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Cleantech investment and private equity An industry survey


Cleantech investment and private equity An industry survey

A Norton Rose LLP SURVEY JULY 2010


Cleantech investment and private equity: an industry survey

Norton Rose LLP Norton Rose LLP is a leading international legal practice. We offer a full business law service from our offices across Europe, the Middle East and Asia Pacific. Knowing how our clients’ businesses work and understanding what drives their industries is fundamental to us. Our lawyers share industry knowledge and sector expertise across borders, enabling us to support our clients anywhere in the world. We are strong in financial institutions; energy; infrastructure and commodities; transport; and technology. We have over 1800 lawyers operating from 30 offices in Abu Dhabi, Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Canberra, Dubai, Frankfurt, Hong Kong, London, Melbourne, Milan, Moscow, Munich, Paris, Perth, Piraeus, Prague, Rome, Shanghai, Singapore, Sydney, Tokyo and Warsaw and from associate offices in Ho Chi Minh City, Jakarta and Riyadh. Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia and their respective affiliates. For further information visit www.nortonrose.com.

Cleantech Investor Cleantech Investor Ltd, a provider of business intelligence on the cleantech sector, publishes Cleantech magazine, a UK-based finance and investment publication focusing on the global themes driving innovation and investment in clean technologies. The magazine and other Cleantech Investor publications aim to contribute to a deeper understanding of emerging clean technologies and the companies, investors, governments, universities, research institutes and other institutions actively promoting the development and use of such technologies. The core focus is the UK home market, but the editorial brief extends to neighbouring European markets and other markets of particular interest to cleantech investors around the world. In terms of technology, the publications adopt a broad global perspective. In addition to Cleantech magazine, Cleantech Investor titles include Cleantech Infocus (ad hoc reports on cleantech industry sub sectors) and the Quoted Cleantech newsletter. Cleantech Investor also organises the Cleantech Economist events series of networking events – see www.cleantecheconomist.com - and the Cleantech Investor NEXUS series of investor events – see www.cleantechnexus.com. For further information visit www.cleantechinvestor.com.

No individual who is a member, partner, shareholder, employee or consultant of, in or to any constituent part of Norton Rose Group (whether or not such individual is described as a partner) accepts or assumes responsibility, or has any liability, to any person in respect of this publication. Any reference to a partner means a member of Norton Rose LLP or Norton Rose Australia or a consultant or employee of Norton Rose LLP or one of its affiliates with equivalent standing and qualifications. © Norton Rose LLP July 2010 Edition NR7973 07/10


Cleantech investment and private equity: an industry survey

Contents Methodology Introduction

Executive summary

06 Industry sectors and technologies 14 The pros and cons of investment in cleantech 20 Geographic focus 26 Pre-investment criteria 32 Investment characteristics Glossary Contacts


Cleantech investment and private equity: an industry survey

Methodology Respondent numbers We had 446 survey respondents (comprising investors and cleantech companies and specialists) the majority of whom came from within the European and North American private equity and cleantech communities. The survey was conducted online, and respondents were given the option to remain anonymous. Location of respondents Of the total number of respondents most by far were located in Europe (69%), followed by the United States (17.5%). Of the respondents located in Europe, the largest contributing groups came from the UK, Scandinavia and Germany. Business focus of respondents A majority of respondents indicated that more than half of their work is focused purely on the cleantech sector, and in total 49% of respondents confirmed that cleantech accounts for 75%, or higher, of their business focus. Classification of respondents Respondents were asked to classify themselves. The ‘investor group’ was made up of investors, lenders and advisers, representing 46% of the total number of respondents, with the balance of 54% being the ‘cleantech companies group’, which was made up of cleantech companies, consultants and analysts engaged with cleantech projects or research activities.


Cleantech investment and private equity: an industry survey

Introduction Investment interest from the private equity and venture capital community in the cleantech sector has increased dramatically over the last few years. Growing political and commercial awareness of the need for investment in cleantech, particularly to combat ever increasing environmental challenges, has continued to drive this activity. This has led to a steady rise in the number of dedicated cleantech funds and to an increase in investment mandates from funds with a more generalist approach, viewing cleantech investment opportunities as part of a diversified portfolio. Norton Rose LLP and Cleantech Investor have together conducted a survey to canvass opinion from the private equity and cleantech communities, seeking input from investors, cleantech companies, advisers and consultants all of whom are active in cleantech business. The survey has been undertaken to support an enhanced understanding of the challenges facing investment in this sector, to pinpoint some current trends that appear to be developing and to stimulate further discussion. A particular thank you to all of our respondents for participating in this survey.

Ian Moore Partner Norton Rose LLP Tel +44 (0)20 7444 5263 ian.moore@nortonrose.com July 2010

Anne McIvor Founder Cleantech Investor Tel +44 (0)20 7394 7110 anne@cleantechinvestor.com


Cleantech investment and private equity: an industry survey

Executive summary A summary of the key findings from the survey report, based on answers from respondents, is as follows: • energy efficiency is expected to be the cleantech sector attracting the most investment interest in the immediate short term • wind will continue to be the main sub-sector in cleantech energy generation; notwithstanding this trend, solar has recently attracted more investment than any other sub-sector • cleantech generated electricity cannot immediately satisfy the world’s ever increasing energy needs; it is felt that it will take some considerable time to displace fossil fuel based technology; in reality the expectation is that it will require a mixture of different technologies to satisfy consumer demand • the USA was identified as being the most likely beneficiary of private equity driven cleantech investment • Europe is perceived as offering the greatest incentives for cleantech investment • political and regulatory support by governments, and the financial incentives they provide for cleantech innovation, are seen as crucial factors in the continuing growth of the cleantech sector • banks are still cautious about lending to the sector, despite proposals to support the green economy, and debt remains tightly controlled • cleantech investments are viewed with a greater degree of caution in comparison with other sectors; despite this, any fear of a cleantech ‘bubble’ does not appear founded


What is cleantech?

