Decarbonization Solutions for Hard-to-Abate Industries.
Torreco builds, owns and operates torrefaction facilities supplying cost-competitive biocarbon and bioliquids to steel, aviation and industrial customers globally.
Anchor Offtakers
Tata Steel · Shell
Payback Period
4 years
Feedstock Backlog
25 years
Phase 1 Revenue
$129M / yr (steady state)
Executive Summary
Proven Technology
Torrefaction platform from Airex Énergie — commercially operating in Canada with validated biocarbon samples approved by Tata Steel.
Blue Chip Offtake
Tata Steel (biocarbon) and Shell (bioliquids) — offtake agreements pending completion of industrial trials, progressing smoothly.
Feedstock Security
Branson, MS: 25-year Southern Yellow Pine feedstock backlog, rail access, 300+ acres with option to expand to 1,000 acres.
Founder with Harvard Sustainable Economics background; operators from Steel, Biocarbon, LanzaJet and Shell.
Structural Demand
Targeting 2.5 Mtpa of biocarbon sales into a global steel market requiring 700–800 Mtpa of carbon annually.
Technology — Airex Énergie
01
Feedstock Preparation
Southern Yellow Pine chips, logs, sawdust and bark — chipped and dried on site
02
Torrefaction
Airex Énergie reactor: thermochemical conversion at 250–300°C in an oxygen-free environment
03
Biocarbon Output
131–209 ktpa biocarbon for steel — replaces metallurgical coal in high-grade production
04
Bioliquids Output
52–84M litres/yr bioliquid by-products — sold to Shell under offtake agreement
Commissioning: 9 months per train · Modular expansion: unit by unit · EPC: Mid-South Engineering
Location — Branson, Mississippi
1
Abundant feedstock
25-year backlog of Southern Yellow Pine. Prices stable since 2009, sourced within 50-mile radius.
2
Rail Access
Adjacent to Canadian Rail network spur — direct access to Gulf ports (Mobile & Pascagoula).
3
Brownfield Site
Former industrial site — groundwork complete, shortening construction significantly.
4
Expansion Optionality
300 acres operational; option to add 700 acres — capacity to triple output without feedstock stress.
5
Government Support
Active backing from Mississippi Dept. of Agriculture & Timber and Economic Development Office.
Offtake Agreements
Biocarbon · Tata Steel
Offtake agreement to be signed upon completion of industrial trials. Multiple Airex Canada samples approved. Tata Steel constructing a new green steel plant in the Netherlands — Torreco a key part of that supply chain.
Bioliquids · Shell
Shell to sign offtake for bioliquids produced as a by-product. Shell's Chief Chemical Engineer (Amir Tayabi) directly involved in Torreco's development.
52–84M litres/year · $0.30/litre
Financial Overview
Steady state · 209,000 MT/yr · 8 lines
Annual Revenue29M / year
EBITDA Margin~44%
10-Year Revenue35M
10-Year EBITDA87M
Equity IRR20.2%
Min DSCR1.70×
Capital structure
Total Capex63M
Senior Debt (65%)91.75M
Preferred Equity0M
Common Equity Raise3.25M
Debt Rate / Term8% / 20 yr
Payback Period~6 years
Leadership & Key Personnel
Bertil Peterson
CEO & Founder
Environmental researcher since 2005. Harvard (Sustainable Economics). Advisor to Pratt & Whitney, Crédit Agricole, Morgan Stanley, Svenska Handelsbanken.
President
Operations & Commodities
Deep experience in steel & metals — operations, global commodities trading. Extensive biocarbon market knowledge and network in trade financing.
Harry Waldemar Brown
Head of Strategic Finance
30-year veteran of financial markets with broad experience in raising private debt and equity.
Rusty Booker
Feedstock Supply
35-year veteran of the Southern US wood basket. Ensures sustainably harvested feedstocks are supplied at low cost and scale.
Walter Goodine
EPC Contractor
Mid-South Engineering. EPC contractor for the Airex facility in Canada. Deep system knowledge and biomass development experience across US & Canada.
Patrick Lapointe
Technology — Airex Énergie
Leads construction and commissioning support — a mirror of Airex's commercially operating plant in Canada.
Amir Tayabi
Bioliquids — Shell
Chief Chemical Engineer at Shell. Leverages Shell's knowledge and resources to develop the highest-value bioliquid solution for Torreco.
Why Torreco, Why Now
First-Mover Advantage
Biocarbon supply to hard-to-abate industries remains severely underdeveloped. Two European steel mills have identified Airex technology as the best commercially available option.
Structural Demand Growth
Tata Steel and Shell offtakes provide revenue certainty from inception. Carbon regulations are tightening globally — demand will only increase.
Established Technology
Not a pilot — a commercial-scale mirror of an already operating Airex facility in Canada. Samples validated by Tata Steel. Construction team has already built it.
Carbon Markets Accelerating
EU ETS and emerging carbon pricing globally make biocarbon increasingly cost-competitive vs. fossil coal. Regulatory tailwind is structural and irreversible.
