Recycling Waste CO2 Into Carbon-Neutral Fuels
©2014 Joule. Rights Reserved. Proprietary & Confidential.
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Executive Summary
 Joule invented a new category of fuels: CO2-recycled fuels
 CO2-recycled fuels are a cost-competitive, drop-in substitute for petroleum
derived fuels, with more than 90% reduction in life cycle carbon emissions
 Carbon taxes, incentives, and emission caps are already a reality and create an
additional opportunity for CO2-recycled fuels, with substantially higher value in
certain cases than the energy value of the fuel
 To date, the company has committed $200m to develop its reverse-combustion
technology and perform initial field demonstrations
 The company is now industrializing the technology together with global
industrial giants to accelerate deployment of CO2-recycled fuels
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Drop In Fuels From Waste CO2, Sunlight & Non-Potable Water
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Executive Summary
Drop-in Fuel - No Downstream
Processing – No Infrastructure Upgrade
~100% CO2 Recycling - Global Supply
Of Carbon Neutral Fuels
Long Term Stable Supply
Competitive Costs At $80-$50/bbl
Superior Marketing Platform At The
Crux Of Energy & Sustainability
Abundant Feedstock With No
Biomass Required
Global Siting Opportunities Supporting
Regional Energy Security
Partnering With Fortune 50 Brands
Accelerating Commercialization
Unrivaled Scalability In An Increasingly
Carbon Constrained World
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The Problem: CO2 Emissions
2014 - The Warmest Year On Record On The
Planet - Driven By Record CO2 Emissions
Climate – Severe Weather Events Impacts Daily
Lives - More Than Ever Before
Catastrophes - Previously Thought Unrealistic Are Now A Reality
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The Solution: Reversing Combustion, Consuming CO2
Reverse combustion
Combustion
Liquid
Fuel
Solar
Energy
Joule’s
Proprietary
Reverse
Combustion
Process
Oxygen
Combustion
Process
Energy
Water
Carbon
Dioxide
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Photosynthesis Plus Catalysis to Produce “Solar Fuels”
Sunlight
Sunlight
Oxygen
Carbon
Dioxide
Carbon
Dioxide
Water
Water
Fuel
Oxygen
Natural Photosynthesis
Joule’s Leveraged Photosynthesis
Sunlight, CO2, & water drive plant
(biomass) growth and O2 production
Biomass later fermented into fuel
Sunlight, CO2, and water fuel catalytic
conversion to produce secreted fuel
Catalysts produce fuels directly
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Reprogramming the Cell to Make Liquid Fuels instead of Biomass
CO2
EXISTING PATHWAY
OPTIMIZED CO2 UPTAKE
3-Phosphoglycerate
(3PG)
NEW ETHANOL PATHWAY
2 GENES ADDED
EXISTING PATHWAY
Ethanol
Pyruvate
Acetaldehyde
DISABLED BIOMASS
CREATION
Biomass

Acetyl CoA
EXISTING PATHWAY
INCREASED FLUX
C8,10,12 fatty
acyl carrier
protein (ACP)
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Ethanol
NEW ALKANE PATHWAY
4 GENES ADDED
C8,10,12
fatty acid
C8,10,12
aldehyde
8
C7,9,11
alkane
Diesel
Jet Fuel
Gasoline
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Strong Environmental Benefits
Joule sequesters up to 20-35
times more CO2 than a tree



The U.S. Environmental
Protection Agency (EPA)
estimates that one acre of
trees sequesters between 4
to 7 tonnes CO2 per acre per
year
A Joule facility sequesters
about 150 tonnes CO2 per
acre per year
Joule can tap the abundant
supply of CO2 emissions
from power, cement,
refining, and steel plants
Crop based biofuels need >100x
more water than Joule

Joule catalysts thrive in
brackish water

Our process can use waste,
brackish, and sea water

Only 15 liter water per liter
of Joule ethanol produced

Comparable crops for
ethanol production use
1,400-10,000 liter per liter
ethanol1
Joule does not compete for
arable land

Joule does not need arable
land nor competes for land
with food crops

Therefore Joule does not
impact Indirect Land Use
Change (ILUC)

