#1VER ERDE CLEAN FUELS Copyright 2024 Verde Clean Fuels Corporate Presentation January 2024 1#2VERDE CLEAN FUELS Forward Looking Statements This presentation (the "Presentation") includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended, (the "Exchange Act"). Verde Clean Fuels, Inc.'s (the "Company") forward- looking statements include, but are not limited to, statements regarding the Company's or the Company's management team's expectations, hopes, beliefs, intentions or strategies regarding the future, including those relating to the Business Combination. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the Company, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, include statements about our expected growth, expected performance, future operating results, outlook for the renewable energy industry, future global economic conditions, our to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees, our ability to develop and operate new projects, our ability to obtain financing for future projects, the reduction or elimination of government economic incentives to the renewable energy market, delays in acquisition, financing, construction and development of new projects, the ability to secure necessary governmental and regulatory approvals, the ability to qualify for federal or state level low-carbon fuel credits, our business strategy and the business strategies of our customers, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations. The forward-looking statements contained in this Presentation are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the Company's control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described or incorporated by reference under the heading "Risk Factors" included in our Annual Report on Form 10-K filed on March 31, 2023. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. There may be additional risks that the Company considers immaterial or which are unknown. It is not possible to predict or identify all such risks. The Company will not and does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. INDUSTRY AND MARKET DATA Although all information and opinions expressed in this Presentation, including market data and other statistical information, were obtained from sources believed to be reliable and are included in good faith, the Company has not independently verified the information and makes no representation or warranty, express or implied, as to its accuracy or completeness. Some data is also based on the good faith estimates of the Company, which are derived from its review of internal sources as well as the independent sources described above. TRADEMARKS AND TRADE NAMES The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its businesses. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties' trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear with the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. NON-GAAP FINANCIAL AND OPERATIONAL MEASURES This Presentation includes certain financial measures that are not presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Adjusted EBITDA and EBITDA Margin are non-GAAP financial measures that the Company uses to facilitate comparisons of operating performance across periods. Non- GAAP measures should be used as a supplement to, and not a substitute for, the Company's GAAP measures of performance and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Non-GAAP measures have limitations as an analytical tool and should not be considered in isolation or in lieu of an analysis of the Company's results as reported under GAAP and should be evaluated only on a supplemental basis. See the appendix to the Presentation that define the non- GAAP financial measures included in this Presentation and reconcile these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Copyright 2024 Verde Clean Fuels 2#3VERDE CLEAN FUELS The low-carbon car of the future is the one you're already driving. Verde Clean Fuels offers a clean alternative to petroleum-derived gasoline. Our technology converts waste feedstocks to gasoline compatible with standard car engines and existing refueling infrastructure. Copyright 2024 Verde Clean Fuels 3#4Advantages of Verde's Proprietary STG+ Process Utilizes Low Value, Widely Available "Waste Feedstocks" to Produce Clean Gasoline Environmentally Superior to Other Clean Fuels and Electric Vehicles Requires No Changes to Existing Automobiles or Gasoline Distribution Infrastructure Logistically Advantaged Feedstock Supply is Abundant