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Cobalt: A Better Way to Make a Better Biofuel

Rick Wilson: 650-230-0750

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Biofuel plus green electricity

Huge market, government-mandated demand

Butanol – biofuel 2.0 (bio-gasoline & B20 bio-diesel)

Capital efficient, strongly profitable at today’s oil prices

Driven by engineering, protected by IP

Management team built to scale up the technology

Cobalt Snapshot

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Conventional Biofuel (Corn Ethanol)

Cellulosic Biofuel

Biomass-Based Diesel

Other Advanced Biofuel

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Cobalt’s OpportunityWoody Biomass

Agriculture ResidueEnergy Crops

U.S. Market – From Zero to 15 Billion GPY in 10 Years

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Fuel – The World’s Largest Market

360 Billion gallons of gasoline consumed globally annually

Billion gallon global chemical market

Number of cars to increase 200 million (30%) by 2015; internal combustion engine will dominate

Corn ethanol capped, butanol to breakthrough blend wall

Butanol used as gasoline blend in the beginning

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Butanol: Drop in Biofuel

Source: GM, BP, Tetra Tech, internal analysis

Fuel Efficiency + 25%

Infrastructure Compatible YES

Engine Compatible YES

Evaporative Emissions Lower VOC

Tailpipe Emissions Reduced

Biodegradable (not MTBE) YES

Non Toxic (not MTBE) YES

Green House Gases -90 %

Approval US 16%EU 15%

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High Margin

Premium Product (blend value above gasoline price, chemicals)

High yield (strain improvement)

Cheap feedstock (high impact, non-food)

Low Variable Costs (single product)

Low Capital

High productivity (bioreactor)

Low severity (pretreatment)

Energy integration

Cobalt’s Formula for High Returns

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Challenges for Competing Technologies

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Cobalt Scale Up Plan

Pilot plant testing mixed sugars since June 2009

Pilot plant testing softwood by December 2009

~1 million gallon per year facility operational 2011

10 million gallon per year facility operational 2013

50 million gallon per year facility operational 2014

Pilot FacilitiesMountain View CA: Bioreactor & distillationGolden, CO: Hydrolysis and conditioning

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The Team to Implement and Scale

Rick Wilson, PhDCEO

Amoco/BP

Steven K. ShevickCFO

Synopsys, Ausra

Mark DinelloSVP, Engineering and Ops

Amoco/BP

Hendrik Meerman, PhDDirector Bioprocessing

Genencor

David Walther, PhDDirector Engineering Research

UC Berkeley

Stacy Burns-Guydish, PhDDirector Microbiology

Stanford

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Cobalt: A Better Way to Make a Better Biofuel

Rick Wilson: 650-230-0750