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Sahil Jain, Weidi Sun, Alexander Perlman, Jack Zhao, Helen Yu
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What is Renma,x?
• Founded: 2008 • Low cost producer of cellulosic sugar for organic materials – Plantrose™ Process
• Sugar can be used for fuels and polymers • Investment from: – BASF, Waste Management, KPCB, Bright Capital • Total Paid-‐in Capital: $90 M
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It’s a SNAP! Ø Skills: Renewable chemistry, patent filing, process building, trade secret, crea,ng sugar
Ø Networks: Biomass suppliers (Waste Management), Specialty Chemical Investors (BASF, Dow Chemical), CEO Michael Hamilton -‐ execu,ve at Rohm and Haas Company (Dow Chemical), CSO Dr. Manuk Colakyan (previously worked at Dow Chemical), Bright Capital
Ø Assets: Plants in PA, GA, Plantrose™ Process (IP) Ø Passions: "Renma,x. The bridge to renewable materials.”
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Water Based Hydrolysis 1. Biomass slurry 2. Biomass Components Hemicellulose, cellulose, lignin 3. Hemi-‐hydrolysis Solubilize the hemicellulose into a C5 Sugar 4. Solid/liquid SeparaIon remove the remaining solids from the C5 sugar stream 5. Cellulose hydrolysis slurry Solids mixed with water to forma slurry 6. Cellulose hydrolysis 7. Pose-‐hydrolysis Remove the lignin solid from C6 sugar stream
What is the Plantrose™ Process?
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Chemical Industry Value Chain
Forest and Agricultre Materials
• Weyerhaeuser Co. • Waste Management • Ceres
Raw Materials
• RenmaIx* • Penford • Westlake Chemical
Special Chemicals
Manufacterer
• BASF • Dow Chemical • DuPont
Retail Distribu,on
• Masco • Merck • Exxon Mobil
End Customer
• Home Depot • Wal-‐Mart • Caterpillar
Biomass Procurement R&D
Engineering, Construc,on, Opera,onal Management
Plantrose™ Processing Sales Transporta,on
Raw Materials Segment Expansion for Renma,x:
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PVC Diagram
Capabili,es
Strong
Weak
Complementary Assets
Specialized Generalized
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Investability
• EBITDA (2017): US$ 8,137K • EV/EBITDA Mul,ple: 7.1 • EV: US$ 17,332K • Equity Value: US$ 12,133k
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Investability
Round 1: Cash ouklow: US$ 1M Ownership: 29.8%
Exit Cash Inflow: US$ 3,622,480 IRR: 29.6%
VC ValuaIon: • Projec,on IPO Value: US$ 12,133K • Time: In 5 years • Discount rate: 30%
2012 (Yr 0)
2013 (Yr 1)
2014 (Yr 2)
2015 (Yr 3)
2016 (Yr 4)
2017 (Yr 5)
Round 2: Cash ouklow: US$ 1.5M Ownership: 20.9%
Time-‐to-‐monetary-‐return
Valua,on/investment
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Recommenda,on
Invest $1 Million now (29.8%) and hold the op,on to increase capital three years later depending on Renma,x’s financial
performance
Huge Market PotenIal: $159 bil in 2010, CAGR 13% to 2015
Significant Advantages: S…N…A…P…
Convinced ValuaIon: IRR 29.6%
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Thank You!
• Ques,ons?
• Team Renma,x – Sahil Jain – [email protected] – Jack Zhao – [email protected] – Alex Perlman – [email protected] – Sun Weidi – [email protected] – Helen Yu – [email protected]
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BACK UP…
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• Market ready product • Scale to fully commercial • Perfect the efficiency of the hydrolysis conversion process
• Mul,ple the feedstock sources to broaden the collaborate opportuni,es with local consumer
Technology Uncertain,es