INBICON BIOMASS REFINERY

Transcription

1 INBICON BIOMASS REFINERY The path TO building a sustainable, renewable energy business starts here. MAKING ETHANOL WORK FOR THE WORLD

2 Faster track to a greener planet 3 Replacing oil 4 What Kalundborg demonstrates (video) 5-7 Step by step to commercial scale (video) 8 Inbicon Biomass Refinery at 1,200 MT/day (video) 9 Architectural rendering 10 Three green energy streams Production costs, biomass analysis 13 Inbicon s three proprietary steps 14 See how the entire process works 15 One path, multiple business models Industrial symbiosis in action 18 Biomass sources, conversion, handling Collaborating with you 21 Inbicon The Company (video) 22 Denmark s commitment to clean energy Contact us 26

3 Cleaner, renewable, sustainable energy made from agriculture s leftovers that s long been the promise of cellulosic ethanol and the hope for cleaner air and a greener planet. Here s how Inbicon has made it real. It s a faster track TO a greener planet. By fusing our patented processes with existing technologies, we ve created in a new path: the Inbicon Biomass Refinery. A fossil-free way to produce three renewable energies and get a bio-energy payback. By integrating the Inbicon Biomass Refinery with existing grain-ethanol plants, coal-fired power stations, and CHPdriven factories, we ve created a practical path. It can dramatically boost the efficiency and cut the GHG emissions for the co-located operations. By building the Inbicon Biomass Refinery at Kalundborg, we ve demonstrated a faster track to profitable, sustainable, renewable businesses. For investors, owners, farmers, engineering and construction companies everyone along this new value chain we re creating with your help.

4 is BIOMAss the new OIl? Replacing oil with biomass. Imagine producing energy from a raw material created anew each year instead of 300 million years ago. And by using agricultural waste, no new land or new crops are required. Once millions of tons of biomass are being converted, homegrown energy will be replacing foreign oil and national security replacing insecurity. Replacing the oil refinery with the biomass refinery. The biomass refinery produces the same types of product streams that an oil refinery produces. Like liquid automotive fuel, specialty chemicals, sugars for high-value products, clean lignin for power generation. Isn t it time for a new greener, cleaner, leaner technology to replace an old, dirty, inefficient process? Replace gasoline with The New Ethanol. Picture a higher-octane, cleaner-burning fuel that reduces CO2 emissions. It has all the air-quality and renewable advantages of ethanol because it is ethanol. What makes it new is a greener feedstock and greener process. Replacing unemployment with good jobs. Farmers get a crop they don t have to plant, just gather. Governments see a huge boost to the economy with the massive build-out of a new clean energy industry. Good new jobs spring up in engineering, construction, equipment manufacture, transportation, biomass handling, accounting, law, finance, marketing hundreds of thousands of green jobs. Replacing greenhouse gases with nothing. Picture this planet once we replace oil drilling and spilling with gathering the leftovers from the harvest. Envision a new industry based on replacing gasoline in cars with cellulosic ethanol and replacing coal in power stations with a clean, solid biofuel. Think of a sustainable, carbon-neutral business that helps other businesses operate up to 85% greener and 50% leaner. Won t we all breathe a little easier?

5 When is now. Where is Kalundborg. The cellulosic dream is now reality. Our biomass conversion technology is up and running at Kalundborg. Turning straw into three kinds of green energy. Turning green energy into new kinds of sustainable businesses. It doesn t look like any grain-ethanol plant you ve ever seen because it s not. It s a unique, proprietary process wrapped into a total clean-energy solution. A sleek gray skin, but a warm green heart. 8click to watch video on Inbicon Biomass Refinery Demonstration at Kolundborg, Denmark

