PowerPoint Presentation

May 14th 2009

Calera CorporationSequestering CO2 in the built environment#

Carbon cycle: Most of the carbon is sitting the form of carbonate rock

Calera Corporation

CO2(Ca, Mg)CO3Fossil Fuels: All fossil fuels = 4,000 B tons CO2 11B tons of CO2 emitted by power and cement industry per year Kyoto requires a reduction of 5B tons of CO2

conversionAtmosphere:1700s: 400 B tons CO2Today: 700 B tons CO2The built environment:32B tons of cement and aggregate used every year Sedimentary Rocks & marine sediments:70-100 million B tons CO2#1

23 years of cement expertise, 3 successful medical device ventures founded and sold, worldwide penetration of high performance products Calera Corporation #2World class team with international expertise in Energy, Geology, Water, and Building MaterialsCalera was founded in June 2007, by Brent R. Constantz, Ph.D.Calera has been funded by its unique investor Khosla VenturesCalera Corporation #

ReactorFlue gasCement &AggregateFresher Water (stripped of Ca & Mg)Saline WaterPower plant

The Calera Process: Mineral Carbonation

Calera Corporation #4Coal is the problem to solve, however the cost of CCS for fossil fueled power generation remains prohibitive95%-100%20% - 40%10 % 15%4% - 10%CO2 from Ethanol FermentersCO2 from steam reforming at Refineries, Ammonia Plants, SNG Plants, CO2 Separated from sour natural gasCO2 from Cement CalcinationOther chemical plants

Coal Fired power plantsOil & diesel generatorsNatural gas fired power plantsFurnaces, small boilers, etc.QuantitySource: Natcarb - EIA - IPCC Special Report on Carbon Capture and Sequestration - Kurt House Analysis (MIT)Calera Corporation #Novel technologies and integrated design allow for beneficial reuse atglobal industrial scaleBenefits of integrated solution: Lower capex and opexPartnering with top equipment suppliers and EPC firms to design for low cost and large scale from beginningModular plant design allows for rapid deployment worldwide and added Intellectual Property protectionBreakthroughs:Maximized absorption efficiency with low energy useMineral loadingMulti-pollutant captureBreakthroughs:Novel chemistryNovel material science producing undefined polymorphs with cementitious propertiesIndustrial scale and economicsBreakthroughs:Ability to control particle size and material densityReuse of waste heatCalera Corporation #Calera technology is mature and ready for a demo scale projectLaboratory, Small Batch and Large Batch ScaleHas established the ability to efficiently capture and convert to mineral carbonate with seawater and waste base sourcesGenerating 5 tons of product capturing 2.5 tons of CO2 per single batch

PilotEstablishes continuous process at 1 ton per day of product (0.5 tons of CO2 from coal fired boilersWill test efficiency and integration of individual process technologies Testing on pulverized coal flue gas and site specific conditions and materialsDemoTakes flue gas from 20MW to 80MW of coal fueled host plantScales up in segments / modules KPI hurdleKPI hurdleChemistry, Laboratory and Batch ProcessesCalera Corporation #

CA pilots validate process, product and environmental feasibilityPilot plants running large scale batch and continuous processesFlue gas simulator Ability to test any type of coal and flue gas compositionProducing material for product development and testingDemonstration of waste mineral utilizationMonterey Bay Marine Sanctuary requires highest level of environmental performanceMoss Landing Power Station>1000 MW base load>1500 MW peakingFuel: Natural GasOperator: Dynegy

Calera Pilot andGlobal R&D150,000 sqft covered200 acres total60m gpd discharge permit5m tons of mineral wasteCalera Corporation #Moss Landing Pilot Plant - Process Flow

Gas to LiquidAbsorberAbsorberPumpRecirculationPumpInducedDraftFanCO2 DepletedFlue GasBaghouseCoalAir

PulverizedCoalHopperCoal FiredBoiler SimulatorForcedDraftFanScrew Feeder

PrecipitatorWithPax AgitatorDewateringFeed PumpEpuramat 1500Water to TreatmentWet MillSpray DryerFeed PumpCementAggregateSpray DryerSeawaterMoss Mag/DolimeMoss MagSeawaterPumpBase FeedPumpCalera Corporation #9Moss Landing Pilot Plant - Process FlowCoalAirSeawaterMoss Mag/Dolime

PulverizedCoalHopperCoal FiredBoiler SimulatorGas to LiquidAbsorberPrecipitatorWithPax AgitatorMoss MagForcedDraftFanSeawaterPumpBase FeedPumpDewateringFeed PumpDewateringWet MillSpray DryerFeed PumpAbsorberPumpRecirculationPumpInducedDraftFanCO2 DepletedFlue GasCementAggregateWater to TreatmentScrew FeederBaghouseSpray DryerCalera Corporation #10Moss Landing Pilot Plant Coal Boiler SimulatorCoal Fired Boiler Simulator (CFBS)

Simulates time-temperature combustion history of full-scale utility boilersCapable of burning pulverized coal from anywhere in the worldCapacity 1 MMBtu/hrGenerates flue gas composition and temperature identical to full scaleCalera Corporation #11Moss Landing Pilot Plant Seawater Feed and Base Addition SystemsProvides continuous supplies of seawater and solid base to the process

Calera Corporation #12Moss Landing Pilot Plant - Process FlowCoalAirSeawaterMoss Mag/Dolime

PulverizedCoalHopperCoal FiredBoiler SimulatorGas LiquidAbsorberPrecipitatorWithPax AgitatorMoss MagForcedDraftFanSeawaterPumpBase FeedPumpDewateringFeed PumpDewateringWet MillSpray DryerFeed PumpAbsorberPumpRecirculationPumpInducedDraftFanCO2 DepletedFlue GasCementAggregateWater to TreatmentScrew FeederBaghouseSpray DryerCalera Corporation #13Moss Landing Pilot Plant Gas Liquid AbsorberNSG PureStreamTM AbsorberHigh efficiency compact CO2 capture technology utilizes planar liquid jet technology.

