Tracxn Research - Solar Energy Landscape, February 2017

Solar Energy Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.
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Solar Energy Report – February 2017 Copyright © 2017, Tracxn Technologies Private Limited. All rights reserved.3
Contents
Topic Page No.
Scope of Report 04
Entrepreneur Activity 06
Investment Trend 11
Who is Investing 22
Exit Outlook - IPO, Acquisitions 26
Sub Sector Analysis 30
Interesting Companies 48
Useful Links 56
Company List 59
Team 289

Solar Energy Sector Overview
Scope of report
This report covers companies that manufactures or supplies products across the entire Solar Industry value chain and offers services
related to the generation of solar power. It excludes solar consultancy companies and companies which offer solar services like site
survey, energy audit etc. and also excludes organization and labs which are purely research oriented. This report is focused on those
companies which are involved right since the beginning of the value chain, who manufacture solar wafers and ingots, right till them who
manufacture solar modules. Post this it covers those companies which provide solar solutions using these panels or thermal solutions
and also them who provide them on lease or any other innovative financing model. We have additionally included those companies
which manufacture solar based heating, charging and lighting solutions.
The scope of this report includes equity as well as debt funding received by the companies.
Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 28, 2016. This is to categorically state that any events
and relevant developments after the said date will not reflect in the report.
Business Model Description
Hardware Developer Companies manufacturing or developing hardware which help in either generating power or other Balance of System components
Independent Power
Producer
Companies which own power plants and generate power to be sold to either a Utility or a Commercial, Industrial or Residential
customer
Project Developers
Companies involved in providing Solar Plant Installation and Operation & Maintenance services, or both. Services are provided for
Utility scale as well as distributed power plants
Solar-as-a-service Offers solar services like installation, financing and customer acquisition
Solar Products
Companies developing various products which use solar energy to provide lighting, heating/cooling or charging solutions to the end
user
Project Financing Offers financing needed for solar projects
Software Solutions
Companies developing online/offline applications and software which assists in monitoring, analytic and project development
purpose

Scope of Report
Entrepreneur Activity
Investment Trend
Who is Investing
Exit Outlook - IPO, Acquisitions
Sub Sector Analysis
Interesting Companies
Useful Links
Company List
Team
5

135
108 108
121
305
206
40
0
70
140
210
280
350
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
6
YoY – Number of companies founded
Sunnova ReNew Power Ventures Soleq Nippon Renewable Energy Brite Energy Ezon Energy Solutions Sunfinity Solar
KDC Solar Mosaic World Panel CaptureSolar Energy SolarBao NexWafe Edisun

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
24 Aug-2013 8 Solar Financing > Crowdfunding $32M sunfunder.com
SunFunder
2012, San Francisco
40 Nov-2012 17
Software Solutions > Project
Development
$15M powerhub.com
Powerhub
2013, Toronto
21 Jul-2011 9
Software Solutions > Energy
Management > Analytics
$17M kwhanalytics.com
kWh Analytics
2012, Oakland
18 Jul-2011 5
Project Developers > EPC >
Distributed > Rural
$7M solarnow.eu
Solar Now
2011, Kampala
21 Jun-2011 10
Management > Monitoring
$37M evergen.com.au
Evergen
2016, Sydney
15 Jun-2011 11
Independent Power Producer >
Distributed > Rural
$178M offgrid-electric.com
Off Grid Electric
2011, Arusha
16 Jul-2010 5
Solar Products > Lighting Solutions >
Horizontal
$8M solargreen.us
SolarGreen
2007, Whitby

Large Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
26 Jun-2010 13
Solar Products > Charging Solutions >
C&I
$22M pythagoras-solar.com
Pythagoras Solar
2007, Petah Tikva
15 Nov-2009 9
C&I
$53M petrasystems.com
Petra Systems
2006, South Plainfield
56 Sep-2009 16
Solar Products > Charging Solutions >
Residential
$107M ftlsolar.com
FTL Solar
1998, New York City
25 Nov-2008 12
Hardware Developer > Generation
Equipment > PV > Modules > Others
$120M sunpreme.com
Sunpreme
2009, Sunnyvale
16 Sep-2008 11
Management > Horizontal
$54M powerhive.com
Powerhive
2011, Berkeley
22 Apr-2008 9
Residential
$99M dlight.com
D.light Design
2007, San Francisco
60 Feb-2005 43
Equipment > PV > Modules > Thin Film
$4.3B heliatek.com
Heliatek
2006, Dresden
16 Jul-2004 8
Equipment > PV-Thermal
$39M echofirst.com
EchoFirst
2007, Fremont