6 8mouse over to enlarge It s taken 15 years and over $150 million to get here. We ve been perfecting biomass handling and logistics since about 1995, perfecting our conversion process at pilot plants since In November 2009, just ahead of the COP15 world climate summit in Copenhagen, we opened the Kalundborg plant. Since then we ve commissioned the equipment and continue to debottleneck and optimize the mechanicals. Improvement is ongoing. We ve not only cleared the technological path, proving our process at near-commercial scale, but also launched the largest demonstration of cellulosic ethanol production on the planet. Kalundborg is designed for processing 4 metric tons of straw per hour, equivalent to 30,000 metric tons a year. From this we will produce 1.5 million gallons of The New Ethanol a year, 13,000 metric tons of clean lignin biofuel, and 11,100 metric tons of C5 molasses. < previous next page >

7 How to double a power plant s efficiency. Our Kalundborg operation is integrated with the adjacent coalfired Asnæs Power Station, Denmark s largest, which is owned by our parent, DONG Energy. Waste steam is piped from the power station to the biomass refinery to cook the straw, an example of the industrial symbiosis practiced among the 9 facilities at the port. When this model is scaled to full commercial production in North America, it will be integrated with coal-fired power plants, 1st generation grain ethanol plants, or other CHP-driven operations. In pairing the Inbicon Biomass Refinery with a power plant, for example, the utilization of waste steam can double the power plant s efficiency while dramatically cutting the biomass refinery s operating costs. A second energy exchange sends the clean lignin from the ethanol production to replace some of the coal burned by the power plant, generating green electricity. Right now the molasses produced at Kalundborg is sold for biogas production, but in North America it could also be used to make livestock feed or more ethanol or higher-value green chemicals. See for yourself at Kalundborg now. And explore the Inbicon path to structuring sustainable businesses profitable performers as well as environmental winners.

8 We ve been prudent, by-thebook, stick-to-protocol engineers from the beginning fifteen years, if you count our early discoveries for keeping wheat straw and wood chips from scaling boilers in power stations. We didn t set out to make ethanol; our aim was to extract the most value possible from biomass. Step at a time, we ve moved from preparing lab experiments to planning full commercial production. Demonstration Plant, 4 MT/hr of straw MT/year Input Straw 30,000 Output Ethanol Lignin pellets C5 Molasses 4,300 13,000 11,100 Engineering model of our demonstration biomass refinery at Kalundborg, Denmark Part of the Inbicon demonstration refinery funding was supported by EU 7th FP under Kacelle project. INBICON BIOMASS REFINERY Step by step, we ve proven the path 2012 COMMERCIAL TO full commercial production of The New Ethanol. 8click to watch video on Inbicon Technology & Production LABORATORY 2003 PILOT PLANT 2.4 MT/d 2005 PILOT PLANT 2010 DEMONSTRATION 24 MT/d 100 MT/d 1,200 MT/d <10 kg Gradual upscaling In 2003, we built our first pilot plant for further research and development of our biomass conversion technology. We constructed a small-scale unit capable of processing 2.4 MT/ day of wheat straw. Our aim was to prove our concept for producing second-generation ethanol. In 2005, we scaled up 10 times to 24 MT/day capacity at a new pilot plant, continuing to refine our process and expand our testing. We ve since moved both the 2.4 and the 24 MT/day operations to an abandoned turbine/generator hall at the Skaerbaekvaerket power plant. The two-story site gives us full overhead crane coverage and access to steam, hot water, cooling water, compressed air, etc. Biomass is treated at nearindustrial conditions; operational and process parameters can be varied without delay, so we can test new feedstocks and enzymes quickly and efficiently. The 24 MT/d line allows us to also test new or redesigned equipment. The lab next door is fully equipped with liquefaction reactors, fermenters, and analytical equipment all optimized for rapid process development.