Cleantech

Cleantech as a term incorporates a number of sectors and/or activities. For the purposes of the survey questionnaire, cleantech was assumed to encompass the following:

Energy generation

• • • • • •

Energy efficiency

• Building efficiency • Smart grids • Waste heat recovery

Energy storage

• Transport applications • Stationary applications

Waste recycling

• Organic matter • Plastics • Electronics

Emissions reduction

• Trading and offsetting • Filter systems and technology • Carbon emissions and footprinting

Water

• Waste water filtration • Desalination • Water efficiency

Cleantech materials

• Biodegradable materials and packaging

Cleantech enabling systems

• Cleaner combustion technology • Measuring and control technology

Next generation biofuels

• Algae and cellulosic ethanol

Solar Wind Geothermal Biomass Hydro Tidal


Cleantech investment and private equity: an industry survey

1. Industry sectors and technologies Cleantech, as a term, incorporates a wide spectrum of investment opportunities. What three sub-sectors of the cleantech market do you see as being the most likely beneficiaries of investment over the next 18 months? (‘Investor group’ question only) Investors 73.7% 77% 29.1% 32.4% 18.3% 24.4% 10.8% 10.3% 11.4% Energy generation (incorporating solar, wind, geothermal, biomass, hydro, tidal) Energy efficiency, including infrastructure (incorporating building efficiency, smart grids, waste heat recovery) Energy storage (incorporating transport and stationary applications) Waste recycling (including organic matter, plastics, electronics) Emission reduction (incorporating trading and offsetting, filter systems and technology, carbon emissions and footprinting) Water (incorporating waste water filtration, desalination, water efficiency) Cleantech materials (incorporating biodegradable materials and packaging) Cleantech enabling systems (incorporating cleaner combustion technology, measuring and control technology) Next generation biofuels (incorporating algae and cellulosic ethanol)

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The two sub-sectors seen by the ‘investor group’ respondents as being the most likely beneficiaries of investment over the next 18 months were energy efficiency (77%) and energy generation (73.7%). These were followed, at some distance, by waste recycling (32.4%), energy storage (29.1%) and water (24.4%). All of the remaining sub-sectors were chosen by less than 20%. It would be interesting to speculate on whether the emission reduction sub-sector (selected by 18.3%) might have been indicated by more respondents had the COP15 negotiations in Copenhagen in December 2009 resulted in a legally binding global treaty enforcing carbon trading. Mentions of next generation biofuels were relatively low, especially considering that EU legislation mandating the use of biofuels will underpin demand. The fact that energy efficiency is expected to be the most likely beneficiary of investment over the next 18 months indicates a recognition that energy efficiency projects and technologies will play a role in dealing with any potential energy gap in the short to medium term and that they offer a high potential ROI. Included within this broad spectrum of energy efficiency are such diverse technologies as LED lighting, smart grid, voltage and current monitoring, energy efficient buildings and appliances, electric and hybrid cars and alternative fuels. Energy efficiency has achieved a high profile during the recessionary period. Energy efficiency measures were emphasised in President Obama’s ‘Green New Deal’ and other similar measures by governments around the world. Awareness of the potential returns to be made from investment in energy efficiency appears to have come to the fore in the current environment of rationalisation and cost cutting.


Cleantech investment and Industry private equity: sectorsan and industry technologies survey

Key findings Levels of investment in technologies in the energy efficiency area have been increasing, with a notable focus on venture capital investment in sectors such as smart metering and the broader smart grid space (see ‘Cleantech Infocus: Smart Grid’, 2009). There are clear indications of growing interest in this area on the part of mainstream venture capital investors. In March 2010, Drew Clark, the director of strategy at IBM’s venture capital group, predicted “an explosion” of venture capital interest in the smart grid space. This trend is also backed up by VB Research, which has documented over 50 venture capital deals globally over the past 18 months or so in the built environment and energy efficiency spaces (see feature in Cleantech magazine, Volume 4, Issue 3, May/ June 2010). Venture capital investment – and IPOs – in the electric vehicle and battery technology areas are also high profile at present (see ‘Cleantech Infocus: Electric Vehicles’, 2009 and ‘Cleantech Infocus: Batteries’, 2009). The fact that energy storage was selected by nearly 30% of respondents could be a reflection of the focus on electric vehicles/battery technology.

• energy efficiency is expected to be the sector which attracts the most investment interest in the immediate to short term • venture capital interest looks strong in the energy storage sector • the emphasis on energy efficiency technologies reflects the recent trends in legislation – particularly encouraging energy efficiency measures in the built environment

The strong emphasis on energy efficiency technologies also reflects trends in legislation, which are encouraging the implementation of energy efficiency measures within the built environment. The EU has phased out incandescent light bulbs and the race is on to find a solid state alternative to CFLs. In the UK, the CRC Energy Efficiency Scheme is a mandatory climate change and energy saving scheme, administered by the Environment Agency, which aims to encourage large public and private sector organisations (responsible for around 10% of the UK’s emissions) to improve energy efficiency.

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Cleantech investment and private equity: an industry survey

Within energy generation, which one sub-sector do you see as being the most likely beneficiary of investment over the next 18 months? (‘Investor group’ question only)

Investors 31.3% 39.8% 2.8% 18.5% 1.4% 3.3% 2.8% Solar Wind Geothermal Biomass Hydro Tidal Other

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Within the area of energy generation, the ‘investor group’ respondents perceived two sub-sectors as being most likely to benefit from investment over the coming 18 months, with wind receiving 39.8% and solar 31.3%. Of the remaining sub-sectors, only biomass attracted any significant support, with 18.5%. Solar and wind are currently viewed as the most exploitable technologies within the energy generation sector of cleantech and have historically been the main focus of investment. These results would seem to support the view that these areas will continue to dominate in the short and medium term. Compared to alternative technologies, wind is considered ‘mature’ as an exploitable technology and also enjoys the benefit of having a relatively short set up time. The high expectations for solar may have been influenced by the recent introduction of feed-in tariffs in the UK. According to Bloomberg New Energy Finance, wind and solar were the two sub-sectors which benefited most from global venture capital and private equity financing during 2008 and 2009, with solar having received more than twice the amount of wind ($7.24 billion compared with $3.45 billion). Energy efficiency technologies were in third place with $3.01 billion. Interestingly, BNEF’s figures for the first two quarters of this year show energy efficiency technologies receiving $1.6 billion compared with $1.5 billion for solar and $1.2 billion for wind.


