Bob Kearns

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Barley Protein Concentrate
The first plant protein
with the nutritional quality and potential
volume to effectively replace fishmeal in
aquaculture feeds
Barley Protein Concentrate
• MMP developed biological fractionation
process, ethanol co product
• Patent pending US and PCT: Claims for
Process; BPC composition; Use in
aquaculture
• Process design: Similar to an ethanol plant
but different operating conditions, different
enzymes and modified process flow; uses
conventional, available equipment
BPC Specifications
•
•
•
•
•
•
60% protein dry basis
Crude fiber less than 5%
Microbial contamination< 1X104/gram
Protein digestibility: 96% salmon and trout
Phosphorus less than 0.5%, >60%available
Approved by US Food and Drug
Administration as protein feed ingredient for
aquaculture
Performance
Aquaculture Feeding Studies
All studies independently conducted by USDA,
universities and companies
Trout, Atlantic Salmon, Coho, Char, Yellowtail,
Cobia, Red Drum
BPC equivalent to fishmeal, BPC/fishmeal
blends often superior
Trout
Substitution of Fish Meal with Barley Protein
Concentrate; 12 Weeks
200
195
190
185
180
Gain (g/fish)
175
170
165
Salmon
160
155
100% Fish
Meal
33%/66%
FM/BPC
66%/33%
FM/BPC
Substitution of fishmeal with Barley
Protein Concentrate: 17 weeks
100% BPC
180
160
140
120
100
80
60
40
20
0
FM
Gain gr/fish
BPC:FM 1:1
BPC:FM 2:1
BPC Characteristics
Dry Powder – Bulk Density 50 lbs/cu ft
Nominal 60% protein
Amino Acid Profile Barley Protein Concentrate
% of total weight
ala
arg
asp
glu
gly
his
ile
leu
2.53
3.16
3.50
14.79
2.26
1.32
2.28
4.41
lys
met
phe
pro
ser
thr
tyr
val
2.15
0.99
3.55
7.21
3.04
2.30
2.18
2.83
Total
58.50
These 16 amino acids account for approximately 97% of
total protein determined by assay of total N.
BPC contains amino acids not determined by this assay, for
example cystine.
BPC
Business Development Plan





Construct first facility Montana USA
close to barley supply, US trout markets
5,300 tons BPC, 2 million gallons ethanol/year
Expand Production 5X at Montana site
expansion serves west coast North American,
Asian Markets
 License or Joint Ventures in Europe
 countries with barley supply and aquaculture
Status First BPC Facility






Purchase LOIs for BPC and ethanol
Site selected
Bank commitment for $6.5M debt finance
Total project cost $12.5 million
Seeking additional equity financing
Target - break ground Sept 2012
Financial Model Assumptions
 5,300 tons (US), 2 million gallons ethanol/year
 Revenue
BPC @ $950/ton,
Ethanol $2.20/ gallon (recent US spot price)
 Production cost
Barley 70% of total cost, $10/cwt ($220/MT)
historical high
Labor 19 fte,
Energy, natural gas and electricity at current prices
 Total project cost $12.5 million
 $5M equity, $6.5M debt, $1M New Market Tax Credit
Montana Financial Model,
One production module, no licensing
Revenue
Year 1
Year 2
Year 3
Year 4
Year 5
BPC Sales
$692,550
$5,520,833
$5,550,425
$5,830,000
$5,830,000
EtOH sales
$955,000
0
4,505,000
400,444
7,752,065
400,444
4,705,222
400,444
4,805,333
400,444
$10,440,981
10,575,666
11,035,778
MT Prod.Payment
Total Income
$1,647,550 10,426,278
Expenses
$1,882,645
$4,618,067
$4,757,468
$4,895,268
$5,035,471
Wages
370,087
1,026,375
1,247,049
1,317,794
1,370,506
Utilities
$135,171
$617,609
$630,031
$640,449
$651,034
Misc'll
$199,536
$671,328
$319,026
$397,952
$399,973
$0
$300,000
$300,000
$300,000
$300,000
Total Expenses
$2,587,440
$7,233,378
$7,253,574
$7,551,463
$7,756,984
EBITDA
($939,890)
$3,192,899
$3,187,407
$3,024,203
Materials
Marketing
3,278,793
Expanded Montana Operation
Five production modules & Licensing
Revenue
Year 1
Year 2
Year 3
Year 4
Year 5
BPC Sales
$692,550
$5,520,833
$9,477,725
$28,907,083
$34,980,000
EtOH sales
955,000
4,505,000
7,752,065
23,330,060
28,832,000
MT Prod.Payment
0
400,444
684,093
1,985,537
2,402,667
Licensing
0
1,000,000
1,500,000
3,000,000
1,000,000
Royalties
0
0
534,375
2,137,500
3,206,250
$1,647,550
$11,426,278
$19,948,257
$59,360,181
$70,420,917
$1,882,645
$4,618,067
$8,127,342
$24,272,373
$30,212,827
Wages
370,087
1,026,375
1,480,009
1,564,399
1,626,975
Utilities
$135,171
$617,609
$1,070,353
$3,142,307
$3,302,742
Misc'll
$199,536
$707,078
$514,576
$1,874,303
$2,181,251
$0
$300,000
$300,000
$300,000
$300,000
Total Expenses
$2,587,440
$7,269,128
$11,492,280
$31,153,382
$37,623,795
EBITDA
($939,890)
$4,157,149
$8,455,977
$28,206,799
$32,797,122
Total Income
Expenses
Materials
Marketing
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