gevoAdvancing the New Era of Renewables

Mark Smith, Chief Financial Officer

Gevo, Inc

An Alternative Solution for Plant Owners

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gevoGevo: Who We Are …

• Founded in 2005, based in Englewood, Colorado.

• Experienced & successful management team• Team has developed and commercialized biobased ethanol, lactic acid, PLA polymers, lysine, others

• 45 employees

• Pilot plant, laboratory & office space totaling 30,000 square feet

• >165 patents & applications including exclusive licenses from UCLA (isobutanol pathway) and Cargill (cellulosic sugars)

• Exclusive development & commercialization agreements with ICM

• 1 million gallon per year demo plant in St. Joseph, MO with ICM

• Committed to becoming the world leader in renewable fuels and chemicals

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Englewood, CO St. Joseph, MO

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Corn

Sugar

Cellulosic

Other

Biology

Bioprocessing

Chemical Processing

Business Overview

Feedstock Processing Fuels & Chemicals

Fuel Blendstocks and

Hydrocarbons

Chemicalsand

Chemical Intermediates

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gevoA Path to Renewable Hydrocarbons

Isobutanol• Already used directly in the chemical industry

• Hydrocarbon-like properties makes it useful directly in fuels

• Excellent fuel blendstock properties

• Compatible with existing industry infrastructure

• Easily converted into hydrocarbons for chemicals and fuels

• Toxicology is well known and understood, readily biodegrades

• Can be made inexpensively via fermentation

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CH3

CH3 CH2CH

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-H2O

Isobutanol is a platform for many types of hydrocarbons

IsobutyleneIsobutanol

Gasoline Blendstocks

Diesel Blendstocks & Additives

Xylenes and other aromatics terephthalic acid

PETother polymers

+ C8, C12, C16 MixturesJet Fuel

Isooctene

Other Monomers

Solvents

or

ETBE

Methyl Methacrylate (MMA)

Butyl Rubber

Additives (antioxidants, plastics modifiers)

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Chemical Market $2.1 B

Isooctene Market $13.3 B

Ethanol Market $13.2 B

High Value Blendstock Market $40.9 B Alkylate Market

$55.4 B

Jet Fuel Market $66.5 B

Diesel Market $106.4 B

Chemical Grade Isobutylene $8.9 B

High Purity Isobutylene $2.8 B

$0.00

$0.50

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$4.50

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rice

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Market Size (Billion Gallons per Year)

Access to Multiple Large Markets

Market Size

Source: EMI, OPIS, Gevo

A low cost “platform approach” enables access to multiple large markets worth over $290 Billion$65/bbl Oil, $3.75 corn

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Chemical Market $1.1 B

Isooctene Market$2.7 B

Ethanol Market $1.2 B

High Value Blendstock Market $10.8 B

Alkylate Market $0.9 B

Jet Fuel Market $2.8 B Diesel Market $3.5 B

Chemical Grade Isobutylene $2.3 B

High Purity Isobutylene $1.0 B

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Market Size (Billion Gallons per Year)

Attractive Margin Pools

Margin Pools (No Subsidy)

$65/bbl Oil, $3.75 cornSource: EMI, OPIS, Gevo, CEH

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gevoAdvancing the New Era of RenewablesgevoDevelopment of Gevo

Current Feedstocks; Corn, sugar, starches

Future Feedstocks; Cellulosics, Biomass

gevoCritical Few Customer/Partners in Each Market License

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gevoAdvancing the New Era of RenewablesgevoConflict of RFS and Air Quality Create Opportunity

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RFS2

Obl

igat

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(exc

ludi

ng b

iodi

esel

) (BG

Y)

E10 Oxygen Content less than 3.7% by weight Oxygen Content must exceed 3.7% by weight

Would there be a “blend wall” if you had renewable hydrocarbons?

RFS can not be met unless the limit on oxygen content is increased

Market for E10 - 3.7% oxygen content“Ethanol Blend Wall”

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• Clean, low RVP blendstocks – Isobutanol– Isooctene– Isooctane

• Qualify as renewable fuels

• Reduce/eliminate capital outlay

• Creates options for changing market demand

– Jet– Diesel

• Increasing regulatory pressure– RVP– Benzene– Sulfur

• Meeting the RFS mandate

• Global economic downturn– Low refining margins– High reinvestment costs– Tight capital markets

• Changing market demand

Hydrocarbon Solutions Address Refining Challenges gevo

Refining Challenges Solutions

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gevoProperties of Isobutanol & Renewable Hydrocarbons

Regular Gasoline

RenewableIsobutanol

RenewableIsooctene

RenewableIsooctane

Blend octane(R+M/2)

87 102 108-112 100

Blend RVP (psi) 7 - 14 4 - 5 1 - 2 1 - 2

Relative Energy 100% 82% 98% 95%

Aromatics 10-35% 0% 0% 0%

Sulfur (ppm) 30 < 1 < 1 < 1

Fungible Yes Yes Yes Yes

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gevoIsobutanol Lowers RVP in Gasoline

5.0

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7.0

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9.0

0% 5% 10% 15% 20% 25% 30%

RVP

(psi

)

% Alcohol in Blend

Base Reference Gasoline

Ethanol Blends

Isobutanol blends

10% Ethanol + Isobutanol Blends

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gevoRenewable Gasoline that meets ASTM Specs

Hydrocarbon fingerprint

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Typical Refinery Gasoline

Gevo 90% Renewable Gasoline

AnalysisRefinery Gasoline

Renewable Gasoline

Octane(R+M/2)

87 > 100

Sulfur(ppm)

60 < 1

Benzene(%)

2.0 < 0.1

Aromatics(%)

32 20

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gevoRenewable Jet Fuel That Meets ASTM Specs

