Renewable & Alternative Fuels – Representative Engagements

ETHANOL MARKET STUDY

Performed an ethanol market study and competitive analysis of a proposed multi-plant ethanol construction project on behalf of a financial institution mandated to arrange the senior debt for the project. Estimated local and export market supply/demand balances, assessed competitive positioning for each facility, and evaluated project risks/mitigates. Provided long-term ethanol and related gasoline price forecast in various markets of interest to the project. Fielded questions and comments from potential investors on behalf of client. Also provided client with in-depth grain report that included long-term supply/demand balances in local area and price forecasts for corn, sorghum, and distiller's grains.

ETHANOL COMPANY DUE DILIGENCE

Provided commercial and technical due diligence for a Section 144A securities offering on behalf of various investors. Conducted on-site inspections of the company’s facilities and interviewed management.

ETHANOL PRODUCER DUE DILIGENCE

On behalf of an international investor, conducted a full technical, commercial, and operational due diligence of US ethanol producer with multiple plants. Visited each site and conducted full mechanical/technical fit for purpose inspections to ensure that the facilities were properly maintained and operated. Reviewed commercial contracts for feedstock supplies, product sales, and utility services. Opined on each facility’s OPEX and CAPEX spending including future profit improvement plans. Worked with investor’s deal team and credit committee through execution of final purchase sale agreement.

ETHANOL CONSTRUCTION PROJECT DUE DILIGENCE

On behalf of an equity investor, carried out a complete due diligence evaluation and North American ethanol market study for a proposed ethanol construction project in the upper Midwest. Conducted management interviews, performed a technology assessment, and assessed competitive positioning of proposed facility. Provided client with various updates and follow-up market analysis during financing and construction phases. Plant is currently operating.

ETHANOL PRODUCTION TECHNOLOGY ENHANCEMENT

Advised a third-party technology licensor during field testing of a novel technology intended to improve ethanol yields in a typical dry-mill operation. Witnessed test runs at the site and reviewed technical data gathered during the field trial.

RENEWABLE DIESEL DUE DILIGENCE

Provided separate technical and market due diligence studies for investor considering investments in a project to repurpose an idle petroleum refinery into a renewable diesel plant as well as a greenfield facility designed to process a range of animal fats, greases and first-use vegetable oils into RD. Continuing with the refinery project (execution phase) after the due diligence study was submitted by providing Lender’s Technical Advisory Independent Engineer services.

RENEWABLE DIESEL MARKET STUDY

Provided a market study for an advanced biofuel project seeking a federal grant to supplement project funding. Assessed the RIN market and provided opinion regarding future RIN values under a substantially diminished RFS2. Reviewed competing feedstocks for bio-diesel and non-differentiated advanced biofuel.

RIN MARKET ANALYSIS

Conducted a detailed RIN market analysis on behalf of a bio-diesel producer relying mainly on lower cost fats, oil, and greases as feedstock. Reviewed other technologies and forecast incremental production volumes of competing biodiesel, renewable diesel, and non-differentiated advanced biofuel.

RENEWABLE DIESEL AND FEEDSTOCK MARKET/TECHNICAL DUE DILIGENCE STUDY

Provided a market and technical due diligence study for an advanced biofuel project seeking repurpose an idle ethanol plant to begin producing renewable diesel. Assessed the RIN and California LCFS markets and provided opinion regarding future credit values. Reviewed competing feedstocks for bio-diesel and non-differentiated advanced biofuel.

RENEWABLE DIESEL/SUSTAINABLE AVIATION FUEL FEEDSTOCK SUPPLY STUDY

Conducted a detailed feedstock study for a proposed US Midwest facility intended to produce SAF for the local aviation market. Study was provided in conjunction with an application for a federal loan guarantee that is currently under consideration. Provided long-term supply demand and pricing projections for refined and crude vegetable oils in the US midcontinent region.