1 1 Energy Transition at Hyperscale

2 E-fuel Hyperscale Loop: Finite window of opportunity for ethanol producers to partner with credible e-methanol producers to convert CO2 into a valuable product US production and jobs Best power and speed to market: Texas ‘Gucci green’ CO2 at speed and scale: Midwest European customers FuelEU binding punitive regulation creates highest customer willingness to pay in shipping: penalties of $2,400/t or $640 CO2 eqv Time is running out before ethanol is locked out • IRA tax credits expire end of 2033 • Pulp & paper floods the biogenic CO2 market from 2031: 24M tonnes one company • How to decide which e-fuels partner: Finance? Customers? Cost of power? Team and hunger? • Contracts need to be secured to hit that 2029/2030 market which means today