FEEDKIND PROTEIN: A NOURISHING AND SUSTAINABLE FEED INGREDIENT - INTRAFISH SEAFOOD INVESTOR FORUM MAY 23, 2017
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FeedKind® Protein: A Nourishing and Sustainable Feed Ingredient IntraFish Seafood Investor Forum May 23, 2017
Disclaimer The material in this presentation has been prepared by Calysta, Inc. (Calysta) and is general background information about Calysta’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All securities and financial product or instrument transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to Calysta’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions and risk management practices. Readers are cautioned not to place undue reliance on these forward looking statements. Calysta does not undertake any obligation to publicly release the result of any revisions to these forward looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. While due care has been used in the preparation of forecast information, actual results may vary in a materially positive or negative manner. Forecasts and hypothetical examples are subject to uncertainty and contingencies outside Calysta’s control. Past performance is not a reliable indication of future performance. Unless otherwise specified, all information contained herein was made current as of May 2017.
The Calysta Opportunity
• Calysta’s FeedKind protein can help address one of
the greatest threats to global growth: food security
• Proprietary gas fermentation platform for producing
protein and other nutritional products
• High quality FeedKind protein has been extensively
validated in aquaculture, the most demanding and
fastest growing food production system in the world
®
• Experienced team with proven track record of
successful execution across multiple disciplines
• World-class partners and investors including Cargill,
Mitsui and Temasek
• Construction of the world’s largest gas fermentation
facility underway in Memphis, Tennessee, U.S
3
Our Corporate
Company History in Brief
Milestones
2013 2014 2015 2017
2012 2013 2014 2015
Calystais isspun
Calysta spunoutout NatureWorks
Acquisition of Acquisition of
FeedKind $11Mground
Broke Series Bin
fromDNA
DNA 2.02.0 deal e
announced BioProtein
from BioProtein A/S brand launch A/S Memphis, TN
2014 2015
$4M Sr ni es A
Acquisition of $11M Series B
ced BioProtein A/S $30M Series C & $40M Series D &
$4M Series A $11M Series B Partnership in Partnerships in Asia
Entry into nutritio
North America
industry
A
Entry into nutritio FeedKind brand launch
industry
FeedKind brand launch
4
10
De-Risked Business Model Focused on Execution
• Benefitting from multiple decades of development
Product and $400+ million invested globally to-date
Development • Already approved in the EU for use in fish and
and Validation livestock
• Anchor customer in Cargill Aqua Nutrition (CQN)
• European Fermentation Center operating in the UK
and producing FeedKind protein commercial
Manufacturing samples
and • Ground broken on the 1st commercial plant, located
Operations in the U.S. and to be commissioned late 2018
• Financial commitments from a consortium of
investors, including Cargill and Calysta
• Global joint marketing agreement signed with
Cargill
Sale,
• Partner / investors Mitsui and Temasek further
Marketing and
bolster Japan and SE Asia footprint
Distribution
• Key FeedKind sales directors on the ground in
Norway and the EU, China, and SE Asia
• Key hires made over last 12 months include
Management
important operations, international sales &
Team
marketing, regulatory and financing expertise
5
®
is a Natural, Non-GMO Source of
Protein for Animal Feeds
Naturally occurring microorganisms form a nutritious, high-protein biomass
Many Key Benefits for Feed Companies:
Supply Chain Consumer Sustainability Under development
• Traceable • Non-GMO • No agricultural land • Amino acid
• Consistent product • Natural fermentation use enhancements
• Year round process • Little water use • Prebiotic and
production • No animal based • Additive to the probiotic effects
• Long shelf life ingredients human food chain
• Reduced enteritis vs. • Reduced use of
plant proteins marine ingredients
EU Approval Already Received for Use in Fish and Livestock:
EU Feed
Registration:
6
Superior Nutrient Density as Compared to Other
Protein Alternatives
Major aquaculture feed ingredients and alternatives
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Herring FeedKind Anchovy Soy PC Corn Chlorella Soldier Fly Red Spirulina Activated
Fishmeal Fishmeal Gluten Larva Seaweed Brewery
Meal Waste
Crude Protein Lipid Crude Fiber Ash
Source: FAO Feed ingredients and fertilizers for farmed aquatic animals, 2009.
7
Calysta’s Natural Proprietary Fermentation Process
8
Millions of People Eat Single Cell Proteins Everyday
9
FeedKind Protein Commercial Samples Shipping
Worldwide from Teesside UK Plant
• Over 5 tonnes of commercially representative • Successful maintenance of 8+ weeks of
FeedKind protein already produced in 2017 continuous fermentation, meeting design
• Shipping commercial samples to customer and parameters for key commercial metrics such as
partners worldwide yield and productivity
• Facility is a “scale-down” of the original • Partnered with Center for Process Innovation
Tjeldbergodden, Norway reactor, demonstrated (“CPI”) to provide on site services and well
to produce at a rate of 10,000 mtpa trained staff
Fermenter in Teesside, England.
10Ground Has Broken on 1st Commercial Plant in
Memphis, Tennessee
• Collaborating with Cargill on what will be the
world’s largest gas fermentation facility,
occupying 37 acres of Cargill’s 69-acre property
on President’s Island in Memphis
• Modular design lends itself to phased
construction process: 20 fermenters, each
similar in size to a football field endzone, plus
several dryers, each approximately the height of
a six-story building
• 20,000 mtpa Phase I coming online Q1 2019,
with total production capacity of 200,000 mtpa
by 2021
11On-Going Trials Evaluating Feed Formulations, Species-
Specific R&D and Regulatory Approvals Outside the EU
• Material from Teesside is now being
tested in multiple locations worldwide
• Work in process on vannamei shrimp,
salmonids, and other marine finfish
• FeedKind protein will be a globally
relevant ingredient, not exclusive to
the salmon industry
• Working with most of the world’s
largest aquaculture feed companies
• Recently completed growth study in
rainbow trout
12Initially Targeting the Global Aquaculture Feed
Market…
~40M tonnes of aquaculture feed produced annually
• While production from wild capture has stabilized at 90 – 95 million
tonnes per year since the mid-1990s, aquaculture increased at a rate of
5 – 6% over the same time period
• Given finite fishmeal supply, growth in aquaculture cannot continue
sustainably on this trajectory without the development of new
alternatives
• Increasing dependence on terrestrial crops for feed raises its own set of
environmental considerations given the potential trade-offs associated
with agricultural land use, nutrient pollution and water consumption
Asia Pacific dominates global fed
aquaculture production, followed by Europe
• Shrimp accounts for ~21% of aqua feed
production (82% in Asia)
• Salmon accounts for ~11% (52% in Europe)
Source: AllTech Feed Survey, 2016 and 2017; FAO State of the World Fisheries and Aquaculture…With Additional Market Opportunities Being
Pursued in Parallel
• Fishmeal replacement for • High protein feed supplement • Orthogonal protein source for
carnivorous species requiring for critical growth periods, i.e. companion animals with
high protein diets post weaning piglets systemic allergies
• Commercially validated with • Reductions in post weaning • Immune stimulating effects to
largest Norwegian salmon feed diarrhea be validated
producers
• Immune stimulating effects to
• Improves digestive tract health be validated
in Atlantic Salmon
• Immune stimulating effects to
be validated
Source: Aas et al., 2006. Aquaculture. Overland et al., 2010. Archives Animal Nutrition.
14Alan Shaw, President and CEO ashaw@calysta.com Lynsey Wenger, CFO and CSO lwenger@calysta.com
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