Tracxn Report: Bioenergy Startup Landscape, June 2016

Bioenergy, June 2016
Tracxn
World’s Largest Startup Research Platform
2

Contents
Topic Page No.
Scope of Report 05
Entrepreneur Activity 08
Investment Trend 10
Who is Investing 18
Exit Outlook - IPO, Acquisitions 22
Sub Sector Analysis 25
Interesting Companies 40
Useful Links 45
Company List 47
Team 132
3
3

Illustrative Sectors We Track
ENTERPRISE
INFRASTRUCTURE
MOBILE
TECH FINTECH EDUCATION HEALTHCARE
SECURITY
STORAGE
NETWORKING
MOBILITY
IT OPS
CLOUD INFRASTRUCTURE
API MANAGEMENT
BIGDATA INFRASTRUCTURE
ENERGY
WIND ENERGY
SMART GRID
BIOENERGY
ELECTRIC VEHICLES
NUCLEAR ENERGY
BIOENERGY
ENERGY STORAGE
FUEL CELLS
MOBILE COMMERCE
MOBILE PAYMENTS
MOBILE MARKETING
MOBILE DEV TOOLS
MOBILE HEALTH
MOBILE GAMING
MOBILE LEARNING
MOBILE COMMUNICATION
INTERNET OF THINGS
3D PRINTING
BITCOIN
PAYMENTS
EDUCATION IT
SELF LEARNING
LIFE SCIENCES
DIGITAL HEALTH
ENTERPRISE
APPLICATIONS
SAAS
MOBILE-FIRST ENT. APPS
INTELLIGENT ENT. APPS
OPEN SOURCE
RETAIL TECH
MARKETING TECH
STEALTH MODE
VERTICAL SAAS

Sector Overview
Scope of report
This report covers companies that develop technologies, manufacture and supplies biofuels from various feedstocks, generate
energy from biomass, cultivate crops for applications in biofuels and bioenergy. It excludes consultancy and service companies,
large oil corporations with presence in bioenergy industry like Shell, BP, Exxon Mobil and also organization and labs which are
purely research oriented.
The scope of this report includes equity as well as debt funding received by the companies.
Business Model Description
Production
Production of biofuels like biodiesel, bioethanol, biobutanol, biogas and other bio products which can be used
for generating energy.
Technology Developer
Companies which develop technologies and build only plants to commercialize their technology. Companies
developing technology on their own and producing the end products are covered under production
Feedstock
Biofuels feedstock generating companies for applications in biodiesel, bioethanol, biobutanol and biogas and
other energy generation requirements
Energy Generation Companies generating energy like electricity, heat or both from biomass and other bio sources.

Recent Activity

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
7
7

YoY – Number of companies founded
26
19
18
19
14
16
0
5
10
15
20
25
30
2010 2011 2012 2013 2014 2015
No.ofCompanies
NexSteppe Beta Renewables Cellufuel Arvegenix Manta Biofuel Sustane Technologies
Ignis Biomass UAB Lignoterma Vana Vidyut Engineered Carbon Solutions Qeshm Microalgae Biorefinery Exeterra

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
9
9

YoY – Number of Rounds and Total Funding
$1.2B
$0.8B
$0.7B
$1.5B
$1.3B
$1.0B
$1.2B
$1.3B
$0.1B
42
51
38
55
72
56
51 50
14
0
16
32
48
64
80
0.0
0.3
0.6
1.0
1.3
1.6
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inBillions)
Funding Amount Number of Rounds
• The number of funding rounds
has been relatively constant in
the past few years and total
funding amount is slightly on a
rise.
• Average funding per round is
decreasing since 2012 and the
number of late stage
investments also decreased.
• Majority of rounds were grants
from government organizations
for promoting renewable energy
technologies.
Note: The funding includes debt rounds also.