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
11 Feb-2012 6
Solar-as-a-service > Financing >
Horizontal
$430M renewfinancial.com
Renew Financial
2008, Oakland
7 Jul-2010 4
Solar-as-a-service > Integrated >
Residential
$1.1B sunrun.com
Sunrun
2007, San Francisco
8 Jun-2010 3
Solar-as-a-service > Installation >
Horizontal
$1.6B ingenero.com.au
Ingenero
2009, Brisbane
14 Feb-2008 9
Hardware Developer > Balance of
Systems > Storage
$176M sonnenbatterie.de
Sonnen
2010, Wildpoldsried
13 Sep-2000 10
Equipment > PV > Others
$140M plextronics.com
Plextronics
2002, Pittsburgh

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
10

YoY – Number of Rounds and Total Funding
$3.7B
$2.3B
$5.7B
$3.4B
$2.0B
$3.3B
$5.3B
$6.2B
$9.0B
128
102
124
153
130
156
195
242
216
0
60
120
180
240
300
0.0
2.0
4.0
6.0
8.0
10.0
2008 2009 2010 2011 2012 2013 2014 2015 2016
NumberofRounds
FundingAmount(inBillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
14 15
25 23
30
21
61
48
64
80
91
60
43
39
22
39
50
44
0
36
72
108
144
180
2011 2012 2013 2014 2015 2016
NumberofRounds
Seed Early Late

YoY – Funding by Stage
$6M $5M $6M $18M $11M $5M
$734M
$209M $262M
$722M
$318M $310M
$1.7B
$1.5B
$676M
$2.3B
$1.8B
$1.4B
0
700
1400
2100
2800
3500
2011 2012 2013 2014 2015 2016
TotalFundingAmount(inMillions)
Seed Early Late

Average Ticket Size – Early Stage
$0.6M $0.7M $0.3M
$0.9M $0.8M $0.3M
$17.3M
$4.6M $4.2M
$11.6M
$5.0M $7.1M
$13.1M
$9.1M
$9.0M
$26.8M
$7.0M
$8.9M
0.0
6.0
12.0
18.0
24.0
30.0
2011 2012 2013 2014 2015 2016
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
sunpower.com
SunPower
(Athens, 1985)
$400M
Convertible
Debt
Dec-2015 Total
sunnova.com
Sunnova
(Houston, 2010)
$300M Series F Mar-2016 Energy Capital Partners, Triangle Peak Partners, Franklin Square
joinmosaic.com
Mosaic
(Oakland, 2011)
$220M Series C Aug-2016 Warburg Pincus, Core VC, Obvious Ventures
beamreachsolar.com
BeamReach Solar
(Milpitas, 2007)
$101M Series D Feb-2016
KPCB, Technology Partners, DAG Ventures, GSV Financial Group, Northgate, GSV Capital,
Jasper Ridge, Spirox, GAF, SunPower, Riyadh Valley
origisenergy.com
Origis Energy
(Miami, 2008)
$100M PE Nov-2016 Baltisse
siliconranchcorp.com
Silicon Ranch
(Nashville, 2011)
$100M PE Apr-2016 Partners Group
unitedpvgroup.com
United Photovoltaics
(Hong Kong, 2013)
$100M
Convertible
Debt
Dec-2015 Undisclosed
sonnenbatterie.de
Sonnen
(Wildpoldsried, 2010)
$85M Series D Oct-2016 Envision Energy

Company
Funding
Amount
Round
Name
Date Investors
renewfinancial.com
Renew Financial
(Oakland, 2008)
$78M Series D Mar-2016
Angeleno Group, Apollo Investment Corporation, Claremont Creek Ventures, NGEN
Partners, Prelude Ventures, Braemar Energy Ventures
soltage.com
Soltage
(Jersey City, 2005)
$70M Series D Nov-2016 Basalt Infrastructure Partners
sungevity.com
Sungevity
(Oakland, 2008)
$50M Series E Dec-2015 Apollo Global Management, GE Ventures
heliatek.com
Heliatek
(Dresden, 2006)
$47M Series D Sep-2016
innogy, Engie, BNP Paribas, CEE Group, eCAPITAL, High-Tech Grunderfonds, Innogy
Venture Capital, TUDAG, Wellington Partners, BASF Venture Capital
lumos-global.com
Lumos
(Amsterdam, 2013)
$40M Series A Dec-2016 VLTCM, Pembani Remgro Group
sunverge.com
Sunverge Energy
(San Francisco, 2009)
$37M Series C Feb-2016 AGL Energy, Australian Renewable Energy Agency, SBCVC, Siemens Financial Services
nexamp.com
Nexamp
(North Andover, 2007)
$30M Series B Aug-2016 Undisclosed
figtreefinancing.com
Figtree Financing
(San Diego, 2010)
$30M Series A Mar-2016 Undisclosed

