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Cleantech Investment And Innovation Trends 7 27 11

This presentation provides an update on venture capital investing and innovation trends in the clean technology industry.

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Cleantech Investment And Innovation Trends 7 27 11

  1. 1. Cleantech Investment and Innovation Trends Sponsored by:
  2. 2. <ul><li>Welcome </li></ul><ul><li>Housekeeping, Q/A and Materials </li></ul><ul><li>Brief Introduction to Foley and Cleantech Group </li></ul><ul><li>Presentation </li></ul><ul><li>Intro of i3 </li></ul><ul><li>Q&A </li></ul>Briefing Agenda Jim Chapman Private Equity & Venture Capital Partner Foley & Lardner David Cheng Research & Advisory Director Cleantech Group
  3. 3. <ul><li>We are recording this webinar and will send you the replay and slides. </li></ul><ul><li>Please submit your questions at any time during the presentation using the chat window, we’ll answer as many as we can at the end. </li></ul>Ask your questions here. Recording and Q/A
  4. 4. <ul><li>With nearly 1,000 attorneys in 21 offices, Foley provides award-winning business and legal insight to clients across the country and around the world. </li></ul><ul><li>We draw on the legal knowledge and hands-on industry experience of attorneys in more than 60 practice areas, including Green Energy Technologies, to provide the full spectrum of legal services — any of which can be tailored to meet your unique challenges. </li></ul><ul><li>Our exceptional client service, value, and innovative technology are continually recognized by our clients and the legal industry. </li></ul><ul><ul><li>In a recent survey of Fortune 1000 corporate counsel, conducted by The BTI Consulting Group, Foley received a top 10 ranking out of more than 500 firms for our strong client focus, breadth of service, innovation, and value for the dollar. </li></ul></ul><ul><li>At Foley, we strive to create legal strategies that help you meet your needs today — and anticipate your challenges tomorrow. ww.foley.com </li></ul>About Foley & Lardner LLP
  5. 5. About Cleantech Group Make better, faster decisions with Cleantech Group subscription research <ul><li>In-depth profiles on hundreds of innovators and investors through the sector-leading </li></ul><ul><li>Research-driven market and segment insights that put the data in context </li></ul><ul><li>Analyst hours for personalized expertise when you need it </li></ul><ul><li>Get the Cleantech Group perspective and network with other cleantech leaders at subscriber-only breakfast briefings and VIP events </li></ul>
  6. 6. Cleantech Group is the sector’s leading, interactive, proprietary market intelligence solution providing insight into: <ul><li>The most important companies in the cleantech sector </li></ul><ul><li>The latest technology trends </li></ul><ul><li>The financial transactions and relationships shaping the sector’s competitive landscape.  </li></ul>Get Access to the i3 Market Intelligence Platform
  7. 7. <ul><li>Between the patent filings and venture investments, a few trends have emerged: </li></ul><ul><li>Markets with large Total Addressable Markets (TAMs) still have multiple niche areas for growth, particularly for Solar and Wind </li></ul><ul><li>Energy Efficiency is not an easily patentable sector. This trait also tracks with software as well, which is the comparable sector VCs compare to Energy Efficiency. </li></ul><ul><li>After US, Japan and Germany leading in corporate innovation, but lagging in venture investments. Canada and UK lead in VC, after US. </li></ul><ul><li>Don’t discount the impact of Corporates on cleantech innovation. Corporates remain active in investments and patent filings. </li></ul>Patents and VC Trends
  8. 8. Modest Decline after a Strong 1Q11 <ul><li>$1.83 billion of venture capital investment across 161 deals </li></ul><ul><li>Top deals: Fisker, Suniva, Bridgelux, Enerkem, KiOR. </li></ul>
  9. 9. Canada, China and UK Strong in 2Q11 <ul><li>Top 5 Non-US Deals: </li></ul><ul><li>Enerkem (Canada): $60m </li></ul><ul><li>Enecsys (UK): $41m </li></ul><ul><li>Avantium (Netherlands): $36m </li></ul><ul><li>Royal Tech Solar (China): $36m </li></ul><ul><li>JeCh Technology (China): $31m </li></ul>
  10. 10. <ul><li>Continuing trend of large late-round deals in cleantech VC investment </li></ul><ul><li>Global venture investment declined from a record-setting 1Q11: $1.83 billion of capital invested across 161 deals, down from $2.75 billion/174 deals in 1Q11 </li></ul><ul><li>Average deal size = $14.4 million; disparity between early vs. late rounds still exists </li></ul><ul><ul><li>Seed/First round avg = $6.0 million </li></ul></ul><ul><ul><li>Series B+ round avg = $18.5 million </li></ul></ul><ul><li>Only one $100m+ deal in 2Q11 (Fisker Automotive), compared to seven last quarter </li></ul>Cleantech VC Investment Highlights
