BUSINESS CASE
사업성 검증
독립적인 재무 분석을 통해 검증된 CASP 기반 프로젝트의 사업성
$454M
Annual Revenue
Coke + Power
57.7%
EBITDA Margin
$262M / year
$2.5B
Phase 1 EV
EV/EBITDA 10x
$40B
Global EV
45M tons/yr
Revenue → EBITDA Bridge
$454M
Revenue
220M
Raw Coal
45M
Production
4M
Admin
$77M
Deprec.
$262M
EBITDA
CASP vs Conventional
Yield
99M
Coal Use
87M
CO₂
60M
Labor
40M
Energy
65M
Conventional = 100 기준 · CO₂·Labor·Energy는 낮을수록 우수
Enterprise Value Growth
Pre-Money → Phase 1 → Phase 3 → Global
$110M
Pre-Money
$2.5B
Phase 1
$7.9B
Phase 3
$40B
Global
Pre-Money → Phase 1 = ~25x · Global = ~360x
10-Year Global Expansion
Korea
25M t$8.75B
UAE
10M t$3.5B
Vietnam
4M t$1.4B
Indonesia
4M t$1.4B
Malaysia
2M t$0.7B
Total45M tons · $15.75B Revenue
~25x Value Uplift at Phase 1 · ~360x at Global Scale
탄소크레딧, 보조금, ESG 프리미엄을 제외한 보수적 추정
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