Cleantech investment and Industry private equity: sectorsan and industry technologies survey

Key findings In equity terms might be solar – in total capital, wind always. Ken Rumph, Nomura Code Solar and wind are a very tight race. Survey respondent Globally wind energy will continue to be the main sub-sector in energy generation. Angel Galindo, Carbajo, CDTI

• wind is seen as a ‘mature’ technology and will continue to be the main subsector in energy generation • solar is also a key sub-sector, a proven and exploitable technology, recently attracting more investment than any other sub-sector

UK feed-in tariffs will kick start solar in the UK. Survey respondent

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Cleantech investment and private equity: an industry survey

To the extent that cleantech-generated electricity cannot, on its own, satisfy the world’s increasing energy needs, what (in the long term) do you envisage will be the single most important alternative energy source, or complementary technology, in meeting this anticipated deficit? (All respondents question) Investors 7.1% 3.8% 7.6% 51.7% 27.5% 2.4%

Both respondent groups selected greater energy efficiency and nuclear/cleaner gas fired stations as being the two most important technologies in meeting any perceived energy deficit. Between them, these two technologies received 79.2% of mentions from the ‘investor group’ and 62.3% from the ‘cleantech companies group’. However, the relative importance given to each technology by the two groups was different, with the majority (51.7%) of the ‘investor group’ selecting nuclear and cleaner gas fired stations, and most (39.8%) in the ‘cleantech companies group’ opting for greater energy efficiency technologies. Another notable difference was the larger number of Other suggestions offered by those in the ‘cleantech companies group’ (18.9%) as compared with the ‘investor group’ (2.4%). Of the suggestions made by both groups, the most frequently mentioned fell within the energy efficiency arena, followed by carbon capture and storage (CSS) and hydrogen.

Cleantech companies 4.4% 9.2% 5.2% 22.5% 39.8% 18.9% Carbon intensive fossil fuels The use of storage technologies such as batteries and fly-wheel The use of demand management systems Nuclear and cleaner gas fired stations Greater energy efficiency technologies Other

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A number of respondents felt that the assumption in the question was incorrect, and that cleantech-generated electricity, particularly from solar, would be able to satisfy the world’s increasing energy needs. However, the consensus opinion concurred with the assumption of the question, that cleantech-generated electricity cannot on its own satisfy the world’s immediate energy needs and will not be able to within the foreseeable future - and it is arguable that it will take a generation to achieve the scale required to displace fossil fuel based technology. It appears probable that, in reality, a mixture of many different technologies will be needed in order to achieve a full transition from a dependency on fossil fuel-based energy. These technologies range from those with the potential to be rolled out quickly (eg, some smart grid technologies) to the extreme of mechanical engineering technologies such as marine renewables.


Cleantech investment and Industry private equity: sectorsan and industry technologies survey

Key findings Much as I like the idea of the alternatives and the idealist in me makes me support the alternatives I know there are many countries in the world that will consider the alternatives too expensive. Therefore for me short term gain is more likely with efficiency improvements. Robert Linsdell, Linsdell Consulting Improving energy efficiency is vital. Energy intensity benchmarks, such as kWh/GNP must be improved, especially in countries where this figure is worst, like the US, Australia, Canada, etc. European or Japanese levels are much more acceptable. Rubin Diehl F., Petrobras The greatest contribution worldwide to reduce carbon emissions in electric power generation will come from energy efficiency measures and technologies. Survey respondent Energy efficiency is by very far the most important complementary set of technologies. Smart grid technology is a close runner up, which includes storage facilities. Survey respondent The widespread adoption of the smart grid concept is fundamental. Lise Nielson, Sinsil A/S

• 51.7% of investors thought nuclear and cleaner gas fired stations will be the most important alternative energy source in meeting any anticipated deficit • it will take a mixture of different technologies to achieve a full transition from dependency on fossil-fuel based energy generation

I don’t expect in the near to medium term there will be one silver bullet technology which will be able to satisfy the world’s energy and carbon reduction demands. What is required is to be able to easily integrate the different technologies onto the grid and in the cars, homes and businesses. Kim Holmes, K H Consulting In reality it will be a mix, but the creation of effective storage would greatly increase the ability of renewables to compete. Survey respondent

Efficient energy storage is the holy grail of the renewable industry. Edwards Thompson, ICAX Ltd For the next 50 years, we cannot eliminate the use of coal or natural gas for electricity generation, and therefore we must focus on more economical CCS. Survey respondent

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Cleantech investment and private equity: an industry survey

What development stage within the cleantech industry is likely to attract the greatest volume of private equity investment? (‘Investor group’ question only)

Investors 1.4% 6.1%

19.3%

26.9%

46.2%

Venture/start-up technologies Early stage development Expansion stage development Established technologies Other

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The majority of the ‘investor group’ (46.2%) indicated a preference for expansion stage development. This was followed by 26.9% who selected established technologies and 19.3% who opted for early stage development. Only 6.1% felt that venture/start-up technologies would attract the greatest volume of private equity investment. These figures suggest a belief amongst investors that proven technologies will continue to be those most likely to obtain project financing, and highlights the perceived paucity of investment available for genuine venture/start-up technologies. Since the task of developing technology in the sector is enormous, this is a cause for concern.


Cleantech investment and Industry private equity: sectorsan and industry technologies survey

Key findings I haven’t seen much appetite to invest in anything prerevenue. Question is government efficiently picking up the slack for venture and early stage? Jennifer Marzullo, TMGI Consulting Limited Private equity will go into proven projects like wind. Thomas Blum, GC Andersen Partners LLC The most dollars will go into large projects in solar, wind and biomass, but there will be lots of early stage investments in new technologies. David B. Jones, SAIL Venture Partners

• 46.2% of investors think expansion stage development is likely to attract the greatest volume of private equity investment • there may be a potential shortfall of investment in pre-revenue/start-up technologies

Many of the barriers to cleantech are not capital-specific but rather regulatory-specific and limited by government will. The risk of start-ups and expansionist companies is that they are playing in a shifting regulatory market – making capital and return forecasting quite difficult. Until the regulatory landscape gains stability and focus, emerging investments remain too high risk. Nicholas Russell, SecondNature Partnership

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Cleantech investment and private equity: an industry survey

2. The pros and cons of investment in cleantech What is the strongest driver supporting long-term growth in the cleantech investment sector? (All respondents question) Investors 22.6% 11.3% 9.4% 37.7% 4.7% 11.3% 2.8% Cleantech companies

20.9% 13.3% 11.6% 19.7% 5.6% 23.3% 5.6% Limited natural resources being available The need for climate change mitigation Pursuing national energy security policy The impetus of political and regulatory support for the sector The opportunities for investors to exit investments Increasing social and economic awareness of sustainability and the green economy Other

