Start-up and OnlineTotal EtOH Output (Capacity)

Investment Attractiveness

.InvestmentAttractivenessFraction

.MarketAttractiveness.

EtOH Capacity/EtOH Demand• Investment Attractiveness (1 to 2) is converted to

a fraction (0 to 1)• Market Attractiveness is a function of Current

Capacity/Demand• Attractiveness Frac & Market are used to adjust

Max Growth Rate (25%)• Smaller of Growth Rate x # Existing Plants or 30

becomes the number of new plants started per year

• As the industry grows to 1 billion gallons the need for Govt Subsidized Plants is eliminated

Plant A

ddition Logic -21

45END Return


Plant A

ddition Logic -22

46

Learning Curve

• The Rate of Doubling x Technology Gap x Progress Ratio (0.8) is an “S” type learning curve

• Technology Gap is [Max Yield – Online Yield]

• Learning Curve Logic is used to improve the online yield

Intro Return

Max Technology Yield

Progress Ratio

Learning Curve Logic

‘Online YieldImprovement’

Online Yield

Total Plants Online

Total EtOH Output (Capacity)

Forward

Learning Curve -7

47

Learning Curve

• The Rate of Doubling x Technology Gap x Progress Ratio (0.8) is an “S” type learning curve

• Technology Gap is [Max Yield – Online Yield]

• Learning Curve Logic is used to improve the online yield

END Return

Max Technology Yield

Progress Ratio

Learning Curve Logic

‘Online YieldImprovement’

Online Yield

Total Plants Online

Total EtOH Output (Capacity)

Impact of Learning Curve

0

2

4

6

8

10

12

14

16

2000 2010 2020 2030 2040 2050 2060

Cum

mul

ativ

e D

oubl

ings

0

20

40

60

80

100

120

Yiel

d G

ap o

r Yie

ld

Impr

ovem

ent

Cummulative # Doublings Impact on Plant Yield Plant Yield Gap to Max

Learning Curve -8

48

END Return


Learning Curve -9

49


• Calculate the cost of Cellulosic Production, including return on investment

• If there is an RFS – Compare to Corn EtOH Price otherwise compare to Gasoline Price

• Convert ratio of prices to “Attractiveness Factor”

• For Govt Capital Subsidy – Appropriately lower the Capital Requirement according to the levels of money available

Intro Return

Cost of Production &By-Product Credits

Subsidies on EtOH Production

AttractivenessTo Build“Factor”

Cost of Capital & Taxes

Conversion Yield

Corn EtOH Price

Forward

Gasoline Price

Feedstock Price

GovernmentCapital Subsidies

Investment A

ttractiveness -15

50






Return





Conversion Yield

Corn EtOH Price

Forward

Gasoline Price

Feedstock Price


Cellulose EtOH PriceCorn EtOH Price

“Attractiveness”.

“Attractiveness”.

Cellulose EtOH PriceGasoline Price

Investment A

ttractiveness -16

51






END Return





Conversion Yield

Corn EtOH Price

Gasoline Price

Feedstock Price


Government Capital Subsidies

Plant Size

Max per Project millions

Max % per Project

Total Pool millions

Demonstration $ 20 50% $ 200

Pioneer $ 40 30% $ 300

Full Scale $ 50 20% $ 400

Investment A

ttractiveness -17

52


Return Forward

Investment A

ttractiveness -18

53


END Return

Investment A

ttractiveness -19

54

Corn Price

Corn EtOHCapacity

Max YieldIncrease (bu/yr)

• Corn Production is calculated as the Yield x Acres• Yield increases at 1%/year up to a cap of 25% over

2006 value of 160 bu/acre• Demand for Whole corn is based on a continued

increase in demand of 0.8%/year• Demand for corn from Corn Ethanol is calculated from

the Corn Ethanol Plant Capacity and Plant Yields• Corn Price is determined from a relationship of price to

Corn Supply over Demand

Intro Return

Corn EtOHYield (gal/bu)

Rate of IncreaseIn Corn Demand

Initial CornYield (bu/acre)

Corn Acres

Initial Demand for Corn

AgricultureYield Increase

Corn Price

Forward

Corn P

rice -1

55

Corn Price

Corn EtOHCapacity

Max YieldIncrease (bu/yr)

• Corn Price is determined from a relationship of price to Corn Supply over Demand

Return

Corn EtOHYield (gal/bu)

Rate of IncreaseIn Corn Demand

Initial CornYield (bu/acre)

Corn Acres

Initial Demand for Corn

AgricultureYield Increase

Corn Price

Corn P

rice -2

Corn Demand for Other UsesCorn Production – Corn for EtOHCorn Price = f

Corn Demand for Other UsesCorn Production – Corn for EtOH

Corn PriceAdder $/bu

56

Corn P

rice -3Actual STELLA

Module Flowsheet

END Return

After the Break, “The rest of the Story ...”

A Fully Function, but Version 1 of the Model

FuelMarketplaceConversion

R&DConversion

Facilities

Investment

FeedstockProduction

FeedstockCost

VehicleDynamics

Land Use

what you’ll see now

Documents

rd yield galton

accumulated rd investmentmax

ratiord yield max yieldimpact

appropriate dampeners

track 1initial2