9 8click to view video of 1200MTD Inbicon Biomass Refinery CAD modeling Biomass Input: 1,200 MT/d Outputs: 20 MMgy (75 MMly) Ethanol 185,000 MTy Molasses 180,000 MTy Clean Lignin Moving to demonstration and commercial scale. For the Kalundborg project, we scaled our process up about 4 times to 100 MT/d. A very conservative step, perhaps because the demonstration phase was so public and success so important. By integrating our proprietary biomass conversion technology with existing first-generation ethanol technology, we put together a total solution: the Inbicon Biomass Refinery. The demonstration model at Kalundborg has an annual capacity of 30,000 metric tons of wheat straw a year, which it could turn into 1.5 million gallons of The New Ethanol and two other green energies. There are distinct advantages of our process. It optimizes enzyme use and cost. As dry matter increases to above 30%, efficiency gains become higher and higher. More dry matter equals less water. Reducing water cuts equipment size, capital cost, and energy use. Though Kalundborg is primarily running wheat straw, we ve proven our process for a variety of soft biomass, such as corn stover/cobs, sugar bagasse, miscanthus, and palm oil residues. In 2009, growing more confident of our innovations and experienced in how the entire biomass-to-renewableenergy process should work, we designed a 12x scale-up from Kalundborg. The model shown here, which is introducing our Inbicon Biomass Refinery worldwide, converts 1,200 MT/d of biomass. This particular configuration is a standalone plant capable of producing 20 million gallons of The New Ethanol. The energy produced by using the byproducts is enough to operate the entire Inbicon Biomass Refinery, with excess sent to the power grid as electricity for nearby homes. Because it s ideally suited for integration with coal-fired power plants, grain ethanol plants, and other CHP-driven facilities, our new 1200 MT/d model has stirred considerable interest internationally, particularly in the United States. And already there s demand for our next scale-up.

10 architectural rendering of 1200 Mt/day inbicon Biomass Refinery Inbicon Biomass Refinery, 50 MT/hr of biomass MT/year Input Biomass 463,000 Output Ethanol Lignin pellets C5 Molasses 56, , ,500

11 Our process is differentiated in part by its outcomes. The Inbicon Biomass Refinery splits the biomass up into fractions: cellulose, hemicellulose, and lignin. Our objective is to get the highest value possible for each of those fractions. So cellulose is converted into ethanol, hemicellulose is converted into C5 molasses, and lignin is extracted from the biomass and used as a solid biofuel. Not just The New Ethanol, but 3 GREEN clean energy streams. These three renewable energy streams give you great flexibility when it comes to designing your business model. As you ll see when you turn the page, they expand opportunities for customizing a project according to local conditions, such as the availability of a particular feedstock, proximity to existing operations, or the need of a specific type of business. And they fundamentally change the metrics by which success is evaluated.

12 Ethanol The ethanol produced complies with the standards set for bioethanol in the European Union: Automotive petrol Ethanol as a blending component for petrol Requirements and test methods. Specification Ethanol content + higher saturated alcohols 98.7% Octane number 112 Usage Bioethanol is a commercial blending component for petrol. C5 Molasses During a hydrothermal pretreatment of the straw, the hemicelluloses and alkali salts are washed out of the straw, and end up in the C5 molasses. Specification Sugar* 44% DM Fat 0.4% DM Protein 5% DM Ash** 10% DM Acetic acid 6% DM *The sugars are primarily oligomers. About 25% are monomers.** 46% of the ash is minerals. Usage A high sugar content makes molasses a good commercial livestock feed. This product has more potential marketing possibilities such as further fermentation, biogas, alcohol or furfural production. Solid Biofuel Separated lignin is dried and pelletized. The lower heating value of lignin pellets is MJ/tonne. Specification Lower heating value MJ/kg Water 10% S 0.13% DM C 55.8% DM H 5.8% DM N 1.2% DM Cl 0.013% DM Na 0.50% DM K 0.13% DM Usage Lignin pellets from our process are a good coal replacement. In comparison with straw, their big advantage is reduced alkali metals content. So high temperature corrosion has not been an issue in our experience, suggesting great potential for lignin pellets to replace coal extensively in power stations.