Company
Funding
Amount
Round
Name
Date Investors
tenksolar.com
tenKsolar
(Minneapolis, 2008)
$25M PE Jan-2016 Goldman Sachs
tigoenergy.com
Tigo
(Sebastopol, 2007)
$24M Series G Apr-2016 SMA Solar Technology
ezon.in
Ezon Energy Solutions
(Coimbatore, 2015)
$21M PE Oct-2016 Undisclosed
posigen.com
PosiGen
(New York City, 2011)
$20M Series B Apr-2016 Newworld Capital Group, Constellation Technology Ventures
bboxx.co.uk
Bboxx
(London, 2010)
$20M Series C Aug-2016 Engie, Khosla Impact, Bamboo Finance, Stichting DOEN, MacKinnon, Bennett & Company
powerhive.com
Powerhive
(Berkeley, 2011)
$20M Series A Jan-2016 Prelude Ventures, Caterpillar, Tao Capital Partners, piinvest.com
m-kopa.com
M Kopa
(Nairobi, 2011)
$19M Series C Dec-2015 Generation Investment Management
mainstreamrp.com
Mainstream Renewable
Power
(Dublin, 2008)
$16M PE Jul-2016 Undisclosed

Company
Funding
Amount
Round
Name
Date Investors
plugintheworld.com
Mobisol
(Berlin, 2010)
$16M Series B Dec-2016 IFC, FMO, German Investment, Africa Enterprise Challenge Fund
1366tech.com
1366 Technologies
(Bedford, 2007)
$15M Series C Jun-2016 Wacker Chemie
bboxx.co.uk
Bboxx
(London, 2010)
$15M Series C Dec-2015
Stichting DOEN, Bamboo Finance, Ceniarth LLC, Khosla Impact, Synergy Energy, Engie,
MacKinnon, Bennett & Company
dlight.com
D.light Design
$15M Series D Sep-2016 Omidyar Network, Energy Access Ventures, Newquest Capital Partners
depcompower.com
Depcom Power
(Scottsdale, 2013)
$15M Series B Sep-2016 Undisclosed
nepsolar.com
National Energy Partners
(Clementon, 2008)
$15M PE Nov-2016 Forum Equity Partners
solvoltaics.com
Sol Voltaics
(Lund, 2007)
$13M Series C May-2016 Riyadh Valley, Umoe, Industrifonden, FAM
oxfordpv.com
Oxford Photovoltaics
(Oxford, )
$11M Series C Oct-2016 Undisclosed

Company
Funding
Amount
Round
Name
Date Investors
oxfordpv.com
Oxford Photovoltaics
(Oxford, )
$10M Series C Dec-2016 Statoil, Legal & General Capital
simpanetworks.com
Simpa Networks
(Bangalore, 2010)
$10M Series A Mar-2016 Undisclosed
1366tech.com
1366 Technologies
(Bedford, 2007)
$10M Series C May-2016 HANWHA INVESTMENT
canadiansolar.com
Canadian Solar
(Guelph, 2001)
$10M Series C Jan-2016 IFC
morgansolar.com
Morgan Solar
(Toronto, 2007)
$10M Series C Jul-2016 ArcTern Ventures
offgrid-electric.com
Off Grid Electric
(Arusha, 2011)
$10M Series C Aug-2016 Helios Investment
ascentsolar.com
Ascent Solar
(Thornton, 2005)
$7M Series F Jan-2016 Undisclosed
geostellar.com
Geostellar
(Reston, 2011)
$7M Series B Oct-2016 Matador Capital, Select Venture Partners, Panacea Capital Advisors, valentis capital

Funnel view of Sector
Percent of
Previous
45%
41%
57%
176
128
190
332
816
1813
0 400 800 1200 1600 2000
M&A & IPO
Late
Series B
Series A
Funded
Founded
Number of Companies

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

Most Active Investors in Sector
35
20
14
12
11
10
9 9
8 8
0
8
16
24
32
40
Department
of Energy (US)
Climate-KIC IFC NEA KPCB Draper Fisher
Jurvetson
Applied
Materials
Goldman
Sachs
Acumen Demeter
Partners
TotalNumberofRounds
SunPower Powervault Canadian Solar Suniva MiaSolÃ© SolarCity SunEdison Sunnova D.light Design Solairedirect
Solyndra Suntherm
NSL Renewable
Power
SolFocus
BeamReach
Solar
BrightSource
Energy
Enphase Energy
BrightSource
Energy
M Kopa SolFocus

