Understanding Biobased Aromatics Platts 2nd Aromatics Asia Conference Kieran Furlong, Virent Inc.

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Bio-based PET

Case study

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What is PET?

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A B A B A B

ethylene terephthalate [ ] poly

ethylene

glycol

terephthalic

acid

H2O

PET Supply Chain

6

Crude Oil

Reformate

BTX PX PTA

PET

Naphtha

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Natural

Gas

NGL

Pygas

Ethane

Cra

cker

R

efo

rmer

Ethylene Ethylene

oxide

Ethylene

glycol

Bio-PET Supply Chain

7

Crude Oil

Reformate

BTX PX PTA

PET

Naphtha

Biomass Reformate BTX PX

Virent BioFormPX®

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Natural

Gas

NGL

Pygas

Ethane

Cra

cker

R

efo

rmer

Ethylene Ethylene

oxide

Ethylene

glycol

Biomass Ethanol Ethylene Ethylene

oxide

Ethylene

glycol

Why bio-PET?

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Secure

supply

Lead in

sustainability

Reduce

volatility

Respond to

competitors Differentiate

product

Combat

packaging

pressure

Proactive Reactive

Why bio-PET?

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Secure

supply

Lead in

sustainability

Reduce

volatility

Respond to

competitors Differentiate

product

Why bio-PET?

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Reduce

volatility

Respond to

competitors Differentiate

product

Combat

packaging

pressure

Source: Wall Street Journal

2007 2008 2009 2010 2011 2012 2013

US

Sale

s V

olu

me

Dasani® turnaround

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New York Times, Oct 20th 2009 Mr. Kent said that sales of Dasani brand water in North America were down by more than 19 percent. Sales of multipacks of Dasani, a popular packaging for water, were down even more, he said.

Muhtar Kent, Oct 2012

(KO earnings call)

“The rest of our North America water business grew 4% in the quarter, led by Dasani which maintained its premium price position and saw further gains across key brand equity measures driven by consumer awareness of our innovative plant bottle packaging.”

Dasani has earned pricing power

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Nestle:

$1.49/6-pack

Dasani:

$2.99/6-pack

Fiji:

$4.99/6-pack

Results of a completely unscientific study carried out by me and my iPhone at the

supermarket across the street from my office in Madison, WI, USA on 29th Aug 2014

Source: Coca-Cola website, June 5th 2013 13

30% bio-PET in products

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& Virent partnership

Coca-Cola supporting the commercialization of Virent’s BioForm PX® material for use in PlantBottle™ packaging

Multi-million dollar, multi-year agreements with Virent announced in 2011

Joint Development Agreement

Master Supply Agreement

Additional investment to expand demonstration capabilities announced in September 2014

100% plant-based PET prototype bottles produced in partnership with FENC and Coca-Cola

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Steady progress to 100% bio-PET

100% bio-PET Coca-Cola bottles made with Virent’s BioFormPX material.

Sou

rce:

Co

ca-C

ola

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Virent at a glance The global leader in catalytic biorefinery research, development, and commercialization

Location

Technology

Infrastructure

Madison, Wisconsin, USA 25x Development Pilot Plants

2x Larger Demo Plants

Partners & Investors

Catalytically converting plant-based feedstocks to fuels and chemicals

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Virent’s BioForming® Technology

Fast and Robust Inorganic Catalysts

Moderate Conditions

Industry Proven Scalability

Energy Efficient Exothermic

Low Energy Separation

Low Carbon Footprint

Premium Drop-in Products Tunable Platform

Infrastructure Compatible

Fuels and Chemicals

Feedstock Flexible Conventional Sugars

Non-Food Sugars

Leading catalytic route to renewable hydrocarbon fuels and chemicals.

“Eagle” Virent’s Biogasoline Demonstration Plant- Madison, WI

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111 Issued/Allowed Patents, 176 Pending Patent Applications

Virent Aromatics Production

Conventional Sugars

(Corn Starch, Cane Sugar, Beet Sugar)

BIOMASS

Ethanol Ethanol

Conditioning

BIOMASS Third Party

Deconstruction

Virent BIOMASS

Deconstruction

Virent Distillate

Production

Virent APR

Processing

p-Xylene

Aromatics Complex

Toluene

Benzene

Fuel

s

Gasoline

Jet

Aromatics

(SAK)

Light

Cycle Oil

Fuel

s

Gasoline

Jet Fuel

(SK)

Diesel Tier 1 Feedstock Tier 2 Feedstock Virent Technology Industrial Solutions

1

2

3

Virent Conversion Platform

Order of implementation

APR = Aqueous Phase Reforming SAK = Synthetic Aromatic Kerosene SK = Synthetic Kerosene

Virent High Aromatic BioFormate®

Virent can optimize the BioForming process to increase the

aromatics content (for chemicals production) or reproduce petro-

reformate profiles (for gasoline fuel production)

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Typical petroleum-derived

naphtha reformate High aromatic BioFormate

Simplified Mass Balance Carbohydrate to Aromatics

22

Virent BioForming

Aromatics Processing

Soluble Carbohydrate

2.6t

BioFormate (Liquid

Hydrocarbons)

1t

Paraxylene 0.65t

Benzene 0.15t

Light Ends 0.1t

BioFuel 0.1t

Virent BioForming

Best Theoretically Achievable

Specific Feedstock Consumption (mass carbohydrate per mass hydrocarbon)

2.6* 2.3

Carbohydrate Mass yield to liquid hydrocarbon

38% 43%

Mass Flows Biomass

Sugar cane

Corn

Hydrogen 0.17 t

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*Targeted Performance

Light Ends** Waste Water

BioFormPX® product 100% Bio-based Paraxylene

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Summary

Bio-based aromatics can address some of the challenges facing the BTX value chain

30% bio-PET is already proving to be a success and there is great demand for 100% bio-PET

Virent has developed a bio-based PX process Higher yields and feedstock flexibility

Competitive pathway to PX

Supported by The Coca-Cola Company

Feedstocks and technology choice will vary Local availability & regional economics

Feedstock perception by stakeholders

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© Virent 2014

Thank you

Kieran Furlong Director, Chemicals Virent, Inc

3571 Anderson St

Madison ,WI 53704

215-400-1074

kieran_furlong@virent.com

www.virent.com

100% bio-PET Coca-Cola bottles made with Virent’s BioFormPX material.

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rce:

Co

ca-C

ola