13 Determining production costs for your business plan. As we ve traveled the world talking to growers and producers about their particular biomass, we ve tested the various feedstocks in our pilot plants. Including wheat straw, corn cobs, corn stover, sugar bagasse, residues from palm oil production (EFB), arundo or sorghum, and miscanthus. We ve seen what influences markets, explored government policy, studied the energy sources in different countries, and in general acquired the knowledge and experience that allows us to help customers develop sustainable business plans. The examples below of production costs for a fullscale Inbicon Biomass Refinery are based on assuming a biomass price of 50USD, enzyme cost of 0.6USD/g. Custom testing and screening. At our pilot plants, we can test new raw materials for you at either 100 or 1000kg DM per hour. We can also test C5 organisms and enzymes at pilot scale or in our 6-chamber reactor. If you d like a rough feasibility calculation for your project, we ll provide simple mass and energy balances and a cost estimation for your energy streams. Analyzing your project. One of the first steps toward your Inbicon Biomass Refinery is determining your inputs and outputs based on the quality of your biomass. Inbicon analyzes the process for potential customers so you ll have specific data as you plan your Inbicon Biomass Refinery. Our analysis includes a biomass description, product description, general mass and energy balance, and the general economics of the project. See examples below. General Production Costs for a biomass refinery Production Costs for U.S. biomass refinery General Biomass Description General Product Description Water fraction 14% Cellulose fraction 38% of dm Hemicellulose fraction 30% of dm Lignin fraction 18% of dm Ash fraction 7% of dm Other solids fraction 7% of dm Ethanol Complies to EC norm: EN15376:2007 Lignin biofuel Dry matter: 90% LHV: 9.4 MJ/kg Appearance: Brown pellets C5 molasses Dry matter: 65% Sugar content: 44% of dm Appearance: Black syrup

14 Not just green products, but a green process with 3 proprietary conversion steps. Our path to cellulosic ethanol didn t begin with an ethanol end in mind. It began in the mid-90s with our search for valueadded ways to turn biomass into clean energy. We discovered, and patented, a number of front-end processes that changed the inputs and the outcomes of ethanol production all the way through. For example, we utilize a three-stage conversion: mechanical conditioning of the biomass, hydrothermal pre-treatment, and enzymatic hydrolysis. It releases the building blocks of the plant material cellulose, hemicellulose, and lignin and converts them to useful, valuable purposes. Mechanical conditioning: We begin the process by cutting the biomass from large bales into small pieces, about 5-10 cm. Then we condition it using a proprietary method, which makes it easier to process. Hydrothermal pre-treatment: During this patented step, the biomass is continuously heated in order to melt the protecting lignin structure and make the cellulose available for enzymes. Pre-treatment also separates the alkali content and a portion of the inhibitors formed through partial degradation of the hemicellulose. Because Inbicon s pre-treatment yields a much higher concentration of sugar in the liquid going to fermentation, the resulting beer or alcohol concentration is 10% volume, approximately double the normal percentage in other cellulosic ethanol processing. So each batch has a lot less water and a lot more ethanol, further increasing yield and efficiency. This, of course, will translate to a lower-cost renewable fuel for the consumer. Enzymatic hydrolysis: After hydrothermal pre-treatment, enzymes are added to the fiber mass, which consists mainly of cellulose and lignin. The fiber mass is liquefied as part of the cellulose is converted to lower carbohydrates. This continuous process takes place in a horizontal reactor, a so-called free-fall mixer. The fiber mass leaves the pre-treatment with about 30% dry matter content, enters the reactor at one end, and, after six hours, exits the other end. By the time the fiber mass leaves the reactor, the viscosity has been so dramatically reduced that liquid can be pumped to traditional fermenters typically used in 1st generation ethanol plants. The process is patented and is only available from Inbicon.

15 8mouse over to view descriptions 11 Biomass Storage Biomass (e.g. baled wheat straw) is delivered by truck or rail to the biomass refinery where it is unloaded and stored.

