1. 1 Green Energy Today for a Better Tomorrow Renewable Hydrogen Production Using Virent's BioForming TM Process NHA Annual Hydrogen Conference 2007 Greg Keenan, VP Business Development

2. 22 Virent’s BioForming TM Technology  Enables the Economic Use of Carbohydrates for the Production of Hydrogen  Low Temperature Heterogeneous Catalysis Selectively Produces Hydrogen  Feedstock Flexible

3. 33 BioForming Process Enabling the widespread replacement of fossil fuels by economically transforming biomass into universally used fuels and chemicals.  Glycerine  Sorbitol  Glucose  Sucrose  Five Carbon Sugars  Alcohols  Ethylene Glycol  Mixed Streams VirentAPR Temperatures ~ 260 o C Pressures < 600 psi Liquid Fuels Liquid Fuels  Gasoline  Diesel Chemicals Chemicals  Hydrogen  Propylene Glycol Gaseous Fuels Gaseous Fuels  SuperNatural Gas  Hydrogen

4. 44 Virent Energy Systems Business Overview  Founded in 2002 by Dr. Jim Dumesic and Dr. Randy Cortright at UW- Madison  Extensive intellectual property position in aqueous phase reforming of oxygenated hydrocarbons  Commercializing products based on the revolutionary catalytic BioForming TM process  Has 34 employees in 19,500 square feet of lab and office space in Madison, WI.  Funding  $7.8 million in government funding  $9.4 million in private equity  Investors  Cargill Ventures  Honda Strategic Ventures  Venture Investors LLP

5. 55 Features of the BioForming Process  Liquid Phase Process  Pressure is built by pumping liquid.  600 PSI exit gas is easily integrated with purifiers.  Simple, inexpensive system construction.  Gentle environment for catalyst stability.  Use of multiple high energy density, low cost, renewable feedstocks.  Low Temperature (~260 o C) Process  Simple, inexpensive reactor construction.  Easily utilizes waste heat from other sources (ICE).  Operating conditions eliminate the need for a separate shift reactor.

6. 66 Reforming Thermodynamics Equilibrium is favorable for reforming of oxygenated compounds at low temperatures Reforming of Hydrocarbons C n H 2n+2 + nH 2 O ↔ nCO + (2n+1)H 2 Reforming of Oxygenated Compounds C n H 2n+2 + nH 2 O ↔ nCO + (2n+1)H 2 Water-Gas Shift CO + H 2 O ↔ CO 2 + H 2

7. 77 Reaction Pathways

8. 88 SNG Catalyst Vol. %, Dry H2 Catalyst Vol. %, Dry Hydrogen35%60% Methane8%7.5% Ethane12%1.5% Propane5%0.5% CO240%30.5% APR Outlet Gas Composition Glycerol Feedstock

9. 99 BioForming Catalyst Development BioForming Catalyst Development 10 -9 10 -8 10 -7 10 -6 10 -5 Industrial Catalysts Measure of Productivity: Space Time Yield ( moles reactant per second per cc of reaction volume) 20022004 Current Biochemical Processes

10. 1010 Hydrogen Production using the BioForming Process  Feedstock Flexible  Simple Catalytic Process  No Desulphurizer  No Water Gas Shift  No Steam System  No Gas Compressor  Energy Efficient  Scalable

11. 1111 Hydrogen Pilot Plant

12. 1212 Feedstock Considerations  Near Term Opportunity Feedstock- Glycerol  Distributed Electricity  Distributed Hydrogen  Chemicals  Mid to Long Term Feedstocks- Plant Based Sugars  Hydrogen  Chemicals  Liquid Fuels

13. 1313 Evaporation Distillation Adsorption Up-grade MeOH Stripper Water Glycerol MeOH FFA Catalyst BioDiesel MeOH Oil / Fats Catalyst Water Bio Diesel Process MeOH Virent Pharm-Grade Glycerol BioForming Products H 2 SNG LPG Polyols Liquid Fuels Glycerol Utilization

14. 1414 Glycerol to Hydrogen  C 3 H 8 O 3 ( l )+ 3 H 2 O ( l )→ 3 CO 2 (g) + 7 H 2 (g)  Glycerol to Hydrogen (from projected overcapacity)  US & EU: 50 – 100 mmkg H 2 / yr (2007 Capacity + Under Construct)  Potential to serve merchant and bulk hydrogen customers  30 mmgal/yr Biodiesel Plant could produce > 1200 Nm3/hr of hydrogen  One trailer of glycerol will provide the same amount of hydrogen as one LH2 trailer (~ 4000 kg)

15. 1515 Projected Cost of Hydrogen Using the BioForming Process Capital Cost Includes APR PSA Current Performance Glycerol 45% Yield Projected Performance 70% Yield 1500 Kg/day, 10% ROI, 10 Year Project Life

16. 1616 Glycerol Supply / Demand

17. 1717 Feedstock Considerations  Near Term Opportunity Feedstock- Glycerol  Distributed Electricity  Distributed Hydrogen  Chemicals  Mid to Long Term Feedstocks- Plant Based Sugars  Hydrogen  Chemicals  Liquid Fuels

18. 1818 Biomass to Hydrogen via Ethanol BiomassPretreat CookingHydrolysisFiltration Syrup Conc. FermentationDistillation Starch / Cellulosic Sugar Yeast Acids / Enzymes Conc./Evap. Reformer Hydrogen Solids DG Recycle Liquor Sugar Syrup Stillage Ethanol

19. 1919 Biomass to Hydrogen via the BioForming Process BiomassPretreat CookingHydrolysisFiltration Syrup Conc. Starch / Cellulosic Sugar Acids / Enzymes Virent BioForming Hydrogen Solids Sugar Syrup

20. 2020 Development Activities  Catalyst  Lifetime  Selectivity  Cost  Reactor Design  Feedstock Specification  Crude Feedstock Screening  Pretreatment Development

21. 2121 BioForming Process Summary  Efficiently and economically reforms carbohydrates into a variety of hydrocarbon-based products which today are primarily produced from fossil fuels.  As a catalytic process BioForming is fast, robust, and scalable for distributed or centralized production.  Is feedstock flexible enabling the use of the lowest cost biomass sources available in each location.

22. 2222THANKS  Randy Cortright  Bob Rozmiarek  Lucie Bednarova

23. 2323 Contact Information Greg Keenan Vice President Business Development Virent Energy Systems, Inc 3571 Anderson Street Madison, WI 53704 E-Mail: greg_keenan@virent.com Phone: 608-663-0228 Cell: 608-354-8240 Fax:608-663-1630 www.virent.com