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ENERTECH QUARTERLY “Thought Leadership in Energy Technology”

VOL 1 • Q1 2014

We are proud to officially launch the inaugural issue of EnerTech Quarterly. This newsletter is our way of keeping you informed about the activities in our portfolio companies and communicating the major trends and opportunities in the energy technology sector. We believe that an important part of our role as a firm is to provide “thought leadership” on the energy technology sector and keep you informed on the progress of our companies and emerging new technologies for investment in the fund.

ENERTECH CAPITAL

Wally Hunter Managing Director EnerTech Capital

We would like to highlight a number of positive news items  Newalta Corporation in our firm since the closing of the $120 million EnerTech  Southern Ute Alternative Energy, LLC IV (ECP IV) fund in August, 2013, including:  Teralys Capital  Waste Management, Inc. The closing of four new investments in ECP IV: It was a tough fundraising environment and we thank our  N-Dimension Solutions (Cyber Security for critical LP’s for their strong support. infrastructure)  Space-Time Insight (Big Data play around energy) Our investment strategy continues to be focused broadly  HPC Energy Services (Horizontal drilling technology on the energy sector, which we define as from the “Well roll-up) Head to the Wall Socket” and we seek investments that  Distech Controls (Building Automation company) provide economic payback through efficiency gains. We are in the process of closing three more investments:

Our investment team continues to grow and we have just added a new analyst, Angelica Mengana, in our Toronto  A drilling fluids management company (clean-up of oil office. Angelica spent 6 years at Growth Works (a Canadian based drilling muds) venture fund) and we welcome her to the team. We now  A high efficiency chiller business (30% energy savings vs have offices across Canada (Toronto, Montreal and Calgary) traditional chillers) with our main office in Philadelphia. Dominic Geraghty, our  and a geospatial data company focused on the electric Entrepreneur in Residence is located in Menlo Park, which utility sector provides us greater access to new opportunities in the Valley. Major investors in EnerTech IV include: We are excited about the strength of our deal flow and  Alberta Enterprise Corporation believe both the valuation metrics and improved IPO and  Business Development Bank of Canada M&A market will provide us with better market  Export Development Canada opportunities and eventual exits.  Family offices  GDF Suez Wally Hunter, EnerTech Capital  Hatch Ltd. 1


ENERTECH QUARTERLY 2013 EnerTech Forum & Annual Meeting We held our EnerTech Forum and Annual Meeting in Scottsdale, Arizona December 2-4, 2013 and had over 140 attendees. The meeting is designed as both a forum (Day 1) and Annual Meeting (Day 2) where we bring together a series of outside panelists and speakers and provide our views on the energy technology sector. The 2014 EnerTech Forum and Annual Meeting will be held again this December 2-4, 2014 back in Scottsdale so look for more information over the next few months.

Mike Harris, Former Premier of Ontario

Snapshots from our 2013 EnerTech Forum & Annual Meeting:

Wally Hunter, EnerTech Capital

Howard Schmidt (former Cyber-Security Coordinator of the Obama Administration), Bobby Hobbs (Hobbs & Towne)

Activity Session Prize Winners

Randy Garg (Beedie Capital), Tony Van Bommel (BDC)

From Left to right: Didier Culat (BCF), Tony Gioia (Aird & Berlis), Pieter de Koning (Hatch) 2


ENERTECH QUARTERLY Venture Capital Industry Overview 2013 Venture Capital Investments Canadian Venture Capital investment activity experienced substantial growth in both Canada and the US in 2013. According to Canada’s Venture Capital & Private Equity Association (CVCA), investment by venture capital firms increased both by dollar amount and number of deals in 2013:  Canadian VCs Invested CDN $2 billion in 2013, up 31%

from the previous year. This was the highest since the peak of the previous investment cycle in 2007.  Investments were made in 452 deals, a growth of 14.4% LARGEST VC INVESTMENTS - CANADA over the 395 investments made in 2012.

Company Name

Location

Investment Amount (Cdn)

Vancouver, BC

$170.7 million

Ottawa, ON

$100 million

Montreal, QC

$87 million

Burlington, ON

$47.5 million

Markham, ON

$42.4 million

 The US growth experience was moderate compared to

Canada’s, with investments just 7% higher than in the previous year (graph at the top right).

