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Table of Contents
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The Headlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 The 2012 Global Cleantech 100 The List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Personal Reflections on the State of Global Cleantech Innovation: Cleantech is Going Inside . . . . . . . . 11 Leapfrog towards a Circular Economy: Using Cleantech in Emerging Markets as a Catalyst . . . . . . . . . . . 15 The 2012 Global Cleantech 100: facts, figures, and analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Investors and the 2012 Global Cleantech 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Corporates and the 2012 Global Cleantech 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 The 2012 Lust and Marmite Lists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 The Global Cleantech 100 Alumni . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Appendix 1: Expert Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Appendix 2: The 2012 Global Cleantech 100 companies mini-profiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Acknowledgements
There is a lot of work involved and support given for the annual Global Cleantech 100 to come together . We would like to acknowledge and give thanks accordingly . Firstly, the list and this report would not have been possible without the support of our four sponsoring partners namely, Autodesk, Deloitte, Wermuth Asset Management, and Wilson Sonsini Goodrich & Rosati, all of whom are highly supportive of our work, and the development and nurturing of the clean technology innovation ecosystem in general . Secondly, the list would not have been possible but for the willingness of our 75-strong expert panel (listed in Appendix 1) to give up their time during the summer months to provide expert input and opinion . This is in addition to the many hundreds who made company nominations . Thank you all . The Global Cleantech 100 is not just Cleantech Groups list . It is all of our list . Thirdly, many people at the Cleantech Group made small contributions, but particular thanks are due to Vince Knowles, one of our London-based analysts, with noteworthy contributions from Michele Parad, Sarah Nash, Aisling Grogan, Edouard de Mahieu and Lily Dalby Grey; and beyond the team of researchers, thanks to Whitney Michael, Senior Director of Marketing and Sara Strope, Vice President, Events .
Disclaimer
The details provided in this report do not form part of any contract and whilst every effort has been made to ensure accuracy, this cannot be guaranteed . All information used in the publication of this report has been compiled from sources that are believed to be reliable . All reasonable steps have been taken to avoid an error or mis-description arising . The material in this report is for private information only and we are not soliciting any action based upon it . For the avoidance of doubt, Cleantech Group LLC does not warrant the accuracy, completeness, timeliness, or fitness for a particular purpose the information contained in this report . In no event shall Cleantech Group LLC be liable to anyone for any decision made or action taken by anyone in reliance on such information .
Copyright
Cleantech Group LLC retains all rights, including copyright, to this report, including text, pictures, graphics, or other information presented . No part of this publication may be reproduced, stored in a retrieval system in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Cleantech Group LLC .
Foreword
Foreword from Cleantech Groups CEO
For the fourth year running, the Cleantech Group is proud to present its annual Global Cleantech 100 list, our annual barometer reading of the global innovation communitys shifting views on which companies, and which types of companies, are most likely to have big commercial impact in a 5-10 year timeframe . This research fits neatly and squarely within our mission to help corporations, investors and financiers, professional service firms and governmental agencies connect with global cleantech innovation . It leverages our online i3 research platform, and the multitude of contacts and conversations we experience within our custom advisory practice and our annual events program . Congratulations to those who made the 2012 list . We look forward to following yours and hundreds of other companies progress in the coming 12 months . To those who did not make the list: rest assured that we are wrong more often than we care to admit! Sheeraz Haji CEO, Cleantech Group
Sheeraz Haji
Vince Knowles
The Headlines
This report not only unveils the 100 companies of 2012, but also analyzes the lists composition and dynamics, and the changes from the 2011 and previous lists . The key headlines are as follows .
Opinions on who, or what, constitutes the most attractive market opportunities and the most promising companies remain volatile. Of the 100 companies in the 2012 Global Cleantech 100 list, 50 were in the 2011 list . In the past, we
have regarded such high turnover as consistent with the relative infancy of the cleantech wave of innovation . This year, we reason that whilst the infancy point still has validity, we should also see the much changed portfolio of companies as highly symptomatic of the shakeout going on across the cleantech world right now .
13 countries are represented in the 2012 list. The US, led by California, has strengthened its dominant representation,
a reflection of its leadership and history in creating and growing, venture capital-funded, innovation-based, technology companies and a reflection of a flight to perceived quality in these challenging times . However, when looking at the concentration of companies per $trn of GDP, Israel is the stand-out country .
Energy Efficiency remains the hottest and growing sector within cleantech, with 22 companies in the list, up from 19 in 2011 and 15 in 2010 . Within this category, lighting and enterprise energy management solutions, often for buildings management, are the dominant sub-sectors . Solars representation in the 100 falls again, down 40% from what it was in 2009 . Downstream services is the only real
bright area . Over 400 investing entities, from 28 different countries, have a shareholding in the 100 companies . Kleiner Perkins is the most prolific shareholder of 2012 Global Cleantech 100 companies. It has 19 investee companies in the list, representing 44% of its overall cleantech portfolio . Against this same metric, Bright Capital is the Investor of the Year, with shareholdings in six 2012 Global Cleantech 100 companies, which represents 60% of their overall cleantech portfolio, built up over the last 12-18 months .
Corporations continue to be ever more active in global cleantech innovation as investors, partners, licensees, customers, and acquirers of Global Cleantech 100 companies . GE, Siemens, Google, IBM and Waste Management are the most active partners with 2012 Global Cleantech 100 companies . Opower heads the 2012 Global Cleantech 100 Lust List. The Lust List is made up of the companies who were most consistently admired by non-stakeholder peers, with no dissenters among the expert panel . NovaLED is the Europe & Israel Company of the Year, Miartech for the Asia Pacific region .
Methodology
How does the list come together? Cleantech Group has designed the Global Cleantech 100 to achieve two unique objectives that distinguish it from other lists: the list offers a fair representation of global innovation and private company creation, and it is not our editorial voice, but the collective opinion of hundreds of individuals within the wider global cleantech innovation community . The question we are seeking to answer is: panies (a 21% increase on 2011) . A filter system was then applied to collate the results, score each company, and reduce the candidates to a short-list (of 236 companies) to present to the expert panel in Phase II . The scoring system rewards companies who have multiple validations across multiple sources, to align with our objective to synthesize and represent collective opinion . That is to say, a company that has consummated numerous market transactions (from equity investments to technology development partnerships to customers), has been nominated by multiple people in the market generally and within our expert panel (especially where the nominator is not a direct stakeholder in the company), and might, say, have won a relevant third-party award (e .g . WEFs Technology Pioneer) and/or appeared in a high-quality ranking, such as the Deloitte Fast 500, will score well under our methodology . Another key objective is to produce a Global Cleantech 100 that truly represents the breadth of cleantech innovation companies . To counter geographical and sectoral bias, a weighting system is used to keep the list within general bands, so that the end list cannot be all Solar or energy generation companies, or all North American or European companies, for example . In Phase II, members of our expert panel are each given a limited number of votes they can use to voice a strong opinion, be it positive or negative, to strengthen or weaken a shortlisted companys case for making the final 100 . The scores from Phase I are carried through, so the end result is a combination of the entire process . At all points, voting is blind and remote, meaning expert panelists, do not know where any one company is ranked after Phase I, or what other expert panelists are doing or saying . This is to counter tactical voting and to prevent anyone being unduly influenced by others, which we have witnessed happening in physically convened panels and editorial meetings .
According to the worlds cleantech community, which 100 of todays private cleantech companies are the most likely to make the most significant market impact over the next 5-10 years?
