Renewable Chemicals And Advanced Biofuels

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Renewable Chemicalsand Advanced BiofuelsBiomass 2013July 31 2013Brett Lund 2013 Gevo, Inc. 1

Forward-Looking StatementsCertain statements within this presentation may constitute “forward-looking statements” within the meaning of thePrivate Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but notlimited to: the timing and costs associated with and the availability of capital for Gevo’s scheduled retrofits of existingethanol production facilities, its future isobutanol production capacity, the timing associated with bringing suchcapacity online, the availability of additional production volumes to seed additional market opportunities, theexpected applications of isobutanol, including its use to produce renewable paraxylene, PET, isobutanol-based fuelblends for use in small engines, and ATJ bio-jet, addressable markets, and market demand, Gevo’s ability to producecommercial quantities of isobutanol from cellulosic feedstocks, the suitability of Gevo’s iDGs for the animal feedmarket, the expected cost-competitiveness and relative performance attributes of isobutanol and the productsderived from it, the strength of Gevo’s intellectual property position and other statements that are not purelystatements of historical fact. These forward-looking statements are made on the basis of the current beliefs,expectations and assumptions of Gevo’s management and are subject to significant risks and uncertainty. All suchforward-looking statements speak only as of the date they are made, and Gevo assumes no obligation to update orrevise these statements, whether as a result of new information, future events or otherwise. Although Gevo believesthat the expectations reflected in these forward-looking statements are reasonable, these statements involve manyrisks and uncertainties that may cause actual results to differ materially from what may be expressed or implied inthese forward-looking statements. For a discussion of the risks and uncertainties that could cause actual results todiffer from those expressed in these forward-looking statements, as well as risks relating to the business of thecompany in general, see the risk disclosures in Gevo’s Annual Report on Form 10-K, as amended, for the year endedDecember 31, 2012 and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities andExchange Commission by Gevo.This presentation is based on information that is generally available to the public and does not contain any material,non-public information. This presentation has been prepared solely for informational purposes and is neither an offerto purchase nor a solicitation of an offer to sell securities. 2013 Gevo, Inc. 2

Company OverviewHighly credibleteam with proventrack recordIsobutanol isa platformmolecule withdrop-incapabilityCommercialization-stage companyPremiertechnologyplatform with400 patentsand patentapplicationsFocused on7 large marketsEstablishedpartnershipsacross thevalue chain 2013 Gevo, Inc. 3

Cost Competitive Product Drives Market AdoptionSince 2007 0.80/gallon lower cost to produce than petroleum isobutanol(Backcast, Gevo process) 5.00 4.00 /gal IsobutanolPetro-IBA costAvg. Diff 0.80/gal 3.00 2.00Bio-IBA cost 1.00Source: CMAI, Nexant, CBOT, Gevo Process Estimates*Cash Cost FOB Plant r-07Jan-07 0.00 2013 Gevo, Inc. 4

Multiple Feedstocks; Proprietary Technology;Numerous End MarketsFeedstockProprietary TechnologyBioCrackerGIFT arkets 2013 Gevo, Inc. 5

Seven Strategic End Markets; Strong CustomersSpecialtyChemicalsGasolineBlendstockC4 MarketBio-PX/PETBio-Jet“Lower ally ShortSupply”“Green SupplyChain”“HighPerformance”“Fully Renewable”“Food First” 7bln TAM 100bln TAM 6bln TAM 100bln TAM 200bln TAM 1trl TAM 7bln TAMMansfieldagreement, withtheir 900 supplypoints, will initiallyfocus on MarineLANXESS 10year exclusiveglobal supplyagreement inplaceVP Racing Fuels toevaluate a widearray of fuelapplicationsNegotiating termsfor Canadiansupply agreementSasol off-takeand distributionagreement inplaceAccounts formajority of initialcapacityCustomersampling of Gevo’sisobutanol hasbegunLOI with Total toevaluate isobutanolas a second-genbiofuel blendstockSource: Company materials, IEA, EIA and NexantCoca-Colapartnership tocreate fullyrenewable PET forplant-basedpackagingToray off-takeagreement tocreate renewableParaxylene forfibers and filmsU.S. Air Force’s(USAF) initialvolume deliveredwith testingunderwayUSAF interested inenergy security /alternative jet fuelsupplyUSAF test flightend of JuneHydrocarbonFuelsMansfieldagreement, withsupplier network inplace, will supportregionaldistribution rolloutstrategyCo-ProductRevenuesPurina, thepremier brandowner,partnership tomaximize valueof co-productsExploring how toenhance the valueof isobutanolDistillers Grains(iDGs or animalfeed)United Airlines LOIin place 2013 Gevo, Inc 6

