Utilizing Retrofits & Bolt On Technologies to Maximize Capital

EfficiencyRob Tripp, CEONovember 2014

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Leverage technology into ownership positions in refineries with strategic

operating partners to become a low-cost producer

Execution Strategy

2

USA Canada South East Asia

Execution Partners

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Managing Risk for Commercialization

3

Business/Strategic

Risk

Operating/Legal Risk

Political/Regulatory

Risk

FinancialRisk

MarketRisk

Technology Risk

Project Cost Risk

ScaleRisk

Long-term Performance

Risk

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Benefuel Corporate Development Cycle

4

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Benefits

Reduction of technology risk

Cost reduction potential

Leverage existing assets

Permitting

Retrofitting Distressed Assets - Benefits & Challenges

5

Challenges

“As is Where is” basis

Difficult for EPC to wrap

Existing IP to manage for

Logistical restraints

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Biolubricant Bolt-On Technology

6

Benefits

Incrementally add technology to an operating, cash flow positive plant

Use a side stream of the final product as the feedstock.

Leverage existing plant resources to cost effectively implement

Challenges

Time to market may be longer

May compete for capital & resources

Requires additional expertise and resources to implement.