We answer this question in two phases, only allowing independent, for-profit, cleantech companies that are not listed on any major stock exchange to qualify for consideration . During Phase I, a long list is built from both active nominations made by hundreds of worldwide experts Cleantech Group reaches every week, and from passive nominations that are derived from analyzing a wealth of market data . We take votes of confidence in a companys ability to achieve high growth and high market impact from market transactions such as investment rounds, and major commercial partnership announcements, and we leverage the results of 236 third party awards and rankings (up from 130 in 2011), where expert assessment has already been applied, with criteria relevant to the question we are asking . Through this process we received 8,285 nominations (an increase of 25% from 2011), giving us a long list of 5,177 com9
It means a lot. Ive been in the energy space technology space for 25 years my wife calls it a personality flaw. Ive won a number of different accolades over the years. Ive been recognized as cleantech pioneer by the World Economic Forum because of my role in the energy sector and Ive run a number of start up businesses, but the Global Cleantech 100 is a recognition that, as one of the other panelists said earlier today, fewer get accepted into this club on a percentage basis than to the freshman class at Harvard. 100 companies get it out of 4,200. The sheer selectiveness of the index is part of what makes it special and that a panel of experts was involved its not just an online vote. And then seeing the contrasting views that Richard [Youngman] talked about this morning the companies that got criticized on the marmite list tells me that its not just a marketing tool or a bunch of yes-men and -women on the panel. There was a level of discerning its those things that make the Global Cleantech 100 stand out. We treat it as a special honor. Mark McGough, CEO, Ioxus October 2011
In 2012, the expert panel was made up of 75 individuals, drawn principally from leading financial investors in Asia, Europe and North America, and from representatives of multi-national corporations . The panel includes pioneers, leaders, old veterans, and new entrants in cleantech; the names are to be found in Appendix 1 . The composition of the expert panel is created to be broadly representative of the global cleantech community, reinforcing the intention that the end result be a list in which all, or most, sub-sectors of cleantech are represented, and many countries have the chance to be represented, in approximate proportionality
to their share of the overall number of innovative, private cleantech companies in the world . A core principle of the approach throughout is to counter commercial bias by forcing participants to nominate companies in which they are not a stakeholder . For every company anyone nominates with which they have an association, they must nominate two others with which they do not, but which they admire . For example, an investors input was only accepted if, for every portfolio company they put forward, they also nominated at least two others where they are not shareholders . We call this the Lust List principle .
The end result, we reason, is a list of companies that command a broad base of respect and support from many players within the global cleantech innovation ecosystem, not just insiders . Clearly, there are many fine companies who are not on the 2012 list . They may be waiting to be discovered by a broader pool of people, they may be out of favor this year, their time is still to come (or to come again, in the case of those who have fallen off from the previous three lists); or they may simply have just missed the cut . Only 100 companies can be on the list .
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Personal Reflections on the State of Global Cleantech Innovation: Cleantech is Going Inside
In this article, Cleantech Groups Richard Youngman, the Global Cleantech about the fortunes of small companies 100 project lead, argues that 2012 is part of the transition period from a sec- success becoming more tied to larger ond to a third wave of cleantech innovation and investment activity. Bright- corporations . er times lie ahead.
We have termed this third wave, Cleantech Goes Inside, to represent the idea that clean solutions are becoming the norm, becoming all-pervasive . As such, offering a customer economic and resource efficiency will no longer be seen as different, but the standard .
During my keynote at our 2012 European Cleantech Forum in Munich in April, I argued the case that a third wave of cleantech innovation and investment had begun, but one which was hard to see through all the current gloom and short-term pressures . This years Global Cleantech 100 report, our annual read on the key trends in global cleantech innovation, seems a good time to re-visit that thread and see how well this is, or is not, reflected in the 2012 Global Cleantech 100 . I entitle what follows as personal reflections as I cannot dare to speak on behalf of all my colleagues at Cleantech Group . They might not agree with them all, though I am sure they would with many .
This second wave is, I reason, petering out, though its effects will be with us for some time and the headlines and the short-term challenges it has created predominate . A third wave has begun, but is hard to see amidst the gloom, for what it is or may become . Companies in the third wave have the opportunity to build on the work done, and lessons learnt, over the last decade . They can be more capitallight because the railroads, so to speak, have largely been laid, because the manufacturers now exist and the value chains are more developed, and because costs are on a downward trajectory . They will tap more into the demand of the growing markets of the BRIC countries and beyond, for customers and for financing . And their fortunes will more obviously depend on offering clear and cost-effective solutions to real needs identified by the major industries open innovation needs . You want to listen to your end customer because they will help you figure out what specifications you need to get into the final product, Envia Systems CEO, Atul Kapadia, recently commented to a New York Times article . He was explaining the importance he placed on having a strategic involved in his latest funding round, (in his case General Motors), even at the expense of achieving higher valuation . This illustrates well my last point
We are in transition. And it is this dynamic, the ending of one wave and the early signs of a new wave in development, which I see in the 2012 Global Cleantech 100.
How you view the future of cleantech right now probably most depends on who you are and where you are, how much you participated in wave two and whether you have retained your license to operate in wave three . Are you still in business and so going to be in a position to be optimistic over the fact that the drivers underpinning the broad cleantech, resource efficiency, theme have only become more powerful? Are you in a position to embrace the benefits of the plummeting costs of solar energy, for example? Are you in a position to be a beneficiary of the shake-out and consolidation that is happening right now? Are you in a position to leverage the power and the needs and the shorter sales cycle of the growing markets of the world the BRICs and beyond?
http://dealbook.nytimes.com/2012/09/03/multinationals-stake-a-claim-in-venture-capital/?hp
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These are all themes evident to me in the 2012 Global Cleantech 100, not only in the 100 companies this year but in those that didnt make the list; not only in the comments and viewpoints expressed to us anonymously and confidentially, across our 75-strong expert panel in 2012, but in the hundreds expressed in the previous three years too . Our collective learning is increasing, year on year . I will now give you my interpretation of where the collective wisdom is at today, what is in favor or out of favor, and how market participants, especially investors and corporates, are thinking . I will try to relay this narrative as best and wherever I can to names of actual companies, using real, but anonymous, comments as quotes . It all adds up to my attempt to signpost to you the market mood and the kind of companies we can expect see more or less of, in the third wave .
conviction that it will soon be there . This is best illustrated by some of the old favorites who have now fallen off the list, who are, rightly or wrongly, perceived by many in the market to be beset by significant setbacks, of one sort of another, or are right now showing a slowdown in progress . Names that have been in the Global 100 for at least two years that fits the first category would include Amonix and Fisker; names that fit the second might be Chemrec, Climatewell, and Hara . Will any of these bounce back in wave three?
Better Place, recipient in the past of our tongue-in-cheek Marmite Award (see page 34) has dropped out of the top 100 in 2012, for the first time . There are still plenty of lovers and backers, but the voice of the doubters and naysayers around the battery swapping model and the market adoption risk have now grown beyond the median of market opinion . General Fusion is a company that well illustrates the market concern for one-way, black or red, bets . It didnt quite make the 100, due to the lagging effect of the doubters on its overall rating . On the one hand, we have those excited by the worlds best chance for affordable, plentiful, fusion-based clean energy before the end of the decade . On the other, we have doubts founded on it having a very long shot at becoming cost-competitive and doubts that it will be able to meet its targets in a reasonable timeframe
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The Middle East, Brazil and Russia are now very much on the scene too, with the Russian influence particularly noticeable this year . Why emerging markets should be considered as a potentially important part of cleantech companies strategies is well-explained in the next article, by Wermuth Asset Management . Wermuth is a good example of the emergence of Russian influence on the global cleantech scene in 2012 . The article explains why . The opportunities are far from an exclusive for inbound foreign companies . Indias Attero Recycling and Chinas Beijing Goldenway Bio-Tech fly the flag on the 2012 Global Cleantech 100 list for the locally-originated cleantech company, focused on a strong understanding of a big local problem . Attero is taking the lead in tackling electronic waste in India, and BGB is taking on the unique challenges of food waste in urban China . We expect to see more such companies in future iterations of this list .