YoY – Number of Rounds by Stage

YoY – Funding by Stage

Average Ticket Size – Early Stage

Top investments in last one year

Funnel view of Sector

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
7
17

Most Active Investors in Sector
27
18
13 13
12 12
11
10
9
8
0
5
10
15
20
25
30
Khosla Ventures DoE USA Braemar Energy Flagship Ventures Dept. of
Agriculture
Malaysian Life
Sciences Capital
Fund
I2BF Global
Ventures
Kleiner Perkins VantagePoint
Capital Partners
ATV
NumberofCompanies
LanzaTech Sapphire Energy NexSteppe Joule Unlimited Sapphire Energy LanzaTech EdeniQ Renmatix Cobalt Tech Coskata
Amyris Algenol Enerkem Mascoma Community Fuels Cobalt Tech Solix Algredients EdeniQ Solazyme Rive Technology

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
1
21

Top IPOs in last three years
IPO Date Company Overview
Funding
Amount
Mcap at IPO
Exch:Ticker
07/18/2014 ampplc.co.uk
Aggregated Micro Power
(London, 2010)
Gasification CHP & Biomas Boiler systems LON: AMPH
03/02/2012 ceres.net
Ceres
(Thousand Oaks, 1996)
Feed stock manufacturer for cellulosic biofuels and bioenergy.
Warburg Pincus, Oxford Bioscience Partners $75M NASDAQ:CERE
01/19/2012 regfuel.com
Renewable Energy Grp
(Ames, 1996)
Advanced Bio fuels producer and Developer of renewable chemicals. $197M NASDAQ: REGI
07/01/2011 kior.com
KiOR, Inc.
(Pasadena, 2007)
Bio ethanol and Bio Diesel manufacturer
Khosla Ventures, Gates Foundation, Alberta, Leader Ventures $249M NASDAQ:KIOR
05/27/2011 solazyme.com
Solazyme
(Francisco, 2003)
Algal-derived Biodiesel producer
Lightspeed Venture Partners, Morgan Stanley, Chevron, Roda Group, VantagePoint
Capital Partners, Bluecrest Capital Finance, DoE USA, HHVC, Braemar Energy,
Zygote Ventures
$119M NASDAQ:SZYM
09/28/2010 amyris.com
Amyris
(Emeryville, 2003)
Renewable products for consumer and industry segments
Khosla Ventures, Kleiner Perkins, TPG Growth, DAG Ventures, Temasek, Hercules
Technology Growth Capital, Westly Group, ATEL Capital Group, Brazilian
Development Bank, Total
$427M NASDAQ:AMRS
04/02/2010 deinove.com
Deinove
(Grabels, 2006)
Technology developer of ethanol from Deinococcus bacteria
Truffle, Kepler Cheuvreux $23M EPA:ALDEI
7/17/2009 viridisenergy.ca
Viridis Energy
(Vancouver, 2009)
Manufactures wood pellet biomass
RBC, Nova Scotia
OTCMKTS:
VRDSF

Major Acquisitions in last one year

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
4
24

June 2016Tracxn BlueBox : Bioenergy
400+ companies in the sector, 205 funded, $452M invested in 2015-16
Practice Area - Energy | Analysts: @SaiKrishna
25

Top Business Models by Funding
$3.5B
$1.5B
$550M
$111M $23M
0
800
1600
2400
3200
4000
Production Technology Developer Feedstock Energy Generation Retail
TotalFundingAmount(inMillions)
# Cos. 147 171 49 30 3 8 3 8 1 1
Avg. Age 2005 2005.7 2005.5 2008.5 2011.3 2007.8 2007.5 2005.5 2009 2010
Amyris
Fulcrum Bioenergy
Joule Unlimited
Lanzatech
EdeniQ
NextSteppe
Shalivahana Group
All Power Labs
Propel Fuels