Largest VC Financings of 2013

The increase in investment activity is great news for early to mid-stage growth companies, which can build on the positive momentum and grow to their full potential.

2013 was marked by a number of very large financings in Venture capital fundraising has also picked up significant both Canada and the US. Some of the highlights from 2013 pace in Q1, 2014 (see fundraising highlights on page 5) and are included below: EnerTech Capital stands to benefit from an improved coinvestor landscape, as access to larger pools of funds improves. 3


ENERTECH QUARTERLY LARGEST VC INVESTMENTS - UNITED STATES

Company Name

Location

Investment Amount (US)

San Francisco, CA

$258 million

Mountain View, CA

$150 million

New York, NY

$150 million

Manhattan, NY

$150 million

Los Altos, CA

$100 million

 $324 million was invested in the Cleantech sector, more than tripling from the previous year.  Non-Tech related investments were at $327 million.

Q1 2014 Venture Capital Investment Activity Investment Activity in Q1 2014 has been very robust, with a couple of mega-deals and investments across a number of different sectors. Highlights: UNITED STATES  Cloudera (Enterprise analytic data management) received a monster investment of $900 million.  Tango (mobile messaging services ) secured $280 million.  SolarCity (Solar) received $250 million.  Lyft (On-demand ride services) received $250 million.  Aclara (Smart Grid) received $150 million.  Cool Planet Energy Systems (Biofuels & Biochemicals) completed $100 million financing.

2013 Venture Capital Activity by Sector CANADA Canadian VC Investments grew sharply in IT and Cleantech.  The IT Sector dominated in 2013 with $1.1 billion invested and 19 % year over year growth. 4


ENERTECH QUARTERLY Venture Capital Fundraising

$1.02 Billion

Q1, 2014 Highlights

$1.0 Billion

UNITED STATES

$1.0 Billion

US Venture Capital Fundraising was at the highest in Q1, 2014 since 2007.

CANADA New Fund Highlights  Real Ventures completed its first $50 million

close of its third venture fund in April, 2014 with an ultimate target of $100 million. The fund will focus on web, mobile and internet focused investments in Canada and specifically in Quebec.

 Sustainable Development Technology Canada

(SDTC) and the Canadian Gas Association (CGA) formed a new SD Natural Gas Fund in February, 2014. The SD Natural Gas Fund™ supports the development and demonstration of new downstream natural gas technology. The fund was created with a $15 million contribution over three years from the Canadian Gas Association (CGA) that is matched through SDTC’s SD Tech Fund™.

 Venture firms raised $9.64 billion in the first quarter, a 111% increase over a year ago when the total take was $4.56 billion, according to Dow Jones VentureSource with data provided by VentureWire publisher Dow Jones & Co.  Venture capital fundraising has been in the range of $20 billion to $22 billion for the past three years, and the  NorthLeaf Venture Catalyst Fund (NVCF) - new amount raised so far this year is nearly halfway to that fund set up in January, 2014 to invest in venture capital mark. funds that support early and mid-stage companies. A total of $217.5-million has been invested in the fund so The largest fundraising firms from Q1, 2014 are included in far, with a goal to increase the amount to $300-million. the following table:  McRock Capital closed a $50 million Industrial Internet Fund in December, 2013. This closing, led by its first investor BDC Venture Capital, includes Company Name Amount Raised participation from other significant Canadian and US institutional investors and family offices. The fund will (US $) invest in high growth companies across Canada and the $2.5 Billion US that are specifically targeting large industrial markets looking to maximize the efficiency of their operations by making their machines, equipment and devices run more intelligently.

$1.5 Billion

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ENERTECH QUARTERLY Exits

advanced threat protection for endpoints and servers and Carbon Black, a next-generation security company.  January 02, 2014 - Merger of cybersecurity companies FireEye and Mandiant, valued at $843.5 million.