14  Norton Rose Group July 2010

It was evident from the replies to this question that the two groups of respondents felt quite differently. Within the ‘investor group’, the majority (37.7%) selected the impetus of political and regulatory support as the most important driver, followed by a further 22.6% who opted for limited natural resources being available. Of the remaining possible drivers, both the need for climate change mitigation and increasing social and economic awareness were thought to be strongest by an identical 11.3%. The results from the ‘cleantech companies group’ were less conclusive on this question. Three potential drivers – increasing social and economic awareness (23.3%), limited natural resources (20.9%) and the impetus of political and regulatory support (19.7%) – all received a similar level of support. These were followed by the need for climate change mitigation and the pursuit of national energy security policy, which were supported by 13.3% and 11.6% respectively. Of the limited other responses, the rising cost of conventional energy was mentioned most often. The high degree of importance given to the impetus of political and regulatory support by the ‘investor group’ respondents would seem to indicate that they may not readily consider investments without this certainty of political support. Comments received from the ‘cleantech companies group’ respondents emphasised the importance of social awareness and the resulting consumer demand as a driver of political support. There is no doubt that domestic and regional policies, such as the EU’s Emissions Trading Scheme introduced in 2005 to ensure the region could meet its emissions targets under the Kyoto Protocol, have provided the framework for investment in the cleantech sector. It is also clear that public finance has been a prerequisite for the implementation of alternative energy sources and other early stage clean technologies. The results of the survey would seem to indicate the importance which respondents place on both of these factors continuing, despite the disappointing outcome of COP15 negotiations.


Cleantech investment The pros and and private cons of equity: investment an industry in cleantech survey

Key findings The decision by the previous UK Government to establish a £2 billion Green Investment Bank to support low-carbon and renewable energy infrastructure projects was doubtless seen as a positive move. The present UK Government has confirmed that the Green Investment Bank will go ahead, but it is questionable how much additional finance will be made available for the new entity. A recent report from the GIB Commission recommended the Green Investment Bank should “use the potential rationalisation of quangos and their funds to radically improve Government support for low carbon innovation and commercialisation”. All these drivers act together and are not mutually exclusive: for example the need for climate change mitigation is translated into action through regulatory support, investor opportunity and social awareness. Survey respondent Increased social and economic awareness has a great deal of impact. Eva Ottosson, Ledinlight Ltd I can’t see how the impetus of political and regulatory support for the sector would be possible without a strong degree of public support. Peter Winters, Haddock Research & Branding Inc. All of the options do play a role. However, it is the social and commercial awareness of consumers that drives all other forces in an economy. Demand is king. Kenneth Roots, OCM Manufacturing

• 37.7% of investors selected the impetus of political and regulatory support as the most important driver supporting long-term growth in the cleantech investment sector • social awareness, limited natural resources and regulatory support were identified by cleantech company respondents as the most significant drivers supporting long-term growth

Without political and regulatory support to provide the incentives for power purchasers to buy renewable power, develop transmission facilities, consume less, manage demand etc, these projects which are initially more costly or more risky technology will not entice significant investment in innovative clean power technology. Survey respondent For the USA, the energy security issue is of utmost importance. Rubin Diehl F., Petrobras

Government support/incentives, at least to level the playing field with fossil fuels through removal of their subsidies. Andre De Rosa, Balanced Wind, LLC

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Cleantech investment and private equity: an industry survey

What do you regard as the single biggest risk factor in the development of the cleantech sector in attracting investment? (‘Investor group’ question only) Investors Responses suggested that, as in the previous question, respondents within the ‘investor group’ perceive the role of government within the cleantech sector as being very important. A substantial 40.3% felt the single biggest risk factor was a change of government agenda and market shift in focus, with half as many (20.9%) citing unproven technology stability. Competition from established energy companies was mentioned by 12.3%.

12.3% 5.7% 4.3% 8.1% 20.9% 40.3% 8.5% Competition from oil and other established energy companies Number of investment opportunities available Lack of entrepreneurs Lack of genuine technological experience in the industry

Stability of the technology not being proven Change of government agenda and market shift in focus Other

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The other risk factors put forward by respondents showed little consensus, although return on investment was mentioned more than once. The results provide an interesting insight into the perception of the role of technology in cleantech: when judging the value of an investment, ‘investor group’ respondents seem more concerned about government support and market shift than the stability of the technology not yet being proven.


Cleantech investment The pros and and private cons of equity: investment an industry in cleantech survey

Key findings Many cleantech businesses are unclear on their competitive point of difference and how they are going to exploit the market. Combined with the wide range of differing technical solutions and the changing regulatory environment it is hard for investors to know where to place their bets. Liz Tinlin, GreenBabel Ltd The risk is any government involvement which forces capital to be allocated into schemes that are not commercially based but politically driven [by] misguided notions of climate change. Survey respondent Policy-makers must go by consistent and reliable goals for the sake of their constituencies. Thus until policy sees clean energy as robust and reliable, they will continue favouring traditional sectors. Nicholas Russell, SecondNature Partnership

• investors perceive the role of the government within the cleantech sector as being very important • a 40.3% majority think the single biggest risk factor in the development of the cleantech sector is a change of government agenda and market shift in focus • 20.9% think the stability of the technology not being proven is the single biggest risk factor

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Cleantech investment and private equity: an industry survey

What one factor do you view as being the greatest barrier to entry for investors in the cleantech sector? (All respondents question)

Investors

20.1% 31.6%

13.4%

3.8% 31.1%

Lack of available capital Lack of regulatory framework for investment Geographical restrictions Restrictive planning laws Other

Cleantech companies

29.3%

30.1%

7.3% 0.8%

32.5%

Lack of available capital Lack of regulatory framework for investment Geographical restrictions Restrictive planning laws Other

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This question produced very similar results from both groups of respondents, with no single factor emerging as the greatest barrier to entry for investors in the cleantech sector. Rather, two – lack of available capital (‘investor group’: 31.6% and ‘cleantech companies group’: 29.3%) and lack of regulatory framework for investment (‘investor group’: 31.1% and ‘cleantech companies group’: 32.5%) – were cited by both groups in nearly equal proportions. The most notable difference was that nearly twice as many in the ‘cleantech companies group’ (13.4%) than in the ‘investor group’ (7.3%) felt that restrictive planning laws were the greatest barrier. Many Other factors were suggested by both groups as the greatest entry barriers for investors. Those cited most often involved investment concerns, including ROI, exit routes and inexperienced investors. Another possible barrier mentioned frequently was a lack of knowledge of either the sector or the technologies involved. Government/regulatory factors were also cited by a number of respondents, although interestingly (in view of the findings of the previous two questions) a greater proportion of these came from the ‘cleantech companies group’. It was also apparent that some respondents had strong views regarding the need for an international treaty in order to provide the necessary environmental regulations and financial support. Clearly targets, implementation and investment risk are perceived as unclear and unpredictable without a binding global legislative framework. Although many nations have committed to actions in support of projects and technologies within the cleantech sector, it seems that some respondents believe an international treaty is required to ensure that those commitments are honoured. A large majority of respondents also felt that the lack of a clear direction emerging from COP15 will not have a long term negative impact on investment appetite for the cleantech sector. It could be proposed that mainstream cleantech investment is not correlated with carbon trading/ carbon prices.