Production – Business Model Description

Production – Entrepreneur Activity and
Investment Trend

Production – Most Funded Companies

Technology Developer – Business Model
Description

Technology Developer – Entrepreneur Activity
and Investment Trend

Technology Developer – Most Funded Companies

Feedstock – Business Model Description

Feedstock – Entrepreneur Activity and Investment
Trend

Feedstock – Most Funded Companies

Energy Generation – Business Model Description

Energy Generation – Entrepreneur Activity and
Investment Trend

Energy Generation – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
9
39

Interesting Early Stage Companies
Company Overview Business Model
Total
Funding
algenol.com
Algenol
(2006, Fort Myers)
Direct to ethanol technology provider by using algae biomass
DoE USA, BioFields
Technology Developer >
Bioalcohol > Bioethanol
$65M
topellenergy.com
Topell Energy
(2008, Hoofddorp)
Manufactures biomass by torrefaction
PPM Oost, Innogy Venture Capital, Yellow&Blue
Biomass
$16M
allpowerlabs.com
ALL Power Labs
(2008, Berkeley)
Energy generation equipment from biomass
California Energy Commission
Energy Generation >
$5M
arvegenix.com
Arvegenix
(2013, St. Louis)
Pennycress feedstock producer
Cultivation Capital, BioGenerator, Prolog Ventures, Missouri Technology, Monsanto,
Black Creek Group, Prelude Ventures, St Louis Arch Angels, The Yield Lab
Feedstock > Oil Seeds $2.5M
transbiodiesel.com
TransBiodiesel
(2007, )
Catalysts for Biodiesel Fuels
Aquagrofund
Catalyst
$1.5M
2G Energy
(2012, Heek)
Cogeneration plants
Energy Generation >
CryoPur
(2015, Paris)
Biogas up gradation systems
Biogas
Vertimass
(2013, Irvine) Technology developer of bioethanol which can be mixed with hydrocarbon fuels
Bioalcohol > Bioethanol

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
4
44

Useful Links
Slide Title Content Platform Link
List of All Companies in readable format Companies Link
Large Upcoming Sectors Entrepreneur Activity Link
Top investments in last one year Investment Trend Link
Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link
Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link
Production – Most Funded Companies Sub Sector Understand Link
Technology Developer – Most Funded companies Sub Sector Understand Link
Feedstock – Most Funded Companies Sub Sector Understand Link
Energy Generation – Most Funded Companies Sub Sector Understand Link
Top Funded Deadpooled Companies Companies Link

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
6
46

Bioenergy – Company List
DETAILS CLOSE TO 425 COMPANIES
COVERS THE FOLLOWING SECTORS
PRODUCTION TECHNOLOGY DEVELOPER FEEDSTOCK ENERGY GENERATION

Production (1/30)
Company Details Funding Investors
Diacarbon Energy [Burnaby, 2009]: Diacarbon Energy produces renewable fuels from biomass providing waste
solutions for pulp and paper, forest, and agriculture industries. The company offers biofuel products that include
biocoal, which is a form of charcoal that is produced by pyrolysis at lower temperatures; biochar, a black charcoal
substance produced from plant matter for agricultural use; and wood pellets. Its products are supplied to cement
companies and other utilities in canada.
$3.86M
EDC, Sustainable Development
Technology Canada
Horizontal
Sapphire Energy [San Diego, 2007]: Sapphire a venture capitalist back firm produces a renewable source of crude oil
from algae biomass and operates algae-to-energy facility.This algae biomass is a sustainable, renewable, and scalable
source of high value Omega-3 oils, high value aquaculture and animal feed ingredients and renewable fuels. Sapphire
also developed a technology platform that uses non-potable water, such as seawater, and non-arable land to grow
algae that captures CO2 in open ponds and provides renewable solutions that makes the planet more sustainable. Bill
gates led cascade investment invested in series b funding for Sapphire energy.
$290M
Venrock, DoE USA, Wellcome, ARCH
Venture, Monsanto, Arrowpoint
Partners, Dept. of Agriculture
Horizontal
KiOR, Inc. [Pasadena, 2007]: KiOR founded by Khosla Ventures is a renewable fuels company developing a
commercial process to produce cellulosic gasoline and diesel from abundant, lignocellulosic biomass. Unlike other
renewable fuels derived from soft starches, cellulosic fuel is derived from lignocellulose found in wood, grasses and
the non-edible portions of plants. With a two-step technology platform they converts non-food lignocellulose into
cellulosic gasoline and diesel that can be transported using the existing fuels distribution system for use in vehicles on
the road today.
$249M
Khosla Ventures, Gates Foundation,
Alberta, Leader Ventures
Horizontal
Sundrop Fuels [Longmont, 2008]: Sundrop fuels company using a proprietary high-temperature Bioreforming system
to transform cellulosic biomass into clean, affordable, renewable gasoline, jet and diesel fuels. It uses a high-
temperature solar gasification process that turns natural gas combined with any plant material into liquid
transportation biofuels. Sundrop Fuels is backed by its strategic partner, Chesapeake Energy Corp., and by two of the
world’s premier venture groups, Oak Investment Partners and Kleiner Perkins Caufield &; Byers.
$155M
Chessapeake, Oak Investment
Partners
Horizontal
Ensyn [Wilmington, 1984]: Ensyn Corporation manufactures and sells renewable liquid fuels from wood and
agricultural residues. It offers cellulosic biofuels, including renewable fuel oil (RFO) for industrial heating fuel
applications; generation of electricity from solid biomass; engine solution for biomass-based power generation; and
refinery co-processing, which includes conversion of non-food cellulosic feedstocks to transportation fuels.
$46.18M Chevron, Avrio Ventures Ltd, Fibria
Production Technology Developer Feedstock Energy Generation