Ability to catch the interim waves, not the mega-trends, can bring success to companies in the third wave.
Mega-trends, by definition, are long and as such, do not make for great investments . This may prove to be one of the more salutary lessons of the second wave of cleantech . This might be illustrated by the continued absence of marine/tidal companies from our 100 . For the third year in a row, there are no marine/hydro companies in the 100 . A strong marine company, but it will take longer than 5-10 years to have significant market impact commented one expert panelist on Aquamarine, a shortlisted company .
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Testament to this more practical and balanced market has been the greater influence and presence of the major traditional corporations in cleantech generally, and in the Global Cleantech 100 companies specifically, over the last four years . Lines are blurring between cleantech and conventional markets: they are overlapping and cleantech is going inside, as the norm becomes to try and do everything more cost effectively and resourceefficiently . This year, in the 2012 Global Cleantech 100, I particularly feel a greater presence of the oil and gas industry, which hopefully well illustrates the wider point . These are established markets, with deep pockets, with big problems, all over the globe . Solutions are needed for them to retain their license to operate, and for them to compete on resource efficiency . And so, to my mind, we should celebrate the solutions that such companies in the 2012 Global Cleantech 100 as CoaLogix, Filterboxx, Liquid Robotics, and Siluria Technologies are bringing to the world of conventional energy . Such practicalities as growing businesses to help clean up the dirtiest of industries from the inside will define the third wave . What greater symbolic moment of sustainable progress could there be than cleantech going inside the Oil and Gas industry?
The rise of solar energy is, by most measures, a mega-trend too . Things have changed markedly over the last ten years and it is easy to lose perspective on that . The costs of solar energy are plummeting, a fact that tends to be under-celebrated, in the face of individual losses, pain and bankruptcies . In the last year, for example, the Global Cleantech 100 alumni lost Odersun and Soltecture to bankruptcy . In terms of solar companies in the 100 this year, the evident shift is to favor companies who are not trying to compete with the Chinese globally, but to make things happen locally by making installation happen, by innovating in the financing and installation fields . Clean Power Finance, Solairedirect and SolarCity are all examples of companies riding this wave for as long as it lasts . At the other end of the scale, there is still some appetite for the next generation of solar technologies . In this years 100 are 1366 Technologies (breakthrough technology, in the Si-PV space which provides a strong value proposition irrespective of
sector demand-supply conditions), Alta Devices (Innovative tech that could further drive down costs of PV and enable PV in flexible environments) and Array Power (the next generation of PV inverters) .
We are in a sobering time for the cleantech innovation and investment theme. But now is not the time to throw in the towel.
Beyond the clean-out, I believe there to be a brighter period where cleantech in its broadest sense, distinct from clean energy in its narrowest, will predominate; where fewer overall players will add up to a more rational market; where some businesses will succeed, by leveraging the technological progress that has been made on the billions invested in the last decade, leveraging the many lessons that have been learned along the way, and operating in spaces where resource efficiency and doing more with less economically is what counts, over environmental purity, evangelism, and hope .
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SPONSORED ARTICLE
We have to plan for at least 10 billion people . With seven billion people currently on this planet, growth rates have slowly started decreasing and total population is expected to plateau at 10 billion . To survive/thrive, humankind has to shift from a linear take-make-waste economy to a circular economy where materials are reused .
is the only way we will be able to provide 10 billion people with goods and services to have a productive and good life .
MAKE USE OF THE EMERGING Skeptics will point out that this is only a MARKET DYNAMICS: The introduc- drop in the water, because total new retion of clean technologies in OECD countries often takes a long time due to a lack of a sense of urgency, well established functioning infrastructure and also due to strong entrenched interests defending the carbon-based centralized energy system . In emerging markets, the situation is often different . Here population and wealth growth are being felt much more acutely . Many cities are so polluted people can feel and see the smog . Regulators therefore take drastic measures . Take Beijing, where electric scooters are not just a pipe dream but the law, something that could, it has been estimated, create a market for electric two-wheelers (e-scooters, e-motorcycles and e-bicycles) of a cumulative level of 355 million units by 2018 in China alone . The current Chinese Five Year Plan envisages investments into clean technology of USD 740bn, which compares to the previous leader in cleantech investments, Germany which invested $80bn in 2011 . China and
newable power generation per annum compared to the global power generation is only 5 .4% according to UNEP . If, however, one looks at fast-growing emerging economies, there can be whole cities and regions which can move towards renewable energies now . These cities and regions will then require the smart grid infrastructure needed to deal with this sort of renewable, decentralized power supply . On the contrary, in well-established OECD countries with a huge stock of relatively efficient conventional power supply, the adoption of smart grids and electric transport may be slower, allowing emerging markets to leap-frog the OECD in their adoption .
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SPONSORED ARTICLE
To sum up: 1 . In emerging markets the impact of clean technologies is much higher than in developed economies: Russia, by way of example consumes ten times more energy per unit of GDP as Germany . The application of cleantech is thus far more profitable in emerging markets than in developed markets . 2 . In the larger emerging markets it is easier to find a large successful company that can act as a launch customer . Therefore for people who know these countries their markets offer not just strong growth but also reliable partners . Additionally, large size projects required to ensure the commercial feasibility of a new technologies are also an option . 3 . In emerging markets production costs are often still a fraction of the costs in OECD countries . For example, in Russias region of Tatarstan, the cost of a well-qualified programmer competes with India or China in terms of total cost, quality and time to market . 4 . Obviously entry into a market offering a more profitable application of a Cleantech 100 companys products plus strong growth and lower production cost mentioned will help to source companies to grow further and fund further development .
WERMUTH ASSET MANAGEMENT (WAM) A POTENTIAL PARTNER FOR CLEANTECH COMPANIES IN EASTERN EUROPE
WAM is a German family office with headquarters in Mainz and offices in Amsterdam and Moscow . It acts as the exclusive investment adviser to a number of investment funds which it sponsored over the years, partnering with best-in-class teams to advise each fund, most recently with the Dutch e2 cleantech team which joined WAM this year . Today 90% of the assets WAM advises are in private investments and 60% focused on growth capital for clean tech firms . WAM has invested some $1bn in Eastern Europe so far, with the ultimate aim to make capital available to support sustainable growth and a global move towards a circular economy without waste . WAMs most recently launched fund, the Europe-Tatarstan Cleantech Fund (ETCF) provides growth capital primarily to EU cleantech companies . Investee companies are not required to sell to or to invest in Eastern Europe . However, if they are interested, WAM helps them to access this fastgrowing market via Tatarstan . We believe our Fund could play a major role in moving the world along the path towards a circular economy by providing capital and expertise in an area where both are scarce but the impact would be some of the largest in the world Eastern Europe . We look forward to partnering with some Global Cleantech 100 companies along this journey .
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NORTH AMERICA
Agilyx APTwater Clean Power Finance FilterBoxx FirstFuel Software Harvest Power LanzaTech Opower SolarCity Transphorm
ASIA PACIFIC
Annex Power* Applied Solar Technologies India Attero Recycling Beijing Goldenway Bio-Tech Beijing Zhongneng Huanke Technology Development* Lattice Power Miartech Niutech Energy* Prudent Energy* ShineOn*
*For the Asia Pacific region, Annex Power, Beijing Zhongneng Huanke Technology Development, Niutech Energy, Prudent Energy and ShineOn were taken from the shortlist, outside the Global 100 to make up the regional top 10.