Cleantech investment The pros and and private cons of equity: investment an industry in cleantech survey

Key findings The government’s transition to a low carbon economy white paper does not make clear the contributions of the various sectors and technologies, nor back that up with tangible regulatory and financial support. It’s a moving playing field. Liz Tinlin, GreenBabel Ltd International political failure is the single biggest issue. Survey respondent Without international agreement on specific and long term targets, investment risks will be seen as too high for large scale implementation. Survey respondent

• the majority of respondents felt both a lack of regulatory framework for investment and lack of available capital are the greatest barriers to entry for investors • a number of respondents commented that they believe an international treaty is required to ensure implementation targets are honoured

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Cleantech investment and private equity: an industry survey

3. Geographic focus Which region do you expect will benefit the most from private equity driven cleantech investment? (All respondents question)

Investors

Cleantech companies 9.5%

UK France

0.5%

Italy Spain Benelux Scandinavia Eastern Europe

France

9%

Germany

Latin America

0.9% 0% 0.5%

0.4%

Spain

0.4%

Benelux

2.4% 3.3% 43.6% 0.5%

2%

Eastern Europe

2%

Latin America Russia

Africa

0%

Africa

0.9%

Other

India

19%

China South-East Asia

Middle East

2.8%

0.5% 5.2%

20  Norton Rose Group July 2010

44.1%

USA Canada

1.4%

0%

Scandinavia

0%

India

6.1%

Italy

Russia

Middle East

0%

Germany

USA Canada

9.8%

UK

China South-East Asia Other

1.6% 2.4% 0.4% 2.9% 1.6% 2.9% 10.6% 3.7% 9%


Cleantech investment and private equity: an Geographic industry survey focus

Key findings Both groups responded to this question similarly, with the largest (and virtually identical) proportions indicating that the United States will, by far, be the major beneficiary from private equity driven cleantech investment – the ‘investor group’: 43.6% and the ‘cleantech companies’ group: 44.1%. European countries were selected by 26.1% of the ‘investor group’ and 20.7% of the ‘cleantech companies’ group respondents, a large majority of whom opted for the UK and Germany. China was mentioned by nearly twice as many respondents from the ‘investor group’ (19%) than the ‘cleantech companies’ group (10.6%). No doubt both groups’ responses reflect anticipated consumer demand driven by the country’s huge population numbers. It is likely that the clear majority of respondents in both groups selecting the US did so because of, firstly, the number of cleantech investors and/or dedicated funds based in the US and, secondly, the country is seen as a safe investment home due to its perceived efficiency in deploying investment capital. Furthermore, President Obama’s clear commitment to the cleantech sector was made apparent by the amount of US stimulus money earmarked for clean technologies.

• the USA was clearly identified as the region respondents felt will benefit the most from private equity driven cleantech investments

…will tend to follow GDP so probably has to be USA. Richard Millett, Harrad Limited Although the UK is renowned for its innovation, we believe that US investors are less risk averse which will see far more cleantech innovations successfully commercialized and therefore benefiting the region’s economy as well as helping resolve some of cleantech challenges facing us today. Chrissi Wilkins, ULTRAMo Limited Better rates of return and faster growth opportunities (and lack of planning restraints) are likely for China et al than in UK, despite the need for a fast growing sector in the UK/ Europe. Liz Tinlin, GreenBabel Ltd China and India are the most polluting countries and with the largest growth of electricity usage in the next 20 years. Private investing there may benefit most. Survey respondent All of Europe basically, some really good development work is going on. Lise Neilson, Sunsil A/S

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Cleantech investment and private equity: an industry survey

Which region do you regard as generally offering the greatest incentives for cleantech investment? (All respondents question)

Investors

Cleantech companies 11.4%

UK France

1%

France

42.6%

Germany

4%

Italy

Spain

1.5%

Spain

0.5%

Eastern Europe

Benelux

5.4%

Scandinavia

31.2% 0.8% 2.1% 0.4% 8.9%

Scandinavia

1%

Eastern Europe

15.8%

USA

1.7%

Germany

Italy

Benelux

11.4%

UK

0.8% 19.8%

USA

Canada

0.5%

Canada

0.8%

Latin America

0.5%

Latin America

0.8% 0.4%

Russia

0%

Russia

Africa

0%

Africa

Middle East

0%

Middle East

India China South-East Asia Other

1.0% 6.4% 1.0% 7.4%

22  Norton Rose Group July 2010

India China South-East Asia Other

0% 0.4% 0% 5.9% 0.8% 13.5%


Cleantech investment and private equity: an Geographic industry survey focus

Key findings More than half of the respondents in each group selected Europe as a whole as offering the greatest incentives for cleantech investment – the ‘investor group’: 67.4% and the ‘cleantech companies group’: 57.3%. Within Europe, Germany was the individual country selected by the majority in both the ‘investor group’ (42.6%) and the ‘cleantech companies group’ (31.2%), from which it can be seen that the fewer mentions of Germany in the ‘cleantech companies group’ account for the difference for Europe as a whole. The only other regions in Europe which received a noteworthy number of mentions were the United Kingdom (11.4% in both groups) and Scandinavia (the ‘investor group’: 5.4% and the ‘cleantech companies group’: 8.9%). Although it was apparent from replies to the previous question that the United States was perceived to be the most likely beneficiary of private equity driven cleantech investment, far fewer in both groups believe that the US offers the greatest incentives to do so. (The ‘investor group’: 15.8% and the ‘cleantech companies group’: 19.8%).

