22 April 2014 Catalytic Conversion of Carbon Dioxide to Major Chemicals

2 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Making today’s products with carbon dioxide Industrial chemicals from CO 2 …so everyday items can be made with CO 2 Using CO 2 benefits the economy and the environment

3 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Basic Chemicals ($1 Trillion) Renewable Chemicals and Fuels Large direct applications now; more later First product is ethylene glycol ($27B) Specialty Chemicals ($800B) Same technology also makes specialty chemicals

4 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Example: ethanol producers lose carbon as CO 2 Biomass (Primary cost driver) 1/3 lost as CO 2 1/3 sold as Ethanol $$$ 1/3 sold as Distiller’s Grains $$$

5 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Electro- chemical Hydro- genation MEG Oxalic Acid Any electric power - Including renewables H2H2 Glycolic Acid Glyoxylic Acid Acetic Acid Ethanol Get value from CO 2 ; add value to fermentation Meet low carbon fuel standards Diversify product mix at an existing facility Example: ethanol producers lose carbon as CO 2

6 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK < $80/t (1.58t CO 2 / t MEG) versus Conventional $360/t ethylene $510/t ethylene $615/t ethylene Ethane CO 2 is the lowest cost feedstock for MEG $50/ton feedstock to make a $1,200/t product

7 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Potential operating margin per ton of CO 2 ProductOperating Margin $ / t CO 2 Oxalic Acid$230 Formic Acid$140 Acrylic Acid$350 MEG$200 vs sequestration cost of $50 to $150 per ton Analysis includes OpEx, CapEx, and ROCE

8 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Example: “Bolt-on” MEG plant 82.5M gpy ethanol facility Releases ~278,800 tons of high purity CO 2 annually “Bolt-on” CO 2 to Ethylene Glycol Capacity175 kta CapEx$280 M OpEx$77 M/yr Revenue$210 M/yr 15 yr NPV$200 M

9 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Advanced Chemistry Smart catalysts Low energy Highly selective Builds multi-carbon chemicals Cost Advantage Attributes of Liquid Light technology Process Technology Fewer steps Simpler scale-up ‘Tunable’ to make varied products First Process for MEG: 25% lower cost of production Catalysts Reactor and Process Design

10 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Rapid progress; starting process development Cell Size: m 2.01 m m m 2 Production Rate:1 g/day0.2 kg/day5 kg/day50 kg/day Scale Increase:-100x20x5 to 15x Batch Flow Reactors Now 1 st Gen Commercial Scale Next Generation 0.2 m cm 2

11 / © 2013 Liquid LIght RESPECT  BOLD INNOVATION  TEAMWORK Thanks! For more information: Technology to make major chemicals from carbon dioxide Turn a potential liability into an asset Reaction chemistry demonstrated; next step is process integration