Avantium. Het groene alternatief voor polyester. Horizonverkenning Groene Innovaties. Gerard van Klink Gent, 26 September 2017

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1 Avantium Het groene alternatief voor polyester Gerard van Klink Gent, 26 September 2017 Horizonverkenning Groene Innovaties

2 Disclaimer This document is being furnished to you solely for information purposes and may not be reproduced or redistributed to any other person. This document does not constitute an invitation or offer to sell, or a solicitation of an offer to subscribe for or purchase, investment products or securities, including securities in Avantium Holding B.V. (the Company ), and the information provided is not intended to provide a sufficient basis on which to make an investment decision. The information in this document is subject to change. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended or an exemption from registration. No representation or warranty, express or implied, is given as to the completeness or accuracy of the information or opinions contained in this document and neither the Company nor any of its directors, members, officers, employees, agents or advisers accepts any liability for any direct, indirect or consequential loss or damage arising from reliance on such information or opinions. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. This document may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events, intentions, beliefs or expectations. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements are based on and reflect the Company s current plans, estimates and projections as well as its current view with respect to external conditions and future events; any forward-looking statements are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company s business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company expressly disclaims any obligation or undertaking to update, review or revise any forward looking statement contained in this document whether as a result of new information, future developments or otherwise. 2

3 Leading chemical technology company Pioneer in renewable chemistry Based in Amsterdam, the Netherlands 160 employees IPO March 2017 raised 109 million Euronext Amsterdam & Brussels Ticker symbol: AVTX Cleantech Top 100 company from Founded in 2000 as spin-off Royal Dutch Shell 3

4 Avantium in a nutshell Synvina: Joint Venture with BASF 100% biobased, recyclable PEF with superior properties Major market potential in packaging materials and fibers Renewable Chemistries Zambezi: sugar from non-food biomass Mekong: 1-step conversion to bio-meg Volta: CO 2 to chemicals via electrochemistry Catalysis R&D business Leading service and systems provider Blue chip clients 4

5 The chemical industry today 2000 Fossil based (impact on climate) Linear (impact on environment) 5

6 The chemical industry today Not sustainable Source: Ellen MacArthur Foundation 6

7 The chemical industry tomorrow 2030 Based on renewables Circular 7

8 Leading the transition in the chemical industry Requires: Access to renewable and sustainable feedstock Economic and scalable process technology Price and performance competitive materials Partners for supply chain and market access Capital 8

9 YXY From petroleum to plant based Yesterday 100% Petroleum Today 70% Petroleum, 30% Plant Tomorrow 100% Plant 9

10 Focus on FDCA Production of 100% biobased and recyclable polymers Sugar syrup RMF crude FDCA purified FDCA PEF resin PEF - H 2 O + O 2 + MEG 10

11 PEF - A new generation enhanced plastic with a unique set of properties PEF has the advantages of being a plastic material. Lightweight No breakage Low cost Recyclable Transparent Barrier properties Lower taste impact with superior properties compared to the most widely used plastic (PEF vs PET) Superior barrier performance 10 times higher oxygen barrier 6-10 times higher carbon dioxide barrier 3-4 times higher water barrier Environmental footprint 100% bio-based 70% smaller carbon footprint 100% recyclable High heat resistance Higher glass transition temperature Potential for hot-fill, microwavable, pasteurization and retorting Enhanced strength Enhanced mechanical stiffness, 60% higher Modulus than PET increasing shaping possibilities 11

12 Examples High value PEF applications Thermoforming PEF tray for ready-to-eat meals Transparent Microwavable 100% recyclable Long shelf life PEF jar for sauces, seasoning, dressing Un-breakable 100% recyclable Light Small carbonated / juice PEF bottle Long shelf life / light-weighed (versus PET) Brand differentiation (100% bio-based, shape) PEF beer bottle for events Un-breakable (pre-requisite) Brand differentiation (versus cups/cans) Prolonged shelf life (versus other plastics) 12

13 Partners for supply chain and market access Joint venture with BASF Create market pull Strong support of major brand owners and industrial companies Signed Joint Development Agreements ( ) Equity investment (2014) 13

14 Renewable Chemistry Developing the next YXYs Coherent portfolio, each targeting blockbuster markets ZAMBEZI Glucose FDCA MEKONG YXY PEF MEG Pursuing the most attractive opportunities through rigorous project management Gate Review Gate Review Gate Review Zambezi YXY 6 projects Volta Mekong Concept stage Lab stage Pilot Plant stage Commercial stage 14

15 Zambezi Biorefinery process for high purity glucose from non-food biomass Technology Benefits 2G feedstock (Wood) Biomass: forestry or agricultural waste Hemicellulose hydrolysis 35% HCl Cellulose hydrolysis 42% HCl Acid re-concentration & recycle Reduce land use and environmental impact of 1G sugars Cascading the use of biomass for chemicals, materials and energy Suitable for locally sourced biomass Acid / sugar separation Overcomes public concerns about competition with food Tall oils & terpentines Post hydrolysis Lignin de-acidification C5/C6 sugars Glucose Clean Lignin In December 2016, Avantium signed a non-binding memorandum of understanding for a flagship wood-to-chemicals Biorefinery 15

16 Mekong A more efficient Catalytic process for bio-based MEG Fossil based Bio-based MEG Avantium Mekong process Feedstock Oil, natural gas Sugarcane Glucose Process (steps) 3 Cracking, oxidation, hydration 4 Fermentation, dehydration, oxidation, 1 Direct Hydrogenolysis hydration Pros/cons Fossil Currently a premium of bio-meg exists of 30-35% 2 Bio-based, feedstock flexible, cost effective MEG (mono-ethylene glycol) Objectives: Develop a feedstock flexible bio-meg process on the basis of proprietary MEKONG technology Superior economics over existing bio-meg production and competitive economics versus fossil MEG Demonstrate technology at pilot scale and attract partners for commercial production 16

17 Mekong Technology Assessment Polymerization trial with distilled-only EG Mn/Mw similar to Petro- and Bio-MEG Color very similar 17

18 Generation of Co-Products 18

19 Valorization Humins as growth substrate Humins can be used as rock wool replacement Better water absorbance, softer material required; fibres / composites 19

20 Conclusions Manufacturing of 100% bio-based materials with full recycling possible Enhanced performances of biomaterials Better gas barriers Lighter and smaller bottles Additional market applications However, valorization of all streams will be necessary 20