DM‑XTech + Strategic Partner
Project Phoenix — dLCAF™ Investment Brief
Acquire & convert Lindsey Oil Refinery into a dedicated dLCAF™ refinery delivering market‑ready climate impact (CO₂Long-lived greenhouse gas that accumulates in atmosphere + contrailsShort-lived but intense warming episodes from ice crystal formation)
Executive Summary
DM-XTech's dLCAF™ represents a breakthrough in aviation decarbonization, addressing both CO₂ emissions and contrail formation - aviation's two largest climate impacts. The Lindsey Oil Refinery acquisition and conversion offers immediate market entry with proven infrastructure, skilled workforce, and strategic UK location.
Confidential — DM‑XTech 2025 Enhanced Edition
Aviation's Dual Climate Challenge
Two major drivers: tailpipe CO₂ and contrails (non‑CO₂ radiative forcing). Industry has over‑optimized for CO₂; contrails remain under‑addressed. DM‑XTech targets both — not just one — with dLCAF™.
Contrail vs CO₂ Forcing
Persistent contrails may represent over half of aviation's warming impact.
What matters for decision‑makers
- • CO₂Long-lived, accumulates in the atmosphere is the long game.
- • ContrailsShort-lived but intense warming episodes are the immediate win.
- • dLCAF™ addresses both with a single, drop‑in fuel.
Scientific Background
Aviation contributes ~2.5% of global CO₂ emissions, but when including contrails and other non-CO₂ effects, aviation's total climate impact doubles to ~3.5% of anthropogenic radiative forcing. Contrails form when hot jet exhaust meets cold, humid air, creating persistent cirrus clouds that trap Earth's heat.
The DM‑XTech Solution: dLCAF™
What it is
- Drop‑in jet fuel engineered to reduce contrail formation while meeting Jet A‑1 specs.
- Target aromatics ~8.5% with proprietary PLI for lubricity and seal protection.
- No blend cap; immediate airline operability; existing logistics compatible.
How PLI protects seals
Why executives like it
- Cost: +10–15% vs Jet A‑1 — far below typical SAF premiums.
- Operational simplicity: no engine mods, no blend logistics.
- Climate credibility: addresses contrails and CO₂ accounting frameworks.
Show me the airline ROI
Technical Specifications Deep Dive
Fuel Properties
- • Aromatics: 8.5% ± 0.5%
- • Smoke Point: 25mm min
- • Freezing Point: -47°C max
- • Net Heat: 43.15 MJ/kg min
Performance Benefits
- • 60-70% contrail reduction
- • 5-8% CO₂ emission reduction
- • Improved thermal stability
- • Enhanced lubricity (+15%)
Compliance
- • ASTM D1655 compliant
- • DEF STAN 91-91 approved
- • EASA/FAA certification track
- • ISO 14001 production standards
Why Now — Policy & Market Reality
- • UK/EU mandates accelerate low‑carbon jet adoption; SAF supply remains scarce and pricey.
- • Airlines need affordable, operationally simple pathways now — not in 2035.
- • dLCAF™ pairs compliance practicality with contrail mitigation.
Regulatory Landscape
RefuelEU Aviation mandates 2% SAF by 2025, rising to 63% by 2050. UK Jet Zero strategy targets net-zero by 2050 with interim milestones. Current SAF production capacity globally is <2% of jet fuel demand, creating supply-demand imbalance and premium pricing of 100-300% above conventional fuel.
In plain English
SAF is expensive and scarce. dLCAF™ gives airlines a way to move now while SAF scales later — keeping regulators, CFOs and passengers on side.
Market Gap
The Platform — Lindsey Oil Refinery
(Project Phoenix)
- Target asset: 5.4 Mt/y refinery with strong middle‑distillate backbone.
- Convert to a dedicated dLCAF™ train; preserve skilled jobs; avoid decommissioning liabilities.
- UK location: immediate proximity to mandate‑driven demand and major airports.
Strategic Location Advantages
Located in North Lincolnshire with direct access to Immingham port (UK's largest bulk port), 50km from Humberside Airport, 180km from Heathrow via existing pipeline infrastructure. Existing rail and road connections to major UK airports and the European distribution network.
A "just transition" that repurposes legacy assets into a green fuel platform.