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
25

Top IPOs in last three years
IPO Date Company Overview
Funding
Amount
Exch:Ticker
Jun-2016 anjitek.com
Anji Technology
(Tainan, 2007)
Solar panel manufacturer TPE:6477
Aug-2015 sunrun.com
Sunrun
Solar services for residents
Accel Partners, Sequoia Capital, Foundation Capital, Millennium Technology Value
Partners, U.S. Bank, Investec, Idinvest Partners, Pacific Gas and Electric
$296.98M RUN
Jul-2015 nanoflexpower.com
NanoFlex Power
(Scottsdale, 1994)
Develops solar organic solar PV $3.42M OTCMKTS:OPVS
Mar-2015 solaredge.com
SolarEdge
(Hod Hasharon, 2006)
Solar Photovoltaic Power Electronics
Lightspeed Venture Partners, Vertex Ventures Israel, Opus Capital, Norwest Venture
Partners, Genesis Partners, GE, Walden International, Orr Partners, Jerusalem
Global Ventures, GE Energy Financial Services, Vertex Ventures
$96.8M SEDG
Nov-2014 hanwha-qcells.com
Hanwha Q-Cells
(Seoul, 2012)
Solar cell and PV module manufacturer NASDAQ:HQCL
Nov-2014 skysolarholdings.co
m
Sky Solar Holdings
(Hong Kong, 2009)
Independent Power Producer
Sino-Century China Private Equity Partners, LLC NASDAQ:SKYS
Jul-2014 terraform.com
TerraForm Power
(Beltsville, 2014)
Owns and operates clean energy assets NASDAQ:TERP

Major Acquisitions in last one year

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
29

January 2017Tracxn BlueBox: Solar Energy
1800+ companies in the sector, 427 funded in last 5 years, $15.3B invested in 2015/2016 (YTD)

Top Business Models by Funding
$12.8B
$5.9B $5.8B
$1.7B
$489M
$103M $55M
0
2800
5600
8400
11200
14000
Hardware
Developer
Solar-as
-a-service
Independent
Power Producer
Project
Developers
Solar
Products
Software
Solutions
Solar
Financing
TotalFundingAmount(inMillions)
Avg. Age Aug-04 Jan-11 Jul-07 Jan-10 Aug-08 Jul-11 Jun-13
# Cos. 533 98 224 497 297 98 27
SunPower SolarCity ReNew Power Ventures Solairedirect D.Light Design Fat Spaniel SolarBao
BrightSource Energy Sunnova Acciona Energy Brite Energy Petra Systems Powerhive SunFunder

Hardware Developer – Business Model
Description

Hardware Developer – Entrepreneur Activity and
Investment Trend

Hardware Developer – Most Funded Companies

Solar-as-a-service – Business Model Description

Solar-as-a-service – Entrepreneur Activity and
Investment Trend

Solar-as-a-service – Most Funded Companies

Independent Power Producer – Business Model
Description

Independent Power Producer – Entrepreneur
Activity and Investment Trend

Independent Power Producer – Most Funded
Companies

Project Developers – Business Model Description

Project Developers – Entrepreneur Activity and
Investment Trend

Project Developers – Most Funded Companies

Solar Products – Business Model Description

Solar Products – Entrepreneur Activity and
Investment Trend

Solar Products – Most Funded Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
47

Interesting Unfunded Companies
Company Overview
Business
Model
isal-solar.com
ISAL Solar
(2015, Hamburg)
Solar LED lighting
Solar Products > Lighting Solutions
sunsure-energy.com
SunSure
(2015, Delhi)
End to end solar project implementation services for Industrial,
Commercial and Utility sectors Project Developers > Integrated > Horizontal
smashsolar.com
Smash Solar
(2012, San Francisco)
Mounting structure for solar modules Hardware Developer > Balance of Systems >
Mounting and Racking
powerhub.com
Powerhub
(2013, Toronto)
Cloud-based SaaS asset management solution for renewable energy
projects Software Solutions > Project Development
navocean.com
Navocean
(2004, Seattle)
Sail and solar drones for marine data collection
Solar Products > Others
Curated list of companies by the sector analyst are defined as Interesting

Interesting Early Stage Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
55

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
Hardware Developer– Most Funded Companies Sub Sector Understand Link
Independent Power Producer – Most Funded companies Sub Sector Understand Link
Project Developers – Most Funded Companies Sub Sector Understand Link
Solar-as-a-service – Most Funded Companies Sub Sector Understand Link
Solar Products – Most Funded companies Sub Sector Understand Link
Software Solutions- 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
58