Ireland has a company (Nualight) on the list for the very first time, and Italy and Luxembourg return, with the same companies as the last time they were on the list in 2009, with Electro Power Systems and Epuramat respectively . The emerging economies of China and India show a stable presence on the list . North America represents 69% of the top 100 companies, with Europe holding 21% of the spots . The United States is the most highly represented country with 64 companies, up 10% from 2011 . Of these,
37 (58%) are from California, showing the continued strength of Silicon Valley in global innovation . Also of note is that 10 of the 12 companies that have made the list in all four years are based in the US . Viewing the number of winning companies in relation to GDP reveals a different story, with Israel leading for density of high impact cleantech companies within its economy . Israel also ranks highly, in second place, on the Global Cleantech Innovation Index 2012 which measures a countrys potential to produce innovative
private cleantech companies . Nordic companies, when compared to their countries performance in the Innovation Index, are conspicuous by their absence from this years 100 . Denmark, Sweden and Finland were all rated in the top 5 countries for private cleantech innovation, suggesting that we will see more promising companies from Scandinavia in years to come . Perhaps the third wave Nordic companies are yet to take up the running from the second wave companies? Chemrec and Climatewell, for example, have not made the final 100 this year for the first time .
COUNTRY
United States United Kingdom Israel Canada Germany China France India Netherlands Denmark Ireland Italy Luxembourg
*PPP GDP, International Monetary Fund ** Of 38 countries studied in the 2012 Global Cleantech Innovation Index1
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Advanced Materials
FRx Polymers Novomer
Energy Efficiency
Breathing Buildings Bridgelux BuildingIQ Digital Lumens Enlighted EnOcean FirstFuel Software Lattice Power Nest NovaLED Nualight Nujira Opower OSIsoft Panoramic Power PassivSystems Powerit Solutions Project Frog Soraa Tendril Transphorm Vigilent
Solar
1366 Technologies Alta Devices Applied Solar Technologies India ArrayPower BrightSource Energy Clean Power Finance Enecsys GeoStellar Solairedirect SolarCity SolarEdge TIGI
Air
CoaLogix Skyonic
Transportation
Compact Power Motors Coulomb Technologies EcoMotors GreenRoad Technologies Liquid Robotics RelayRides
Energy Storage
Amprius Aquion Energy Boston-Power Enervault Envia Systems Highview Power Storage Ioxus Nexeon Sakti3 SustainX
Conventional Fuels
Siluria Technologies
Smart Grid
Amantys ENBALA Power Miartech Nexant On-Ramp Wireless Power Plus Communications PowerSense Silver Spring Networks Trilliant viridity Energy 20
Energy Efficiency emerged yet again as the top sector for Global Cleantech 100 companies . The sector saw 22 companies in the 2012 list, up by three from 2011 . Solar held second place despite losing representation, with only 12 companies in this years list - a significant 40% fall since 2009 . Biofuels & Biochemicals climbed to join Water & Wastewater in equal third po-
sition on the list . Smart Grid increased its representation to 10 companies, jumping ahead of Transportation to pull up even with Energy Storage . Small, but going in the opposite direction to Solar, is the Agriculture and Forestry category, a signal to us of the broaden-
ing of the portfolio from predominantly a clean energy one (and principally a solar and biofuels one, at that) to a broader resource-efficiency one . This is an important change for the innovation world, in tune with our views on a third wave of cleantech .
Energy E ciency Solar Biofuels & Biochemicals Waste & Wastewater Smart Grid Energy Storage Transportation Agriculture & Forestry Recycling & Waste Fuel Cells & Hydrogen Advanced Materials Other 0
Source: Cleantech Group Analysis
10
15
20
25
Energy Efficiency
Energy efficiency warrants closer examination, to breakdown what in itself is a broad catch-many theme . Lighting has been consistently the largest sub-sector of Global Cleantech 100 energy efficiency companies . However, enterprise energy management companies are responsible for most of the sectors growth in representation since 2010 .
21
20
15
10
0 2009
Source: Cleantech Group Analysis
2010
2011
2012
Sustained interest in lighting companies is driven by the great potential for energy savings from innovation in lighting, especially through the commercialization of LEDs . The energy efficiency IPO market has been dominated by Chinese lighting companies scaling up production and, unlike in solar, a number of western companies are still finding success innovating in the mid- and upstream LED value chain . For example, four year list veteran Bridgelux (though interestingly recipient this year of the Marmite award) and new entrant Soraa, both manufacturers of GaN based LEDs, made it to the 2012 list . NovaLED, a German developer of organic LEDs, returned to the list in 2012 and represents one of Europes few public market exit prospects after filing in March for a Nasdaq IPO . Lighting controls companies have also been a consistent presence in the 100, representing a potentially more
capital light play to deliver energy savings in commercial lighting . This year, Digital Lumens and Enlighted lead the representation of this company-type . Enterprise energy management, including building energy management, is the fastest growing sub-sector of energy efficiency . Within this growth, enterprisescale software providers AMEE and Hara have dropped off the 2012 list . Meanwhile building and process efficiency companies have joined this years 100, in the form of BuildingIQ, OSIsoft, Panoramic Power, and Powerit Solutions . An exception to this trend is SCIenergy, a building energy management software and services provider that dropped off the 100 this year . It is of note that SCIenergy made a number of acquisitions in the last year, as part of its building-out of its complex offering that includes high-touch audit services with building energy analytics . In
contrast, 2012 new entrant FirstFuel Software has developed a zero-touch remote energy audit system, looking for its route to success through a simpler solution to the building energy problem . The third major segment of energy efficiency companies in the Global Cleantech 100 has been home energy management (HEM) . Despite a disappointing degree of consumer traction, there has been consistent support in our annual Global Cleantech 100 process for such companies, albeit the mix has seen some change . OPower is the stand-out consistent performer of the consumer-oriented companies . Only Tendril has been in the 100 all four years, but this company has had to evolve itself and its focus through this period . PassivSystems (a 2010 alumnus) returns and Nest is a new entrant . AlertMe was an alumnus of the 2009-10 list, but is yet to return . All of this suggests that the
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market players continue to believe that that the best HEM companies still have significant market impact potential, but perhaps they are just not sure which ones will realize that potential . Two key themes emerge in looking at the more successful companies playing in home energy: simplicity and channel . OPower and Nest stand out from the crowd of over-engineered home automation and smart home vendors to offer simple, elegant solutions, to utility and residential customers respectively . The more complex offerings that retain strong prospects must have strong channel partnerships, commonly with utilities, as in the case of Tendril . Other channels, beyond utilities, may also prove valuable in the longer-term . For example PassivSystems has built an integrated residential PV monitoring and HEM solution, and is finding customers though partner solar vendors .
Solar
Talking of Solar, it would be hard to finish this section on the 100 by sector without some commentary on Solar . A reduction in the number of thin film and concentrating PV companies under-
lies Solars ever-declining representation in the list since its high of 2009 . In contrast, downstream services providers have increased their representation, while balance of systems and solar thermal companies have made the list in largely consistent numbers .