Produces Finished Product at Low Cost and Generates Attractive Investment Returns with no new subsidies or incentives Avoids Geopolitical Dependencies (e.g. Battery Supply Chains, Oil Imports) Copyright 2024 Verde Clean Fuels 4#5Advantages of Verde's Proprietary STG+ Process Biomass-cellulosic waste Flared natural gas Stranded natural gas • Sourced from wood waste, agricultural waste, and other cellulosic waste streams Typically disposed of at a cost of $40-$50/ton Utilizes existing waste streams • Currently no economic value • . Sourced from flared natural gas from oil & gas operations Disposal method is environmentally damaging and increasingly expensive Currently no (or negative) economic value Copyright 2024 Verde Clean Fuels . Sourced from existing VERDE CLEAN FUELS natural gas reserves without market access • Resource has no other uses • Currently no economic value Verde's STG+ Process Turns Waste Into Salable Product and Can Eliminate Environmentally Damaging Practices 5#6These Waste Feedstocks Are Widely Available in the US Columbia River Valley Agricultural Waste, Separated Yard Waste Central Valley, California Agricultural/Orchard Waste Arizona Agricultural Waste, Separated Yard Waste Permian Basin Disadvantaged/Flared Natural Gas Annual US Cellulosic Waste Production: Forest Resources = 241mm Tons/yr Agricultural Resources = 318mm Tons/yr Copyright 2024 Verde Clean Fuels Williston Basin (Bakken Formation) Disadvantaged/Flared Natural Gas "Corn Belt" Agricultural Waste Pennsylvania/New York Timber Timber Wood Waste Appalachian Basin (Marcellus Shale) Disadvantaged Natural Gas East Texas, Louisiana, Arkansas, Mississippi Pine Industry Pine Industry Wood Waste Cellulosic waste from forest and agricultural resources could yield 28 Billion gallons of renewable gasoline Approximately 22% of the US Annual Gasoline Demand Can Come From Forest and Agricultural Waste https://www.energy.gov/eere/bioenergy/bioenergy-frequently-asked-questions VERDE CLEAN FUELS 6#7Advantages of Verde's Proprietary STG+ Process Refinery Gasoline Electric Vehicles Materials / Manufacturing 5 Tons CO2 11 Tons CO2 Feedstock / Source Oil: 12 Tons CO2/ 200k Miles Grid: 27 Tons CO2/ 200k Miles Vehicle Emissions Recycling Opportunity Total Carbon Footprint (Tons CO2) STG+ Gasoline in a Traditional Internal Combustion Engine has a Lower Lifecycle Carbon Intensity than an EV Copyright 2024 Verde Clean Fuels 48 Tons CO2/ 200k Miles (Fossil CO2) N/A N/A (1) Ton CO2/ 200k Miles VERDE CLEAN FUELS STG+ Gasoline from Flared Natural Gas 5 Tons CO2 Flared Gas: (-14) Tons CO2/ 200k Miles STG+ Renewable Gasoline w/ CCS 5 Tons CO2 Biomass: (-134) Tons CO2 / 200k Miles 48 Tons CO2/ 200k Miles (Fossil CO2) 48 Tons CO2/ 200k Miles (Green CO2) N/A Refinery Gasoline, 65 Electric Vehicle, STG+ Flared Gas, 38 39 N/A STG+ Renewable w/ CCS, -81 7#8Advantages of Verde's Proprietary STG+ Process Refinery Fuel CO2 Emissions (MM Tons/Year) Green Alternatives Jet Fuel 261 SAF Benchmark 2050 Penetration Rate (%) 50% 1 Industry Goal Reduced CO2 Emissions (MM Tons/Year) Diesel 468 Renewable/Bio Diesel 8% 2 37 Gasoline 1,086 Electric Vehicles 31% 3 STG+ Renewable 10% Gasoline w/ CCS With Only 10% Market Penetration, STG+ Renewable Gasoline Could Reduce Carbon Emissions by More Than EVs, Renewable Diesel, and SAF Combined 130 140 VERDE CLEAN FUELS 330 Copyright 2024 Verde Clean Fuels 1 https://www.caafi.org/focus_areas/docs/CAAFI_SAF_Market Pull from Aviation September2021.pdf 2 https://www.eia.gov/todayin energy/detail.php?id=51778 3 https://www.eia.gov/todayinenergy/detail.php?id=50096 8#9STG+ Gasoline – A Perfect Substitute for Petroleum-Derived Fuel Requires No Change to Consumers, Cars, or Infrastructure Keep your car 268MM ICE vehicles on the roads today can take part in decarbonizing transportation Keep your gas stations 145,000+ gas stations nationwide¹ can be utilized to distribute renewable gasoline with existing gasoline pumps and tanks Keep infrastructure Renewable gasoline is a consumer-ready fuel that requires no changes to the existing gasoline distribution infrastructure (pipelines, terminals, trucks) No other commercially available Gasoline alternatives VERDE CLEAN FUELS Copyright 2024 Verde Clean Fuels 'Association for Convenience and Fuel Retailing (NACS) - www.convenience.org/Topics/Fuels/The-US-Petroleum-Industry- EIA "2022 Annual Energy Outlook" Statistics-Definitions 9#10Illustrative Economics $2.25 $4.50 RBOB D3 RIN Copyright 2024 Verde Clean Fuels Renewable Gasoline with CCS $1.50 $1.75 $(0.50) LCFS 