  11. 11. Top 10 Venture Deals in 2Q11 Company Sector Amount Total Paid In Capital Country TopInvestors in the Round Fisker Automotive Transportation $100,000,000 $440,000,000 United States (undisclosed) Suniva Solar $94,400,000 $224,400,000 United States Warburg Pincus New Enterprise Associates Bridgelux Energy Efficiency $80,000,000 $203,150,000 United States VantagePointCapital Partners Chrysalix Energy Venture Capital Enerkem Biofuels & Biomaterials $60,000,000 $118,578,885 Canada Rho Ventures Braemar Energy Ventures KiOR Biofuels & Biomaterials $55,000,000 $166,469,000 United States Khosla Ventures General Compression Energy Storage $54,500,000 $80,200,000 United States Northwater Capital Management iControl Networks Energy Efficiency $50,000,000 $93,500,000 United States Kleiner Perkins Caufield & Byers Intel Capital BioAmber Biofuels & Biomaterials $45,000,000 $45,000,000 United States Mitsui & Co. Global Investment Sofinnova Partners Enecsys Solar $41,290,000 $56,072,496 United Kingdom Good Energies NES Partners Avantium Materials $36,341,277 $58,841,277 Netherlands Sofinnova Partners Capricorn Venture Partners NV
  12. 12. EE & Solar Leading the League
  13. 13. Top 10 Solar Deals 2Q11 Company Sub-sector Amount Total Paid In Capital Country Top Investors in the Round Suniva Crystalline Si cell $94,400,000 $224,400,000 United States Warburg Pincus New Enterprise Associates Enecsys Micro-inverters $41,290,000 $56,072,496 United Kingdom Good Energies NES Partners Royal Tech Solar Tracking equipment $35,725,003 $35,725,003 China Tripod Capital Agile Energy Asset Acquisition $24,000,000 $37,200,000 United States Good Energies Fonroche PV modules $21,651,000 $87,751,000 France EURAZEO Semprius Concentrated PV $20,000,000 $39,300,000 United States Siemens Venture Capital In-Q-Tel SolarReserve Concentrated solar thermal $20,000,000 $160,000,000 United States Good Energies Credit Suisse SolarBridge Technologies Micro-inverters $19,000,000 $34,000,000 United States Rho Ventures Battery Ventures Morgan Solar Concentrated PV $16,500,000 $26,200,000 Canada The Frost Group Iberdrola Renovables GreenVolts Concentrated PV $16,300,000 $88,000,000 United States Oak Investment Partners
  14. 14. <ul><li>VC activity in solar sector used to be focused on traditional PV cells & modules value chain, but we have seen some variety in 2Q11: </li></ul><ul><ul><li>Micro-inverters: Enecsys, SolarBridge Technologies </li></ul></ul><ul><ul><li>Installation service: SunRun, WorldWater & Solar Technologies, Solar Capital </li></ul></ul><ul><ul><li>Concentrated solar technology: SolarReserve, Morgan Solar </li></ul></ul><ul><li>Other innovations include: </li></ul><ul><ul><li>Tigo Energy: web-based application for maximizing PV output </li></ul></ul><ul><ul><li>SkyBuilt Power: solar-based mobile power stations </li></ul></ul><ul><ul><li>Barefoot Power: solar power application on consumer goods </li></ul></ul><ul><li>Traditional PV value chain is still getting deal flow, including the largest solar deal in 2Q11, Suniva </li></ul>More Variety in Solar Industry
  15. 15. <ul><li>Support from top investors: Several investors appeared in many of the top 10 deals within the two most popular sectors in 2Q11: </li></ul><ul><ul><li>Solar: Good Energies (3 rounds) </li></ul></ul><ul><ul><li>Energy Efficiency: KPCB (3 rounds), Intel Capital (3 rounds), Khosla (2 rounds) </li></ul></ul><ul><li>The focus of solar industry is shifting as cells/modules market matures, the frontier is now at the systems end, such as micro-inverters and tracking equipments </li></ul><ul><ul><li>Technology-centric, while less capital-intensive </li></ul></ul><ul><ul><li>New business models: more local in focus (rather than manufacture in Asia) </li></ul></ul><ul><li>Energy efficiency was boosted by a blossom of energy management companies and lighting companies </li></ul><ul><ul><li>Energy management: end-user specific technologies: home, commercial buildings, data centers, etc. </li></ul></ul><ul><ul><li>Lighting: more venture rounds in smart lighting control start-ups </li></ul></ul>Key Success Factors for Top Deals
  16. 16. IPO Number Very Close to 1Q11
  17. 17. M&A Number Slightly Declines after Strong 1Q11
  18. 18. Top Corporates in M&A Corporate # of Acquisitions Targets Sectors Involved Schneider Electric 5 Telvent Beijing Leader & Harvest Luminous DigiLink Lee Technologies Smart Grid Energy Efficiency Veolia ES Solid Waste 4 JC Sanitation Parker Sanitation Suburban Disposal & Recycling Treesmith Recycling & Waste General Electric 2 Calnetix Power Solutions FMC-Tech Smart Grid ABB 2 Mincom Validus DC Systems Smart Grid Energy Efficiency