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Conventional Jet “A” Fuel

Renewable Jet Fuel

Density at 15 °C (Kg/L)

0.775-0.840 0.770

Boiling Point (°C)

150-300 170-300

Flash Point(°C)

38 49

Freezing Point (°C)

-47 -81

Smoke Point(mm)

25 28

Lubricity,BOCLE(mm)

> 0.85 0.85

n-C9

n-C10

n-C11

n-C12

n-C13

n-C14

Conventional Jet Fuel

i-C12

i-C16

Renewable Jet Fuel

Specification

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Butanol• Low yield (usually due to lower

value coproducts, e.g. ABE)• Kills production organism before it

gets to economical concentration• Difficult and expensive to

separating butanol away from water

• High capital cost

Gevo Addresses Critical Issues of Isobutanol Production

• Biocatalyst that produces only one product—isobutanol (No ABE)

• Gevo’s Integrated Fermentation Technology (GIFTtm) yields economic concentrations and a simple, inexpensive way to separate butanol from water

• Incremental capital add on to ethanol plants

• High purity feedstock & intermediates• “Green” hydrocarbon technology• Less steps = less capital

Hydrocarbons• Complex mixtures and separations• Acidic conversions, high temperature

and pressure reactions• Capital Intensive

Challenges Solution

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gevoMitigating Risk in Commercialization

Make products that can be adopted quickly

Speed of Adoption

Well Known Hydrocarbons

Well known Hydrocarbon-like

AlcoholsUnknown

Competitors

Market Adoption

IsobutyleneIsoocteneAlkylateJet Fuel

Chemical Isobutanol

FuelIsobutanol

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gevoMitigating Technology & Implementation Risk

Chemistry

Process Equipment

Microbe• Anaerobic• Performs like Ethanol

• Use proven, well known equipment for process

• Years of commercial operation at scale globally

• Low temperature, low pressure

• Avoid mass transfer/heat transfer issues

KEEP IT SIMPLE

Process Technology

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gevoIsobutanol Fermentation Fits a Dry Mill Footprint

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Productivity (g/l/h)Corn Dry Mill Target

Cellulosic Biomass Target

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g/l

Titer (g/l)Corn Dry Mill Target

Source: Gevo Testing

Isobutanol

Gas Chromatograph of Fermentation BrothCorn Dry Mill Target

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gevoJump Start to Demo gevo• Demo Plant

– 1 MGY nameplate capacity

– Purpose is to generate samples and confirm engineering parameters

– ICM estimates it will take 3-4 months to build

– Located at ICM, St. Joseph, MO

– Significantly reduces capital cost and time

• Leading provider of first-generation ethanol technology

• Engineered and licensed technology for over 100 Plants

• Exclusive Partner ship Agreement with Gevo

– 3, 4, 5 carbon alcohols

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gevoMitigating Risk in Commercialization

Keep capital investment low by leveraging existing infrastructure

Capital Investment

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iBuOH Process Unit(~$30M CapEx to retrofit

100MGPY Ethanol)

Commercialization Strategy•Access capacity via retrofits of existing ethanol (tolling)• Enter market with high value products•Use existing petrochemical channels and infrastructure•Add technology and production capability incrementally•Readily scalable technology

Capital Light Approach: Re-purpose Ethanol Plants

BiocatalystChange

Animal Feed(~5kg for each gallon produced)

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Step 1

Step 2Hydrocarbon Unit (~$18M CapEx for

100MGPY Ethanol)Biomass Converting UnitStep 3

DieselJet

Gasoline

Isobutanol

HydrocarbonsChemicals

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gevoBiomass to Hydrocarbons

DieselJet

Gasoline

Isobutanol

Hydrocarbons

Animal Feed

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Biomass Converting UnitStep 3

Grinding Hydrolysis

Lignin

0.0020.0040.0060.0080.00

100.00120.00

Tite

r of i

BuO

H

Energy

Chemicals

Acid Recovery

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gevoAdvancing the New Era of RenewablesgevoTimeline

Pilot Plant Scale

Commercial Scale

2009 20102008 2011

Demonstration Plant Scale

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gevoAdvancing the New Era of RenewablesgevoEnables Alignment of Total Value Chain

Ethanol Producer re-purpose their capacity to value added products

Refiners achieve flexibility to integrate renewable products

Agriculture gains further markets for products

Animal producers gain value added feed

Environment gets lower GHG’s and emissions

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gevoAdvancing the New Era of RenewablesgevoEnables Alignment of Total Value Chain gevo

Ethanol Producer re-purpose their capacity to value added products

Refiners achieve flexibility to integrate renewable products

Agriculture gains further markets for products

Animal producers gain value added feed

Environment gets lower GHG’s and emissions

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gevoWho Are We….

Real People, Real Innovation

– Founded in 2005

– 45 employees

– Based in Englewood, Colorado.

– Committed to becoming the world leader in renewable

fuels and chemicals

Investors:

Malaysian Life Sciences Capital Fund

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Highlights

Gevo Summary gevo

• Gevo’s Integrated Fermentation Technology (GIFTtm): Unique organisms and process

• 165 patents filed Blocking approach

• Platform intermediate readily converts to hydrocarbons: gasoline, jet, diesel

• Economically viable routes to chemicals and plastics such asPMMA and PET

• Leverage existing infrastructure Retrofit traditional ethanol plants; avoid “blenders wall”

• Readily scalable low cost technology Speed

• Multiple feedstocks Proven on corn and cellulosics

• Exclusive partnership with ICM, the leader in technology and engineering for biorefineries

• 1 MGPY Demo Plant to come on-line in summer of 2009

gevoAdvancing the New Era of Renewables

Thank You