calysta powerpoint presentation
TRANSCRIPT
Alan Shaw, CEO Intrafish Seafood Investor Forum May 19th, 2016
FeedKind Protein: Sustainable Fishmeal Alternative
™
1997-1999 2030
3
Food security is the issue of the future
By 2050, 9.6B people will demand 75% more protein than currently available
Per capita protein consumption (kg per year)
Source: UN World Population Prospects: The 2012 Revision. World agriculture: towards 2015/2030. Food and Agriculture Organization of the United Nations, 2002. World agriculture: towards 2030/2050. Food and Agriculture Organization of the United Nations, 2012.
Our research shows people
will spend one-third of any
increase in incomes on a more
varied high-protein diet
“
” Greg Page - Executive Chairman
of Cargill
0
20
40
60
80
100
1997-1999 2030
50% growth
East Asia Industrialized countries
2015 Market size and value
(USD billions)
Average Price $/MT Volume – millions of
tonnes per year
Huge markets with huge profit potential
Sources: Calysta Research, IndexMundi, Frost and Sullivan, IFFO.
High protein animal feeds
$15B $1500
10m
Dry companion food
$13B $1900
6.6m
Wet companion food
$5B $3000
1.5m
$90B
Soymeal
$450
200m
Omega-3 oils
$2B $2500
0.9m
4
Aquaculture Growth Rate: 5-8% per year
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• Naturally occurring microorganisms metabolize
methane as their sole source of carbon and energy,
producing a nutritious, high-protein biomass
• The highest sustainability credentials: little water use,
no agricultural land use
• Traceable from production through the supply chain
• Existing single cell proteins eaten by millions of
people every day: Quorn, Marmite, and Vegemite
• Several thousand tonnes used by EWOS successfully
in Atlantic Salmon feeds
is a natural, non-GMO protein source TM
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Superior nutritional profile when compared to other fishmeal alternatives
Many alternatives are plagued by high fiber or inferior amino acid profiles.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Herring Fishmeal
FeedKind Anchovy Fishmeal
Soy PC, ADM Arcon
Activated Brewery Waste
Spirulina Corn Gluten Meal
Chlorella Soldier Fly Larva
Red Seaweed
Crude Protein Lipid Crude Fiber Ash
Source: FAO Feed ingredients and fertilizers for farmed aquatic animals, 2009.
Major aquaculture feed ingredients and alternatives
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Today In development Future
• Fishmeal replacement for carnivorous species requiring high protein diets
• Commercially validated with largest Norwegian salmon feed producers
• Improves digestive tract health in Atlantic Salmon
• Immune stimulating effects to be validated
• High protein feed supplement for critical growth periods, i.e. post weaning piglets
• Reductions in post weaning diarrhea
• Immune stimulating effects to be validated
• Orthogonal protein source for companion animals with systemic allergies
• Immune stimulating effects to be validated
Animal feed product portfolio
Source: Aas et al., 2006. Aquaculture. Overland et al., 2010. Archives Animal Nutrition.
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Source: Marine Ingredients Organization Fishmeal and Fish Oil Statistical Yearbook, 2013. Transparency Market Research, Commercial Amino Acids Market, 2012-2018. IFFO, Global Omega-3 Market Expected to Reach $7B by 2020. Marine Harvest 2014 Industry Handbook.
Research Development Pre-commercial Launch year Market size
4 4 4 2018 $7Bn
Amino Acid enhanced 4 4 2019 $8Bn
Purified Amino Acids 4 2020 $3Bn
Omega-3 Enriched 4 2021 $2Bn
Therapeutic Effects 4 2022 $1Bn
Platform drives Calysta’s innovative product pipeline
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Unique sustainability features
Aquaculture is the future of seafood, but to
meet current and future demands, we must
address its Achilles Heel: an ironic reliance
on wild-caught fish for fishmeal.
Aaron McNevin, - Director of
Aquaculture World Wildlife Fund
Current validation with independent 3rd parties:
On-going discussions with relevant NGOs:
• No agricultural land use
• Very little water use
• 40% improved CO2 profile compared to combustion
• Does not compete with the human food chain, freeing up agricultural commodities for direct human consumption
• No animal derived ingredients
“
”
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Technology proven at commercial scale . . .
Methane
Fermentation
Drying
Product Separation
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. . . In Tjeldbergodden, Norway
• Largest commercial production gas fermenter in the world
• Proprietary loop reactor technology
• Modular reactor design allowing for a phased rollout
• Fully validated over two years of operation
• Goal: Minimize technical risk by rebuilding validated design
200,000 tonnes per year to be
produced at commercial
scale
1st Commercial plant will be built in North America
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• Collaborating with Cargill on a production facility
• Sources of project finance identified with up to $500M in capital committed over 6 years
• Global marketing collaboration
• Modular design lends itself to phased construction process
$350M expected annual revenue
over
Market Introduction Facility Q4 2016
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Partnering with Center for Process Innovation (CPI) for a market introduction facility in Teesside. CPI is the U.K.’s leading govt. sponsored non-profit developing high tech manufacturing expertise
• UK eRGF grant in the amount of $4M
• Fermentation expertise across multiple platforms including C1
• £55M invested in R&D facilities
• 225 employees across four sites
• Access to anaerobic digestion facilities for biogas testing
Why CPI?
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Global production opportunities and indicative project returns
14
US Gulf Coast GCC Countries
Gas Prices: $2.90/MMBtu Power prices: $.060 kWh Unlevered IRR: >30%
Gas Prices: $1.25-3.00/MMBtu Power prices: $0.05 kWh Unlevered IRR: >30%
2nd Commercial Plant Under Development
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• Focusing on Gulf Cooperation Council countries for secondary plant
• Business friendly countries with strong rule of law and support of Europe and United States
• 12 months after North American plant with Cargill allows benefit from engineering and construction
• Nascent but rapidly growing local aquaculture industry with little to no locally produced feed
• Perfect location to serve ASEAN markets and China
200,000 tonnes per year to be
produced at commercial
scale
$350M expected annual revenue
over
Alan Shaw, CEO [email protected] Ted Hull, CFO [email protected]