Shift in Petrochemical Feedstock Drives Gevo OpportunityHistoricalExpectedThe US produced 1,600KTA of butylenes viacrackers in 2007. NGL’s account for 85% of crackerfeedstocks– Switching to NGLfeeds reducesbutylene production to 300 KTA. 10% of ethylene produced fromnaphtha– EthylenePropyleneNGLsC4sPyrolysis GasolineSource: Figured adapted from CMAI, SRI Consulting, American Chemistry CouncilOtherDown from 30% in 2005Many crackers have completedcapital projects to furthermaximize NGL feedsAll new projects being announcedwill utilize ethane, NGL feeds(world scale plants from Dow,Shell, ExxonMobil, ChevronPhillips)–Naphtha & Gas OilUp from 65% in 2005Over 50 new chemical projects willinvest 64.5 B by 2017, nearly alldriven by NGL feedstock economicswith the largest proportion of projectsbeing ethane crackers 2013 Gevo, Inc. 7

Source: CBOT & 9 an-01Cost of Carbon ( /MT)Oil Costs Expected to Rise Faster than Carbohydrates 1,400 1,200 1,000 800 600 400CBOT Corn Starch CarbonBrent Crude Carbon 0 2013 Gevo, Inc. 8

Economics and Pricing BreakdownOil (MT)Carbohydrate (MT)Oil / Carbohydrate RatioLower OilCurrentHigher Oil 445 668 1,002( 60/bbl)( 90/bbl)( 135/bbl) 258 305 305( 5.50/bu corn)( 6.50/bu corn)( 6.50/bu corn)1.72.2 3 10 B 40 B 3 T**Market opportunity driven by spread between carbohydrate and oilNote: The lowest the ratio has been in last 10 years is 1.5 (Dec 2001 – Jan 2002)See previous page for sources / assumptions.Source: ICIS, CMAI, Nexant 2013 Gevo, Inc. 9

Yield and Capital Cost ComparisonYieldTotal Capital CostHydrocarbon Gallons/MT SugarFinished Hydrocarbon /gal108 8585Downstream capital88Plant capital 9.15LigninUsage 7.25 5.8066101 2.00CatalyticCrackingFarneseneFermentedMaxVeg. Oils TheoreticalShownFermentedVeg. OilsFarneseneCatalyticCrackingComparing isobutanol yield to cost of production, Gevo’s propriety processes shows a clear advantageover conventional biofuels, as well as traditional catalytic cracking oil refineries.Capital costs based on public data, Wall Street estimates and Gevo estimates.(1) Process yields were assumed at 95% for anaerobic processes and 90% for aerobic processes. Adapted from: Dumesic, JA “CatalyticStrategiesfor Changing the Energy Content and Achieving C-C Coupling in Biomass-Derived Oxygenated Hydrocarbons” Chemsuschem 2008, 1, 725-733.Keasling, JD, “Biosynthesis of Plant Isoprenoids: Perspectives for Microbial Engineering,” Annual Review of Plant Biology 2009, 60, 335-355.Rude, MA "New Microbial Fuels: a Biotech Perspective" Current Opinion in Microbiology 2009, 12, 274-281. 2013 Gevo, Inc. 10

Isobutanol: How Gevo Displaces Oil 2013 Gevo, Inc. 11

Basic Petrochemical Industry MapHydrocarbon FuelsDieselGasolineJet FuelChemicals and MaterialsPolyethyleneMTBEEDCVinyl ChloridePoly(vinyl cloride)Ethylene OxideEthylene sobuteneEthyleneNatural GasSteam CrackingOlefinsPropyleneButylenesPropylene Ethyl yreneABSMethyl MethacrylateSB LatexCrude OilNaphthaAromaticsNylon 66BenzeneCyclohexaneCaprolactamNylon 6TolueneToluene DiamineToluene DiisocyanatePolyurethaneortho-XylenePhthalic AnhydridePlasticizersmeta-XyleneIsophthalic AcidUnsaturated Polyesterspara-XyleneTerephthalicAcidPolyesters (PET)XylenesSource: Adapted from NexantAdipic Acid 2013 Gevo, Inc. 12

Green Building Block Leverages ExistingProcesses and BusinessesCO2 Hydrocarbon FuelsDieselGasolineJet FuelChemicals and MaterialsPolyethyleneMTBEEDCVinyl ChloridePoly(vinyl chloride)Ethylene OxideEthylene sobuteneC2Steam CrackingEthyleneCC 33 olinePolypropylenePropylene dieneCumeneEthyl yreneABSMethyl MethacrylateSB LatexC6NaphthaAromaticsBenzeneCC77 TolueneC8XylenesAdipic AcidNylon 66CyclohexaneCaprolactamNylon 6Toluene DiamineToluene DiisocyanateRoth-XylenePhthalic AnhydridePlasticizersmeta-XyleneIsophthalic AcidUnsaturated PolyestersPara-XyleneTerephthalicAcidPolyesters (PET)Source: Adapted from NexantNote: Chemicals shaded green denote those which can be made from isobutanol-derived building blocks. 2013 Gevo, Inc. 13