Unrivalled Feedstock Position
25-year feedstock backlog with stable pricing since 2009. No comparable competitor has secured this combination of location, supply and offtake simultaneously.
Modular & Scalable
8 production lines commissioned sequentially — each generating revenue before the next comes online. Capital risk is managed incrementally throughout the ramp-up period.
Contact the Torreco Team
This document is confidential and intended solely for the use of the individual or entity to which it is addressed.
Bertil Peterson · CEO & Founder
www.torreco.com
Level 3 — Financial Model
Interactive ten-year projection.
Live from the Torreco knowledge base. Drag sliders to explore sensitivities, compare scenarios, or inspect section-level economics. Canonical IRRs reconcile to the Excel financial model exported 2026-05-12.
Equity IRR
20.2%
Min DSCR
1.70×
Revenue, Yr 10
$129M
EBITDA, Yr 10
$57M
NPV @ 20%
$18M
Payback
6.2 yrs
Total Capex
$263M
Model version
2026-05-12
Project IRR (equity)
20.2%
8-section torrefaction platform
10-Year Revenue
$935M
Pellets + bio-condensate oil
10-Year EBITDA
$387M
Avg 41% margin
10-Year Net Profit
$102M
Post-tax, post-debt service
Annual P&L ($M)
IRR sensitivity to pellet price ($/MT)
Sliders are anchored on base-case Torreco economics. Sections 1–3 commission in months 1, 6, and 12 respectively, reaching full 209,084 MT/year pellet capacity by Year 3. Bio-condensate oil (105.68 gal/MT) provides ~18% of revenue at steady state.
Drag sliders to explore sensitivities. All outputs update live. Base case reflects Excel model exported 2026-05-12.
Revenue drivers
Tata Steel floor price$400 / MT
Open market pellet price$400 / MT
~99k MT/yr — balance above Tata 110k MT
Bio oil price$0.80 / gal
Pellet price inflation3.0%
Cost drivers
Feedstock cost$27 / MT
Bought-in wet biomass; escalates 3%/yr
Electricity cost$0.085 / kWh
Operating efficiency100%
1.0 = base case 7,160 hrs/yr
Financing
Senior debt rate8.0%
Capex overrun0%
Above base $263M capex
Equity IRR
20.2%
Min DSCR
1.70×
Yr 10 Revenue
$129M
Yr 10 EBITDA
$57M
NPV @ 20%
$18M
Payback
6.2 yrs
10-yr Revenue
$935M
10-yr EBITDA
$387M
Avg EBITDA margin
41%
Equity IRR sensitivity across combinations of pellet price and feedstock cost. Base case highlighted in green. Red cells indicate sub-10% IRR.
Equity IRR — Pellet Price vs Feedstock Cost
Equity IRR — Pellet Price vs Bio Oil Price
IRR sensitivity to pellet price — full range
Income Statement — Annual Summary ($M)
Returns summary
Equity IRR20.2%
NPV @ 20% discount rate$18M
Min DSCR (Year 3)1.70×
Avg DSCR (yrs 3–10)2.30×
DSCR covenant threshold1.20×
Equity payback period~6.2 yrs
Capital structure
Total project capex$263M
Senior debt (65%)$191.75M
Preferred equity$40M
Common equity raise$63.25M
Debt rate / term8% / 20 yr
Pref equity return12%
Cumulative equity cashflow ($M)
Seed Round · Development Period · Confidential
Deal progress & use of proceeds.
This section is provided to seed investors under NDA. It sets out the collateral assembled to date and how seed proceeds will be deployed over the 12-month development period to financial close.
Seed Raise
$5,000,000
Development Period
12 months to financial close
Documents in data room
8 (available under NDA)
Budgeted Development Cost
$1,639,000
Collateral Register
Full documents are held in a secure data room and available to investors who have executed an NDA. Contact the Torreco team to request access.
Counterparty
Document type
Subject
Status
Data room
Tata Steel
Offtake Contract
Biochar supply — steel production
In negotiation
Available
Shell
Letter of Intent
Bio-oil offtake
In negotiation
Available
Airex Énergie
Letter of Intent
Technology licence & commissioning support
In negotiation
Available
Mid-South Engineering
Letter of Intent
EPC contract — construction & commissioning
In negotiation
Available
LandMax
Letter of Intent
Feedstock supply — Southern Yellow Pine
In negotiation
Available
Canadian National Railway
Letter of Intent
Rail access & product transport to Gulf ports
In negotiation
Available
Property Seller
Letter of Intent
Site acquisition — Branson, Mississippi
In negotiation
Available
State of Mississippi
Letter of Support
Government backing — economic development
In negotiation
Available
* To request data room access, contact Harry Waldemar Brown · Head of Strategic Finance
Use of Proceeds — $5M Seed Round
Indicative budget for the 12-month development period to financial close. Figures are subject to revision as workstreams progress.