1. Advanced Biofuels Symposium 2016
Yuan-Sheng Yu
Analyst, Alternative Fuels
July 7, 2016

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3. Three strategies enabling advanced biofuels companies to grow
Low-cost feedstocks
Capital-light projects
Market flexibility

4. High-potential companies implementing similar strategies
Expanded feedstocks from vegetable oils to waste oils
Shifted from cellulosic biomass to high free-fatty acid waste oils
Low-cost feedstocks
Capital-light projects
Market flexibility
Bolt-on cellulosic ethanol technology for corn and sugarcane ethanol facilities
Bolt-on solution to ethanol facilities to produce jet fuel
Farnesene has applications in biojet fuel, personal care products, and cosmetics
Produces renewable heating oil, but JV focuses on co-refining of pyrolysis oil

5. Companies share qualities correlated with likelihood of success
Lux Take
Management
Partnerships
Momentum
Expanded feedstocks from vegetable oils to waste oils
Shifted from cellulosic biomass to high free-fatty acid waste oils 2x  
2.5x 2x 4x 
2.5x
Lux Take
Management
Partnerships
Momentum
Bolt-on cellulosic ethanol technology for corn and sugarcane ethanol facilities
Bolt-on solution to ethanol facilities to produce jet fuel 4x 
2.5x 4x 
2.5x
Lux Take
Management
Partnerships
Momentum 2x 4x 2x
Farnesene has applications in biojet fuel, personal care products, and cosmetics 2x  2x
Produces renewable heating oil, but JV focuses on co-refining of pyrolysis oil

6. Only 7% to 10% of technology start-ups succeed
“For every dollar that goes in the wrong place, that’s a shitty dollar. And it should matter.”
Chris Hartshorn, Chief Research Officer
Fortune – August 5, 2015

7. Thank you Yuan-Sheng Yu Analyst, Alternative Fuels