• Europe is perceived as offering the greatest incentives for cleantech investment

EU is leading the climate change agenda as was seen at Copenhagen in 2009. The regulatory framework in place will continue to drive all EU countries to invest in cleantech. Elizabeth McNabb, Highbury Ltd I believe that there are different support mechanisms in place around the globe. However, the simplicity of the FiTs in Europe [makes] for simple and effective investment. Survey respondent The German and Scandinavian governments have a coordinated strategic vision to lead in low carbon, though China is coming to the fore owing to its size. Survey respondent If you consider an investment in renewable power generation I think the EU is the best region, but if you consider an investment in technological development, the US is surely also number one or two, together with the EU. Survey respondent

Norton Rose Group July 2010  23


Cleantech investment and private equity: an industry survey

What do you regard as the key factor when deciding which region to invest in? (‘Investor group’ question only) Investors 44.8% 11.8% 20.8% 8% 4.7% 9.9%

Government support and related financial stimulus Tax credits and other financial incentives Renowned industry expertise or innovation Regional/local consumer demand Access to natural resources (assuming an energy generation investment) Other

24  Norton Rose Group July 2010

This question was addressed to ‘investor group’ respondents only, with 44.8% indicating that government support/related financial stimulus is the key factor when deciding where to invest, and fewer than half that number (20.8%) selecting renowned industry expertise/innovation. Of the remaining options, only tax credits/other financial incentives (11.8%) received mentions of more than 10%. The responses here reflect a theme which was noted repeatedly in many of the replies and comments to various questions throughout the survey. The political and regulatory support of governments and the financial incentives they provide are seen as crucial factors in the continuing growth of the cleantech sector. The key issue is visibility: a framework for investors to know where they stand – that there won’t be a u-turn on a policy such FiTs or ROCs – will encourage investment. It also seems that investors regard national/regional legislation as vital in setting long term investment frameworks, with or without the existence of an international climate change treaty.


Cleantech investment and private equity: an Geographic industry survey focus

Key findings Existence of proven investment teams. Survey respondent Good entrepreneurs with a good technology. Survey respondent Risk return profile. Survey respondent Long term political will to change. Survey respondent

• 44.8% of investors think that government support and related financial stimulus is the key factor when deciding which region to invest in • only 20.8% of investors felt renowned industry expertise or innovation was the key factor to invest in a region

Clarity of regulation, respect for personal property, fairness of markets, taxes, access to sell product, lack of corruption, track record of fund managers. Thomas Blum, GC Andersen Partners LLC

Norton Rose Group July 2010  25


Cleantech investment and private equity: an industry survey

4. Pre-investment criteria What in your opinion is the biggest financial incentive for investors when considering an investment in cleantech? (All respondents question) Investors 14.6%

3.4%

9.3%

53.2% 19.5%

Favourable tax treatment proved to be the next most popular option in both groups (19.5% in the ‘investor group’ and 27.2% in the ‘cleantech companies group’) followed by government subsidies (the ‘investor group’: 14.6% and the ‘cleantech companies group’: 16.7%), once again reflecting the perceived significance of government’s role within the cleantech sector.

Zero interest loans Feed-in tariffs available Favourable tax treatment Government grants Government subsidies

Within the comments made by both groups on this question, several mentioned the significance of return on investment.

Cleantech companies

16.7%

5.9%

14.2%

36.0%

27.2%

Zero interest loans Feed-in tariffs available Favourable tax treatment Government grants Government subsidies

26  Norton Rose Group July 2010

The responses to this question from the two groups showed some disparity, with the selections made by the ‘cleantech companies group’ being more evenly balanced among the options provided, other than for zero interest loans which was chosen by very few in either group. Although both groups indicated the availability of feed-in tariffs as the biggest financial incentive for cleantech investment, this factor was given a significantly higher priority by the ‘investor group’ respondents (53.2%) than by those in the ‘cleantech companies group’ (36%).

The importance given to feed-in tariffs, particularly by the ‘investor group’ respondents, may perhaps be partly a reflection of recent announcements in the UK of the introduction of feed-in tariffs. It would be interesting to speculate what response a similar question would have received prior to those announcements. Feed-in tariffs have proved a successful policy mechanism for stimulating the rapid development of renewable energy in many countries, so it is not surprising to see the high priority given to them by respondents to this question.


Cleantech investment and private equity: Pre-investment an industrycriteria survey

Key findings Europe has led the way in the use of feed-in tariffs, which were introduced in the UK by the previous Government in April of this year. Under these schemes generators of small-scale renewable electricity will receive regular tariff payments from energy suppliers and can sell any surplus back to the grid. The renewable electricity systems covered are solar PV, wind turbines, hydro turbines, anaerobic digestion plants and combined heat and power units. The present UK Government has recently announced its intention to “establish a full system of feed-in tariffs in electricity”, perhaps implying they will encompass more than the ‘microgenerators’ covered under the existing scheme.

• 53.2% of investors think the availability of feed-in tariffs is the biggest financial incentive for investors when considering an investment in cleantech compared with 36% of cleantech companies thinking the same thing • 27.2% of developers think favourable tax treatment is the biggest financial incentive for investors

Feed-in tariffs offer a substantial upside if clean technology pays off substantially for organisations. Nicholas Russell, SecondNature Partnership Medium term feed-in tariffs will encourage investment. However, tariffs need to be provided across a wide spectrum of clean technologies and only where a technology use makes sense and is viable. Survey respondent A market is important, so feed-in tariffs are a definite driver overall. But the most important driver is stability and longterm political commitment. Lise Neilson, Sunsil A/S All are useful, but the biggest incentive is overall long term policy framework, enabling effective medium to long term projections to be made. Survey respondent

Norton Rose Group July 2010  27


Cleantech investment and private equity: an industry survey

What do you regard as the single most important factor when deciding to invest in a cleantech opportunity? (‘Investor group’ question only)

Investors 10.4% 24.5% 6.1% 18.4%

Responses to this question, asked of the ‘investor group’ respondents only, indicated that nearly 60% selected an indicator which focuses on financial success. The factor selected by the highest proportion (24.5%) was potential for highest economic return, followed relatively closely by predictable IRR (18.4%) and then proven revenue streams (16.5%). Of the other possible factors suggested by respondents, a large majority cited the importance of a competent management team.