16 Integrated with a grain-ethanol plant. We ve got a vision of how grain ethanol and cellulosic ethanol can co-exist side by side and help each other succeed. It s a practical plan to stimulate the economic health of the entire industry. As we engineered the 20 MMgy model, we discovered some exciting synergies when adding this New Ethanol stream to your existing 100 MMgy grain-ethanol plant. The Inbicon Biomass Refinery can produce enough powdered lignin to generate all the steam and electricity it needs to process the biomass. Beyond that, it may produce enough extra thermal and electrical energy to offset the host plant s utility costs %, depending on its business model. The highly favorable energy balance can make the old ethanol new again. The combined operations are more competitive, respond to social concerns, make environmental gains, qualify for government grants and loans, and open up the potential for selling carbon credits in the countries with cap-and-trade legislation. Integrated with a coalfired power plant. Using a configuration similar to what we re employing at Kalundborg, our 20 MMgy model has great advantages in the carbonsensitive power industry. The power station sends waste steam to the biomass refinery, where it cooks the straw (or corn stover), breaking down the fibers so they can be converted into sugars, ethanol, and lignin, the woody part of the straw. This cuts energy and operating costs for the refinery and can double the efficiency of the power plant. The lignin Inbicon produces is so clean it can be used by the power plant with no further treatment or purification; it generates green electricity by replacing some of the coal. By integrating symbiotically, both operations dramatically increase their efficiency, cut operating costs, and shrink their carbon footprints. One proven path leading TO multiple options in sustainable business models.

17 Custom-configure a model to your site and situation. For example, these 4 separate processes can t live up to their efficiency potential. Corn Biomass Waste Manure Coal, Gas Biomass, Waste But when they re integrated and exchange energies, they maximize efficiencies. Traditional Grain Ethanol Plant waste energy Power Production Traditional Grain Ethanol Plant Inbicon Biomass Refinery Waste Separation and Fermentation Power Production energy synergies contamination control biogas solid fuels Ethanol DDGS Ethanol Molasses Lignin Bio Pellets Biogas / Ethanol Materials Recycling Materials Combustion and Gasification Power and Steam lignin bio pellets water recycling Inbicon Biomass Refinery molasses Waste Separation and Fermentation 8mouse over configuration titles below to view inputs and outputs that might work for your business. Note: These are baseline references for initial planning purposes only. Different project models and biomass sources will vary in both mass and energy yields. Stand-alone Inbicon Biomass Refinery (shown) + CHP plant + Coal-fired power station as CHP + biogas digester MMgy grain-ethanol plant and a biofuel-powered CHP plant Biomass 50.0 MT/hr 463k tpy Steam 88.4 MT/hr BTU/gal CO 2 Inbicon Biomass Refinery Electricity 10.9 MWH/hr 4.36 KWH/gal Lignin BioFuel Powder 19.2 MT/hr (90% dm) 0.38 ton/ton as-is Ethanol 7.2 MT/hr 20MMgpy C5 Molasses 19.7 MT/hr (65% dm) 0.39 ton/ton as-is

