© Copyright 2007- NextEnergy Ltd.

Slide 1

SOLENAFUELS Sustainable Jet, Diesel and Marine Fuels

from Waste Biomass

September 2012

© Copyright 2007- NextEnergy Ltd.

Slide 2

Executive Summary – the Challenge/Headwinds confidential

NEEDED: Drop-in, certified fuel requiring no engine or infrastructure modifications; requires no subsidies; is market competitive; does not

compete with crops/farmland

Fuel currently derived from expensive, price volatile petroleum

Petroleum is a carbon heavy source of energy

Jet crack and ULSD spreads are widening

CO2 reduction schemes not achievable without biofuels

Unstable Supply Chains for Crude

GTL and CTL still carbon intensive

Jets can not switch to non-liquid sources of energy

Market is looking for truly sustainable solutions at unsubsidized market prices

NEEDED: ultra low sulphur fuels

© Copyright 2007- NextEnergy Ltd.

Slide 3

Industry Challenges confidential

↑ Crack Spreads

Low Expectations for Change in Trend lines

© Copyright 2007- NextEnergy Ltd.

Slide 4

industry is embracing new means of addressing the challenges & risks Industry Response

confidential

• Co-developing project with Solena in London • LT offtake contract (take-or-pay) and £25MM construction investment

• Invested in alcohol to jet company • Rights to fuel production

• $220 million purchase/commitment of/to a petroleum refinery in attempt to capture crack spreads

• Significant vertical integration risk • Does not address sustainability

• Signed onto Solena platform:

© Copyright 2007- NextEnergy Ltd.

Slide 5

Executive Summary – the Solution confidential

Proven Fischer-Tropsch Platform

Ability to use waste biomass (inc. MSW)

Market Priced

No Subsidies Needed

Solena addresses market demands at market prices

Truly Sustainable No Engine Modification

Market Leader

No Infrastructure modifications

No SOx , NOx or dioxins

Feedstock Flexibility

Best of breed relationships

© Copyright 2007- NextEnergy Ltd.

Slide 6

Our Solution

confidential

© Copyright 2007- NextEnergy Ltd.

Slide 7

Solena is extending the FT industry to include biomass

Fischer Tropsch Industry – Making Drop-In Jet & Diesel for Decades confidential

Coal

Nat. Gas

Biomass

Fluidized Gasification

Reformation

Proprietary

High Temperature Gasification

Solena is able to expand the industry to biomass through its proprietary gasification system

Means of converting energy into SynGas

Energy source

SynGas Fischer Tropsch

Synthesis

Upgrading

All produce SynGas which is converted into liquid fuels

Liquid fuels

“BTL”

“GTL”

“CTL” CTL & GTL in

extensive use today

All three processes produce a syngas (CO & H2) at various ratios

© Copyright 2007- NextEnergy Ltd.

Slide 8

proven technologies, best of breed partners, fuel flexibility, modularity

Solena BTL Solution confidential

WASTE BIOMASS Agricultural Waste

Urban Waste Wood Waste

BioSynGas Clean up and Conditioning

Fischer-Tropsch Reactors FT Products Off/Tail Gas

Steam

Gasifiers

Power Block

Controls & Instrumentation

730k bbl Jet/Diesel

Export net to grid Parasitic load

` FT Product Upgrading

SUSTAINABLE , DROP-IN, CERTIFIED FUELS

219k bbl Naphtha

EPC

© Copyright 2007- NextEnergy Ltd.

Slide 9

patented high temperature gasification solution

How does Solena do it?

Gasification Vessel

confidential

Technology enables production of a rich, clean BioSynGas for synthetic, drop-in fuels with maximum feedstock flexibility

1. Operating efficiencies – torch power consumption reduced 85% (via use of catalytic bed)

2. Energy extraction efficiencies – ~88% due to high temperatures and plenum cracking zone

3. Higher temperatures – economically achievable due to catalytic bed

4. Feedstock flexibility – achieved through higher temperatures

5. Controls parameters – allows stable production of BioSynGas

6. Clean & Stable BioSynGas – a result of higher temperatures and residence time in plenum

7. Rich BioSynGas – achieved through conversion efficiencies

8. System utilizes chemical and sensible heat energies

© Copyright 2007- NextEnergy Ltd.

Slide 10

The Type of Fuel We Produce confidential

Synthetic Paraffinic Kerosene (Jet) & Diesel

Fully Certified/ “Drop-In”

Carbon Neutral

Sulfur Neutral (No SOx)

Costs not tied to Petroleum

No engine or Infrastructure

changes

Local FX Denomination

Domestically Sourced

Fischer-Tropsch + waste biomass = best in class fuel

sustainable FT jet, diesel and marine fuels

© Copyright 2007- NextEnergy Ltd.

Slide 11

The Types of Feedstock We Are Able To Use confidential

1. Feedstocks do not compete with food market

2. Feedstock does not compete with agricultural land/water use

3. Use of municipal waste eliminates methane (CH4) emissions from landfills (1 ton of CH4 is equivalent to 21 ton of CO2 in terms of GHG warming effects)

4. Widely available near fuel point of use

5. Well established, predictable supply chain in place today

6. Incentives & penalties help insure delivery

Wood Waste Ag Waste Municipal Waste

Solena feedstocks can be used

interchangeably

high quality, synthetic fuels that meet all airline specs

© Copyright 2007- NextEnergy Ltd.

Slide 12

Our Company

confidential

© Copyright 2007- NextEnergy Ltd.

Slide 13

• Privately-held Delaware USA corporation • Business model: develop, build, own and operate • Solena’s patented technology is key front end, enabling technology

Solena Fuels Corporation confidential

summary

Key Competitive Strengths

1. Ability to use MSW as feedstock

2. Leveraging proven industrial processes

3. Market-based economics 4. Bankable projects with no-

subsidies 5. Differentiated product

Customer Pipeline

© Copyright 2007- NextEnergy Ltd.

Slide 14

best of breed partners for all of our projects

GreenSky London, our British Airways Project confidential

SPE for BA Project; initially owned 100% by Solena Fuels

FEEDSTOCK SUPPLY

Project Developer, Owner, Operator & Technology Provider

PROJECT DEVELOPMENT

EPC

OFFTAKE

Jet Offtake

BioPower

TECHNOLOGY

FINANCING

Diesel

© Copyright 2007- NextEnergy Ltd.

Slide 15

SOLENAFUELS Sustainable Jet, Diesel and Marine Fuels

from Waste Biomass