1.4% 5.2% 9% 16.5% 1.9% 6.6% Market leadership of the technology Potential for highest economic return Short-term exit potential / clear route to exit opportunity Predictable IRR Favourable deal terms Stability of the investment target Proven cleantech methodologies Proven revenue streams Utilising or developing investment specific expertise Other

28  Norton Rose Group July 2010


Cleantech investment and private equity: Pre-investment an industrycriteria survey

Key findings Experienced investment team with attractive track record. Survey respondent Route to market. Survey respondent A complete product with signs of mainstream adoption. Survey respondent Strength, track record of the management team. Survey respondent

• 60% of investors selected answers which relate to financial success when determining why to invest in a cleantech opportunity • respondents’ views on “other” most important factors when deciding to invest cited the importance of a competent management team

Technology investment driven by risk/return incorporating IRR, stage of development etc. Survey respondent

Norton Rose Group July 2010  29


33.1%

Cleantech investment and private equity: an industry survey 4% 7.3% 23.8% 0% 0.8% For unproven potential cleantech opportunities, what do you see as the biggest factor discouraging investment? (All respondents question)

17.7% 13.3%

Investors 27.6%

Lack of investor confidence in the sector Lack of trained workforce to exploit technology

5.2%

Difficulty in obtaining planning permission / building / construction permission

11.0%

High capital costs

26.2%

Large land requirements

0.5%

Geographic concentration in certain areas

0%

Technical constraints in upscaling to commercial levels

22.9%

Other

6.7%

Cleantech companies Lack of investor confidence in the sector Lack of trained workforce to exploit technology

33.1%

Difficulty in obtaining planning permission / building / construction 4% permission High capital costs

7.3%

Large land requirements

23.8%

Geographic concentration in certain areas

0% Technical constraints in upscaling to commercial levels

0.8% Other

17.7% 13.3% Lack of investor confidence in the sector Lack of trained workforce to exploit technology 30  Norton Rose Group July 2010 Difficulty in obtaining planning permission / building / construction permission


Cleantech investment and private equity: Pre-investment an industrycriteria survey

Key findings There was a fairly high degree of consistency between the groups in their responses to this question. The biggest factor discouraging investment cited most often was lack of investor confidence in the sector – 27.6% of the ‘investor group’ and 33.1% of the ‘cleantech companies group’. This was followed, again in both groups, by high capital costs (mentioned by 26.2% of the ‘investor group’ and 23.8% of the ‘cleantech companies group’) and technical constraints in upscaling to commercial levels (cited by 17.7% of the ‘investor group’ and 22.9% of the ‘cleantech companies group’). There was no consistency among the Other possible factors put forward as discouraging investment, although various financial considerations were mentioned by several respondents.

Many new/unproven cleantech opportunities are capital intensive. Therefore planning/capital costs/lack of debt funding/upscaling are all issues. Survey respondent High capital costs, both equity and debt, are driven by a high perception of risk... Government intervention along the lines of a credit guarantee scheme similar to Export Credits would mitigate this. Survey respondent

• 27.6% of investors and 33.1% of developers felt a lack of investor confidence in the sector as the biggest factor discouraging investment

Investors are often risk averse and will not consider investing in the early stages, usually wanting to wait until after proof of concept. Chrissi Wilkins, ULTRAMo Limited Many investors are completely unwilling to take even quite small technology risks, even ones who have taken huge credit default risks in the last two years. Survey respondent There has been a flight in the last three years by VCs away from investments in early stage, pre-revenue companies. Survey respondent Biggest problem I see is the technical issues in conjunction with the dearth of funding to take things from small pilot to demonstration. Survey respondent

Norton Rose Group July 2010  31


Cleantech investment and private equity: an industry survey

5. Investment characteristics Are cleantech investments regarded with greater caution than other venture capital or private equity investments? (All respondents question) Investors

34.4% 45.8%

Comments regarding this question provided some interesting insights. Within the ‘cleantech companies group’ comparison was made to the dotcom scenario in which many investors backed hi-tech companies and lost considerable amounts. However, this perspective fails to take into account the very different circumstances of the cleantech industry which, unlike the technology driven IT revolution, is supported by government regulations and subsidies. Moreover, although volatility still exists within the cleantech sector, there is a perception of genuine substance to cleantech investment opportunities and a sense that the sector offers the potential for longevity.

19.8%

Yes No The same

Cleantech companies

33.7% 52.3%

14.0%

Yes No The same

32  Norton Rose Group July 2010

Although one third of both groups felt that cleantech investments are regarded with equal caution to other venture capital or private equity investments, more of the ‘cleantech companies group’ respondents (52.3%) compared with the ‘investor group’ (45.8%) indicated a belief that greater caution does exist.

Any comparison to the IT dotcom ‘bubble’ may refer to the (approximately) two year period of cleantech investment from 2006 when many investors backed companies and technologies that have not proven to be fully competitive or commercially viable. Roger Ammoun, Cleantech Specialist at Credit Suisse’s Customized Fund Investment Group, believes that: “we have now gone back to a fundamental investment approach focusing on short and medium term opportunities that can actually generate good returns for investors”. Furthermore, the cleantech sector, unlike the technology and IT revolution, is being driven by a number of macro factors, including, as was noted in the survey responses, increasing social awareness and fears of climate change, restructuring of energy generation, strong regulatory pressure and government subsidies. A cleantech ‘bubble’ also seems unlikely when much of the growth looks set to come from infrastructure investment, particularly from developing countries such as China and India.


Cleantech investment and private Investment equity: an industry characteristics survey

Key findings General lack of experience in a large, fragmented, global sector with significant legal and regulatory issues as well as technical risks. Survey respondent I think the investment mood for revenue-producing investments transcends the cleantech sector. However, the lack of stability in regulatory frameworks and subsidies contributes to the already existing issues with a complex new technology investment decision. Survey respondent

• 45.8% of investors believe that cleantech investments are regarded with greater caution than other venture capital or private equity investments • the cleantech sector is being driven by a number of macro factors, including, social awareness, fears of climate change, regulatory pressure and government subsidies

Few (if any?)VCs have adequate resources to fully due diligence new technologies. Risk is therefore assessed subjectively with the tendency to wait for the market to demonstrate confidence and commitment. John Lewis, 2DHeat Limited Management and technical competence of industry is relatively low. Still too many inventors and not enough engineers/business execs running the businesses. Survey respondent Fear of another dotcom scenario yet this is only going to be a long term tangible market. Stephen Gilbert, Windsave Holdings Plc

Norton Rose Group July 2010  33


Cleantech investment and private equity: an industry survey

Have private equity investors refocused their investment strategies to target investments in the cleantech sector as a result of the widely publicised US fiscal stimulus package? (All respondents question)

Investors

30.7% 48.1%

21.2%

The replies to this question from both groups were similar, with 48.1% of the ‘investor group’ and 46.7% of the ‘cleantech companies group’ believing that the US fiscal stimulus package has indeed caused private equity investors to refocus on the cleantech sector. A slightly higher proportion of the ‘investor group’ (21.2% compared with 17.9% of the ‘cleantech companies group’) believed there has been no refocus, whilst more from the ‘cleantech companies group’ (35.4% compared with 30.7% of the ‘investor group’) could offer no opinion. Despite a majority in both groups who answered this question affirmatively, comments from some indicated a belief that the US fiscal stimulus package was a contributory factor only, and again highlighted the perceived importance of continued government support.