Production (2/30)
Company Details Funding Investors
Horizontal
Algae Int'l Group [ , 2008]: Algae International group developed a process called “InSym” that combines methane,
CO2, fuel cells, nitrates, phosphates, sunlight and a specialized process to remove biomass and create HRD and HRJ
fuel. The company changed its name to North American Cannabis Holdings.
$5M AGS Capital
Horizontal
Zymetis [College Park, 2006]: Zymetis is a biotechnology company, that develops products for the renewable
chemicals and advanced fuels industries. Their products are developed from novel enzymes to produce transportation
fuels by achieving lower costs and improve yields and efficiencies. Their products include bioethanol and biodiesel. It
was named to the 2009 GoingGreen East 50 Top Company List.
$857K
University of Maryland,
MarylandBioCenter
Horizontal
Manta Biofuel [Baltimore, 2014]: Manta Biofuel, a startup biotechnology company, produces renewable crude oil
from algae. It is operating on three step procedure : Grow, Harvest and convert. Manta biofuels grow algae and after
harvesting them, the collected biomass is converted to crude oil by being subjected to high temperature and pressure,
in a process called hydrothermal liquefaction (HTL). The oil produced is largely equivalent to petroleum and can be
used as a drop in replacement at the refinery level. Chesapeake Bay Seed Capital Fund invested $150,000 in Manta
Biofuel
$150k
Horizontal
Hawai‘i BioEnergy [Honolulu, 2006]: Hawai`i BioEnergy LLC (HBE) is a consortium established by three of Hawaii's
largest landowners - Kamehameha Schools, Grove Farm Company Inc, and Maui Land &; Pineapple Inc, along with
venture capital partnerships including Vinod Khosla, Ulupono Initiative and Finistere Ventures. They have established
this company to produce biofuels locally from Hawaii to reduce the dependence of foreign imports. The company has
already tied up with several companies and associations to supply their bioethanol and jet fuel.
Finistere
Horizontal
Thar Energy [Pittsburg, 2009]: Thar Energy is into technology development of concentrated solar where supercitical
fluid is used for collecting solar energy and which is then moved to power recovery devices, such as turbines, solar
energy storage and waste heat recovery. Besides this the company has interests in biofuels, hydrothermal,
geothermal Thar Energy is backed by Ben Franklin Technology Partners. Thar is producing biodiesel from soyabeans
and ethanol from algae by fermentation.
Innovation Works, DoE USA

Production (3/30)

Production (4/30)

Production (5/30)

Production (6/30)

Production (7/30)

Production (8/30)

Production (9/30)

Production (10/30)

Production (11/30)

Production (12/30)

Production (13/30)

Production (14/30)

Production (15/30)

Production (16/30)

Production (17/30)

Production (18/30)

Production (19/30)

Production (20/30)

Production (21/30)

Production (22/30)

Production (23/30)

Production (24/30)

Production (25/30)

Production (26/30)

Production (27/30)

Production (28/30)

Production (29/30)

Production (30/30)

Technology Developer (1/36)

Feedstock (1/11)

Feedstock (2/11)

Feedstock (3/11)

Feedstock (4/11)

Feedstock (5/11)

Feedstock (6/11)

Feedstock (7/11)

Feedstock (8/11)

Feedstock (9/11)

Feedstock (10/11)

Feedstock (11/11)

Energy Generation (1/6)

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
1
131

Team
Abhyudai Gupta
Lead Analyst, Energy
Sai Krishna
Senior Analyst, Energy

Tracxn Report: Bioenergy Startup Landscape, June 2016

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Tracxn Report: Bioenergy Startup Landscape, June 2016