These land use changes have
been identified as a
significant source of
additional GHG emissions
1. Source: Gerbens-Leenes et al., The water footprint of bio energy. Comparable crops for ethanol include sugar beet, sugar cane, cassava and sorghum
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Demo CO2-to-Ethanol Plant Operating Today in Hobbs, NM, USA
 Commercially Protected By 61 Patents, Grants & Allowances With An Additional ~100 Pending
CO2
Salt Water
Sunlight
Ethanol
Joule Biological Catalyst
Diesel
Joule Demonstration Plant
Jet Fuel
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Drop In Fuels Have Already Been Produced
Reiner Mangold, AUDI AG
Head of Sustainable Product Development and e-fuels
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Joule’s Leadership Team
Serge Tchuruk
President and CEO, Board Member
- Broad Global Industrial Management Experience
- Multiple CEO/Chairman & Board Experience
Tom Einar Jensen, MSc
Peter Matrai
EVP, Head of Corporate Development
Chief Financial Officer
- Top Management Experience In Biofuels
- COO, CFO and Corporate Development Roles
- Top Management Experience In E&P & Biotech
- Founded & Matured Disruptive Innovations
David St. Angelo, MSc
John Ward, MBA
SVP, Production
SVP, Engineering
- Experienced In Construction/Operations for 20+ years
- Broad Biotech Operational Management Experience
- Broad Leadership Roles In Energy & Cleantech
- Successful Track-record In Complex Engineering
Mark Solakian, JD
Dan Robertson, PhD
SVP and General Counsel
Chief Scientific Officer
- On Of The World’s Foremost Experts On Photosynthesis
- Broad Academic/Industrial Experience In Microbiology
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- Broad General Counsel Experience For 20+ Years
- Extensive Experience In High Growth Tech Companies
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A Joule Facility Turns CO2 and Sunlight into Profit
Inputs1
•
•
•
•
•
•
Industrial Waste CO2
1000 acres of land (Joule Facility)
250 acres of land
(PV Facility)
150 000 t CO2/y
(Flue Gas)
300m gal/y water (Brackish or Sea)
$125m Capex1
(Excludes PV facility)
$43-50/bbl Cash Opex2
Outputs3
•
•
•
Solar Power
Production:
Revenue:
EBITDA:
Joule Facility
~800 bbls/day
$35-47m/yr
$23-35m/yr
1. N-th Plant numbers for Diesel and Ethanol 2. N-th plant numbers for Ethanol and Diesel 3. N-th plant numbers for a Diesel Plant with 20 year Lifecycle. Oil price $60-120/bbl, Carbon price $40-100/t CO2.
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Competitive Position of Joule’s Process for Renewable Fuels
Readiness
Joule
Demo Scale
Biomass-toLiquids
First
Commercial
Under Const
Cellulosic
Ethanol
First
Commercial
Cane Ethanol
Commercial
Biodiesel
Commercial
Algal Lipids
Research
Corn
Ethanol
Commercial
©2014 Joule. Rights Reserved. Proprietary & Confidential.
CO2
Capex
Footprint
●
●
●
●
●
●
●
●
●
●
●
●
●
●
14
Cash
Opex
●
●
●
●
●
●
●
Scalability
Comments
●
Low cost, scalable, >90% CO2
reduction solution
●
Requires significant
biomass/arable land to
scale; traditional ag risks
●
High capex, opex.
Requires significant
biomass/arable land to
scale; traditional ag risks
●
●
Requires lots of water and
arable land; traditional ag
risks
●
●
Poor economics and
scalability; not a drop in
solution
Poor economics and
scalability; not a drop in
solution
Requires lots of water and
arable land; converts food
into fuel; traditional ag risks
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The CO2-recycled Fuel Premium is Real and Increasing
CO2-recycled Fuel Premium
Impacts

The CO2-recycled Fuel Premium is here
today and will increase as more emission
restrictions and caps are legislated

Premium could in certain cases substantially
exceed $100/bbl for relevant markets like
EU automobile fuels
$1,000
$/bbl
$100

$10

Much larger than the energy value of crude oil
or fuel: cost of crude oil becomes irrelevant
With a 1000 acre Joule facility:


