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