ReGen III (GIII) Investor presentation summary

Market opportunity and strategic context

• North America imports about 80% of its Group III base oil, exposing it to geopolitical risks and supply shocks, with no significant domestic capacity additions expected until at least 2027-2028.

• Group III base oil prices surged by 230% since the Iran conflict, while supply remains structurally tight due to refinery economics and plant outages.

• U.S. policy now designates domestic refining as defense-critical, unlocking government support and making local supply a strategic necessity.

• The North American Group III market is valued at $2.9B, with about half of demand potentially met by re-refined sources using waste oil.

Technology and competitive advantage

• Patented ReGen™ process converts used motor oil into high-yield, premium Group III base oil, validated by a 6,000-hour pilot and 48 patents issued or pending.

• ReGen™ technology enables brownfield retrofits of existing re-refineries, reducing capital costs and accelerating time to market.

• Brownfield retrofits can achieve EBITDA margins of ~50% and ROCE up to 135%, with modular scalability and distributed risk.

• Product quality exceeds industry standards, with established market acceptance and strategic offtake agreements covering most initial capacity.

Growth strategy and economics

• Growth is driven by brownfield retrofits, greenfield projects (notably Texas City), and licensing/JV models to scale technology with minimal capital.

• A 20MM gallon brownfield facility targets $30-35M EBITDA, while an 80MM gallon greenfield could generate ~$180M EBITDA at 5-year average pricing.

• Texas City greenfield project, with FEL-2 complete, is positioned as a world-scale, sustainable Group III base oil producer.

• Commercial momentum is strong, with NDAs, technical packages delivered, and MOUs in place with major industry players.