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© 2009 Gevo, Inc. 1

gevo Gevo: an ‘advanced biofuels’ start-up• Founded 2005, based in Englewood, Colorado• Experienced & successful management team-over 150 years of experience in large

scale industrial bioprocessing and renewable chemicals, fuels, plastics• 1 million gallon per year demo plant in St. Joseph, MO with ICM• >169 patents & applications including exclusive licenses from Caltech, UCLA

(isobutanol pathway) and Cargill (cellulosic sugars)

Englewood, CO St. Joseph, MO

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© 2009 Gevo, Inc. 2

gevoInvestors gevo

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© 2009 Gevo, Inc. 3

gevoA “biorefinery”: renewable fuels and chemicals

Corn

Sugar

Ag Residues

Wood

Energy Crops

FeedstockFermentation& Purification

ChemicalProcessing

Biology

BioprocessingChemicals

PETAcrylicRubber

LubricantsAdditives

Fuels & Blendstocks

OcteneOctaneAv Gas

GasolineJet

Diesel

Isobutanol Isobutylene

Fuel Blendstocks

Chemicals

Solvents

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© 2009 Gevo, Inc. 4

gevoBiomass to Hydrocabons

Grain

Sugar

Ag Residues

Wood

Energy Crops

FeedstockFermentation& Bioprocessing

HydrocarbonProcessing

Chemicals and

Materials

Blendstocks & Fuels

Isobutanol Isobutylene

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ChemicalProcessing

SolventsChemicals

Gevo’s Integrated Fementation Technology GIFT®

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© 2009 Gevo, Inc. 5

gevoGreenhouse Gas (GHG) Emissions (Well to Wheels)

0

20,000

40,000

60,000

80,000

100,000

120,000

g CO2

/milli

on B

TUs f

uel

Gasoline

Industry average grain to Gevo fuel

Grain to Gevo fuel with biomass steam

Optimized grain to Gevo fuel with biomass combined heat and power

Values based on GREET model by Argonne National Laboratory except for “Grain to Isobutanol with Biomass Heat/Energy “ based on Econergy Study for ICM. Ethanol values converted to Gevo hydrocarbon basis using the energy requirement for Gevo hydrocarbon manufacture compared to the energy requirement for ethanol.

1st generation cellulose to Gevo fuel

Optimized cellulose or grain Gevo fuel

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gevoAdvancing the New Era of Renewables

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© 2009 Gevo, Inc. 7

gevoThe benefits of Isobutanol as an oxygenate

Benefits:• Lower RVP = easier to meet clean air act• Higher Energy Density= greater miles/gallon• Lower oxygen content = possibility for higher add’n rates• Lower water solubility = add at the refiner or blender

Ethanol Isobutanol

Chemical Formula

C2H5OH C4H9OH

Oxygen Content 34.7% 21.6%

Blend Octane (R+M)/2 112 102

Blend RVP (psi) 18-22 4-5

Net Energy (% of gasoline) 65 82

Fungible in Infrastructure No Yes

Biodegradability ++++ +++

Isobutanol Lowers RVP in Gasoline

0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%5

6

7

8

9

10

Base RFA GasolineRFA + EtOHRFA + IsobutanolPolynomial (RFA + Isobutanol)RFA + 10% EtOH + Isobutanol

% OxygenRV

P (p

si)

E10

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© 2009 Gevo, Inc. 8

gevo Exact Replacement Substitutions

Regular Gasoline

RenewableIsooctene

RenewableIsooctane

Blend octane(R+M/2) 87 108-112 100

Blend RVP (psi) 7-14 1.8 1.8

Relative Energy 100% 98% 95%

Aromatics 10-35% 0% 0%

Sulfur (ppm) 30 < 1 < 1

Low RVP Bio-Blendstocks

AnalysisRefineryGasoline

GevoGasoline

OctaneR+M/2 87 >100

Sulfur ppm 60 <1.0

Benzene % 2.0 <0.1

Aromatics % 32 20

Hydrocarbon fingerprint

Typical Refinery Fossil Gasoline

Gevo 90% Renewable Gasoline

Renewable Gasoline that meets ASTM Specs

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© 2009 Gevo, Inc. 9

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Jet Fuel TestsASTM D1655

Jet A-1 Gevo Jet70% renewable

Freezing Point °C - 50 -80

Flash Point °C 48 48

Energy Density MJ/kg 43 43

Oxidation Stability pass pass

Sulfur Content % 0.05 0.01

Gevo Jet Fuels-Designed to Drop in

• Higher Flash point• Lower Freezing point• 100% Renewable Carbon• Ultra-low sulfur

GC-FID Agilent 7890A, DB-5 column, temperature program started at 40 °C heated up at 10 °C/min to 240 °C

gevoC12 isoparaffins

C16 isoparaffins

Passed Tier 1 Testing Passed Tier 2 Testing• Designer fuels

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© 2009 Gevo, Inc. 10

gevoMatching the compositions and performance

Gevo AvGas is renewable 91 UL:• 68% isooctane (MON ~93)• 10% toluene (MON ~115)• 22% isopentane (MON ~90)• MON = 91• Supercharge Octane Number = 96• No benzene, lead, or sulfur• >95% GHG emission reduction using

corn stover Distillation Curve

% volume

°C

toluene

isooctane

isopentane

benzene

• Conventional 100 LL• Gevo AvGas

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© 2009 Gevo, Inc. 11

gevo Timeline2009 20102008 2011 2012 20142013

Pilot Plant Scale

1st Commercial Plant (25-50 MGY)

Demonstration Plant (1 MGY)

2nd Plant (50 – 200 MGY TBD)

3rd - 10th Plants (50 – 200 MGY TBD)

Market entry Commercial growth of businessCommercial and market development

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© 2009 Gevo, Inc. 12

gevoMaterials

Isobutanol Isobutylene

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