Existing Infrastructure & Capabilities
Processing Units
- • Atmospheric/Vacuum Distillation
- • Hydrodesulfurization
- • Catalytic Reforming
- • Hydrogen Production Unit
Storage & Logistics
- • 2.1M bbl crude storage
- • 850k bbl product storage
- • Multi-modal transport links
- • Existing pipeline connections
Utilities & Support
- • 40MW power generation
- • Steam generation systems
- • Water treatment facilities
- • Fire & safety systems
Industrial Conversion Plan
Process Upgrades
- Hydro‑dearomatization (HDA) revamp for kerosene: higher H₂ partial pressure, modern catalysts.
- Fractionation/cut‑point control to protect smoke point, freeze point, density.
- Hydrogen balance & compression upgrades; utilities modernization.
Engineering Details
HDA reactor upgrade to 70 bar operating pressure with Pt-Pd bimetallic catalyst system. New fractionation column with 80-tray design for precise cut-point control. Hydrogen production capacity increase from 40 to 65 MMSCFD to support enhanced processing requirements.
Quality & Logistics
- New QA lab for soot/contrail metrics; online analytics.
- Aviation handling: storage integrity, additive injection skids, airport pipeline interfaces.
- Execution: FEED 6–9 months; conversion 12–18 months, aligned to demo‑flight windows.
What bankers need to know
Implementation Timeline & Milestones
Phase 1: FEED (6-9 months)
- • Detailed engineering design
- • Equipment procurement
- • Regulatory approvals
- • Contractor selection
Phase 2: Construction (12 months)
- • HDA reactor installation
- • Fractionation upgrade
- • H₂ system expansion
- • QA lab build-out
Phase 3: Commissioning (6 months)
- • System integration testing
- • Product quality validation
- • Operator training
- • Performance optimization
Phase 4: Production (ongoing)
- • Initial production runs
- • Demo flight fuel supply
- • Commercial scale-up
- • Continuous improvement
Commercialization — Demo Flights → cPOAs
- Pre‑signed contingent Product Offtake Agreements (cPOAs) that auto‑activate post demo success.
- Cohorts across flag, low‑cost and cargo airlines prioritized by contrail‑intensive routes.
- Converts technical milestones into bankable, multi‑year revenue commitments.
See cPOA mechanics
Target Airline Partners & Route Analysis
Flag Carriers
- • British Airways (Heathrow hub)
- • Virgin Atlantic (transatlantic)
- • KLM (Amsterdam hub)
- • Air France (CDG hub)
Focus: Premium routes with high contrail formation potential
Low-Cost Carriers
- • easyJet (European network)
- • Ryanair (volume operations)
- • Jet2 (leisure routes)
- • Wizz Air (Eastern Europe)
Focus: High-frequency routes, cost optimization
Cargo Airlines
- • DHL Aviation (express network)
- • FedEx (intercontinental)
- • UPS Airlines (logistics hubs)
- • Royal Mail (domestic)
Focus: Night flights, northern routes (high contrail risk)
Demo Flight Program
cPOA Pipeline
Financial Highlights
Revenue Ramp
Illustrative. Base case aligns with DM‑XTech model.
Scenario Assumptions
Conservative
Slower airline adoption, 18-month demo delay, limited premium pricing
Base
Expected timeline, moderate premium, gradual market penetration
Accelerated
Fast adoption, regulatory tailwinds, premium pricing sustained
- Capital to 2030: ~£325M (SAFE + Series A + Series B + Debt).
- Current raise: £50M SAFE (2025) for demos, cPOAs, and site preparation.
- Revenue to ~£1.5B by 2030; break‑even 2028; cash‑flow positive 2029.
- Break‑even volume ~400k t/y (~£300M revenue).
Key Financial Ratios (2030)
Detailed Financial Projections & Sensitivity Analysis
Revenue Drivers
- • Price premium: £650-850/tonne vs Jet A-1
- • Volume ramp: 50k t/y (2026) to 1.8M t/y (2030)
- • Market share: 0.1% to 4.5% of UK jet fuel
- • Contract mix: 70% long-term, 30% spot
Cost Structure
- • Crude oil: 65-70% of revenue
- • Conversion costs: 15-18% of revenue
- • SG&A: 8-12% of revenue (declining)
- • R&D: 3-5% of revenue (ongoing)
Risk Factors
- • Crude price volatility (±20% impact)
- • Regulatory changes (timing risk)
- • Competition from SAF (price pressure)
- • Technology risks (performance)
Partnership Structure & Asks
- Co‑lead: DM‑XTech + Strategic Partner (NOC/Refiner).
