1. Bioprocess Technology
Upgrading the Value of Shale Gas on-site with Innovative Syngas Bioreactors
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2. Calyx Bioprocess Technology
Scalable, low-capital cost bioconversion of syngas to chemicals
Utilizing patented plastic-lined bioreactor
High-value products for enhanced revenue
Targeting unique biochemicals
High Quality Lubricants (wax-esters)
Petrochemical substitutes
Cosmetics
Targeting stranded gas and remote shale wells
Areas where gas infrastructure is uneconomical
Profit from current gas flaring sites
On-site gas liquefaction process
Remotely monitored bioreactor
No gas distribution infrastructure needed
Wax Esters
Potential increase in NG value per Billion cu. Ft.
$3,000 (Transport Fuels: 167%)
$60,000 (High Value Lubricants: 1,300%)
$200,000+ (Cosmetics: 4,400%)
Curtis WR, Growing cells in a
reservoir formed of a flexible sterile plastic liner,
U.S. Patent #6,709,862, March 23, 2004.

3. How big is the opportunity?
Market Characteristics
Oil/gas Shale Boom
Volatile market and record-low natural gas prices
Expansive shale reserves
Tcf recoverable
Estimated 7 billion cubic feet of natural gas flared in US (2011)
Current wells out of production
Many wells are not bringing gas to market due to economics
Decentralized and Remote well sites
Topography and vast area of PA prevents new gas distribution infrastructure
eia.gov
Remote gas reserves
lacking infrastructure

4. Experienced Team
Management Team (Chemical, Industrial, Biotech, Energy Engineers)
Dr. Wayne R. Curtis– President and CEO
25+ years algae and plant biotechnology experience
PI on ARPA-E funded “Electrofuels” Project
Ryan Johnson– Engineering Manager, Biz Development
Bioreactor Scale-up, Process Control
Involved in CALYX entrepreneurial activities since 2011.
Product Quality Characterization
Dr. Alex Rajangam– Molecular Biotechnologist
12+ Years experience in biomass energy, metabolic engineering of wax-ester biosynthetic pathways
Nymul Khan– Intern
Bioreactor Design Challenges
Genetic Screening
Technical Advisors
Dr. Harold Schobert– Renowned expert in gasification reactors and syngas conversion

5. Why are we doing it?
Leveraging technology developed under ARPA-E Electrofuels program fixing biofuels from H2 and CO2
High-efficiency conversion of gas phase to high quality biofuels
High-throughput chemical screening of genetically tailored organisms
Current syngas to liquids is based on 100 year old technology
Fischer-Tropsch liquefaction requires large-scale, high cost equipment
Current syngas bioreactor systems produce alcohols
Difficult product separation, lower value product line
Our group has experience with fatty acid wax esters
Wax esters are currently being marketed for high-value lubricants and cosmetics
Rapidly developing oil-shale with un-utilized “producer gas”
Flared gas in the U.S. is exponentially increasing (increased by $315 Million in potential revenue from 2010 to 2011)

6. 97%+ Syngas Yield Requires
Technology Overview
A low-cost trickle-bed bioreactor is poised to be the only leading technology capable of upgrading natural gas to liquids at such a small scale
Genetic modifcation of Clostridium ljungdahlii with Jojoba wax ester pathway
97+% biological conversion of gas
87+% Conversion to product
13% used for biological functions
97%+ Syngas Yield Requires
1 ) Zero outputs except BioFuel
“Dead End Fermentation”
2) Ultra-Low Dilution Rate
“Growth Disassociated Fuel Production”
3) Secreted Hydrophobic Product
Plastic-Lined Lab-scale Trickle Bed Fermenter 100 Liter for scale-up parameters

7. High-value Product Line Highest Conversion Efficiency
Who else is doing this?
Fischer Tropsch /
Thermochemical
$150,000
Coskata
INEOS (Bio)
Alcohol Product
LanzaTech
Syngas / Methane
Fermenters
Qatar GTL
Plastic-Lined
Trickle Bed
On-Site Conversion
High-value Product Line
Highest Conversion Efficiency
Carbon
Sciences
CapEx
($/BPD)
High Temp
$10,000
100
10,000
100,000
Capacity (BBL/day)

8. Our Competitive Advantage
Centralized, large-scale processing still requires natural gas distribution infrastructure
On-site liquefaction requires minimal gas handling
Production of alcohol requires distillation
Our continuous process phase separates our product through decantation
Trickle-bed fermenters have ultra efficient gas-to-liquid mass transfer with minimal operational cost
Trickle-beds are much larger (90%) than conventional stirred tank fermenters
Our patent allows us to have maximum efficiency with minimal capital cost
Minimal capital cost
Maximum efficiency per Energy Input

9. Economic Assessment
Conventional Small Scale FT-GTL CapEx is uneconomical
> 120,000 $/BPD
55% of CapEx for Syngas Production
35% of CapEx for Fischer-Tropsch
10% of CapEx for Product Upgrading
100 BBL/day commercial facility analyzed using ASPEN HYSYS
25,000 m^3 CH4 / day $4.54 / 1k ft^3)
87% conversion of syngas to fuel
$5.6 MM for “Conventional” Trickle Bed Reactor (370 m^3)
Plastic Lined Reactor CapEx < $0.75 MM
High-value product line enables strong ROI
Operational + Fixed + Capital = $126/bbl
High-value lubricant product lines allow for ROR of > 322%
Does not include operational / capital of syngas reforming.

10. Business Model and Strategy
Stages
Timeframe
Deliverable
Funding
Milestones
Phase I: Demonstration Scale Operation of “Showcase” Trickle-Bed Fermenter
Summer/Fall 2013
Liters Continuous Conversion of Syngas
$300, ,000
(Grant Funding)
90+ % Gas Utilization
0.01 $/hr/m^3
Lubricant properties of product
Patent applications
Phase II: Pilot Scale Operation with Strategic Partners
Turn-key facility for lubricant and syngas utilization.
$2.5 Million
(Capital Investments)
Fully Automated
97+% Gas Utilization
0.001 $/hr/m^3
Patents Granted
Commercial Prototype
First Revenues
Commercialization: Turn-key on-site facilities with strategic partners.
2016 +
Scalable product and expansive customer base.
Investment cost to be determined. Depends on non-dilutive funding.
Marketable product.
Nationally equipped.

11. Strategic Partner Possibilities
Unique strategic partner for syngas production from methane
Steam reforming of Methane to syngas has been cost prohibitive at small to medium scale
Reduction is CapEx for small scale autothermal methane reforming is necessary for economics
The high specificity of transgenic bacteria allow our group to tailor products to our partners and customers
We have modified our current product lines (fuels) to include higher value lubricants.
We will seek to partner with synthetic lubricant manufacturer (such as Mobil-1)
Enable wax-ester product lines during scale-up
Further test product lines for higher value applications such as cosmetics
Shell GTL Facility
High Value Lubricants
Cosmetics Value Chain