18 Industrial Symbiosis: a cooperative model for cleaner energy parks. Many existing manufacturing facilities driven by CHP units could enjoy similar benefits to those of coal-fired power plants. When integrated with an Inbicon Biomass Refinery, they could produce a greener, more competitive product. We see a future unfolding for a variety of businesses in tomorrow s energy parks as they produce cleaner renewable energy more efficiently by using interconnected methods of production. In biology, when different organisms of different species establish a close and mutually beneficial relationship, we call it symbiosis. At Inbicon, we keep discovering symbiotic relationships among different species of industries. And maybe tomorrow, among businesses like yours. Our model is the Industrial Symbiosis of Kalundborg. In three decades, it has grown to nine major companies working together in nearly 30 different ways. Our biomass refinery is the newest member. By utilizing each other s residue and byproducts on a commercial basis, virtually everything is recycled. The waste of one can become an energy supply or raw material for another, boosting both economic and environmental performance. This kind of thinking has applications far beyond Denmark. Instead of one manufacturer on one site, we re seeing more co-locations, more clustering, more sharing of resources and utilization of one another s wastes in increasingly productive and cost-cutting ways. What will sustainable energy parks of the future look like when applying the symbiotic model? From innovative leaders we haven t yet met, we believe many options will surface we haven t yet imagined ideas that will transform how clean energy is produced in the future. Right now we re opening as much dialogue as possible on how cellulosic ethanol and CHP projects could mesh with the symbiotic model for North American energy parks. We invite thinkers and leaders from the energy, investment, process engineering, and environmental communities as well as government representatives to participate in the conversation. HOW INDUSTRIAL SYMBIOSIS WORKS IN DENMARK. Through recycling and energy exchange, all these integrated operations boost economic and environmental performance in 30 different ways. Lake Tissø Fertilizer Industry Sulpher 1990 Fertilizer 2001 Bioethanol 2010 Inbicon Biomass Refinery Lignin 2010 Statoil Refinery (DONG) Offsite Power Stations Enzymes 2009 Surface Water 1961 Sea Water 2007 Steam 1982 Cooling Water Tech.Water 1991 Re-use Basin Drain Water 1995 Steam 2009 Deionized Water 2002 The Municipality of Kalundborg (DONG) Asnæs Power Station Waste Water Treatment Purification of Water Fly Ash 1979 Cement Industy Fish Farm Gyproc Surface Water 1973 Pronova Heat 1981 Gypsum 1993 Heat 1980/89 Surface Water 1987 Steam 1982 C5 Molasses 2010 Sludge 1996 Waste Water 1995 Biomass/ NovoGro 1976 Novozymes Novo Nordisk Farms Water 2004 Collaboration with KARA/Noveren RGS 90 Alcoholic Residue 2006 Yeast Slurry 1989 Pig Farms

19 Exporting knowledge of biomass handling and conversion around the world. Building a biomass knowledge center. It isn t enough to be the experts in biomass conversion. We also have to know biomass in every market where we plan to take Inbicon technology. As the demand for the Inbicon Biomass Refinery expands, so must our knowledge and experience keep growing. At our pilot plants in Denmark we ve already tested a variety of feedstocks from far corners of the earth. Including wheat straw, corn cobs, corn stover, sugar bagasse, residues from palm oil production, arundo or sorghum, and miscanthus. We will go wherever renewable energy from biomass looks feasible: North America, Asia, Europe, much of South America, some of Australia, parts of Africa. Several obvious criteria apply: a large supply of agricultural waste sufficient for a thriving new industry, a damaging dependence on foreign oil, over-dependence on coalfired power generation, swelling energy demand, a good transportation system, excellent EPC partners who know the territory, a stable government, and intellectual property protection. We see our role not just as technology providers but as a catalyst for making ethanol work for the world. And making all the clean energies derived from biomass work for our customers and their customers. So it won t be surprising to find us taking positions on public policy or working to develop import and export markets in the countries where we operate. We re also working with innovators around the globe to find an even higher-value use for our C5 molasses stream in specialty chemicals, surfactants, or bioplastics to replace oil-based products. Beyond giving our customers help like this, we have knowledge and experience in biomass handling. < previous wheat straw wheat straw wheat straw sorghum corn stover corn stover switch grass rice straw arundo bagasse arundo rice straw bagasse efb bagasse bagasse corn stover bagasse wheat straw 8mouse over continents to view feedstock potential for our biomass refineries. next page >

20 20 years of logistical experience handling biomass. One 20 MMgy model will take a huge amount of biomass: about 330,000 acres if the feedstock is wheat straw, and about 200,000 acres for corn stover/ cobs. Gathering, transporting, storing, handling, and converting biomass to energy poses a Herculean logistical challenge. This takes extensive collaboration with farmers, equipment makers, government agencies the list is long, and the management of the process is vital. Fortunately we can tap DONG Energy s 20 years of expertise and experience handling wheat straw and wood chips for Denmark s power stations. Since 1990 Dong Energy, Inbicon s parent, has been substituting increasing amounts of biomass for coal in its electric power plants. Today 16 Danish power plants are turning about 1.6 million tons of wheat straw and wood chips into energy. At harvest time, hundreds of seasonal workers are hired to collect, transport, and store it. Much of the process is now highly mechanized and automated. The 1.6 million tons is just a tenth of the renewable fuel Denmark will need by So our working knowledge of biomass handling and logistics will continue to escalate. That s a huge leg-up for our customers in big markets like North America. We d be happy to talk with you about any aspect of building-out Inbicon Biomass Refineries around the world. Including giving you some in-depth guidance on biomass, from data collection systems to creating a procurement company. Lignin storage and handling at Kalundborg s biomass refinery. Talk to us. We ll help you succeed