150,000 t CO2/yr emissions mitigated
$7-30m/yr value capture through incentives or
avoided taxes
$1
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History and Path To Commercial Success
1st
2015
Industrialization
1st Phase
2018-2019
Commercial Plant
2016-2017
Industrialization
2nd Phase
2012-2014
Field
Demonstrations
2007-2011
Initial Invention &
Lab Demonstration
Joule Has So Far Shown:
- Ethanol & Diesel Produced Directly From CO2
- Productivity Previously Deemed Unfeasible
- A Modular System That Works
~$ 110 Million
Initial Funding
~$50 Million
Additional Funding
Audi Partnership
©2014 Joule. Rights Reserved. Proprietary & Confidential.
Moving Forward Joule Will Demonstrate:
- Groundbreaking Productivity In A Scalable System
- Realistic Roadmaps For Sustainable Mobility
- Broader Partnerships For Global Roll-Out
~$35 Million
Funding Secured;
Strategic Partnerships
Negotiated
16
Joint Ventures
Strategic Partnerships
Commercial Roll-Out
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Identified Over 1000 Potential Locations for Joule Plants Globally
Indicative selection of sites from Joule Fuels CO2 emitter database, with CO2 emissions >= 300 kton/year, maximum theoretical productivity >=18,000 gal/acre/yr, air temperature >= 0°C, wet-bulb temperature <=25°C.
Source: Team Analysis, NASA climate data. Not all locations adjusted for availability of land.
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Audi and Joule: The future of CO2–neutral mobility
 Audi selected Joule as its exclusive global sustainable fuels partner in transportation
“Joule and the fuels it is developing can
ultimately enable sustainable motoring... it is
the ideal sustainable fuel platform for Audi
to support”
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Commercialization through Coalition of Corporate Partners
Enabling Industrialization and Global Supply Of CO2 Neutral Fuels
Regional Partners
Affiliate Partners
Aviation
Marine
EPC
Equipment
Automotive
Strategic Partners
One Of The
Largest Global
Utilities
One Of The
Largest
Oil & Gas
Majors
Technology Provider
©2014 Joule. Rights Reserved. Proprietary & Confidential.
Strategic Partners
Global industrial brands with clear
motivation to enable Joule’s technology
contributing with financial and other
resources to gain certain upfront rights
Affiliate Partners
Industrialization partners with distinct
resources &/or relevant supply chain
capabilities for Joule’s development
Regional Partners
Local or regional stakeholders with
strong connections and local know-how
including relevant access to land,
industrial sites, local CO2 providers, etc.
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Summary
•
Joule invented CO2-recycled fuels
•
Mitigates CO2 Emissions, Captures Tax & Carbon Incentives
•
A Broad Proprietary Technology With Strong IP
•
Highly Experienced Management Team In Place
•
Launched in 2008 - $200m Investment To Date
•
Main office in Bedford, MA, USA; Demonstration facility in
Hobbs, NM, USA
•
124 Employees, Including 27 PhDs
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Continuous Awards and Recognition
“In the whole of the renewable space,
there is no renewable fuel with higher
productivity metrics than Joule’s….we
continue to be astonished by the
progress, astonished by the
technology…” - March 2015
“With new funding, Joule is a little
closer to making biofuels as common
as petroleum.” - May 2015
“If Joule succeeds in
commercializing its green gold, it
would mean fuel that doesn’t need
to be mined, fracked or ‘grown,’
and no CO2 emissions.” - May 2015
World Economic Forum
Top 10 Emerging Technologies 2013
Bloomberg
World Economic Forum
Wall Street Journal
New Energy Pioneer 2013
Technology Pioneer 2012
Technology Innovation Awards
Top award for Energy 2011
Silver overall 2011
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International Patent Portfolio Allocation
64 Combined Patents (45), Validations (16) and Allowances (3)
Patent pending in 32 countries
Europe 21
28
US
Mexico 6
China 4
Australia 5
 64 Issued Patents, Validations and Allowances
CA
Tier I Countries
“Focus”
Europe
US
Canada
Mexico
Colombia
Brazil
Europe
Israel
India
China
Malaysia
Australia
Germany
Spain
France
UK
Netherlands
Finland
Gulf
Cooperation
Council (GCC)
Bahrain
Oman
Qatar
Kuwait
Saudi Arabia
United Arab
Emirates
US
EP
MX
AU
CN
Total
Alkanes
10
7
1
3
1
22
Eurasia
EtOH
7
8
2
2
19
Chemicals
6
Biocatalyst
Engineering
2
SolarConverter
2
Separations
1
Armenia
Azerbaijan
Belarus
Georgia
Kazakhstan
Kyrgyzstan
Russian
Federation
Tajikistan
Turkmenistan
Ukraine
6
6
1
1
2
1
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1
6
1
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