- Capital: Anchor £50M SAFE; options to lead Series A/B; provide project debt backstop.
- Crude supply & industrial services; offtake via trading arm; co‑brand to airlines/airports.
- Policy engagement to advance recognition of non‑CO₂ (contrail) benefits.
Detailed Partnership Framework
Capital Structure
- • £50M SAFE @ £200M cap (25%)
- • Series A: £75M @ £300M pre (20%)
- • Series B: £125M @ £600M pre (17.5%)
- • Project debt: £75M (senior secured)
Operational Synergies
- • Crude supply agreements (take-or-pay)
- • Shared logistics & distribution
- • Joint R&D initiatives
- • Cross-marketing opportunities
Strategic Benefits
- • First-mover advantage in dLCAF™
- • Portfolio diversification
- • ESG credentials enhancement
- • Technology licensing opportunities
Partner Value Proposition
- • Diversify into high-growth sustainable aviation fuels
- • Leverage existing refining expertise and infrastructure
- • Access to proprietary dLCAF™ technology and IP
- • Enhanced ESG profile and sustainability credentials
DM-XTech Brings
- • Breakthrough dLCAF™ technology and process know-how
- • Strong airline relationships and cPOA pipeline
- • Experienced team with track record in aviation fuels
- • Regulatory pathway and certification expertise
Next Steps
- Bilateral NDA and data room access.
- Site access and FEED kick‑off (HDA, fractionation, H₂).
- SAFE + Strategic Cooperation Agreement (supply, offtake, marketing).
- Airline demo cohort scheduling and cPOA papering.
- UK/EU engagement on non‑CO₂ MRV acceptance.
Detailed 90-Day Action Plan
Days 1-30: Foundation
- • Execute bilateral NDAs
- • Open secure data room
- • Lindsey site assessment visit
- • Technical due diligence initiation
- • Legal framework establishment
Days 31-60: Structuring
- • SAFE term sheet negotiation
- • FEED contractor selection
- • Airline partner outreach
- • Regulatory consultation initiation
- • Joint venture structuring
Days 61-90: Execution
- • SAFE + SCA signing ceremony
- • FEED project kickoff
- • First cPOA negotiations
- • Public announcement preparation
- • Series A preparation initiation
Confidential — DM‑XTech 2025 Enhanced Edition with Advanced Features
⚠️ NOTICE AND DISCLOSURE Click to expand
Forward-Looking Statements and Estimates: All financial projections, data points, market assessments, and numerical representations contained herein constitute preliminary estimates and forward-looking statements based on current assumptions and available information. Such estimates are inherently subject to material revision, adjustment, or modification upon further due diligence, market analysis, regulatory review, and operational assessment.
Aspirational Nature of Project Phoenix: Project Phoenix represents an aspirational business development initiative designed to capitalize upon potential opportunities that may arise from the reported liquidation proceedings of Lindsey Oil Refinery. The conceptualization, development, and ultimate execution of Project Phoenix remains entirely contingent upon DM-XTech Limited's ability to identify, negotiate with, and secure a definitive agreement with a financially qualified and operationally capable strategic partner.
No Assurance of Asset Availability: No representation, warranty, or assurance is made that Lindsey Oil Refinery, or any of its constituent assets, facilities, or operational components, will remain available for acquisition, partnership, or other commercial arrangement at the time of any potential transaction. Market conditions, competing interests, regulatory interventions, or other factors beyond DM-XTech's control may preclude such availability.
Alternative Opportunities: DM-XTech acknowledges that other refinery assets, facilities, or strategic opportunities of similar or superior commercial merit may become available in the marketplace, and reserves the right to pursue such alternatives as may be deemed more advantageous for the commercialization of dLCAF technology and the advancement of its strategic objectives.
This presentation is for informational purposes only and does not constitute an offer to sell or solicitation of an offer to purchase any securities or investment opportunity. Recipients should conduct their own due diligence and seek independent professional advice before making any investment or business decisions.