Questions and answers received on the day

Please note that the answers below are the contents at the time of the General Meeting of Shareholders and may differ from the latest information.

Please tell me about the grant. Also, please tell us about the future.

We receive subsidies for research and development from the Ministry of Economy, Trade and Industry and the Ministry of Education, Culture, Sports, Science and Technology. Subsidies are recorded on a deposit basis.
In the future, as reported in some reports, we hope that the development of algae-derived fuels will become a priority development field in the government's growth strategy, and that support will be further enhanced.

Euglena 's culture article in Kobelco Eco-Solutions and the odds of winning against competition
What do you think

神鋼環境ソリューションからのリリースについてはその内容を拝見しました。当社は研究所の外でミドリムシを育てることができる「屋外大量培養技術」を保有しており、皆様に事業としてミドリムシを継続的に提供できる状態のため、屋内で研究をされている状況とはステージが異なると理解しています。また、国立環境研究所に保存されているユーグレナグラシリスZ株と比べて2倍の油脂を生産する藻については、1日1m2あたりの生産性や何%の油が取れるのか、さらにはどのような油脂が生産されるのかについて、具体的な説明ではないため検証が難しいと考えています。なお、当社が把握している標準株と比較した場合、油脂含有量の2倍以上の生産性は当社の株でも当然実現しています。そして、実用化に必要な屋外での大量の培養技術は、当社のみが保有していることには変わりないものであると理解しております。

Euglena has very good nutrition and is in high demand as a food,
Why do you research and develop the cheapest biofuels? Why don't you concentrate on high value-added items?

Our company basically operates on the 5th floor. The 5th floor represents food, fiber, feed, fertilizer, and fuel, in order from the highest price to the lowest price. We are not thinking about selling what we make in the dark clouds at a low price, and even if we sell it using production costs as fuel, our ultimate goal is to reduce costs until profits are generated. If we can do business with biofuels, we believe that we will be able to apply that technology to produce high-value-added products at low prices.

Please tell us about your medium-term plan, such as sales and profits in 2018, and an overall map.

バイオ燃料の実用化の規模感の数字を紹介させて頂くと、1年間に国内の航空会社にて使用されている航空燃料の1割程度をミドリムシバイオ燃料でまかなえるようにすることを実用化の一つの目標としています。こういった規模感で達成するためにコストを抑えてミドリムシを作る技術の開発が最も重要であり、全体の総収益率を高めつつ、最終的には一定の規模感で日本だけでなく海外含めた航空会社に使って頂くのが我々の目標です。

How much bio-jet fuel do you have?
Also, when do you plan to have a test flight?

Since research on bio-jet fuel is being carried out in collaboration with each company and institution, we cannot independently tell you about the amount of inventory we have secured or the progress of other research. We will report when it becomes possible to co-present in the future based on the joint presentation materials such as this explanatory material.