i iNBIO — International BioRefineries

$25 of waste.
$615 of revenue per ton.

Bio-oil + biochar + 45Z clean-fuel credits + biochar carbon credits. Patented fast pyrolysis. 95% of pilot equipment purchased. Commissioning Q4 2026. First customer agreement signed.

Raising $3,000,000 Regulation D 506(c) Accredited Investors Only
iNBIO Investor Pitch · v1 · Draft
02 · PROBLEM
The opportunity

Industrial fuel buyers are paying for fuel.
Farms are paying to dispose of waste. The streams never meet.

$3–$5
per gallon
Railroads, marine operators, and municipal boiler users are already paying this for low-carbon liquid fuel.
1B+
tons per year
U.S. farms, sawmills, and forestry operations pay tipping fees to dispose of biomass waste every year.
We connect them — converting waste tonnage into drop-in renewable fuel.
iNBIO Regulation D 506(c) · Accredited Only
03 · SOLUTION
Patented fast pyrolysis

One ton of biomass in. $615 of revenue out.

Input
1 ton biomass
$25
Agricultural & forestry waste
→
Process
Fast Pyrolysis
Moving-bed thermal reactor
+ moving-bed filter
<2 seconds @ 500+ °C
→
Product · Bio-Oil
103 gal × $4
$412
+ $103 from 45Z federal credit
Product · Biochar
400 lbs × $350/ton
$70
+ $30 from carbon credits
IP portfolio: U.S. Patent 9,121,644 (issued) · Canadian Patent 2,832,550 (issued) · U.S. Utility Application 18/672,256 (pending · Docket INBIO-001)
iNBIO Regulation D 506(c) · Accredited Only
04 · VALIDATION
Non-dilutive capital already secured

$3.25M+ in grants. The technology is already underwritten.

Federal agencies, the State of Maryland, and a state university have already vetted and funded iNBIO's reactor and process work.

$2M+
MD Dept. of Agriculture
Animal Waste Tech Fund award
Awarded
$500K
Energywerx Voucher
Engineering support · 75 TPD reactor design
Awarded
$500K
Future Commitment
Triggers at demonstration completion
Committed
$250K
U. of Maryland MIPS
University R&D partnership grant
Awarded
Federal R&D backing U.S. Department of Energy · U.S. Department of Agriculture · U.S. Forest Service
iNBIO Regulation D 506(c) · Accredited Only
05 · UNIT ECONOMICS
Per ton of feedstock

24× input-to-output ratio.

$482 in product sales, $133 in policy-backed credits — already enacted federal & voluntary markets.

Feedstock cost
$25
$25
Total revenue
$615
$615
Revenue stream Source Quantity Price Value
Bio-oil sales Product · 45% yield (103 gal) 103 gallons $4.00 / gal $412.00
Biochar sales Product · 20% yield (400 lbs) 400 lbs $350 / ton $70.00
45Z clean-fuel credit U.S. federal IRA tax credit 103 gallons $1.00 / gal $103.00
Biochar carbon credits Voluntary carbon market 0.20 tons $150 / ton $30.00
Total revenue per ton of feedstock $615.00
Conservative assumptions: bio-oil at $4/gal (market $3.50–$5.25), biochar at $350/ton (market $200–$1,500), carbon credits at $150/ton (market avg ~$164). Figures exclude operating costs. Yields validated in prior continuous-run pilots on woody biomass.
iNBIO Regulation D 506(c) · Accredited Only
06 · MARKET & CUSTOMERS
Sales pipeline

Customers are named and committed — not hypothetical.

Suspects
Target
Segment
Mid-Atlantic fuel distributors, regional utilities, and industrial boiler operators within 300 miles.
Prospects
In Discussion
Rail
Wholesalers supplying Class I railroad fuel operations — active commercial discussions underway.
LOI In Hand
Confidential LOI
Carbon
Carbon-credit buyer using renewable bio-oil to plug depleted oil wells for durable carbon removal.
Agreement Signed
Signed
Baltimore
Baltimore fuel distributor — municipal boiler supply. Offtake agreement in place.
Input side
Feedstock supply agreement — executed.
Signed
iNBIO Regulation D 506(c) · Accredited Only
07 · READINESS
Validation & readiness

We are not a concept. We are an install.