Crystaline PV 20 Concentrating PV (CPV) Solar Thermal Thin Film 10 Balance of Systems Downstream Services 5
15
0 2009
Source: Cleantech Group Analysis 23
2010
2011
2012
Downstream Services was the only subsector in solar to grow over the past four years, with an increasing number of companies offering installation and financing services . Downstream players benefit from the falling module costs that have been so damaging to mid- and upstream solar start-ups, which are competing with an increasingly consolidated production base . As mass production is proving the most effective method of reducing module costs there is more room for innovation in installation and balance of systems, which account for around half the installed cost of solar . Winners in downstream solar are leveraging innovative financing models, improved process efficiency and novel software applications . Present in all four years of our list and hopefully a contender for the 2013 Global Cleantech 100 exit of the year award, given its planned IPO, Solar City, has developed solar leases, power purchase agreements and most recently an offering combining both solar panels and batteries to be sold at Walmart stores . Solairedirect, a veteran of three lists, has developed a micro-project finance model to bring down upfront costs of installation . This French company is also expanding into emerging economies where there is a huge potential market in countries with poorly developed power systems . Similarly, new entrant Applied Solar Technologies India is tapping this market, with offgrid solar solutions for telecom operators .
While there is growth in the downstream space, competition remains tight with Sunrun (a 2011 alumnus) dropping off this year . The integration of software solutions is now emerging as a key differentiator for installers, with the potential to deliver great efficiencies in both installation and customer acquisition . Clean Power Finance and GeoStellar both entered the 100 this year and develop software solutions that are sold to installers, powerfully combined with financing in the case of Clean Power Finance . Thin film companies representation has dropped dramatically since 2009 . Only one company made the 100 this year, namely Alta Devices, which is developing high efficiency cells with the novel material of gallium arsenide . Heliatek, the organic PV maker and MiaSole, the copper indium gallium selenide (CIGS) thin film maker dropped off the list due to mixed reviews and differing opinions on longterm potential and ability to navigate such a difficult environment .
Two Global Cleantech 100 alumni were amongst the many solar companies to go out of business in the previous 12 months . Odersun (a 2009 alumnus) and Soltecture (a 2009 and 2011 alumnus) joined Solyndra (a 2009 alumnus) on the list of bankrupt thin film manufacturers . These companies were unable to sustainably respond to global manufacturing overcapacity, the rapid decrease in price for conventional crystalline silicon solar modules and the reduction of incentives in key European markets . The only Global Cleantech 100 alumni companies to file for bankruptcy in the last two years have been thin film solar players .
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the whole supply chain . Its strong connection to ARM Holdings is particularly noteworthy . FirstFuel Software has developed an analytics platform which remotely benchmarks building energy performance, helping utilities engage their commercial customers to rapidly achieve energy efficiency across commercial building portfolios . Of note, FirstFuel raised two rounds of funding from venture capitalists in the past year ($2 .4 million in September 2011 and $10 .0 million in February 2012) and established a development partnership with the US Department of Defense in January 2012 to demonstrate emerging energy technologies on military installations
NexSteppe develops seeds to be used as feedstocks for biofuels, biopower and bio-based products . Similarly, NexSteppe raised two rounds of funding from venture capitalists in the past year (an undisclosed amount in May 2011 and $14 .0 million in December 2011) and established a technology partnership with DuPont in January 2012 GeoStellar has developed software that determines optimal sites for solar installations, thereby enabling wasted costs on unsuccessful site visits to be saved . Similarly, it raised two rounds of funds ($2million in April 2011 and $14 million in May 2012) and established a development partnership with GeoEye, a high-quality earth imagery provider that also participated in the companys most recent round of funding .
2001-2002
2003-2004
2007-2008
2009-2010
When classified based on development stage, our data shows that 18 companies are still in product development, 37 have a pilot or product with limited availability and 45 have products that are widely commercially available . Unsurprisingly, companies founded more recently tend
to be at an earlier development stage, however there are notable exceptions . RelayRides was only founded in 2009 but its car-sharing platform is already widely commercially available . In contrast to this young companys rapid development, there are much older companies still at
relatively early development stages . For instance, ZeaChem was established in 2002 and 10 years later is still in the product development phase . However this is less remarkable given that ZeaChem is a biofuels company and so subject to typically long development cycles .
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Ad va nc ed M Co at er nv ia en ls tio Fu na el lF Ce ue lls ls & Bi of Hy ue dr ls og & en Bi oc he m ica En ls er gy Ag St ric or ul ag tu e re & Fo re st ry rid W as te w at Tr er an sp or ta tio n & Ai r r la So nc y cie tG
25 20 15 10 5 0
er
gy
Sm
En
Pre Pre-commercial
Source: Cleantech Group Analysis The specific demands of the different sectors under the cleantech umbrella can be seen in the age and development stage of companies featured in the 100 . Biofuels & biochemicals companies have an average founding year of 2005 and only one company with widely commercially available products . The exception to the biofuels rule is EdeniQ, an interesting example of a wider trend in biofuels growing investment for technology developers . The majority of venture backed biofuels
Co Companies
companies are seeking to develop biofuels production facilities and generate revenue through fuel and chemical sales, a very capital intensive model . Conversely, EdeniQ develops bolt on solutions sold to existing biofuels plants, requiring less pre-revenue capex . There are also differing commercial trajectories by region . Companies across all regions have a similar age, with an average year of foundation around 2005-06 .
However, the proportion having achieved wide commercial availability was lowest in Europe and Israel (35%), followed by North America (47%) and then Asia-Pacific (67%) . This fits well with our broadbrush views on the strengths of each of these regions science and technology in Europe and Israel, venture capital and start-ups in North America, and rapid commercialization, growth and scale-up in the Asia-Pacific .
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W as
te
ar
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Asia-Paci c Product Development Pro Wid Wide Commercial Availability
Source: Cleantech Group Analysis Based on Cleantech Group data, 83 of the 2012 Global Cleantech 100 fund-raised since June 2010, in aggregate receiving over $3 .1 billion in venture capital investments . This represents a little less than 18% of the approximate $17 .8 billion total cleantech venture capital tracked over the same time period . These 83 companies represented just less than 8% of the 1,080 cleantech companies that publicly disclosed the raising of venture or growth capital during this period . This indicates that, although capital is scarce in the market at large, high quality teams developing pertinent technologies and developing pertinent market penetration strategies are still able to obtain a disproportionate share of available funds .
67%
35%
47%
46% 34%
Europe
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INvESTOR Kleiner Perkins Caufield & Byers (KPCB) Draper Fisher Jurvetson (DFJ) VantagePoint Capital Partners (VPCP) Braemar Energy Ventures Khosla Ventures Bright Capital Generation Investment Management (GIM)
INvESTEE COMPANIES IN 2012 GLOBAL CLEANTECH 100 Agilyx, Alta Devices, Amprius, APTwater, Aquion, Clean Power Finance, Coulomb, EdenIQ, Enlighted, Harvest Power, Kaiima, Nest, OPower, OSIsoft, RecycleBank, Renmatix, Siluria Technologies, Silver Spring Networks, Transphorm ArrayPower, Attero Recycling, BrightSource Energy, EdenIQ, Enlighted, Genomatica, Kaiima, Miartech, SolarCity 1366 Technologies, Amprius, Bridgelux, BrightSource Energy, Genomatica, Liquid Robotics, Ostara Nutrient Recovery Technologies, Tendril, Trilliant Coulomb, EcoMotors, Enerkem, Ioxus, NexSteppe, OPX Biotechnologies, Viridity Energy Driptech, EcoMotors, LanzaTech, LS9, NanoH2O, Sakti3, Soraa Alta Devices, Epuramat, Genomatica, Renmatrix, Siluria Technologies, Transphorm GreenRoad Technologies, Harvest Power, Nest, RecycleBank, SolarCity
9 9 7 7 6 5
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Who dominates, pureplay investors or generalists? Interestingly, of the seven most prolific investors, all but Braemar Energy Venture and Generation Invest-
ment Management have a significant non-cleantech mandate . In looking at the cleantech-oriented portions of these investors portfolios, three have more than
a third of their cleantech portfolios represented in the 2012 Global Cleantech 100: namely, Bright Capital, KPCB and Generation Investment Management .