21 Bring your ideas for turning biomass into a greener planet. Come to Kalundborg. You ll witness more than an Inbicon Biomass Refinery in operation. It s the first stage of an evolving Inbicon Biomass Technology Campus. It s being designed as a knowledge center fostering worldwide scientific collaboration and idea exchange in an open environment. It will feature comprehensive research and development capability for cellulosic conversion and clean energy. It s also becoming a technology transfer station, idea incubator, and international round table for exchanging knowledge on biomass conversion. We re producing not only The New Ethanol to replace gasoline but also a clean lignin biofuel to replace coal. But our renewable energy process is as important as our renewable energy products. The Inbicon Biomass Refinery can demonstrate dramatically improved efficiencies when integrated with a coal-fired power station, grain-ethanol plant, or any CHP (combined heat and power) operation. Symbiotic energy exchange helps our customers build sustainable, carbon-neutral businesses. Niels Henriksen, CTO Prospective clients will get hands-on understanding of Inbicon technology. Collaborating partners can come test their new concepts and equipment. Clients can learn how to run their new operations before they re built, and key staff can be trained.

22 We can t build the renewable future alone. We need to know what you and your team know. So let s keep engaging in the knowledge exchange that will help shape the future of clean energy. We re not just talking about turning biomass into ethanol. We re talking about turning The New Ethanol into energy independence for the nations of the world. We re talking about turning biomass into a greener planet. But we need your help. Who else should we invite to pitch in and help out? The cellulosic future is a work in progress, and progress is the work of many hands and heads leaders, inventors, developers. This includes the prospective new owners in the power industry, in the grain-ethanol industry, and among chp-driven manufacturers. But we re looking for broader collaboration. So we re also inviting construction engineers, equipment suppliers, enzyme developers, venture capitalists, government agencies, university researchers. We envision a dynamic, interconnected matrix of Inbicon people sharing what each is learning with one another and with those we partner with. Great industries don t begin on a grand scale. They start with a one-on-one encounter, a phone call, a meeting over dinner at a trade show. One idea sparks another. Conversation can lead to collaboration, collaboration to innovation, and innovation to sustainable solutions for a world shackled by fossil fuels and conventional thinking. We re bringing international investors, visionary developers, and government leaders together to turn the world s biomass into a new energy paradigm that can revitalize our national economies and help heal our planet s environment. Glenn Noer, Chief Commercial Officer We seek sophisticated financial players to partner with us in kick-starting a new clean energy industry. Michael Persson, General Manager, Regulatory Affairs All innovation is heresy, an attack on conventional scientific wisdom. It s marketing s job to demonstrate that our new ideas aren t scary but sensible and smart. Christian Morgen, General Manager, International Sales & Marketing The goal of quality assurance is to make quality disappear as a risk factor. Benny Mai, General Operations Manager The more knowledge of biomass we gain, the smarter choices our customers can make. Jan Larsen, General Manager, R&D 8click to watch video on Inbicon the company Turning talk into refineries. Conversations have led to collaboration on a variety of projects around the world, using different feedstocks and technology configurations. For example, in 2008 Mitsui (MES) first came to us with questions about converting an ag waste common to Malaysia. Mitsui ended up licensing our technology for commercial-scale Inbicon Biomass Refineries. In the United States, we re working with a Midwestern power company who is building an Inbicon Biomass Refinery next to their new coal-fired power station. Deep in the corn belt, we re planning to integrate a biomass refinery with a new grain-ethanol plant, producing enough green power to run both operations fossil-fuel free. A project developing in the Northeast will begin using corn stalks, then transition to energy grasses as it revives once-flourishing agricultural region. We ve also partnered with an independent project developer to create renewable energy parks in the United States and Canada; they ll turn combination of wet and dry agricultural and municipal wastes into not only cellulosic ethanol but abundant green power to sell to the grid. Ask about technology licensing. We d be happy to work with you in making an Inbicon Biomass Refinery part of your energy production. See how it can strengthen your entire business model. And how you can help make ethanol work for your corner of the world. To get the conversation going, just get in touch with Thomas Corle - North America or Christian Morgen - International.

