GENERAL

Carbon Terravault CCS JV

Building new carbon capture and sequestration business in high-value California market

Please note this investment was executed during prior employment of a Reinova Co-Founder

• JV with California Resources Corp uses depleted oil & gas reservoirs and first-mover permits.

• CRC secures and permits pore-space; JV originates, finances, owns and operates the CCS chain.

• JV with California Resources Corp uses depleted oil & gas reservoirs and first-mover permits.

• CRC secures and permits pore-space; JV originates, finances, owns and operates the CCS chain.

• Fixed-price option for each permitted reservoir locks in attractive build multiple.

• Put option on the first reservoir limits downside if > 65 % capacity remains un-contracted.

• First-mover pricing captures LCFS + 45Q upside; bundled capture-transport-storage contracts.

• “Blue-fuel” projects on CRC land add adjacent revenue with minimal transport cost.

• Platform will own California’s largest portfolio of permitted pore-space.

• Exit routes include infra-fund sale or IPO once cash-flowing assets and pipeline mature.