Solar Energy – Company List
Hardware
Developer
Solar-as
-a-service
Independent
Power Producer
Project
Developers
Solar Products
Software
Solutions
Solar Financing
814 FUNDED COMPANIES AND 1000 UNFUNDED COMPANIES
COVERS THE FOLLOWING SECTORS

Hardware Developer (1/68)
Company Overview Business Model Total Funding
NEXTracker
(2013, Fremont)
Manufacturer PV trackers
XSeed Capital, Sigma Partners, Double Bottom Line Investors, SJF
Ventures, Overture Advisors, Tennenbaum Capital Partners, Presidio
Partners, DBL Partners
Balance of Systems >
Measurement and Tracking
$42.62M
Exosun
(2007, Martillac)
Manufactures solar trackers
Omnes Capital, Grand Sud Ouest Capital
$13M
Hadrian Electrical Engineering
(2010, Northumberland)
Solar PV trackers and wind turbines
Northstar Ventures
$145k
Nevados
Developers of solar tracking systems
Sinevel
(2015, )
Renewable energy data monitoring solution provider
Matalon Energy Sources
(2009, Tel Aviv)
Patented solar tracker developer
Versol Solar
(2013, Hangzhou)
Solar panel mounting and tracking infrastructure developer
Shanghai race linking Venture Capital Management Co., Ltd.
Kipp & Zonen
(1830, Delft)
Solar radiation monitoring system
Go to BM List >> Solar-as-a-service

Sulas Industries
(2011, Silverthorne)
Develops sun trackers which are powered by the sun Balance of Systems >
Tera Semicon
(2002, Suwon-si)
Offers manufacturing equipment for solar cells and semiconductor
KTB Ventures, Samsung Venture Investment
Sedona Solar Technology
(2009, Flagstaff)
Manufactures tracking systems
Exosun
(2007, Martillac)
Manufactures tracking systems
Array Technologies
(1992, Albuquerque)
Solar Tracker Manufacturers
Oaktree Capital
Renoair
(2015, Curitiba)
Services for wind industry
SunCarrier Omega
(2009, Bhopal)
Manufactures sun tracking systems
SmartTrak Solar Systems
(2011, Hyderabad)
Installation of rooftop plants and solar tracking systems

Kisan Solar
(2013, Ahmedabad)
Solar irrigation products Balance of Systems >
Startak
(2015, Roskilde)
Makes control system for sun tracker
Sunlink
(2004, San Rafael)
Offers solar mounting system
Silicon Valley Bank, Angeleno Group, Clean Pacific Ventures, Summit
Capital, Columbia Pacific Advisors, Streamlined Ventures, Murano
Group
$12.47M
Zep Solar
(2009, San Rafael)
Offers integrated PV mounting systems
Costella Kirsch, Aquillian Investments, Ecosystem Integrity
$10.6M
Pegasus Solar
(2012, Richardson)
Rail-less solar mounting structures
Okapi Venture Capital
$2.66M
Midisolaire
(2008, Beauzelle)
Makes PV installation equipments
XAnge
$1.5M
PanelClaw
(2007, North Andover)
Makes mounting systems for flat roof and ground mount applications.
$1.33M
Ecolibrium Solar
(2010, Athens)
Makes solar mounting structures
Queen City Angels, East Central Ohio Tech Angel Funds, Rev1 Ventures
$1M

Solar-as-a-service (1/13)
EnergySage
(2009, Boston)
Marketplace for solar installer
Department of Energy (US), Launchpad Venture Group, New York
Angels, Clean Energy Venture Group, NYSERDA
Customer Acquisition $3.56M
I and C-Cruise.
(2008, Tokyo)
Offers customer acquisition services and among other businesses
Fenox Venture Capital, Samurai Incubate, Energy and Environment
Investment, IMJ Investment Partners
Customer Acquisition $2.04M
Powur
(2014, San Diego)
Customer acquisition company for SolarCity
Tech Coast Angels Customer Acquisition $1.1M
SolarWaale
(2013, Gurgaon)
Online closed marketplace for solar panels and accessories
Customer Acquisition
American Solar Connection
(2013, Walnut Creek)
Aggregates of solar installers
EnerWise
(2016, Oakland)
Aggregator of different segment of solar industry
Cooler Planet
(2007, Seattle)
Solar customer acquisition company
Lighter Capital Customer Acquisition
Pretty Visible
(2014, Berkeley)
Connects solar customers with installers
Hardware
Developer
<< Go to BM List >>
Independent Power
Producer

