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An Innovative Solution for Low-Carbon Renewable Fuels Fulcrum Corporate Overview Charleston, SC May 10, 2013 Fulcrums Innovative Business Model Converting Garbage into Renewable Fuel Zero-Cost Large Development Program Feedstock Secured


  1. An Innovative Solution for Low-Carbon Renewable Fuels Fulcrum Corporate Overview Charleston, SC May 10, 2013

  2. Fulcrum’s Innovative Business Model Converting Garbage into Renewable Fuel Zero-Cost Large Development Program Feedstock Secured MSW Feedstock Contracted for 16 Plants Across the Country No Feedstock Volatility Strategic Partners Clear Path to Commercialization Waste Management Sierra Construction Set to Begin Waste Connections Demonstrated Technology Lowest Cost Producer Demonstrated Ethanol, Jet Fuel and Attractive Gross Margins Diesel Process at Full-Scale 2

  3. MSW: A Strategic Feedstock Changing the way Garbage is Handled and Disposed  Large Volumes, Ideal Locations  Established Infrastructure  Carbon-Rich Feedstock Ideal for Biofuel Production  Recycling Opportunities add to Economics  Predictable Cost  No Competing Uses 3

  4. Fulcrum’s MSW Feedstock Contracts  Large Volumes, Multiple Locations  Exclusive Rights  Secured With Contracts  20-Year Supply Contracts  Delivered to Fulcrum Plants at Zero Cost  Rejected Material Removed at Zero Cost to Fulcrum  Multiple Suppliers 4

  5. Secured Feedstock Essential for Viable Projects Future Projects With Exclusive Feedstock Rights • MSW Feedstock Secured Under Contract • 20-Year, Zero-Cost Feedstock Agreements • Large Development Program Underway 5

  6. Proprietary, Proven & Efficient Fuels Process Steam Reforming Fischer-Tropsch Process Material Processing Gasification System Converts Synthesis Gas Facility Prepares MSW Converts MSW to to Jet Fuel, Diesel & for Fuels Process Synthesis Gas Ethanol 6

  7. Proprietary, Proven & Efficient Fuels Process Recycled Material – Metals, Plastics, Cardboard Feedstock Preparation Inorganic Material to the Landfill F-T or Alcohol Air Heat Syngas Synthesis Separation Gasification Recovery Preparation Process Unit Hydrocarbon Energy Conversion Production 7

  8. Steam Reformer Gasifier  Two Commercial Deployments TRI Pulse Combustor  Large Single-Train Capacity  Excellent Carbon Conversion  Excellent Energy Integration  Competitive Integrated CAPEX  Excellent OPEX Height 62 feet - Freeboard diameter 18 feet Weight (empty) 110 tonnes Operating weight ~300 tonnes TRI Steam Reformer Lift  Successful PDU Program  MSW Program With Integration  Flexible Syngas Output  Small Physical Footprint  No Hydrocarbon Issues 8

  9. Fulcrum’s Alcohol Synthesis Process  3 ½ Years and More Than 20,000 Hours of Operations  Full-Scale Reactor Tube  Integrated Process  Product Recovery  Operational Experience  Catalyst Life 9

  10. Fully Integrated Fischer-Tropsch Process  Proven Technology  2 ½ Years and More Than 9,000 Hours of Operations  Full-Scale Reactor Tube  Integrated Process  Product Recovery 10

  11. Technology Strategy Flexible Technology Strategy 1. Deploy Best Available Technology for Each Project as Technology Continues to Evolve and Improve 2. Remain Flexible to Adopt Technology Improvements 3. Partner With Promising Technology Providers Deployment Strategy 1. Must be Proven at Commercial Scale 2. Must be Demonstrated With MSW 3. Most Economic 4. Most Reliable 5. Environmentally Sound 11

  12. Commercial-Scale Biofuel Plant Sierra BioFuels Plant McCarran, NV 10 Million Gallons per Year Biofuel Capacity • Fulcrum’s Flagship Facility • EPC Activities Underway • Profitable at COD Site Rendering 12

  13. A Company Like no Other Proven Production of Jet Fuel, Diesel and Ethanol From Syngas at Full Scale Zero-Cost, Zero-Volatility Feedstock Contracts in Place Low Cost of Production – High Margins Large Build Out Expertise 13

  14. Lee Rich Vice President of Engineering and Operations Fulcrum BioEnergy, Inc. 155 Old Greenville Highway, Suite 101 Clemson, SC 29631 864.653.5610 lrich@fulcrum-bioenergy.com www.fulcrum-bioenergy.com

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