23 HelpINg denmark switch TO 30% RENEwABle ENERgy BY No one solution can free a nation shackled by foreign oil from its economic bondage. No one solution can readily replace coal in power generation. But what Denmark and DONG Energy have learned can point the way. Many countries have forgotten the economic pain of the 1973 Arab oil embargo. But not Denmark. We were dependent on foreign oil for 99% of our energy. Being cut off was a hard blow. DONG Energy Environmental Targets Yet our people didn t suffer from embargo amnesia once the crisis passed. Denmark engineered an economic, social, and political miracle to become a net exporter of energy. Mid-East oil imported today: Zero. The transformation took far-sighted government policies and strong public support. It s also taken power industry cooperation and innovation. The six energy companies that united to form Denmark s largest in 2006 have been instrumental in making it happen. Today DONG Energy earns about $8-10 billion USD in annual revenues and employs about 6,000 people. It generates electricity and distributes it to a million Danish customers. It explores for oil and natural gas, produces them from North Sea wells, operates gas pipelines and distribution systems. In 1973, Denmark generated its electricity from oil-fired plants, but, after the oil embargo, switched to coal. Twenty years ago, power stations began supplementing coal with biofuels like wheat straw and wood pellets.

24 Heat and electric generated with biomass. A good example of replacing coal with biomass is the Avedor power station. Located south of Copenhagen, it s designed to burn any combination of coal, oil, straw, or wood pellets. Yet it s been using 150,000 tons of straw and 300,000 tons of wood pellets to produce 390MW of electricity and supply district heating to a large part of the city. The boiler runs at 94% efficiency. The future belongs to continuing innovations in renewable energy. Denmark s vision is a society independent of fossil fuels. The country already generates 20% of its power from wind turbines. And it s committed to overall replacement of fossil fuel with 30% renewable by in 30 years. Today it operates more offshore wind turbines than anyone else and has built about half of the world s offshore wind farms, including many of the largest. In the past decade, DONG Energy s explorations into renewable fuels led it into biomass conversion in the mid-1990s and to the 2007 formation of Inbicon. Inbicon has a clean charter: to export breakthroughs in converting biomass into renewable energy and sustainable business models. The company s passion is to make ethanol work for the world. Especially those nations committed to energy independence. Denmark can never grow enough wheat to produce enough straw for meeting its new goals for renewable power generation. But part of a sustainable business plan for Inbicon Biomass Refineries in the U.S. might be exporting lignin to Danish power stations. DONG Energy will do its part by cutting CO2 emissions in half in 10 years and by 85%

25 Over the next 30 years we will reduce CO2 emissions per produced kwh to 15 percent of current levels. We will handle the greatest reduction first. Within the next 10 years we will halve CO2 emissions per kwh produced. Anders Eldrup, CEO

26 HOW TO start A CONVersATION. MAKING ETHANOL WORK FOR THE WORLD For general questions on Inbicon Biomass Refineries or our company, us at info@inbicon.com Corporate offices: Kraftværksvej 53 Fredericia 7000 Denmark Inbicon Biomass Refinery Global Sales: Christian Morgen International Public Relations & U.S. Project Development: Thomas Corle Inbicon, Kraftværksvej 53-Skærbæk, 7000 Fredericia, Tel The New Ethanol and Inbicon Biomass Refinery are trademarks of Inbicon and DONG Energy Company.