Renooble
(2014, London)
Solar customer acquisition company
SURGE Ventures Customer Acquisition
SolarLinker
(2015, Nottingham)
Listing of solar installers and comprising site
The Solar Xchange
(2015, Phoenix)
A customer acquisition platform
Sun Number
(2012, Santa Fe)
Customer acquisition and solar rating
Department of Energy (US) Customer Acquisition
Renew Financial
(2008, Oakland)
Financing solutions for renewable energy projects
Braemar Energy Ventures, NGEN Partners, Angeleno Group, Apollo
Investment Corporation, Claremont Creek Ventures, Prelude Ventures
Financing > Horizontal $125M
PosiGen
(2011, New York City)
Offers financing solutions for solar installation
Goldman Sachs, Newworld Capital Group, Constellation Technology
Ventures
Figtree Financing
(2010, San Diego)
PACE financing provider for property owners.
Demeter Power
(2011, West Palm Beach)
Solar financing company
Financing > Horizontal $500k
Hardware
Developer
<< Go to BM List >>
Independent Power
Producer

Hardware
Developer
<< Go to BM List >>
Independent Power
Producer

Independent Power Producer (1/29)
Soleq
(2012, Singapore)
Solar power project developer
Equis, German Investment Distributed $185M
NRG Solar
(2006, Mill Valley)
Independent solar power producer
Silicon Valley Product Group, Globespan Capital Partners, U.S. Bank, Dry
Creek Ventures, Energy Investors Fund
Distributed $153M
Soltage
(2005, Jersey City)
Develops and owns solar power plants and sell solar power
Newworld Capital Group, Tenaska, Basalt Infrastructure Partners Distributed $82M
BluEarth Renewables
(2010, Calgary)
IPP in wind, solar and hydro-electric segments
Ontario Teachers' Pension Plan, ARC Financial Distributed $81M
Focal Energy
(2008, Delhi)
Invests and manages clean energy portfolio
Pitango Venture Capital, Granite Hacarmel Investments, Ronin
Investment Management
Distributed $35M
Tioga Energy
(2007, San Mateo)
Solar Independent Power Producer
Draper Fisher Jurvetson, Frontier Venture Capital, Nth Power, RockPort
Capital, NGEN Partners, MEMC Corp Comm, Kirlan Venture Capital
Distributed $35M
AllGreen Energy
(2008, Newark)
Produces and sells solar electrical, thermal and biomass energy
Emergo Partners, Reliance Venture Asset Management,
www.relianceventure.com/
Distributed $15 M
Standard Solar
(2004, Rockville)
Independent power producer for distributed generation
Distributed $12M
Solar-as-a-
service
<< Go to BM List >> Project Developers

Zynergy Group
(2007, Chennai)
Solar IPP and EPC firm
Kohli Ventures Distributed $10M
Sunwind Energy
(2009, Nevada)
Renewable Energy development company
Distributed $8.5M
SkyBuilt Power
(2002, Arlington)
Off-grid power solutions for off-road terrain
Gamesa, In-Q-Tel Distributed $5.9M
Main Street Power Company
(2009, Boulder)
Financier developer owner of solar projects
Distributed $2.97M
Unutility Electric
(2010, Orleans)
IPP player in solar space
Distributed $300k
NextStep Electric
(2011, Niwot)
Thin-film solar panel based project developer
Distributed $270k
Visolaris
(2012, Manchester)
Renewable energy based Independent Power Producer
Distributed
Prosumergy
(2015, Kassel)
Distributed energy generation
Climate-KIC Distributed
Solar-as-a-
service

Solar-as-a-
service

Project Developers (1/63)
Solairedirect
(2006, Paris)
Solar IPP and EPC company
SBI, BlackRock, AGPM, Demeter Partners, TechFund, Capital Stage,
Inter-American Development Bank, KGAL GmbH & Co. KG (KGAL),
MACIF, OFI Asset Management, Rand Merchant Bank, HSH Nordbank,
Corem, Schneider Electric Ventures, DIF
EPC > Horizontal $340.95M
Borrego Solar
(1980, El Cajon)
Solar EPC
U.S. Bank, Walsin Technology Corp (2492), East West Bank, National
Cooperative Bank
EPC > Horizontal $61M
Kiran Energy
(2010, Mumbai)
Develops and operates solar farms
Bessemer Venture Partners, NSR Partners, Argonaut Ventures, InnoVen
Capital
Solel Solar Systems
(1992, Beit Shemesh)
Solar EPC services provider
Khosla Ventures, KPCB EPC > Horizontal $40M
Petra Solar
(2006, South Plainfield)
Offers grid interactive solar system
ES Ventures, OnPoint Technologies, Craton Equity Partners EPC > Horizontal $40M
Clean Energy Collective
(2009, Boulder)
Developer of community-owned solar.
Black Coral Capital, First Solar, New Energy Capital EPC > Horizontal $36.23M
Annex Power
(2008, Bangkok)
EPC company in solar, wind and biomass segment
Armstrong Asset Management, Asia Cleantech Capital EPC > Horizontal $30M
Independent
Power Producer
<< Go to BM List >> Solar Products