45Q $(3.35) $5.03 $(1.12) Feedstock OpEx Carbon... Margin • Key Assumptions: • CapEx = $235MM • D3 RIN = $3.00 LCFS = $80/to CO2 $2.25 Natural Gas-to-Gasoline $(0.67) $1.18 $(0.40) RBOB Natural Gas ($/gal) Operating Costs Margin Key Assumptions: Capex = $325MM • Crude Oil = $70.00 Crack Spread = $24.50 • RBOB = $2.25 • Natural Gas = $2.50 VERDE CLEAN FUELS 10#11VERDE CLEAN FUELS Cottonmouth JV - 1st Project Location Key Partners Gas Supply: D DIAMONDBACK ENERGY Equipment/Engineering: Koch Modular PROCESS SYSTEMS Project location Located in Martin County, Texas in the heart of the Permian's Midland Basin Existing Diamondback location with access to power, water and gas metering infrastructure Current pipeline infrastructure throughout the basin is insufficient, leading to constraints and flaring >50MMcf/d can be delivered to site • • ° Project Goals and Details Diamondback Energy - Leading Permian Basin Producer Diamondback site - additional project locations available 34 MMcf/d of natural gas to be used as feedstock Produce 3,000 bbl/d RBOB gasoline • $325MM estimated Capex Permian gas trading at WAHA (disadvantaged) could support >25 plants First commercial plant proves concept Opportunities in other gas-prone basins (eg: Marcellus; Bakken) Global flaring and stranded gas opportunities TEXAS Matador Arch NEW MEXICO Midland Basin. Marathon-Oachita Fold Belt The Cottonmouth JV Can Serve as a Template for Similar Future Projects in the Permian and Appalachian Basins in the U.S., as well as Globally Each green dot represents an oil well with potential for associated gas Copyright 2024 Verde Clean Fuels 11#12Elk Hills Project Overview Key Partners CARBON TERRAVAULT CALIFORNIA RESOURCES CORPORATION Koch Modular INENTEC® PROCESS SYSTEMS Project Goals and Details Renewable gasoline and carbon sequestration project California Resources Corp site Utilize 450 tons/d of agricultural waste Produce up to 7.5 MM gal/year RBOB renewable gasoline Product will be CARBON NEGATIVE (expect -125gCO2e/MJ) • Sequester 125,000 Tons/year of CO2 $235MM estimated capex requirement Qualifies for: D3 RIN, LCFS, & 45Q Carbon TerraVault (CRC & Brookfield Renewable JV) Draft Class VI CO2 injection well: First in US permit (draft) for CO2 sequestration in depleted oil reservoir First in California for underground CO2 sequestration VERDE CLEAN FUELS Project location Location: Martin County Located at California Resources Corp.'s Net Zero Industrial Park in Bakersfield, CA Area produces significant amounts of agricultural waste from almond orchards, providing low-cost feedstock for STG + process The Cottonmouth JV Can Serve as a Template for Similar Future Projects in the Permian and Appalachian Basins in the U.S., as well as Globally Copyright 2024 Verde Clean Fuels Ent 12#13Geopolitical Dependency VERDE CLEAN FUELS China is Dominant in Mineral Processing¹... Mineral Processing - 2022 40% of Total Global Oil Production is at Geopolitical Risk 100% 80% 60% 40% 20% 0% Lithium Nickel Cobalt Graphite China ■Australia ■Indonesia Europe US ■ Other ... And 2/3 of batteries are produced in China² Top 5 Countries by Battery Capacity Deployed Q3 2023: UK France 3% Germany 5% 8% USA 18% China 66% 2023E Global Oil Production (MMbpd)³ Russian Oil = 11% of Total Other, 55 Russia, 9.7 Saudi Arabia, 10 Iraq, 4.3 UAE, 3.1 Kuwait, 2.6 Iran, 2.9 Qatar, 2.1 Oman, 0.8 Middle East Oil = 29% of Total "The collision between geopolitical fragmentation, tensions, and interdependencies opens the door to episodes of price volatility and supply disruptions — which are likely to become more frequent in the decade ahead." 4 Copyright 2024 Verde Clean Fuels Sources: ¹China's Role in Critical Mineral Supply Chains | German Marshall Fund of the United States (gmfus.org); 2https://cleantechnica.com/2023/11/24/the-5-countries-producing-the-most-ev-batteries/ ; ³https://www.eia.gov/tools/faqs/faq.php?id=709&t=6; 4 https://lazard.com/media/ecippffr/critical-materia Is-research-brief-may-2023.pdf 13#14VERDE CLEAN FUELS Appendix Verde Leadership Verde Technology Carbon Intensity Validation#15Management Team Ernie Miller Chief Executive Officer Rohn Crabtree EVP Business Development Copyright 2024 Verde Clean Fuels • • • • Our leadership team boasts over 100 years of combined energy industry experience and has successfully executed more than 50 capital projects. Developed and financed over 4,500 MW of industrial cogeneration facilities at 6 locations for Calpine representing more than $4Bn in capital investment Had 44 natural gas