Yes No Don’t know

The stimulus package is very positive, but I don’t think that’s a key reason for focus on cleantech – it’s a contributory factor. Survey respondent

Cleantech companies

Yes they are focused, but it needs to be matched by scalable government initiatives. It is for government to lead on this. Robert Mackay, VeMarine Ltd

35.4% 46.7%

17.9%

Yes No Don’t know

34  Norton Rose Group July 2010

This was the case a year ago. Today there is a degree of disillusionment with the whole ‘stimulus package’, including its relatively minor funding of green energy projects. Survey respondent


Cleantech investment and private Investment equity: an industry characteristics survey

Do you think the lack of clear direction set in The Copenhagen Accord is likely to cause a reduction in investment appetite in the cleantech sector? (All respondents question)

Investors

40.0%

Overall responses to this question delivered a very positive message to the extent that nearly 90% of all respondents believe that, although Copenhagen may not have lived up to expectations, the lack of a clear direction emerging from COP15 will not have a long term negative impact on investment appetite for cleantech.

48.6%

Within the ‘investor group’, fairly equal proportions felt that there would be no negative impact (40%) or that any negative impact would be short-term only (48.6%). However, within the ‘cleantech companies group’ responses were weighted more heavily towards a short-term negative impact (61.9%) versus no negative impact (26.7%).

11.4%

No – it won’t have any negative impact Yes – it will have a long-term negative effect

Some of the comments to this question appear to support the viewpoint that mainstream cleantech investment is not correlated with carbon trading/carbon prices.

Key findings

Yes – but only in the short term

Cleantech companies

26.7%

• nearly 90% of all respondents believe that, although Copenhagen may not have lived up to expectations, the lack of clear direction will not have a long term negative impact on investment appetite for cleantech

61.9% 11.4%

Impact is felt in carbon market related activities but not in cleantech generally. Alex Betts, Climate Change Capital Private Equity

No – it won’t have any negative impact Yes – it will have a long-term negative effect Yes – but only in the short term

Norton Rose Group July 2010  35


Cleantech investment and private equity: an industry survey

Do you regard banks as being more willing to lend to the cleantech sector as a result of its strong political backing for the development of the green economy? (All respondents question)

Investors

37.4%

There was a substantially higher proportion of respondents in both the ‘investor group’ (62.6%) and the ‘cleantech companies group’ (69.3%) who do not perceive banks as being more willing to lend to the cleantech sector because of its apparently strong political backing. The strong No response to this question from both groups highlights their perception that, notwithstanding government pressure, banks are still cautious about lending to the cleantech sector and debt markets remain tightly controlled. Clearly traditional banks are viewed as not following what was meant to have been the government’s lead in backing the development of the green economy.

62.6%

Key findings

Yes

• 62.6% of investors do not perceive banks as being more willing to lend to the cleantech sector because of its strong political backing

No

Cleantech companies

30.7%

• 69.3% of cleantech companies do not perceive banks as being more willing to lend to the cleantech sector because of the sector’s strong political backing

69.3%

Banks are only interested in guaranteed returns. Gary McCullough, Raw Earth Energy Corporation

Yes No

36  Norton Rose Group July 2010


Cleantech investment and private Investment equity: an industry characteristics survey

What do you regard as the greatest challenge for investors in the cleantech sector in the early/start-up stage? (‘Investor group’ question only) Investors 61.9% 12.9% 15.7% 5.2% 4.3% Managing transition from R & D and prototyping to commercial deployment Recruiting management team with right mix of skills Matching technology expertise with sales and marketing experience Deciding on timing of market entry Other

The problem is that commercial deployment is unlikely to happen within standard VC timeframes, so there has to be another model. Survey respondent

Addressed to the ‘investor group’ respondents only, a substantial majority (61.9%) expressed the belief that the greatest challenge for cleantech investors in the early/startup stage is managing transition from R&D and prototyping to commercial deployment. Many fewer (15.7%) thought the greatest challenge was matching technology expertise with sales and marketing experience, whilst fewer yet (12.9%) selected recruiting management team with right mix of skills. Transitioning a proven technology from the R&D stage to commercial deployment is obviously seen as a major hurdle in the cleantech sector, since many clean technologies (for example, tidal power) require long time frames to achieve this transition. ‘Others’ (eg, smart grid technologies, where capital investment is quite low) can provide a return on investment much sooner.

Key findings • 61.9% think that the greatest challenge for cleantech investors in the early/start-up stage is managing transition from R&D and prototyping to commercial deployment • 15.7% identified the greatest challenge as being matching technology expertise with sales and marketing experience • 12.9% regarded recruiting management team with right mix of skills as the greatest challenge

Norton Rose Group July 2010  37


Cleantech investment and private equity: an industry survey

Glossary COP 15 the 15th Conference of the Parties to the United Nations Framework Convention on Climate Change, held in Copenhagen, Denmark in December 2009 CFL compact fluorescent lighting CRC carbon reduction commitment FiTs feed in tariffs; the price per unit of electricity that a utility or supplier has to pay for renewable electricity from private generators. The tariff rate is regulated by government ROCs renewable obligations certificate; issued for eligible renewable electricity and supplied to customers by a licensed supplier


Cleantech investment and private equity: an industry Contacts survey

Contacts Key contacts David Baylis Partner Norton Rose LLP Tel +44 (0)20 7444 3775 david.baylis@nortonrose.com Ian Moore Partner Norton Rose LLP Tel +44 (0)20 7444 5263 ian.moore@nortonrose.com

Contacts Simon Currie Partner Norton Rose LLP Tel +44 (0)20 7444 3402 simon.currie@nortonrose.com Nick Pincott Partner Norton Rose LLP Tel +44 (0)20 7444 2649 nick.pincott@nortonrose.com Stephen Rigby Partner Norton Rose LLP Tel +44 (0)20 7444 3525 stephen.rigby@nortonrose.com John Wood Partner Norton Rose LLP Tel +44 (0)20 7444 2708 john.wood@nortonrose.com


Cleantech investment and private equity An industry survey

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