Our Technology is Based onMetabolic Engineering 2013 Gevo, Inc. 14

Technology Based on Metabolic EngineeringProprietary yeast biocatalyst convertssugars (carbohydrates) to isobutanolCombination of biotechnology andprocess technology leads to competitivepositionEconomic focus drives innovationPreviously demonstrated commercialtargets:– Yield 94% (goal 92%)– Concentration 107 g/l (goal 105 g/l)– Productivity Rate 2 g/l/h (goal 2 g/l/h) 2013 Gevo, Inc. 15

How We Produce Isobutanol (GIFT )BEFOREOur patented Gevo Integrated FermentationTechnology (GIFT ) continually separatesisobutanol during fermentationGevo owns the patent covering ethanol plantsretrofitted to produce isobutanolAFTERStandard Fermentation ProcessCO2Fresh &RecycledWaterSTART:FeedstockSteamEnzymesNewJet CookerFermentationFinished temThin StillageWaterDistillationSystem 2013 Gevo, Inc. 16

High Yield Drives Low CostYield defined by molecule& process 14 13Feedstock Contribution Cost ( /gal) 12 11 10Contribution Cost Curve(based on 0.10/lb sugar)Overall Yield*Gevo:41% x 94% 38.5%Company A:25% x 75% 18.8%Feedstock 70% of netcash cost to produce 9 8 7 6Feedstock Contribution Cost 5Sugar ( /lb) Overall Yield x Density (lbs/gal) 4Gevo: 0.10 38.5% x 6.7 1.74/galCompany A: 0.10 18.8% x 6.7 3.57/gal 3 2 1Gevo Low Cost PositionYield: 38%Cost: 1.74/galHigher yield less sensitivity 05% 10% 15% 20% 25% 30% 35% 40% 45% 50%Overall Yield**Overall Yield Pathway Yield x Process YieldSource: Gevo Process EstimatesSensitivity to 0.01/lb change in sugar [email protected] 38.5% 0.18/gal 7.56/[email protected] 18.8% 0.37/gal 15.54/bbl 2013 Gevo, Inc. 17

Commercial Production 2013 Gevo, Inc. 18

Our Plants1st Commercial Plant: Luverne, MN– 18 MGPY commercial isobutanolproduction facility– Purchased in 2010 & 100% owned byGevoRedfield Energy, SD - Joint VentureLuverne, MN Plant– 40 MGPY commercial isobutanolfacility– Entered into JV with 650 member Co-opin 2011 with economics, post retrofit, tobe split approximately 50/50Redfield, SD Plant 2013 Gevo, Inc. 19

Leveraging Petrochemical & Refinery AssetsJet Fuel BlendstockOctane, GasolineATJ Demonstration Facility near HoustonDiesel BlendstockDelivered 10K gallons ATJ to AFRLAlcohol-to-Fuel US Patent 8,193,402– Covers C2-C6 alcohols to hydrocarbon fuelPara-xylene (for PET) 2013 Gevo, Inc. 20

Gevo ATJ Fuel Makes History in USAF FlightJune 28, 2012 40th Flight TestSquadron made history flyingGevo’s 50% ATJ and 50% JP8 fuel blend“It flew like a usual A-10without any issues.”–Maj. Olivia Elliott, A-10 pilot“You won’t be able todetermine the difference andyou won’t care, because allperform as JP-8.”–Jeff Braun, Chief for the Air ForceAlternative Fuel Certification Division 2013 Gevo, Inc. 21

Feedstocks 2013 Gevo, Inc. 22

Isobutanol Technology To Take Advantage of Many FeedstocksFEEDSTOCKTODAYCornGevo yeast technology converts any carbohydrate feedstockto isobutanolProvides world wide opportunity for isobutanol manufactureProvides risk reduction via multiple feedstocks versus oil pricevolatilitySugarCaneCost of Feedstocks3530Dextrose PriceSugar COGS252015105Source: NYMEX, CBOT, WSJ, WoodCents per LbTOMORROWAgriculturalResidueNet Starch PriceWorld Sugar 2013 Gevo, Inc. 23

Net Carbohydrate Costs1 bushelCorn2.2 gallonsIsobutanol&17 lbsAnimal FeedExample Calculation /bu cornLess: Animal feed co-product netback ( /bu corn)Net starch cost ( /bu corn less co-product netback) 6.50(1.48) 5.0217.0 lbs/bu @ 75% price/bu corn /MT Fermentable Sugar (based on net starch cost)Feedstock contribution cost / gal 292 2.31 5.02/bu 38.0 lbs dextrose/bu x 2204.5 lbs/MT 292 2204.5 lbs/MT 41% Yld 94% Proc Yld x 6.7 lbs/galGallon/bushel yieldSensitivity TableCorn Cost ( /bu)Co-product netback ( /bu)Feedstock Contr. ( /gal) /MT Fermentable Sugar2.2 4.00 0.91 1.42 179 5.00 1.14 1.78 224 6.00 1.37 2.14 269 7.00 1.59 2.49 314Equivalent IBA gal/bu conservative yield ( 5.02 2.31)A 10% ch