company overview terry kulesa, ceo jeff manternach, cfo · terry kulesa, ceo jeff manternach, cfo...
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CONFIDENTIAL
Terry Kulesa, CEO Jeff Manternach, CFO
Red Rock Biofuels LLC Fort Collins, CO
Company Overview
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CONFIDENTIAL 2
Introduction
Late stage development project, construction starting 2015
• Woody biomass to 15Mgal/yr drop in diesel, jet, and naphtha fuels
• Validates biomass-to-liquids as a low-carbon fuel supply strategy
Strong fundamental project economics
• Long term, fixed price supply & offtake contracts lock in margins
• Low cost feedstock & nat gas make high value fuels, RINS, LCFS
Partnership of experienced operations & technology venture teams
• IR1 Group: Biorefinery development / ops; $650M+ of projects
• Flagship Ventures: Experienced investor w/ deep tech background
World Class Project Partners
• Title III DPA project, $74.1M Phase I & II funds from DON,DOE,USDA
• Financing: Flagship Ventures & Stern Brothers
• Commercial Partners: Southwest Airlines, Fluor, Velocys
CONFIDENTIAL
RRB Improved Conventional Tech to Use Biomass,
Enabling “Carbon Reuse” as Liquid Fuels
3
Sasol, Shell & Others Coal or natural gas feed only;
no ability to scale down
Red Rock Biofuels Modular and Scalable;
Biomass/NatGas flexible
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Fischer-Tropsch Germany, 1930’s
1
Hydroprocessing Russia, 1930’s
Gasification England, early 1800’s
(Baltimore Gas Works, 1816)
CONFIDENTIAL
FEED/FEL3 Design & Engineering by
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Woody Biomass Gasifier Fischer-Tropsch Hydroprocessing Jet & Diesel
136,000 Dry tons/yr
15.1 million gallons/yr
CONFIDENTIAL
RRB, A Partnership of IR1 and Flagship:
Experienced Plant and Company Builders
IR1 Group Flagship Ventures Entrepreneurs, VCs with US$1.4b under management; sustainability and healthcare
Recent sustainability companies founded:
Recent sustainability investments:
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Plant finance, construction, operations. $650M+ construction; 325+ Mgal/yr
Recent projects:
CONFIDENTIAL 6
Site Layout
Greenfield Site
• Enterprise zone site with highway & rail access; • Kinder Morgan 42” nat gas pipe
RRB’s Lakeview, OR Site: Excellent Feedstock &
Product Logistics
CONFIDENTIAL 7
Availability = 1.5 – 2.5x need
Lakeview has Ample Biomass Resources
Availability = 1.5 – 2.5x need
CONFIDENTIAL
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$/g
allo
n
Other OpEx
Nat Gas
Biomass
Significant Feedstock Cost Advantage
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RRB Cash Cost of Production at Given Oil & Nat Gas Prices
Low production cost across wide range of oil prices
Crude oil price $/bbl; nat gas price $/mmbtu
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