fired power plants under construction with more than 20 being commissioned in a single twelve-month period Led the project team in closing over $1.2Bn in non-recourse project financing CALPINE Led the first power plant construction revolver financings ($3.5Bn) for over 28 natural gas-fired plants Managed more than $480MM of first leveraged lease project financings for solar power generation SVP of finance and development at Calpine, oversaw completion of 44 natural gas fired power plants Co-founder and Managing Partner of Nautilus Renewables, developed a 100,000 ton/yr MSW-to-fuel pellet plant in Ontario, Canada CALPINE John Doyle Chief Technology Officer Laura Morris Senior Project Manager VERDE CLEAN FUELS Managed $1Bn in capital projects in the environmental and renewable energy spaces including ethanol plants and large-scale pollution control projects A founder and key executive at Verenium, a cellulosic ethanol company that operated for 12 years before being acquired by BP for $120MM, becoming the basis for BP Biofuels bp VERENIUMI • Served as Lead Contracts Engineer for the $3Bn ExxonMobil Guyana Project • Included contracting strategy development, negotiation and Pre- FEED/FEED contracts execution • EPC Specialist for ExxonMobil major capital projects Multiple leadership roles in the Procurement organization, contract portfolios ranging $1Bn-$7Bn ExxonMobil 15#16Verde Board of Directors Ron Hulme - Chairman Chief Executive Officer - Bluescape Energy Partners (2015-2021) McKinsey & Company Office of Managing Director; Board Global Leader of Strategy Corporate Finance - Energy Practice Chief Executive Officer - Carlson Capital LP (2011-2014) Duncan Palmer - Audit Committee Chair • Cushman Wakefield 1 Chief Financial Officer (2014-2021) Led Cushman Wakefield's IPO RELX-Chief Financial Officer (2012-2014) Owens Corning - Chief Financial Officer (2007-2012) Royal Dutch Shell - senior finance executive Curtis Hebert, Jr. • . Commissioner and Chairman of the Federal Energy Regulatory Commission (FERC) (1997-2001) Entergy Corporation - Executive Vice President (2001-2010) Bipartisan Policy Center, Washington, D.C. - Co-Chair - Energy Reliability Task Force & Cybersecurity Task Force Brunini Law Firm - Partner Jonathan Siegler - Compensation Committee Chair Bluescape Resources Company (2008-present), Parallel Resource Partners (2011-present), and Bluescape Energy Partners - Managing Director and member of the Investment Committee (2016-present) TXU Corp - Senior Vice President of Strategy and M&A (2004-2008) McKinsey & Company - Engagement Manager - strategy, finance, and operations (2001-2004) Graham van't Hoff Shell Chemicals - Chief Executive Officer (2013-2019) Shell Alternative Energies - Executive Vice President (2012) Shell International Petroleum Co. - Board of Directors (2014-2017) Shell UK Limited - Chairman (2011-2012) Dail St. Claire • New York State Common Retirement Fund - Investment Advisory Committee (2021-present) CRS Temporary Housing - Independent Director (2022-present) New York City Comptroller - Senior Investment Officer Amalgamated Bank - Chief Strategist of ESG Investments and Sustainable Cash Management (2022-present) Martijn Decker Aurivos - Managing Partner (2021-present) Shell International - Vice President of Strategy and Portfolio (2016-2021) Copyright 2024 Verde Clean Fuels • Led Shell's hydrogen strategy and development • Led implementation of digitization strategy Shell Oil - Vice President of Strategy and Growth of Americas Exploration (2010-2016) ERDE CLEAN FUELS 16#17STG+ Compared to Other Processes Fischer- Tropsch "FT Crude" Refining MeOH Synthesis MeOH ExxonMobil MTG Natural Gas Reforming Syngas Durene reduction Liquid Fuels Haldor Topsoe TIGAS Durene reduction VERDE CLEAN FUELS VERDE CLEAN FUELS Product Intermediate Products Multiple Steps to Final Product Scale Capital Intensity Fischer Tropsch Synthetic Crude Oil "FT Crude" None Yes - refining 50,000 Bbl/d Very High ExxonMobil MTG Topsoe TIGAS Gasoline Methanol Yes-durene reduction 100,000+ Bbl/d High Gasoline None Yes - durene reduction 15,000-50,000 Bbl/d High Gasoline None No 500 Bbl/d- multiples of 3000 Bbl/d Low Verde STG+ Copyright 2024 Verde Clean Fuels 17#18New Jersey Demonstration Facility Has Proven Our Technology Verde's Demonstration Facility, Located in Hillsborough, NJ, Has Been in Operation Since 2015 Copyright 2024 Verde Clean Fuels Verde's fully operational demonstration facility has proven the company's technology and ability to scale Over 10,500 operational