CEMSCalera Corporation #14Moss Landing Pilot Plant - Process FlowCoalAirSeawaterMoss Mag/Dolime

PulverizedCoalHopperCoal FiredBoiler SimulatorGas to LiquidAbsorberPrecipitatorWithPax AgitatorMoss MagForcedDraftFanSeawaterPumpBase FeedPumpDewateringFeed PumpDewateringWet MillSpray DryerFeed PumpAbsorberPumpNeumannRecirculationPumpInducedDraftFanCO2 DepletedFlue GasCementAggregateWater to TreatmentScrew FeederBaghouseSpray DryerCalera Corporation #15Moss Landing Pilot PlantPrecipitator

Precipitates absorbed CO2 into solids

Calera Corporation #16

Moss Landing Pilot Plant Systems

Solid-Liquids SeparatorPrecipitates absorbed CO2 into solids and separates supernatant.

Calera Corporation #17Moss Landing Pilot Plant - Process FlowCoalAirSeawaterMoss Mag/Dolime

PulverizedCoalHopperCoal FiredBoiler SimulatorGas to LiquidAbsorberPrecipitatorWithPax AgitatorMoss MagForcedDraftFanSeawaterPumpBase FeedPumpDewateringFeed PumpDewateringWet MillSpray DryerFeed PumpAbsorberPumpNeumannRecirculationPumpInducedDraftFanCO2 DepletedFlue GasCementAggregateWater to TreatmentScrew FeederBaghouseSpray DryerCalera Corporation #18Moss Landing Pilot Plant Systems

Wet Mill and Spray DryerModifies particle size and shape of precipitant and then dries final product.Calera Corporation #19Multi-pollutant Robustness and Control Potential

In Calera Process SO2 is absorbed in alkaline liquidand converted to sulfateActual retrofit costs can vary significantly due to complexity of engineering for existing systems configurations Calera Process not sensitive to presence of other pollutantsCalera Corporation Retrofit CapEx Costs *

SO2 ~ $ 325/kW - $ 450/kWNOx ~ $ 225/kW - $330/kWHg ~ $36/kW - $ 42/kWTOTAL ~$ 586kW - $822/kW(*)Sources: Sargent & Laundy (2007), DOE, Hoskins 2008 & PNM SJGS BART Analysis #20

Base Case Process Flow DiagramFlue Gas InBrine InBase ManufactureNatural, Waste Base ProcessingCO2 CapturePrecipitationBase RecoveryProduct ProcessingCalera Corporation #Mass and Energy Balance Base Case SiteCoal for 200 MW

2,900 kta mineral

800 kta fly ash

780 m3/h brine(5.9 MGD)

188 MW power 402 kta CO2 emitted2,336 kta Carbonate-rich Aggregate123 kta Cement938 kta CO2 captured (70%)PowerPlantCaleraPlant12 MW Sale4,398 kta solids1,938 kta Silica-rich Mineral Residue(potential for aggregate, other)

Calera Corporation #Mass and Energy Balance Generation 2 SiteCoal for 200 MW

2,213 kta mineral

402 kta fly ash

41 kta salt(95% recovery)

up to 40%Calera Corporation #To maximize revenue from CO2 solutions, Calera has initiated an effort to quantify, verify and certify the carbon footprint of its technology

Calera has engaged leading carbon markets experts(Carbon Advisory Board Carbon Symposium)Pilot runningInstrumentation and analytics in placeCarbon life cycle analysisNext stepsSource: Calera analysisCalera Corporation #

Calera is a mature, profitable and sustainable solution to climate change

Calera Pilot andGlobal R&D

(Ca, Mg)CO3A financeable project with revenue streamsThe largest natural storage of CO2A continuous process proven at pilot facilityThe first carbon negative concreteWaterFly AshCementCalera Fine Agg.Calera SCMCalera Coarse Agg.1,146 lb CO2/yd3 of concreteReference Ordinary Concrete Net CO2 Emissions (lb)Carbon negative concrete(CO2 Avoided)+CO2 control solution(CO2 conversion)+ Sales of carbon negative concrete and softened waterCalera Corporation #Endorsements You really ought to be able to replace most of the worlds need for cement, with the by-product of sequestering most of the worlds power plant emissions of CO2 - that would be game changing - Carl Pope, President, Sierra ClubCaleras process for creating cement from sequestering the CO2 from power plants is the most promising approach currently on the table- Marcia McNutt, President and CEO, Monterey Bay Aquarium Research Institute

The Calera process shows great promise for green cement and sustainable concrete - Paulo Monteiro, Phd., Professor, Author of Concrete

Caleras products, including cementitious materials and aggregates, are of great interest to the building industry as well as governmental agencies. - Gottfried, Founder: U.S. and World Green Building Councils

The ability of your process to capture of particulates, nitrogen oxides, sulfur dioxide, mercury, and other pollutants will give utilities an opportunity for one stop shopping as they face multiple emissionreduction challenges. - Thomas B. Carter, Senior Vice President, Government Affairs, National Ready Mixed Concrete Assn.

The Calera product not only provides an appropriate repository for CO2, but can be used further for something constructive.- James R. ONeil, Prof. Emeritus,UniversityofMichiganand 2004 Goldschmidt Medalist

My view is their ideas are creative and demand careful debate and demonstration projects to see what they can do at large scale. Could be a significant new way to help us invent our way out of some the climate change problems we're facing.- Professor Stephen H. Schneider, Stanford UniversityCalera Corporation #