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% KPCB VPCP DFJ Braemar Energy Ventures Khosla Ventures Bright Capital GIM
GC GCT100
Source: Cleantech Group Analysis
Non-cleantech portfolio
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CORPORATE General Electric Google Siemens IBM Waste Management BP Mitsui ABB
PARTNER COMPANIES 13 4 5 8 3 4 2 3 0 2 4 5 4 5 1 2 0 4 4 4
TOTAL 18 11 10 8 8 7 6 5 5 5 5 5 5 5 4 4 4 4 4 4
Pacific Gas & Electric USA (PG&E) Toshiba Veolia BASF Dow Chemical Intel NRG Energy Japan France Germany USA USA USA
San Diego Gas & Electric USA (SDG&E) Schneider Electric France
*Joint fund between General Electric, NRG Energy, and ConocoPhillips, bracketed values include joint venture investments
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Across industrial segments general industrials are the most active in engaging with the Global Cleantech 100, followed by information technology companies . Both these sectors tend to engage with a similar balance of equity investment corporate relationships, from development partnerships to taking start-ups as vendors . Yet this balance is not seen in all
industry segments, as utilities are biased towards forming non-equity, commercial relationships, while Oil & Gas majors have made relatively more equity investments . Utilities will tend to enter into partnerships with cleantech companies as they are under increasing legislative pressure to adopt energy efficiency and carbon reduction measures across geographies,
indicating their need for solutions in the shorter term . Conversely, Oil & Gas companies are engaging with cleantech innovation in reaction to long term drivers around fossil fuel depletion and the threat of stronger carbon legislation, meaning the long term option value of equity investment is more attractive .
Diversi ed Industrials y Information Technology Utilities investments Oil & Gas relationships Materials & Chemicals Environmental Services Automobiles & Transport t 0 10 20 30 40 50 60 70
North American corporates constitute the majority of players engaging with the 100 for both investments and commercial relationships . Yet the numbers for corporates are much more balanced than for the
Global Cleantech 100 itself . 69% of the 100 are North American, whereas North American companies account for only 55% of the engagement from corporates . This demonstrates that when looking to understand
the strategic players in the cleantech ecosystem one should not underestimate Europes industrial heartland and Asias powerful conglomerates . Data suggests that this is where the growth is coming from .
investments relationships
50
100
150
The Lust List: which companies today command the greatest peer admiration?
Of course, we are all proud of our own house, our own spouse, our own children, our own business, and (many of ) our investment decisions . At the same time, humans are constantly comparing and secretly admiring . We can recognize beauty and merit in others, even rivals, as hard as that can be for some of us to admit publicly . Our methodology in arriving at a final 100, forces participants (or those whose input was allowed to count) to tell us more about what they lust over which is not theirs, than about what is theirs, and it gives the expert panel the chance to make cases against, as well as for, shortlisted companies . They do so blind to each others input . Given this, it makes it all the more interesting to look at some of the voting patterns and see who or what attracts the most agreement and disagreement . At the top of the lust list, as measured by the companies with the most peer validations in the expert panel assessments, where no one made a negative case, were the five companies below . As such, it could reasonably be argued that these are seen as the category leaders, the cleantech players companies of 2012 . Some of the panelists comments are summarized and synthesized below in italics, generally in the words they used, to provide us all with insight on what people rate about them, but respecting anonymity .
For a second year running, product and market size factors were front of mind in our expert panels critique . Though interestingly, lack of funding made its first appearance on this list . It may be that in todays more capital constrained environment even good technologies and teams will be held back for lack of funding . This is also a key consideration for corporations striking partnerships: will this small company be able to sustain itself for our partnership to pay off, as we envisage?
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1. Opower Leverages the power of partnerships (utility and OEM) to effectively penetrate markets Achieves 1.5 - 3.5% energy savings across a population, is highly scalable and more cost effective than other efficiency methods. Achieving significant revenue scale and expanding internationally.Strong backing. A key component to Smart Grid implementation 2. Harvest Power Early mover. Technology demonstrated and strong growing secular interest. Innovative business model to service a large market and the best access to underlying assets in US & Canada 3. Transphorm Patented technology with first mover advantage and $ billion market application. Compelling technology - eliminates up to 90% of all electric conversion losses in High Efficiency AC-DC Power Conversion 4. NovaLED Good team, good technology and a good ability to leverage the energy efficiency feature of this semi-conductor company. Strong corporate partnerships, such as Samsung and BASF
Enecsys, also featuring . To us, this indicates that views on these companies are, for some at least coloured and clouded by the wider environment . Bridgelux has headed down the route of being a fully-integrated manufacturer of LEDs and, as such, is the US first new one for 20 years . There are many positive ratings, but the doubters are concerned by Bridgelux suffering a similar fate to western solar cell manufacturers in trying to compete with lower-cost Asian, especially Chinese, competition . With Coulomb, the doubts are centered on the (slower than anticipated) growth of the EV market more generally and its lack of fast-charging capability . For Enecsys, we would reason that, fairly or unfairly, the opinions of its doubters are influenced by Enphases IPO .
www.unilever.co.uk/brands-in-action/detail/Marmite/293688/
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24M Technologies 4Energy Adura Technologies AMEE Amminex Aqwise Barefoot Power Better Place Canatu Chemrec ClimateWell Electrawinds Elevance Renewable Sciences eSolar EVO Electric Fisker Automotive
General Compression GMZ Energy Green Biologics Hara Heliatek Helveta HydroPoint Data Systems JouleX Kebony Lemnis Lighting MiaSol Mission Motors Nexterra Nobao Renewable Energy Holdings Novacem Oasys Water
O-Flexx Technologies Puralytics Recupyl SCIenergy Seeo ShineOn Stirling DK Suniva SunRun SynapSense Synthetic Genomics Tigo Energy Topell Energy Windlab Systems Xtreme Power
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annual lists) are no longer eligible for the Global Cleantech 100 due to a change in their ownership status since August 2011 . In comparison with 2010-2011, the over-
all number of exits decreased significantly from eleven to six, with IPOs and mergers contracting sharply . Bankruptcies increased from one to two .
M&A activity contracted significantly . Unlike the six M&A transactions involving GCT100 alumni in the 2010-11 year, across a broad range of cleantech subsectors, there were only three alumni M&A transactions in the 2011-12 year: eMeter, a California-based meter data management software developer, was acquired by Siemens in December 2011 for an undisclosed amount, though market rumor places this at approximately $200 million . The deal was motivated to enhance Siemens offering around smart meter deployments and ongoing management . Siemens Venture Capital had been an investor in the company since 2008 . Marine Current Turbines, a UK-based developer of sub-sea tidal turbines for marine renewable energy, was acquired by Siemens in February 2012 for an undisclosed amount . Siemens progressively took increasingly large stakes in the company, with its prior
shareholding standing at 45% in November 2011 . SmartSynch, a Mississippi-based developer of utility applications that leverage public wireless networks, was acquired by Itron in February 2012 for $100 million . The acquisition strengthened Itrons smart metering offerings for utility customers by increasing its array of networking technologies . Unlike the four IPOs noted this time last year for GCT100 alumni (three biofuels companies and one auto-sharing company), there was only one IPO from the Global Cleantech 100 alumni in the comparable 12 months: Enphase Energy (NASDAQ: ENPH), a California-based provider of microinverters and solar energy management systems, floated in March 2012 . The firm raised $54 million from 9 million shares priced at $6/share, 40% below initial expectations, creating a market capitalization
of around $270m . Its price has been as high as $9 but, at the time of going to print (early September 2012), it was hovering around the $5 mark . Market conditions have continued to have an adverse effect on companies ability to raise funds in the public market at attractive prices . In the last 12 months six alumni companies have filed to IPO but not yet listed, while five alumni companies that previously filed for IPOs formally withdrew their filings due to sub-optimal market conditions . The table below provides an insight into a wider picture of the build-up of exit ready companies in the global cleantech portfolio and beyond, who are hampered by macro-economic and market factors . It remains to be seen how investors will find the liquidity events they sorely need in the coming months .
