we provide cost efficient and innovative renewable energy
TRANSCRIPT
Confidential – Property of Cortus AB
We provide cost efficient and innovative renewable energy solutions to energy intensive industries based upon the
patented gasification technology WoodRoll®.
Confidential – Property of Cortus AB
The problem 1. Single fuel design When the one biofuel becomes commercially interesting:
The fuel price starts to increase
The profitability vanishes.
2. Low yield Unnecessary CAPEX and OPEX due to:
Large volumes of biomass is transported
Every part of the plant is oversized
A small product flow carrying the costs
3. Impurities Tars and heavy hydrocarbons causes cost for
cleaning and yield losses
Nitrogen dilution lowers the heat capacity
Particles and ashes constrains the usage of the gas.
1. Process designed for one single fuel
2. Low energy yield
3. Impurities in the energy gas
Confidential – Property of Cortus AB
Rest products
Recycled wood
Sludges
1.Drying 2.Pyrolysis 3.Gasi-fication
WHY WOODROLL GASIFICATION?
Syngas
Flexible in biofuel
Clean energy gas Energy yield 80%
Best CAPEX/OPEX!
Confidential – Property of Cortus AB
• Steel, Cement, Lime, Glass
• Metals, Pulp mills
Process Industry
2012-
• Combined heat & power
• Co-firing
Power Industry
2013-
• Incineration
• Recycling
Waste Industry
2013-
• Catalytic conversion
• Methane separation
Transport
2014-
CUSTOMER SEGMENTS
Confidential – Property of Cortus AB
Competitive to fossil fuel - without subsidies!
0
50
100
150
200
250
300
350
400
Fossil WoodRoll®
Un
it c
ost
20 MW fossil energy vs. WoodRoll®
Energy cost Customer incentive
WoodRoll® Incentive
Confidential – Property of Cortus AB 6
PROJECT PIPELINE - CASH FLOW GENERATING PROJECTS BEFORE 2015
Nordkalk 5 MW
Nordkalk 20 MW
Spanish recycling company 5 MW
Spanish recycling company 50 MW
US based power company 5 MW
Estonian based power company
5 MW
Swedish biofuel producer 20 MW
500 kW
5 MW
20 MW 50 MW
Increasing Capacity
Time
Gas supply
Turn-key FEED
# In
stal
lati
on
s Commercial references
With the references in place growth of installations by employing the Build-Operate-Transfer model will follow
FEED model enables expansion without expanding the balance sheet
Italian Power company 500 kW CHP
Confidential – Property of Cortus AB 7
The 500 kW plant
First indirectly heated gasification plant in industrial scale
Financed by the Swedish Energy Agency, the Swedish Steel Producers’ Association (Jernkontoret), AGA Gas AB and Cortus AB
Produced syngas without traces of hydrocarbons during isothermal gasification in February 2012
500 KW PROTOTYPE
Construction of the plant Combustion of Syngas from the 500 kW plant The reactor of the 500 kW plant
0%
10%
20%
30%
40%
50%
60%
70%
H2 CO CO2 CH4
Min
Max
Confidential – Property of Cortus AB 8
Stage Two – 25 MW Stage One – 5 MW
Year 0-2
5 MW plant
Operated by Cortus
Applied business model: BOO (Build Own Operate)
Indicative financing of CAPEX: – Cortus SEK 40m
– Swedish Energy Agency SEK 20m
– Nordkalk SEK 5m
Year 2-12
5 + 20 = 25 MW full scale plant
Operated by Cortus
Applied business model: BOO (Build Own Operate)
Revenues from sale of Syngas
NORDKALK – FIRST INDUSTRIAL REFERENCE FOR TAKING OFF
Energy cost per year, Coal:
SEK 65m
Energy cost per year, WoodRoll® 25 MW + other fuel:
SEK 55m
= +
Savings: SEK 10m per annum 70,000 tonnes less CO2
Nordkalk – WoodRoll® rationale
Confidential – Property of Cortus AB 9
Rolf Ljunggren, MSc (48)
CEO
Pär Sjölin, MSc (60)
CEnO
Jan Säll (49)
Process service engineer
Peter Rosendahl, MSc (50)
Project manager
Vacant
Sales
Dennis Gedeborg, MSc (50)
CTO
Marko Amovic, MSc (28)
Process engineer
Pontus Svensson, MSc (49)
Project manager
Ram Alzuheri, MSc (25)
Process engineer
Mats Thideman, MSc (49)
CFO
TEAM
Confidential – Property of Cortus AB 10
Prioritized countries for PCT applications Patents in WoodRoll®
The first technology patent for WoodRoll® was granted in Sweden in 2008
Cortus has been granted two more patents in Sweden in early 2010
– During 2010 two more applications have been filed, these patents, 4.0 and 5.0, are pending
PCT* applications have been filed for the three first patents – Further patents within the gasification technology will be applied
for in 2011
INTELLECTUAL PROPERTY – WOODROLL®
WoodRoll® 1.0 2.0 3.0 4.0 5.0
Region Gasification process
Hydrogen Production
Indirectly heated gasifyer
Injector Bio coke production
EU Yes Yes Yes TBD TBD
USA Yes Yes Yes
Canada Yes Yes Yes
Japan Yes Yes Yes
Brazil Yes Yes
Chile Yes
China Yes
India Yes
South Korea Yes
Russia Yes
1.0
2.0
3.0
5.0*
4.0*
* PCT Pending
* An international application filed under the Patent Cooperation Treaty
Confidential – Property of Cortus AB
PROJECTED REVENUE
0
20
40
60
80
100
120
140
160
180
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Turn
ove
r in
M€
Engineering
FEED
Turn key
Build Own Operate
Process Industry
Power Industry
Waste Industry
Transport
500 kW
5 MW
20 MW 50 MW
Increasing Capacity
Confidential – Property of Cortus AB 12
Use of proceeds
9M€ investment
Energy investment opportunity
Construction and start-up
5 MW industrial reference plant International launch of beyond state-of-the-art
technology
50M€ gas supply contract and LOI with customers and partners
Organization prepared for “full throttle”
INVESTMENT OPPORTUNITY
Continue product and application development
Continue the sales and commercialization process
5M€
2M€
2M€