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NASDAQ: PENX
2014 BIO Pacific Rim Summit:
Advancements in Renewable Chemical Manufacturing and Commercialization
Not your Grandparent’s
Starch: Advancements
in Starch Derived
Renewable Chemicals
Greg KeenanVice President, Business Development
Phone: 319-398-3754
Nature. Science. Solutions.® 2
Not Your Grandparents Starch....
Penford Corporation
Improving food, health, and sustainability
Penford’s products are in the foods you eat and the products you use every day
Gluten free
Dietary fiber
Fat replacement
Texture enhancer
Animal nutrition
Marinades
Coatings
Plastics
Adhesives
Building materials
Personal care
Energy
Food Bioproducts
• Improve health and wellness
• Make foods taste better
• Give more gluten-free choices
• Create better health for pets
• Create better performing products
• Improve sustainability
• Use locally grown feedstocks
• Reduce dependence on oil
Nature. Science. Solutions.® 4
Operating Footprint
Plants
Cedar Rapids, IA
Idaho Falls, ID
Richland, WA
Plover, WI
Berwick, PA
North Charleston, SC
R&D
Centennial, CO
Cedar Rapids, IA
Tucson, AZ
6 Plants strategically located near sources of raw materials/customers, each with multiple finished product capabilities
3 R&D Centers of Excellence with pilot facilities capable of commercial production
Nature. Science. Solutions.® 5
Starch: Beyond a Filler
Native Starch
Starch is modified physically,
enzymatically or chemically to
tailor functionality.
Feedstock
Granular Starch
BiopolymerPlant Source Size (Microns)
Average (Microns)
Dent Corn 5-30 25 Waxy Corn 5-25 15 Potato 15-150 100 Rice 1-5 2 Tapioca 5-35 20
Starch is converted to drop-in
monomers or new polymers
Unmodified starch in granular
form providing limited function.
Cost, Function,
Value
Nature. Science. Solutions.® 6
Corn Biorefinery: Feed, Food, Fuel & Bioproducts
Dent
Waxy
High Amylose
Food Ingredients
Industrial Ingredients
Starch Conversion
and Modification
Physical
Chemical
Enzymatic
Wet Milling and
Starch Separation
• Starch: 70%
• Protein: 10%
• Fiber: 10%
• Oil: 4%
Feed Fiber/Protein
Corn OilModifications
create higher value
molecules and
functionalities:
rheology, charge,
thickening, tack,
hydrophobic, film
forming, texture,
hydrophilic, texture,
etc.
Nature. Science. Solutions.® 7
Corn Biorefinery: US Wet Milling Output
Dent
Waxy
High Amylose
Starch Conversion
and Modification
Physical
Chemical
Enzymatic
Wet Milling and
Starch Separation
Feed Fiber/Protein
Corn Oil
In 2013 the wet milling
industry ground 1.5
billion bushels of corn*:
US corn crop was 14
billion bushels in 2013.
*Corn Refiners Association 2014 Corn Annual.
http://www.corn.org/publications/annual-reports/
Nature. Science. Solutions.® 8
Penford Technology Platforms
Performance Biopolymers
Tailored charged products
Personal care polymers, water treatment, oil field
applications
Biobased Latex
Film forming / coating products
Coatings, adhesives
Natural / Synthetic Composites
Hybrid products for functionality
Oil & gas, adhesives, barrier coatings, bioplastics
Encapsulation
Encapsulation of actives for delivery and release
Oil & gas, adhesives, agriculture, household &
personal care
Nature. Science. Solutions.® 9
Increasing Biobased Content in Latex Applications
26 billion pounds of petroleum derived latex are used every year*
*Freedonia
Penford has developed a novel
biopolymer that improves the
performance, economics and
sustainability of latex coatings
and adhesives
Penford’s biobased latex
can reduce petroleum
content by more
than 50% in many
applications
Nature. Science. Solutions.® 10
Case Study: Latex Extension
*Freedonia
Paper and Board Coatings
Function: Bind pigment &
substrate, strength, gloss,
printability
> 4 B lbs of synthetic latex.*
Styrene-Butadiene (SB) - 65%
Acrylics- 20%
Vinyl Acetate - 7%
Other – 8%
Typical Board Coating Formula
12 # coating/3000 ft2
Components:
86.5% Pigment (Carbonate)
12.5% Binder
0.4% Lubricant
0.2% Thickener
0.2% Dispersant
0.2% Cross Linker
Nature. Science. Solutions.® 11
Latex Extension with Modified Starch Biopolymers
Penford developed a line of natural binders
(Pen-cote®) to complement synthetic latex.
Reduce synthetic latex and build better
coatings.
High solids (> 50%).
1:1 substitution as high as 60%.
Eliminate or reduce thickeners.
Reduce cost and volatility of raw materials.
Renewable and no VOC’s
Latex Pen-cote
Solids 50% 50%
Cost: delivered, dry basis ≥$1.10/lb* < $1.00/lb
Thickener Required Reduced
Rheology modifier No Yes
Water-holding agent No Yes
Develop coating structure Neutral Improved
Impact on glueability Standard Positive
*Paperchem Report, November 2014
Nature. Science. Solutions.® 12
Nature. Science. Solutions.® 13
Deposition and Conditioning Market
Personal care industry is
incorporating more naturally
derived conditioning products in
their formulations.
Silicone free conditioning and
multi-functional products are
emerging trends.
Emerging concern with products
that have been ethoxylated.
Guar volatility and formulation
challenges has formulators
searching for alternatives.
Personal Care Deposition and Conditioning is a $1 Billion Global Market*
PQ-10 and Cationic Guar are the
dominant biobased ingredients in
deposition and conditioning:
Nature. Science. Solutions.® 14
PenCare DP
Applications:
Rinse off: Shampoos, conditioners,
body washes
Leave on: Lotions, styling products,
conditioners
Resonates with Consumers
Non-GMO
Not ethoxylated
Boron free
Not animal tested
No preservatives
Combination of cationic charge and patent pending biopolymer provides
superior deposition and enhanced conditioning.
O
O
CH2 OH
OH
OH
O
O
CH2 OH
O
OH
O
O
CH2 OH
OH
OH
N
CH3CH3
H3C
HO
Cl
m n
1
23
4
5
6
Structure
BASF: Polymers and active ingredients suitable for the
development of shampoo formulations, 2003
Nature. Science. Solutions.® 15
Performance vs. Industry Standards
0
10
20
30
40
50
60
70
80
90
100
PQ-10 Cationic Guar PenCare DP
We
t C
om
b (
gf)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
PQ-10 Cationic Guar PenCare DP
% Transmittance(600nm) % Bio-Based Content
CONFIDENTIAL
Nature. Science. Solutions.® 16
Printing
&
Writing
Packaging
Adhesives
Personal Care
Oil & Gas
Construction
Opportunities for Growth
Nature. Science. Solutions.® 17