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COMPANY
2009
BioAmber Elevance ences Mascoma NovaLED Silver Spring Networks SolarCity BrightSource Energy Coskata Enerkem Genomatica Luca Technologies X Renewable SciX X X X X X
IPO STATUS
2012
X IPO Filed IPO Filed IPO Filed
X X X X X X X X X X
X X X X X X
IPO Filed IPO Filed IPO Filed IPO Withdrawn IPO Withdrawn IPO Withdrawn IPO Withdrawn IPO Withdrawn
Of the five companies who had to withdraw their IPO filing, three have remained on the 2012 GCT-100 namely, BrightSource Energy, Enerkem and Genomatica . As for the performance of GCT100 alumni that went to market in previous years, Tesla is the only company that is currently
on par with the NASDAQ composite average . The relatively poor performance of recently listed cleantech stock, with the exception of Tesla, is illustrated below - Gevo and Solazyme are used as repre-
sentative examples of the typical kind of stock performances we have seen from cleantech stocks ranging from poor to tepid .
40 40% 20% 20 0 0 0% -20 -20% 20 0 -40 -40% 0 -60 -60% Oct. Nov. GEVO.OQ
Source: Reuters
Dec.
Jan. TSLA.0
Feb.
Mar. SZYM.0
Apr.
May
June
July
Aug.
NASDAQ COMPOSITE
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Concluding Remarks
It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us. Such were the words that Charles Dickens opened with, in his book, A Tale of Two Cities . They seem quite appropriate to the cleantech world of today, as we navigate our way into this third wave . There is a shake-out going on, involving company bankruptcies and setbacks; yet some companies are making exceptional progress despite the headwinds, and companies, starting up now, have exceptional progress, in technology and market acceptance, to build on for the rest of the decade . Few meaningful investment returns have been crystallized and yet all signs and indications remain that the M&A market will kick-in over the coming 18 months a majority of which will be value investing (Wanxiangs proposed takeover of A123 might be exhibit A), a minority of which will be premium investing for the top strategic assets . Our 2012 Global Cleantech 100 companies are in for an interesting ride . We look forward to reporting on the state of global cleantech innovation again next year .
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NAME Peter Williams Nicolas Chaudron Crispin Leick Stephen Eichenlaub Nikunj Jinsi Glen Schwaber Joe McGee Andrew Deguire Eric Tao John Denniston Kurt Faulhaber Ravi Viswanathan Himraj Dang Steve Meller Chivas Lam Inigo Palacio Dhiraj Malkani Rakesh Kapoor Keimpe Keuning Ji-Yeong (Tim) Kang Mike Goguen Michael Majors Joshua Raffaelli Vicky Sharpe Ignacio Martinez Astorre Modena Saul Reichman Mike Dorsey Antoine Verny Don Ye Bjarne Henning Jensen Stephan Dolezalek William Wescott Rohit Gupta Bart Markus Mark Preston Khalil Maalouf Samer Salty 39
TITLE CTO, Big Green Innovations Partner Managing Director Managing Director, Emerging Platform Technologies and Cleantech Sector Global Head, Clean Technology Investments Partner
ORGANIZATION IBM Idinvest Partners Innogy Venture Capital GmbH Intel Capital International Finance Corporation (IFC) Israel Cleantech Ventures
Executive Vice President, Strategic Planning and Devel- Jabil Inc . opment Vice President, Strategic Planning and Acquisitions Partner Partner Senior Vice President Partner Director of Environmental Investments Chief Innovation Catalyst Venture Partner Director Partner Director of NOVA External Venturing Senior Investment Manager Managing Director Partner Investment Partner Partner President & CEO Managing Director Partner Vice President Partner Investment Manager Founder & Managing Partner Partner Managing Director Vice President of Innovation, Americas Business Development Manager, Technology R&D General Partner Partner Managing Director Managing Partner Johnson Controls Keytone Ventures Kleiner Perkins Caufield & Byers Macquarie Funds Group New Enterprise Associates Olympus Capital Procter and Gamble Qiming Venture Partners Repsol Energy Ventures Rockport Capital Partners Saint Gobain SAM Private Equity Samho Green Investment VC Sequoia Capital Siemens Venture Capital Silver Lake Kraftwerk Sustainable Development Technology Canada (SDTC) Syngenta Venture Capital Terra Venture Partners The Challenge Fund The Westly Group Total Energy Ventures Tsing Capital Vaekstfonden VantagePoint Capital Partners Veolia Environnement Vestas Wellington Partners Wheb Partners XPV Capital Zouk Capital
Agilyx Alta Devices Amantys Amprius Applied Solar Technologies India APTwater Aquion Energy ArrayPower Attero Recycling Avantium Beijing Goldenway Bio-Tech BioAmber Boston-Power
United States United States United Kingdom United States India United States United States United States India Netherlands China United States United States
Recycling & Waste Solar Smart Grid Energy Storage Solar Water & Wastewater Energy Storage Solar Recycling & Waste
Advanced Materials Developer of a process to convert biomass into bio-based materials and fuels Recycling & Waste Biofuels & Biochemicals Energy Storage Energy Efficiency Developer of BGB biological treatment technology to recycle urban organic waste Developer and producer of green chemicals from agricultural feedstocks with a focus on bio-based succinic acid Producer of lithium-ion battery technology for the portable power, electric vehicle and utility energy storage markets Provider of low energy ventilation systems, using the principles of natural mixing ventilation in winter and natural upward displacement ventilation in the summer
40
NAME Bridgelux BrightSource Energy BuildingIQ CellEra Clean Power Finance CoaLogix
COUNTRY United States United States United States Israel United States United States
SECTOR Energy Efficiency Solar Energy Efficiency Energy Storage Solar Air
DESCRIPTION Provider of high power, energy-efficient and cost-effective LED solutions Developer of concentrating solar power (CSP) power plants utilizing solar power tower technology Developer of energy management software that improves the energy efficiency of HVAC systems in commercial buildings Developer of Platinum-Free Membrane fuel cell technology, combining aspects from PEM and Alkaline FCs Provider of power purchase (PPA) financing for solar PV installations, as well as customer acquisition software for installers Developer of catalytic reduction regeneration technologies, mercury remediation technologies, and coal-fired power plant management services Developer and manufacturer of ultra-compact electric motors Provider of electric vehicle (EV) charging solutions Provider of intelligent LED-based lighting systems for industrial facilities that reduce lighting energy use by up to 90%, and provide fully integrated controls and reporting capabilities . Developer and manufacturer of micro-irrigation systems for small plot farmers in developing countries Developer of high-efficiency engines for use in cars, light trucks, marine applications, agricultural vehicles and stationary generators Developer of a cellulosic ethanol conversion technology using agricultural waste and synthetic biology Developer of self-recharging fuel cell systems for backup power applications Developer of Electrogenic Bioreactors (EBR) that treat industrial wastewater and generates renewable electricity and the Spiral Aerobic Biofilm Reactor (SABRE) that treats municipal wastewater Operator of a network enabling large electricity users to deliver demand-side regulation services to the grid Developer of micro inverters for solar PV systems .