  19. 19. Top Corporates in Venture Investments Corporate # of Rounds Companies Sectors Involved General Electric * 11 Scientific Conservation On-Ramp Wireless VPhase Nuventix Ember GMZ Energy Hara Project FROG Viridity Energy WiTricity SunRun Smart Grid Energy Efficiency Solar Mitsui 4 BioAmber Proterra Marrone Bio Innovations Redwood Systems Biofuels & Biomaterials Transportation Agriculture Energy Efficiency Intel 3 iControl Networks Scientific Conservation JouleX Energy Efficiency Gamesa 2 SkyBuilt Power WorldWater & Solar Technologies Solar
  20. 20. Overview of Total Claims
  21. 21. <ul><li>Representing areas of strong interest and investment, the top five innovation categories in which the most patent claims were granted were: </li></ul><ul><li>Photovoltaic solar cell construction and/or materials, with 2,843 claims; remains in the first place category from 2009 and 2008. </li></ul><ul><li>Control systems for hybrid vehicles, with 827 claims; remains in the second place category from 2009. </li></ul><ul><li>Wind turbine generator operational control, with 740 claims; up from the fifth place category in 2009. </li></ul><ul><li>Mounting systems for solar panels, with 579 claims; was not in the top five in 2008 or 2009. </li></ul><ul><li>Wave-driven hydro power generation, with 538 claims; was not in the top five in 2008 or 2009. </li></ul>Overall Patent Activity Top 5 Technologies
  22. 22. Who Holds the Patents Corporate Entities Versus Individual Inventors The overall breakdown between individual inventors and assignees (typically a corporate entity) for all cleantech categories is as follows: Owner 2010 Number 2010 Percent 2009 Number 2009 Percent 2008 Number 2008 Percent Corporate entity 965 82.7 672 81.7 458 77.8 Individual inventor(s) 202 17.3 151 18.3 131 22.2
  23. 23. Who Holds the Patents
  24. 24. Who Holds the Patents The Top 10 breakdown of 2009 and 2010 patent ownership countries for all cleantech categories is as follows: Country 2010 Number 2010 Percent 2009 Number 2009 Percent United States 673 57.7 478 58.1 Japan 145 12.4 111 13.5 Germany 114 10.0 81 9.8 South Korea 43 3.7 35 4.3 Taiwan 26 2.2 18 2.2 Canada 20 1.7 14 1.7 Great Britain 13 1.1 12 1.5 Denmark 28 2.4 10 1.2 France 20 1.7 9 1.1 China 13 1.1 4 < 1.0
  25. 25. Solar Patent Activity Top 5 Technologies
  26. 26. Solar Patentable White Space Top 3 Technologies
  27. 27. <ul><li>Between the patent filings and venture investments, a few trends have emerged: </li></ul><ul><li>Markets with large Total Addressable Markets (TAMs) still have multiple niche areas for growth, particularly for Solar and Wind </li></ul><ul><li>Energy Efficiency is not an easily patentable sector. This trait also tracks with software as well, which is the comparable sector VCs compare to Energy Efficiency. </li></ul><ul><li>After US, Japan and Germany leading in corporate innovation, but lagging in venture investments </li></ul><ul><li>Don’t discount the impact of Corporates on cleantech innovation. Corporates remain active in investments and patent filings. </li></ul>Patents and VC Trends
  28. 28. <ul><li>is Cleantech Group’s new interactive, proprietary market intelligence solution providing insight into: </li></ul><ul><li>the most important companies in the cleantech sector </li></ul><ul><li>the latest technology trends </li></ul><ul><li>the financial transactions and relationships shaping the sector’s competitive landscape </li></ul>Introducing i 3
  29. 29. Dashboard: Your Cleantech Radar Daily feeds of the latest investments, acquisitions and relationship news Newest company profile reports added by our senior analysts Coming soon – direct access within i 3 to all supplementary research documents and Investment Monitors Search by company name, sector, or keyword
  30. 30. Companies: Search for innovators Select the type of search you would like to run: companies or transactions (investments, M&A, IPO) Search on tags (begin typing for auto-complete) Browse listing of most common tags Every company is listed in one of these primary tags
  31. 31. Companies: Search results Click to sort results by column headers Download results in excel for offline processing and analytics Returns total # of deal and combined $ value - all forms of capital.
  32. 32. Company View Long form analyst insight profile Detailed investment data; click through investors to get to an investor profile
  33. 33. Relationships NEW! <ul><li>Beginning to track a range of company relationship types </li></ul><ul><li>Customers </li></ul><ul><li>Licensing Partner </li></ul><ul><li>Technology Partner </li></ul><ul><li>Project Dev Partner </li></ul><ul><li>Channel Partner </li></ul><ul><li>Joint Venture </li></ul>
  34. 34. Q&A

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