FLS Energy
(2006, Asheville)
A solar EPC company
Capricorn, Novus Energy Partners, New Energy Capital, Vision Ridge
Partners, ncscitech.com
groSolar
(1998, White River)
Solar Distribution and Installation
Greenhouse Capital Partners, Calvert Investments, SJF Ventures, Big Sky
Partners, CDVCA, NGP Energy Technology Partners
Vergnet
(1989, Ormes)
Renewable Energy developers
Demeter Partners, Compagnie Financiere du Lion, nassetwind.com EPC > Horizontal $26M
SunBorne Energy
(2008, Gurgaon)
Solar PV and solar thermal energy producer in India
IFC, Export-Import Bank of India, Khosla Ventures, General Catalyst
Partners, STATE BANK OF PATIALA, Canara Bank, State Bank of
Travancore, InnoVen Capital
Cool Earth Solar
(2006, Livermore)
Solar Plants and develops solar baloon
Depcom Power
(2013, Scottsdale)
Solar design, EPC and O&M company E-Engineering; P-Procurement;
C-Construction; O-Operation; M-Maintenance
Capricorn
Building Energy
(2010, Milano)
Independent power producer in wind and solar segment
Synergo, Three Hills Capital Partners EPC > Horizontal $15M
Lincoln Clean Energy
(2009, Chicago)
Develops clean energy projects
Austin Ventures, Willis Stein & Partners Management, Macquarie Group EPC > Horizontal $14M
Independent
Power Producer

Abakus Solar
(1995, Gelsenkirchen)
Solar PV plant developers
Omnes Capital EPC > Horizontal $12.9M
OneEnergy Renewables
(2009, Seattle)
Develops solar projects
Northwest Energy Angels, Element 8, Ecosystem Integrity EPC > Horizontal $7.86M
Empower Energies
(2010, Rochester)
Solar EPC company
GM Ventures EPC > Horizontal $7.5M
PsomasFMG
(2009, Huntington Beach)
solar energy developer and EPC
Redavia
(2010, Munich)
Offers small sized deploy able solar farms on rent
Infraco Africa, Factor[e] Ventures EPC > Horizontal $5M
Yeloha Solar
(2012, Boston)
Solar sharing
Viola Group EPC > Horizontal $4.5M
JIT Solaire
(2007, Poitiers)
Offers EPC services in solar space
Ardian EPC > Horizontal $3.4 M
Ardenham Energy
(2007, Glastonbury)
Installer of commercial solar PV and heat pumps
Bridges Ventures, CDVCA EPC > Horizontal $3.2M
Independent
Power Producer

Independent
Power Producer

Solar Products (1/38)
Pythagoras Solar
(2007, Petah Tikva)
Solar energy technology
Pitango Venture Capital, Israel Cleantech Ventures, Evergreen Venture
Partners
Charging Solutions > C&I $10M
Envision Solar
(2006, San Diego)
Offers solar trees for parking lots and solar EV charging solutions
Silicon Valley Bank Charging Solutions > C&I $4.6M
Clear Blue Technologies
(2011, Toronto)
Develops smart off-grid controllers
Ontario Centres of Excellence, National Research Council Canada, SOFII,
Haywood, Grenville Strategic Royalty Corp
Charging Solutions > C&I $1.3M
Ecozen
(2009, Nagpur)
Solar pumps and solar powered cold storage
Omnivore Capital, Villgro Innovations Foundation Charging Solutions > C&I $1M
Surya Power Magic
(2013, Coimbatore)
Solar irrigation modules
Infuse Ventures, Intellecap Impact Investment Network Charging Solutions > C&I $500k
Solaire Generation
(2009, New York City)
Offers solarized parking solutions
Charging Solutions > C&I $35k
Ampersand
(2014, Berlin)
Electric bikes and off-grid solar charging solutions
Startupbootcamp Charging Solutions > C&I $20.3k
InnoVentum
(2010, Malmo)
Wooden tower-based wind turbines and hybrid solutions
Charging Solutions > C&I
Project
Developers
<< Go to BM List >> Software Solutions