hours logged ✓ Confirmation of process technology by multiple independent entities (The World Bank, E3 Consulting) Reactor designs, process configurations and control system representative of full-scale plant Demonstration plant represents operational commercial design at lower output volume "[Verde Clean Fuels'] STG+ technology is clearly superior to conventional MTG technologies for these smaller scale plants." -The World Bank, Global Gas Flaring Reduction Partnership 18#19Verde's U.S. Patents Title Single-Loop Octane Enrichment Novel Configuration in Single-Loop Synfuel Generation Description Covers a system for making high octane fuel; the system includes a single loop system, e.g., the system of US Patent No. 9,169,166 or US Patent No. 9,670,416, for making medium octane fuel, and an octane enrichment reactor. The outlet of the single loop system contains medium octane fuel and is connected to the inlet of the octane enrichment reactor. The octane enrichment reactor contains a zeolite forming catalyst and a transalkylation catalyst. Covers a system for making fuel by combining the third and fourth reactors of the MTGH process into a single reactor. The system contains three reactors instead of the four reactors of US Patent No. 9,169,166. Patent Number VERDE CLEAN FUELS Date Issued 10,808,179 10/20/2020 9,670,416 06/06/2017 Single Loop Multistage Fuel Production Covers a method for converting synthesis gas to fuel using Primus' MTGH process. The process passes synthesis gas through four reactors in series and recycling unreacted synthesis gas to the first reactor. No removal or separation is affected between the reactors. 8,686,206 04/01/2014 Novel Fuel Composition Covers a fuel composition containing at least 99.5% of aromatics and paraffins. The paraffins consists of normal or branched C4-C7 paraffins and C6-C8 single cyclic ring paraffins 8,569,554 10/29/2013 Novel Fuel Composition Covers a method for controlling the aromatics to paraffins ratio in Primus' MTGH process by varying the total flow rate of synthesis gas to the first reactor. 8,722,951 05/13/2014 Novel Configuration in Single-Loop Synfuel Generation Single-Loop Octane Enrichment Covers a method for making fuel from synthesis gas by combining the third and fourth reactors of the MTGH process into a single reactor. In this process, the synthesis gas is passed through three reactors instead of the four reactors of US Patent No. 8,686,206. 10,214,694 02/26/2019 Covers a process for producing high octane fuel at a recovery of about 50% - 90% of the feed. The process involves passing medium octane fuel through an octane enrichment reactor containing a zeolite forming catalyst and a transalkylation catalyst. The octane enrichment reactor is also maintained at an H2 concentration of about 20 - 50 molar %. 10,450,512 10/22/2019 Single-Loop Multistage Fuel Production Covers the system for making fuel using Primus' MTGH process. The system contains four reactors in series, and a separator to separate the fuel product from water and unreacted synthesis gas. The unreacted synthesis gas is recycled to the first reactor. Copyright 2024 Verde Clean Fuels 9,169,166 10/27/2015 19#20Renewable Gasoline Carbon Intensity Comparison - CSS Verde's analysis of independent studies indicates renewable gasoline would have the most carbon benefit for transportation Fuels Institute - Life Cycle Analysis Comparison Tons of GHG Emissions at 200k Miles 80 65 5 60 40 20 ° 38 10 60 28 ICE Battery (Conventional Gasoline) Electric Vehicle ("BEC") Materials & Manufacturing Emissions Well-to-Wheels Copyright 2024 Verde Clean Fuels 1 VERDE CLEAN PULS -81 5 -86 ICE (Renewable Gasoline) Volvo Carbon Footprint Report Tons of CO2 Equivalents at 200k km 80 60 58 54 60 40 28 VERDE CLEAN PUELS 7 -77 20 ° 14 17 XC40 ICE XC40 Recharge (Conventional Gasoline) (Global Grid) Materials Production and Refining ■Volvo Manufacturing End of Life Li-ion Battery Modules Use Phase Emissions 14 -94 XC40 ICE (Renewable Gasoline) VERDE CLEAN FUELS Source: Bloomberg NEF, EIA-"2022 Annual Energy Outlook", EPA - "National Overview: Facts and Figures on Materials, Wastes and Recycling", EPA- "Landfill Methane Outreach Program" Landfill and Project Database, Volvo - "Carbon Footprint Report, Battery Electric XC40 Recharge and the XC40 ICE" 1 Materials & Manufacturing Emissions includes Recycling 2 Well-to-Wheels ("WTW") defined as Well-to-Tank ("WTT") plus Tank-to-Wheels ("TTW") 20#21VERDE CLEAN FUELS Contact [email protected] Copyright 2024 Verde Clean Fuels