barley protein concentrate and ethanol m ontana m icrobial p roducts fuel and food

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Barley Protein Concentrate and Ethanol Montana Microbial Products Fuel and Food

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Page 1: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Barley Protein Concentrate and Ethanol

Montana Microbial Products

Fuel and Food

Page 2: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

OpportunityOpportunity MMP developed barley protein MMP developed barley protein

concentrate, ethanol co-productconcentrate, ethanol co-product 60% high quality protein product 60% high quality protein product Demonstrated as a replacement Demonstrated as a replacement

for fishmeal in aquaculture feedfor fishmeal in aquaculture feed Potential markets in poultry, hog, Potential markets in poultry, hog,

and specialty feedsand specialty feeds Very Profitable, high value Very Profitable, high value

productsproducts

Page 3: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Aquaculture MarketAquaculture Market Replacing Fishmeal Replacing Fishmeal

The fastest growing sector of agricultureThe fastest growing sector of agriculture Fishmeal $3 billion market for protein Fishmeal $3 billion market for protein

ingredient in feeds for farmed fish, ingredient in feeds for farmed fish, Need for alternativesNeed for alternatives

Supply, price will limit aquaculture growthSupply, price will limit aquaculture growth Depletion of ocean fisheriesDepletion of ocean fisheries Organic toxins, and phosphorus pollutionOrganic toxins, and phosphorus pollution

Major research effort to develop plant Major research effort to develop plant based protein sources to replace based protein sources to replace fishmealfishmeal

Page 4: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Barley Protein Barley Protein ConcentrateConcentrate

““The first plant protein to replace The first plant protein to replace 100% of fishmeal in trout diets” 100% of fishmeal in trout diets” USDAUSDA

The first plant protein with the:The first plant protein with the: Nutritional QualityNutritional Quality Competitive CostCompetitive Cost Potential VolumePotential Volume

To replace fish meal in feeds for To replace fish meal in feeds for high value farmed fishhigh value farmed fish

Page 5: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Trout Growth StudiesTrout Growth StudiesSubstitution of Fish Meal with Barley Protein

Concentrate; 12 Weeks

155

160

165

170

175

180

185

190

195

200

100% FishMeal

33%/66%FM/BPC

66%/33%FM/BPC

100% BPC

Gain (g/fish)

Page 6: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Market EntryMarket Entry

First Market US TroutFirst Market US Trout27,500 tons 75% in South Idaho, 27,500 tons 75% in South Idaho,

Customers 3 feed manufacturersCustomers 3 feed manufacturersFirst production plant MontanaFirst production plant Montana

5,300 tons BPC, 1.7 million gallons 5,300 tons BPC, 1.7 million gallons ethanol, 800,000 bu barleyethanol, 800,000 bu barley

Profitable in the first full year of Profitable in the first full year of operationoperation

Page 7: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

BPC Competitive AdvantageBPC Competitive Advantage

MMP will sell BPC based on MMP will sell BPC based on three compelling advantagesthree compelling advantagesLower, stable priceLower, stable priceEquivalent or better feed Equivalent or better feed conversion efficiencyconversion efficiency

Zero Phosphorus discharge Zero Phosphorus discharge from BPCfrom BPC

Page 8: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Market OpportunityMarket Opportunity Trout – 511,00 metric tonsTrout – 511,00 metric tons

US Trout -27,500 tonsUS Trout -27,500 tons Salmon – 1,409,000 metric tonsSalmon – 1,409,000 metric tons

Norway – 600,000Norway – 600,000 Australia – 16,000Australia – 16,000

Chile – 485,000Chile – 485,000 Ireland – 15,000Ireland – 15,000

UK – 125,000UK – 125,000 New Zealand – 10,000New Zealand – 10,000

Canada – 125,000Canada – 125,000 US – 10,000US – 10,000 Shrimp – 3,200,000 metric tonsShrimp – 3,200,000 metric tons

Fishmeal >1.5 million tons in these marketsFishmeal >1.5 million tons in these markets

Page 9: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Expansion StrategyExpansion Strategy Expand Montana Production, North Expand Montana Production, North

American SalmonAmerican Salmon 30,000 tons BPC, Replace 1/3 of N.A. protein30,000 tons BPC, Replace 1/3 of N.A. protein

12 million gallons ethanol12 million gallons ethanolUse 6 million bushels barleyUse 6 million bushels barley

License Technology into International License Technology into International MarketsMarkets

Salmon trout: Europe, South AmericaSalmon trout: Europe, South America Shrimp: Asia, South AmericaShrimp: Asia, South America Other species: Other species:

Page 10: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

StatusStatus Independent testing and commercial Independent testing and commercial

trials with trout completed, willing trials with trout completed, willing buyersbuyers

Good results in other species of fish. Good results in other species of fish. Salmon trials on-going.Salmon trials on-going.

Pilot plant operated at commercial Pilot plant operated at commercial flow rates but batch vs continuous flow rates but batch vs continuous operation- no scale-up issues.operation- no scale-up issues.

Engineering complete for commercial Engineering complete for commercial plantplant

Conditional purchase orders for BPC Conditional purchase orders for BPC and ethanoland ethanol

Page 11: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Financing RequirementsFinancing Requirements$12M project produces 5,300 tons $12M project produces 5,300 tons

of BPC, approximately 2M of BPC, approximately 2M gallons of ethanol, and 19 high gallons of ethanol, and 19 high paying jobs:paying jobs:Cash positive in second month of Cash positive in second month of

operation.operation.EBTDA $2.8M first year opeationEBTDA $2.8M first year opeationHave commitment of $5.0M from VC Have commitment of $5.0M from VC

firm, need additional equity or bank firm, need additional equity or bank loanloan

Page 12: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Win, Win, WinWin, Win, Win

Solutions for sustainable aquacultureSolutions for sustainable aquacultureImproved aquaculture economicsImproved aquaculture economicsValue-added products from low input Value-added products from low input crop crop Renewable fuelsRenewable fuelsRural jobs Rural jobs Higher farm incomesHigher farm incomesSolves environmental issuesSolves environmental issuesGood profitabilityGood profitability

Page 13: Barley Protein Concentrate and Ethanol M ontana M icrobial P roducts Fuel and Food

Good Project for Montana, Good Project for Agriculture, Good Project for Aquaculture

How do we get it done?