Creteq
(2012, Eindhoven)
BIPV architectural systems
SunCulture
(2012, Nairobi)
Solar powered smart irrigation systems
Tecambyot
(2011, Granada)
Cleantech solutions developer
Caixa Capital Risc Charging Solutions > C&I
Venetian Solar
(2011, Hoersholm)
Solar Shading solutions
Syddansk Innovation Charging Solutions > C&I
WATTable
(2014, Yverdon-les-bains)
Solar powered table
Sol Nrg
(2014, Hadar Ramatayim)
Solar tables for portable device charging
Solifi
(2016, Dusseldorf)
Solar powered charging and wi-fi services provider
E.ON agile Charging Solutions > C&I
Prodengin
(2015, Brisbane)
Makes solar powered recreational equipment
Project
Developers

Project
Developers

Software Solutions (1/13)
kWh Analytics
(2012, Oakland)
Offers risk management and analytics for solar investors
Anthemis Group, Department of Energy (US)
Energy Management >
Analytics
$5.58M
Enercast
(2011, Kassel)
Renewable Energy forecasting
High-Tech Grunderfonds, Innogy Venture Capital
Energy Management >
Analytics
$3M
Locus Energy
(2007, Hoboken)
Renewable Energy Monitoring & Analytics
Zelkova Ventures, PeakChange
Energy Management >
Analytics
$1.2M
Nnergix
(2012, Sant Cugat)
Data analytics forecasting SaaS platform
KIC InnoEnergy, INCENSe Accelerator, Victoria Venture Capital
Energy Management >
Analytics
$830.98k
SteadySun
(2013, Le Bourget Du Lac)
Solar generation forecasting
KIC InnoEnergy
Energy Management >
Analytics
$687k
Green Power Labs
(2003, Halifax)
Predictive solar analytics company
Innovacorp, ACOA - APECA, Inerjys
Energy Management >
Analytics
$250k
Enfor
(2006, Hoersholm)
Renewable Energy forecasting
Energy Management >
Analytics
Reuniwatt
(2010, Sainte-clotilde)
Solar photovoltaic power production forecasting specialist
Energy Management >
Analytics
Solar Products << Go to BM List >> Solar Financing

Raycatch
(2015, Yokneam Illit)
Solar data analytics solution developer
Explore
Energy Management >
Analytics
BrightBox Technologies
(2013, Berkeley)
Developers of predictive modeling software and machine-learning
technologies
Energy Management >
Analytics
Mega Zing Solutions
(2015, Gurgaon)
Solar analytics, solar thermal and waste management solutions
Energy Management >
Analytics
MySolarToolkit
(2015, Bangalore)
Online platform that highlights benefits from using solar energy
Energy Management >
Analytics
NeoSilica
(2007, Hyderabad)
Smart grid Meter data management systems, solar plant monitoring
Energy Management >
Analytics
SolView
(2012, Tel Aviv)
Offers solar data analytics platform
Energy Management >
Analytics
SolarNetwork
(2008, Auckland)
Open source data analytics platform
Energy Management >
Analytics
Everon Energy
(2014, Manchester)
Predictive data analysis for energy management
Energy Management >
Analytics

Solar Financing (1/4)
SunFunder
Crowdfunding for solar projects
Schneider Electric, OPIC, Khosla Impact, New Ground Ventures, Better
Ventures, Treehouse Investments, Radicle Capital
Crowdfunding $6.3M
Wunder
(2013, Boulder)
Financing for commercial solar PV systems
Techstars, Fenway Summer, FinTech Collective Crowdfunding $4.45M
Trillion Fund
(2010, London)
Renewable Energy Investment
Vivienne Westwood Crowdfunding $3.05M
CoPower
(2013, Montreal)
Equity investment platform.
RBC Capital Markets Crowdfunding $850k
WeShareSolar
(2016, Berkeley)
Solar Crowdfunding platform
Stichting DOEN, ifund Crowdfunding $569k
Enerfip
(2014, Montpellier)
P2P lending platform for renewable energy projects
Crowdfunding
Lytyfy
(2015, Mumbai)
P2P social crowdfunding platform
Crowdfunding
Ecoligo
(2015, Berlin)
Project crowdfunding platform for solar developers
Crowdfunding
Software
Solutions
<< Go to BM List >> Retail

Software
Solutions

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
288

Team
289
Pratik Kundu
Senior Analyst, Energy
Abhyudai Gupta
Lead Analyst, Energy

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Tracxn Research - Solar Energy Landscape, February 2017

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