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Adgen short presentation 100708v1

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Adgen short presentation 100708v1

  1. 1. Plants in Partnership July 2010 ADGEN ENERGY Adgen Short Presentation 100708v1
  2. 2. Adgen – In a nutshell <ul><li>“ AD in the UK” </li></ul><ul><li>“ Develop to own and operate” </li></ul><ul><li>“ Food waste first” </li></ul><ul><li>“ In partnership, not competition” </li></ul><ul><li>“ Financial stability and scalability” </li></ul>
  3. 3. The Right Opportunity… Commercial & Industrial Agricultural Waste Household Sewage Sludge Untapped potential – up to 6TWh, 2% of UK energy consumption <ul><li>Scalable opportunity to >150 plants of 25ktpa </li></ul><ul><li>Sub £10m plants, addressable by small players </li></ul>1-3% 1-2% <1% 30-50% Energy potential 1,000 – 1,700 GWh 5Mt 67Mt 34Mt 4Mt 450 – 900 GWh 150 – 300 700 – 1,200 GWh
  4. 4. The Right Time for AD <ul><li>Technology </li></ul><ul><li>Economics </li></ul><ul><li>Proven </li></ul><ul><li>Robust </li></ul><ul><li>Improving operational effectiveness </li></ul><ul><li>Premium price </li></ul><ul><li>Higher gate fees </li></ul><ul><li>Carbon credits </li></ul><ul><li>Shorter set-up time </li></ul><ul><li>Strong incentives to increase efficiencies </li></ul>Politics <ul><li>Renewable energy </li></ul><ul><li>Waste management </li></ul><ul><li>GHG reduction </li></ul><ul><li>Favourable planning </li></ul><ul><li>Tight WASC regulatory settlement </li></ul>
  5. 5. Project Developer Role is Crucial to Deployment Adgen Finance Technology Site Feedstock <ul><li>One size does not fit all </li></ul><ul><li>Specify, Integrate, Operate </li></ul><ul><li>Critical constrained resource </li></ul><ul><li>Value, Reliability, CSR </li></ul><ul><li>Contracted revenues </li></ul><ul><li>Real costs </li></ul><ul><li>Bankable projects at financial close </li></ul><ul><li>Many potential sites </li></ul><ul><li>Local monopoly </li></ul>
  6. 6. Adgen Team is Uniquely Experienced Adgen Finance Technology Site Feedstock <ul><li>20 Biogas Plants </li></ul><ul><li>Engineering </li></ul><ul><li>Supply Chain </li></ul><ul><li>Procurement </li></ul><ul><li>LA Municipal </li></ul><ul><li>Commercial </li></ul><ul><li>Industrial </li></ul><ul><li>Long Term </li></ul><ul><li>Spot </li></ul><ul><li>Proven Business Models </li></ul><ul><li>Construction Finance Facility </li></ul><ul><li>Working Capital </li></ul><ul><li>UK Planning </li></ul><ul><li>Compliance </li></ul><ul><li>Rural </li></ul><ul><li>Urban </li></ul>
  7. 7. Technology – We have a proven development, technology and operations team assembled <ul><li>British technology, proven over 20 UK plants, 10 years 100% food waste experience, scaled From DEFRA Ludlow plant to 45,000 tonne Westwood facility, operations integrated from doorstep to field. </li></ul><ul><li>Design </li></ul><ul><li>Planning </li></ul><ul><li>Construction </li></ul><ul><li>Operations </li></ul>
  8. 8. From turnkey to service: Flexible approach 2 Years 1 Year Life of Plant Operate Build Project Development Turnkey Design, Build Commission BOOT Develop, Operate, Transfer SERVICE Develop, Operate, Waste & Energy Contracts
  9. 9. Adgen Executive Directors <ul><li>Fredrik N Adams , </li></ul><ul><li>Managing Director </li></ul><ul><li>Fredrik is a co-founder and director of Adgen Energy. </li></ul><ul><li>Since 1999 Fredrik has worked with early-stage technology investments in Europe, as an investor, board director, interim CEO and co-founder. He has participated in building several enterprises (in in internet services, telecom equipment, software and medical equipment) from nil to revenues of €30m or more, generating a good return for investors. He was investment manager at European Equity Partners/EEP (€53m venture fund based in London), Venture Partner at Viventures (€200m fund in Paris) and its successor Tempo Capital Partners, and Investment Partner at Siemens Venture Capital in Munich and Boston. </li></ul><ul><li>As a venture investor, he has sourced new deals, written business plans, secured funding from third parties, served on numerous boards, set strategic direction, stepped in as interim CEO, recruited management teams, managed add-on acquisitions, exited companies and disposed of assets. Prior to EEP, Fredrik worked on the turn-around of Head, the Austrian sporting goods manufacturer. </li></ul><ul><li>He started his career with privatisations in Malaysia and the Czech Republic, followed by corporate finance at Nomura International. He holds a B.A. in business administration from Lund university in Sweden, and a M.Sc. from the Royal Agricultural College, Cirencester. </li></ul><ul><li>Daniel Poulson , </li></ul><ul><li>Managing Director </li></ul><ul><li>Dan joined Adgen in the summer of 2009. </li></ul><ul><li>Prior to joining Adgen, he was CEO of BiogenGreenfinch, the leading UK AD technology provider and operator. At Biogen he led the acquisition of Greenfinch and the development of the largest food waste AD plant in the UK. Subsequently he advised a leading utility on the first commercial development of co-digestion facilities in the UK. </li></ul><ul><li>Over the past twenty years Dan has conceived and delivered innovative growth in technology, consumer and services businesses, developing multi-million pound lines of business from a zero base in diverse sectors ranging from civil engineering with Arup through automotive service to consumer electronics with Wal-Mart and Vodafone. </li></ul><ul><li>In parallel with Adgen, Dan is involved as a non-executive director of Optima-Life,  and Mootral which is developing animal pharmaceuticals to inhibit ruminant methanogenesis. </li></ul><ul><li>Dan is a chartered engineer, having led development and regeneration projects at Ove Arup. He holds an MBA from London Business School and an MA from Cambridge University. </li></ul>
  10. 10. A typical Plant development cycle: Creating Value <ul><li>Financing: </li></ul><ul><li>Risk Capital Project Finance Re-Financing with operating track record </li></ul><ul><li>Equity risk Debt & equity Cheaper debt </li></ul>2 Years 1 Year 20+ Years £500k £6m >£700k pa £1m £8m Financial Close Commissioning Equity value: Investment: Free cashflow: Typical 25ktpa AD plant Re-financing Debt Secondary Sale of Equity Operate Build Project Development
  11. 11. Multiple plants: Building a sustainable, scalable enterprise Enterprise Value £ 2010 2011 2012 2013 2014 2015 2016 2017 2018 Operate Build Develop Operate Build Develop Operate Build Develop Operate Build Develop Operate Build Develop Operate Acquire Operate Build Develop Operate Build Develop Operate Build Develop Operate Acquire