Germany
Driptech EcoMotors
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DESCRIPTION Producer of biofuels and chemicals from biomass and municipal solid waste using gasification and catalysis technology Developer of flow battery technology for applications in largescale energy storage solutions for commercial, utility, and grid applications Provider of lighting control systems for energy management in office buildings Developer of energy harvesting sensors and communication systems for use in building automation and energy management systems Developer of a cathode material for lithium-ion batteries used in electric vehicles Producer of mobile waste water treatment facilities for small scale industrial complexes and community buildings . Supplier of containerized water treatment systems to industrial, municipal, resort and aboriginal clients Provider of energy analytics software for commercial buildings and utility clients
Enlighted EnOcean
Energy Storage Water & Wastewater Water & Wastewater Energy Efficiency
Advanced Materials Developer of a patent protected, non-halogen, non-burning family of transparent high flow thermoplastics in the global flame retardant plastics market Biofuels & Biochemicals Solar Transportation Recycling & Waste Developer of green chemicals from renewable feedstocks such as sugar and trash Developer of data geomatics software to compute the precise solar power potential of every rooftop, lot and field . Provider of fleet management software Maximizes the value of organic materials through the production of renewable energy and soils, mulches and natural fertilizers . Developer of utility-scale energy storage and power systems to optimise energy resources and help decarbonise the grid . Its proprietary process uses cryogen (liquefied) air . Water technology vendor addressing water leakage and advanced pressure management for utilities . Developer of ultracapacitors and hybrid-capacitors that can be made into individual cells, pre-packaged modules, or complete systems
United Kingdom
Energy Storage
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SECTOR Biofuels & Biochemicals Agriculture & Forestry Biofuels & Biochemicals Energy Efficiency Transportation
DESCRIPTION Provider of diesel and ethanol directly derived from sunlight and CO2 using micro-organisms Developer of genomic-based breeding technology to develop high-yielding energy crops for bio-diesel, bio-ethanol, and biomass energy Developer of a process that increases industrial energy efficiency by capturing waste gases (CO, CO2) and converting them to fuels and chemicals Developer of high-output white LEDs based on gallium nitride (GaN) die fabricated on silicon substrates Developer of an autonomous unmanned marine vehicle propelled by waves for scientific, research, and defense applications Developer of genetically modified microbes, converting feedstock into renewable fuels and chemicals in a one-stage fermentation process Developer of natural weed, pest, and disease management products Developer and producer of solid state hydrogen storage solutions for renewable energy and industrial gas storage Designer of integrated circuits for power line communication systems, utilizing power lines as a medium for transmitting information Developer of thin-film nanocomposite reverse osmosis membranes for the desalination market Design-focused energy management company whose flagship product is a networked learning thermostat for home use Provider of intelligent grid software and clean energy solutions, including electric power grid and alternative energy technologies and services . Developer of second-generation lithium-ion batteries Developer of sustainable feedstock solutions for the biofuels, biopower and biobased products industries Developer of energy-saving, long-life organic light emitting diodes (OLEDs)
LanzaTech
United States
LS9
United States
Biofuels & Biochemicals Agriculture & Forestry Energy Storage Smart Grid
Advanced Materials Producer of polymers and plastics made from CO2 and other renewable materials
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DESCRIPTION Producer of LED lighting for food displays and chilled cabinets in food retail Provider of high efficiency radio frequency and power amplifiers for the wireless communications industry Developer of wireless communication systems for the water, smart grid and other industries that allow device communication in hard to reach environments Developer of a software-as-a-service that utilizes customer engagement and billing analytics for utilities Manufacturer of renewable bio-based chemicals and fuels Provider of real-time data infrastructure solutions for management of resource consumption and process performance Provider of fertilizer produced from municipal wastewater
Energy Efficiency Biofuels & Biochemicals Energy Efficiency Water & Wastewater Energy Efficiency
Developer of a low-maintenance platform for businesses to monitor their energy usage, using low-cost wireless sensors and a cloud-based data management service Developer of automated, wireless, interactive home energy management systems Provider of broadband power line systems for smart grid applications, particularly smart metering Provider of energy management systems which automatically predict, regulate, and reduce peak demand . Developer of smart grid applications for medium voltage grid owners and power companies . Designer and manufacturer of resource efficient and zero net energy modular buildings Developer of ozone technology to provide safe, fresh, high quality produce and water Developer of a financial rewards system for households that recycle Developer of a peer-to-peer car sharing platform that connects car owners willing to rent their cars that are not in use, with drivers who need short-term vehicle access
PassivSystems Power Plus Communications Powerit Solutions PowerSense Project Frog Purfresh Recyclebank RelayRides
United Kingdom Germany United States Denmark United States United States United States United States
Energy Efficiency Smart Grid Energy Efficiency Smart Grid Energy Efficiency Agriculture & Forestry Recycling & Waste Transportation
44
NAME Renmatix Sakti3 Saltworks Technologies Siluria Technologies Silver Spring Networks
SECTOR Biofuels & Biochemicals Energy Storage Water & Wastewater Conventional Fuels Smart Grid
DESCRIPTION Developer of a water-based technology for the production of cellulosic sugar intermediaries for biochemicals and biofuels . Developer of advanced solid state lithium ion battery technology, aimed at the electric vehicle market Water treatment solutions provider of energy efficient technologies for desalination, purification, and industrial water treatment . Developer of methane conversion technology for creating fuels and chemicals from natural gas Provider of networking communication technologies and solutions to utilities for advanced metering, as well as home energy management, distribution automation, and other related applications Developer of a CO2 mineralizing technology for industrial use Developer of solar PV installations for residential, commercial and community-scale customers Provider of design, financing and maintenance services for solar power customers Provider of distributed DC systems that maximize power generation of residential and large-scale photovoltaic solar sites Developer of gallium nitride (GaN) based semiconductors for LEDs Developer of compressed air energy storage technologies that can be sited flexibly Provider of a web-based platform that monitors water distribution networks and alerts in real-time on inefficiencies, water loss, faults and other network problems . Provider of a home energy management SaaS platform that facilitates interaction within the energy ecosystem and provides utility solutions Developer of a solar thermal collector that generates heat for domestic hot water, space heating and industry Developer of technology to eliminate the electric conversion losses when converting from power from one form to another, AC/DC, AC/AC, DC/AC and DC/DC Provider of unified smart grid communications solutions that enable advanced metering, distribution automation, and demand response
United States France United States United States United States United States Israel
Air Solar Solar Solar Energy Efficiency Energy Storage Water & Wastewater Energy Efficiency
Tendril
United States
TIGI Transphorm
Trilliant
United States
Smart Grid
45
NAME Vigilent
DESCRIPTION Developer of intelligent energy management systems for data centers, telecommunications facilities, and large, commercial buildings Developer of smart grid demand response technology
Viridity Energy
United States
Smart Grid
Voltea
Netherlands
Developer of a scalable water desalination technology using membrane capacitive deionization (CapDI) Provides water purification and disinfection technology to underserved rural and peri-urban communities in developing countries . Developer of a cellulose-based biorefinery platform capable of producing advanced ethanol, fuels and chemicals
WaterHealth
United States
ZeaChem
United States
46