1. Progress in the Commercialization of Virent’s BioForming Process for the Production of Renewable Hydrogen Greg Keenan Vice President Business Development

2. Key Takeaways Sugar and Sugar Alcohols are Viable Hydrogen Carriers for Distributed Hydrogen Refueling Applications Sugar and Sugar Alcohols are Viable Hydrogen Carriers for Distributed Hydrogen Refueling Applications Virent Enables the Efficient and Economical Production of Hydrogen from Biomass Derived Sugars Virent Enables the Efficient and Economical Production of Hydrogen from Biomass Derived Sugars Virent is Demonstrating Commercial Feasibility of the Process Virent is Demonstrating Commercial Feasibility of the Process Virent and Shell Hydrogen are Collaborating to Commercialize the Process for refueling applications Virent and Shell Hydrogen are Collaborating to Commercialize the Process for refueling applications

3. Virent Energy Systems Overview Founded in 2002Founded in 2002 Based in Madison, WIBased in Madison, WI > 66 Employees> 66 Employees 16 Pilot Plants in Operation16 Pilot Plants in Operation 29,000 sq. ft. facility29,000 sq. ft. facility > $ 30 MM of Venture Financing> $ 30 MM of Venture Financing Virent is commercializing proprietary low temperature catalytic processes that convert biomass into hydrocarbon fuels, chemicals, or hydrogen.

4. Enabling the widespread replacement of fossil fuels by economically transforming biomass into universally used fuels and chemicals.  Glycerin  Sorbitol  Glucose  Sucrose  Five Carbon Sugars  Alcohols  Ethylene Glycol  Mixed Streams VirentAPR Temperatures ~ 280 o C Pressures < 600 psi Liquid Fuels - Gasoline - Diesel Gaseous Fuels - SuperNatural Gas - Hydrogen Chemicals Chemicals - Hydrogen - Propylene Glycol BioForming TM Process

5. Active Collaborators and Investors 5

6. Hydrogen Development and Commercialization Activities Shell Hydrogen Shell Hydrogen - 5 Year Development Program - Purpose: Develop and deploy hydrogen systems using biomass derived sugars as a feedstock - Development work in Madison and Westhollow - Completed First Year of Collaboration DOE: Sugar to Hydrogen DOE: Sugar to Hydrogen DOD: EG to Hydrogen DOD: EG to Hydrogen

7. Sugar as a Hydrogen Carrier Hydrogen Volumetric Density Hydrogen Volumetric Density Efficient Hydrogen Uptake & Release Efficient Hydrogen Uptake & Release Availability Availability Renewability Renewability Sustainability Sustainability Overall Economics Overall Economics Safety Safety

8. Biomass Derived Liquids Carbohydrates Sugar Alcohols Alcohols 6 CO 2 + 12 H 2 O  6 O 2 + C 6 (H 2 O) 6 HarvestPretreatment Glucose Mannose Fructose Sucrose H2H2 Enzyme Sorbitol Mannitol Glycerol Ethylene Glycol Methanol Ethanol Butanol

9. Hydrogen Carriers Various Hydrogen Carriers and the Associated Volumetric Hydrogen Density Based on reformation stoichiometry with H 2 O to H 2 and CO 2

10. Hydrogen Production using the BioForming Process Simple Catalytic Process Simple Catalytic Process - No Water Gas Shift - No Steam System - No Gas Compressor Energy Efficient Energy Efficient Scalable Scalable Feedstock Flexible Feedstock Flexible Low Temperature Low Temperature Aqueous Phase Aqueous Phase

11. Hydrogen Pilot Plant Development >600 X Scale-Up

12. Hydrogen Development Path Catalyst Development Unit Small catalyst quantities Small catalyst quantities Isothermal operation Isothermal operation Rapid screening of catalysts and formulations Rapid screening of catalysts and formulations Process conditions screenings Process conditions screenings Initial stability testing Initial stability testing Reactor Development Unit > 10 x Scale Up > 10 x Scale Up Non-Isothermal operation Non-Isothermal operation Verification of hydrodynamics Verification of hydrodynamics Verification of reactor heat and mass transfer Verification of reactor heat and mass transfer Verification of reactor and catalyst design parameters Verification of reactor and catalyst design parameters

13. Hydrogen Development - PDU Process Development Unit > 600 X Scale Up > 600 X Scale Up Single unit operation number up Single unit operation number up Non-Isothermal Operation Non-Isothermal Operation Flow distribution Flow distribution Reduction in thermal loss Reduction in thermal loss System Operability System Operability - Start-up / Shutdown - Upset - Turn down - PSA Integration

14. PSA Integration Completed Integration and Commissioning of a Commercial Pressure Swing Adsorption (PSA) System for Hydrogen Separation and Purification. Completed Integration and Commissioning of a Commercial Pressure Swing Adsorption (PSA) System for Hydrogen Separation and Purification. Virent outlet gas pressure dropped to PSA operation point. Virent outlet gas pressure dropped to PSA operation point. Initial Data Initial Data - Purity > 99.99% - Verified with third party analysis

15. Status of Pilot Activities Demonstrated 10 kg/day H 2 production from a sugar alcohol Demonstrated 10 kg/day H 2 production from a sugar alcohol Verified reactor design and BOP scale up Verified reactor design and BOP scale up On stream time > 1500 hours On stream time > 1500 hours Demonstrated overall system operability Demonstrated overall system operability - Turndown to 50% of design - Varying feedstock concentration and quality - PSA Integration Continue to operate and optimize catalyst, reactor, and process pilot plants to support the design and fabrication of distributed hydrogen systems Continue to operate and optimize catalyst, reactor, and process pilot plants to support the design and fabrication of distributed hydrogen systems

16. Commercialization Challenge Gartner Hype Cycle

17. Operational Focus Actively Managing Resource Planning Resource Planning - Financial - Human Technology Development Technology Development - Feedstock Diversification - Increase Reforming Efficiency - Reduce Capital Cost Increase Awareness Increase Awareness Monitoring Fuel Cell Market Dynamics Fuel Cell Market Dynamics Fuel Cell Technology Advancement Fuel Cell Technology Advancement Carbon Policy Carbon Policy Investment Climate Investment Climate Political Will Political Will

18. Financial Focus Actively Pursuing Commercial Partnerships Commercial Partnerships - Shell Hydrogen - Others Industrial Gas Market Industrial Gas Market - Niche Opportunities - Current Market Does Not Value Renewable - Carbon Policy Could Drastically Change the Timing and Scale of Opportunity Monitoring Government Research Funding Government Research Funding Private/Public Equity Private/Public Equity

19. Thanks Shell Hydrogen Shell Hydrogen - Dave Austgen, Joep Huijsman Air Products Air Products - Dave Guro, Tom Elzey, Ed Weist Virent Virent - Bob Rozmiarek, Lucie Bednarova, Randy Cortright