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Food AND Fuel. Guaranteed. By: Dave Vander Griend July 21, 2008
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Food AND Fuel Presentation Overview Line of Sight – Food and Fuel – Plant Energy Independence – Vision for the Future Total Kernel Optimization – Product Overviews – Market Opportunities – Economic Models Summary – Benefits – Steps Forward
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Anticipation of Industry Future LINE OF SIGHT= What We’ve Learned + What We See + What We’re Delivering
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Biofuels Create Value in Grain: Encourages World Grain Production *Data Courtesy POET
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World Coarse Grains Area vs. Demand
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World Coarse Grain Area vs. Average US Corn Price
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US Corn Feed Use
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Rising Protein Demand
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Ethanol Reduces Cost of Protein
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Ethanol Helps Offset Rising Food Costs USDA -- “Given that less than a third of retail food contains corn as a major ingredient, these rising prices for corn-related products would raise overall U.S. retail food prices less than 1 percentage point per year above the normal rate of inflation.” Amber Waves, February 2008. May 5th: OPIS National Retail Average of $3.60/gallon DOE Usage Approximation of 140B gallons gasoline Merrill Lynch estimates biofuels reduce gas prices 15% Iowa State estimates biofuels reduce gas prices ~10% 15 % = US citizens save $75.6B because of biofuels 10 % = US citizens save $50.4B because of biofuels
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What Food Comes With Your Fuel? Food-grade Corn Oil Food-grade Protein Food-grade Snack Grits & Flour High-protein Distillers’ Grains Single-cell Protein for Feed Bran for Dietary Fiber
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Gaining Energy Independence 80%+ Reduction of Natural Gas <10,000 btu Natural Gas/Gallon Ethanol Ability to Use Wood Chips, Stover, Bran, Municipal Waste, Landfill Gas Methane Production with Single Cell Process Turbines for Electricity Generation Reduce Carbon Footprint – CO 2 Trading Eliminate the “Energy Balance” Debate
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Traditional Dry Mill Plant ICM’s Line of Sight The Future of Ethanol Production Ethanol Production with Dry Fractionation Stand-alone Cellulosic Ethanol Plant
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Traditional Dry Mill Plant Traditional Dry Grind Co-Products
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Traditional Dry Grind Plant Existing Products Insurance, Maintenance, APC Insurance, Maintenance, APC Current Optimization Solutions Back-end Oil Extraction Steam Turbine Molecular Sieve Upgrade
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Traditional Dry Grind Plant Dry Fractionation Line of Sight Next Step Forward—Dry Fractionation Traditional Dry Grind Plant
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Dry Fractionation Endosperm Dry Fractionation Co-Products
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Dry Fractionation Future ICM R&D Food-grade Corn Oil Refining Single Cell Protein from Syrup Sedicanter (Thin Stillage Distillation) Protein Separation Cellulosic Ethanol Production Endosperm Future ICM R&D Efforts Center on Dry Fractionation Technology
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Strategic & Corporate Benefits Headline Value – “Renewable Energy Company Leads World to New Sources of Food” First Mover’s Advantage – Develop Emerging Markets and Establish Off-Take Agreements Before Others Access to Markets – New Food Products Increase Company’s Financial Value
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Total Kernel Optimization: Sustainability as Primary Objective Practical Solutions for New Renewables: ICM’s Food AND Fuel Technology Package – Dry Fractionation w/ Solid Fuel Combustion – Germ-Oil Extraction – Food-Grade Protein from Germ – High-Value Feed Protein (Single-cell) – Cellulosic Ethanol from Corn Fiber
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Dry Fractionation Mill Preliminary Foot print – 80’x120’ for 70mmgy
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Dry Fractionation w/ Solid Fuel Combustion
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Food-Grade Oil Extraction Global Corn Oil Demand Increasing Preferred Over Soybean Oil (less trans fat) Oil/Fat Consumption Increases w/ Wealth (China & India) First Mover Gets Access to Present Market Value of Corn Oil $0.82/lb for Refined Food Grade Today Anticipated Minimum Near $0.50/lb 2006 US Corn Oil Supply Equal to Extraction of Thirty 130MMGY Ethanol Plants
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Food-grade Corn Oil Extraction
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Food-Grade Germ Protein Functionality and nutritional aspects comparable to egg albumin Food-Grade Protein Concentrate (65%) Initial Estimate of Protein Concentrate Value=$3.00 per Pound Conservative Estimated Value of $1.50/lb
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Food-grade Germ Protein
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Single-cell Feed Protein Synthesis Increases Protein Available to Feed Industry Industry Trend is to Remove all Antibiotics from Feed – SCP Can be ‘Live’ as Opposed to ‘Spent Yeast’ – Research Suggests Some Antibiotic Benefits can be Replaced by SCP Feed Comparable to Brewer’s Yeast ($0.55/lb) Min Value is Soybean Meal ($0.17/lb) Conservative Estimate of $0.25/lb
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Single-cell Protein from Syrup
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Cellulosic Ethanol from Fiber & Bran Cellulosic Ethanol Expected to Have Higher Market Value (Additional RINs) First Phase Capitalizes on C6 Sugars Increases Value of Fiber & Bran from BTU Value to Liquid Fuel Value
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Cellulosic Ethanol from Corn Fiber
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ICM’s Ethanol Plant of the Future
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Summary Food AND Fuel Plant Energy Independence TKO Return on Investment in < 2 Years New High-value Products and Markets Risk Management Through Diversification Increase Company’s Financial Value
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Questions? Thank you for coming!
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