95%
of pilot-plant equipment already purchased and warehoused, ready for installation on the Eastern Shore, MD.
Prior
Yields validated
Prior continuous-run pilots confirmed 45% bio-oil / 25% biochar yields on woody biomass.
Today
Equipment warehoused
95% of pilot equipment purchased. Patents issued. First customer agreement signed.
Q4 2026
Commissioning
Pilot plant installed and commissioned on the Eastern Shore, MD.
2027
Commercial engineering
First six months of pilot operations + detailed engineering on the 75 TPD commercial unit.
iNBIO Regulation D 506(c) · Accredited Only
08 · SCALE-UP PATH
Pilot → Commercial → Full Plant

One reactor architecture. Three phases. Already engineered.

Phase 1 · 2026
6 TPD
Pilot Plant
  • Eastern Shore, MD · equipment owned
  • Commissioning Q4 2026
  • Funded by this $3M round
  • ~620 gal bio-oil/day · ~1.2 t biochar/day
  • Proves economics + first revenue
Phase 2 · 2029
75 TPD
First Commercial Unit
  • Reactor design complete (Energywerx grant)
  • Engineering funded by this round
  • $15M CapEx · Series A construction capital
  • ~7,725 gal bio-oil/day · ~15 t biochar/day
  • Projected $15M revenue · proves replicability
Phase 3 · 2030
300 TPD
Full Commercial Plant
  • 4 × 75 TPD reactors in parallel
  • Identical engineering — replication, not new R&D
  • $55M total CapEx · Series A + project finance
  • Projected $60.9M revenue · $46M EBITDA
  • Beachhead market: poultry litter + wood waste, GA/AR/AL/NC/MS
Site note: Original Salisbury, MD pilot site is held up by neighborhood litigation. Pilot is relocating to the Eastern Shore of Maryland — no comparable constraint at the new site.
iNBIO Regulation D 506(c) · Accredited Only
09 · THE ASK
Raise & use of funds

$3M closes the gap between warehouse and revenue.

$3M
Instrument
Convertible Note
Offering
Reg D 506(c)
Interest
7% per annum
Maturity
2 years
Conversion Discount
20% to next qualified round
TOTAL $3.0M
Retire existing bank note
$1,400,000
Complete pilot plant (6 TPD)
$1,100,000
Commissioning & first runs
$250,000
Working capital
$250,000
iNBIO Regulation D 506(c) · Accredited Only
10 · INVESTOR RETURNS
Modeled scenarios · convertible note

Downside protection plus equity upside.

Convertible note pays 7% interest, converts at a 20% discount to the next qualified round, and gives accredited investors equity exposure to the 300 TPD scale-up.

Upside
Hold equity through the 300 TPD scale-up
~55%IRR
8.2×MoM
5 yrHorizon
Base case
Convert at moderate Series A ($30M pre-money)
16.4%IRR
1.32×MoM
2 yrHorizon
Downside
No conversion — note repaid at maturity
7.0%IRR
1.14×MoM
2 yrHorizon
Worst case
Default — partial or full loss of principal
—Negative
< 1×MoM
—N/A
Forward-looking. Modeled at conservative assumptions: $4.00/gal bio-oil, $350/ton biochar, $150/ton biochar carbon credit, $1.00/gal 45Z federal credit, 103 gal/ton bio-oil yield, 20% biochar yield. Returns are estimates, not guarantees. Detailed modeling and risk factors in offering documents.
iNBIO Regulation D 506(c) · Accredited Only
11 · TEAM
Execution bench

150+ years of engineering and plant execution.

Raj Kathuria
Founder & CEO
Biotech commercialization, project finance, and cleantech execution. Leads iNBIO's capital strategy, customer development, and site operations.
Phil Badger
Co-Founder · VP & CTO
Professional Engineer (PE). Former Principal at Renewable Oil International. Inventor of the patented moving-bed thermal reactor. Decades designing and operating biomass thermal-processing systems.
Process Engineering
Process Lead
Mechanical Lead
Piping & HSE
Electrical
Instrumentation
Civil & Structural
Rotary & Package
Engineering Partners
Johnston Engineering · Swastishri Engineering Services · CPFD Barracuda Software
iNBIO Regulation D 506(c) · Accredited Only
Why now

We are not selling the future.
We are finishing a plant.

✓
Equipment bought
✓
Patents issued
✓
First customer signed
✓
Confidential LOI in hand
✓
Feedstock contracted
✓
Yields pilot-validated
Accredited investors
$3M · Reg D 506(c) · Q4 2026 commissioning
Invest via WeFunder →
This communication is for accredited investors only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any such offer will be made only through official offering documents. Forward-looking statements (including commissioning dates, commercial-plant timelines, and customer pipeline) are subject to risks and uncertainties. Investing in early-stage companies involves significant risk, including the potential loss of the entire investment.
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