Glenn Doty

available, or however the energy demand changes, the grid can respond merely by ramping up or down the demand of the electrolyzers and stability can be maintained. The result of this grid stability will be ultra-clean carbon neutral liquid fuels and chemicals: (gasoline, diesel, jet fuel, propane, propylene, mixed butenes, toluene, benzene, etc...) The total price: including capital costs, energy costs, CO2 costs, etc... is projected to be between ~$50-~$75/bbl. In the near term, as electrolyzers are still quite expensive and natural gas is cheap, a bridge reaction - CARMA - can be used to allow some of the energy and H2 to be replaced by natural gas. But the actual reactor design will not change as more H2 and CO2 is used instead of CH4... so the plant can gradually increase the number of modular electrolyzers and shift from natural gas to energy as natural gas becomes more expensive and electrolyzers drop in price. . Near term CARMA-FTS should produce hydrocarbon products at significantly lower cost than the near term WindFuels costs, but we do not expect natural gas prices to hold this low for long, so the balance will gradually shift. This represents and enormous profit potential for anyone who is willing to invest early in a novel technology. We are looking for venture capital to build a pilot plant, and are interested in either a series of tranche investments as milestones are reached or in a venture loan. Due to recently passed legislation, we may also have interest in "crowdsourcing".