There is more good news for VC backed companies. Recent activity in the M&A and IPO markets is a key indicator of an improved and more robust exit landscape Energy Storage and provides encouragement to entrepreneurs, VCs and other investors as the variety and quality of exit possibilities  March 24, 2014 - A123 Energy improve. Solutions , a company in the grid battery business, was acquired by NEC Corporation for $100 million.  January 27, 2014 - UTS Holdings, holdings company of two battery producers, was acquired by EnerSys. M&A activity is ramping up across a number of sectors where EnerTech is active, including across the Energy Technology and Security & Defense Technology sectors. Some of the most notable transactions from Q1, 2014 are Water & Wastewater included below:  March 14, 2014 - NanoH2O was acquired by LG Chem for $200 Energy Management and Smart million. Grid  January 24, 2014 - Saltwater Disposal Assets of Phyllis Disposal and Ceiba Energy Services were acquired by Aqua Terra Water Management.  April 14, 2014 - EnTech USB, an

Mergers and Acquisitions

Energy & Environmental Data Management company, was acquired by EnerNOC  February 07, 2014 – As part of its goal to make its mark in smart-home systems, Google has acquired Nest Labs Inc., a developer of smart hardware including a thermostat and smoke detector for $3.2 billion.  February 13, 2014– EnerNOC acquired Entelios, provider of energy demand management and Activation Energy, provider of demand response software and services.  January 9, 2014 - Nexant acquired Freeman, Sullivan & Company (FSC), an energy consultancy that has been at the forefront of integrating demand response into utility smart grid initiatives.

Security & Defense Technology  March 24, 2014 – Palo Alto

Initial Public Offerings We are currently seeing the best IPO market since 2000, with 35 U.S.-based VC-backed IPOs in Q1 2014. Recent highlights are included below:

 March 03, 2014 - O-Power, a leading provider of cloud

-based software to the utility industry raised $116 million in an initial public offering of its common stock.

Network’s acquisition of Israelirooted security firm Cyvera for $200  March 05, 2014 – Lumenpulse Inc., an innovative LED million. lighting manufacturer founded in Montreal, Quebec  March 12, 2014 – Industrial Defender, a leading raised CDN $100 million in its IPO (about 33% more provider of cyber security solutions for control systems than it had targeted). in the oil and gas, utility and chemical industries was acquired by Lockheed Martin.  February 13, 2014 – Merger of Bit 9, the leader in 6


ENERTECH QUARTERLY EnerTech III Portfolio Company Profile

FilterBoxx Water & Environmental provides water treatment solutions for industrial, municipal, resort and aboriginal clients. FilterBoxx addresses such mission critical process water treatment as steam-assisted gravity drainage in oil sands operations enabling water reuse, boiler feed water treatment and metals removal. In addition, it provides treatment for potable water and wastewater to drilling, mining and pipeline camps. FilterBoxx has been the major supplier to many of the oil sands, heavy oil, enhanced oil projects and unconventional natural gas expansion programs over the past several years. Its client roster includes industry giants such as Cenovus, EnCana, Petro-Canada, Shell, Suncor, and SNC Lavalin.

FilterBoxx Technology onsite at Suncor’s oil sands upgrader facility Also, in an effort to service new geographies, FilterBoxx has entered into agency agreements to market its water treatment expertise throughout the USA and Latin America. EnerTech Investment

EnerTech Capital made its initial investment in the company in April, 2010 alongside XPV Capital Corp. Founded in The Oil & Gas Water Treatment Market 2001 in Alberta, Canada, FilterBoxx has since gained a The Oil & Gas water treatment market is a multi-billion strong market presence and reputation. Its high-quality dollar market. Resource extraction is a process that uses a brand is well recognized in the industry. FilterBoxx has staggering amount of water. As energy demand increases, been ranked repeatedly in Profit magazine’s 100 fastest the growth in traditional growing companies in Canada and in October, 2013 drilling as well as the FilterBoxx was one of 100 companies chosen in the 2013 increased use of enhanced oil “FilterBoxx is well Global Cleantech 100, marking the third year in a row the recovery methods such as company attained this recognition. 5,864 companies were steam flood and water flood nominated in 2013 from 60 countries. positioned to injection, hydraulic fracturing, capitalize on along wit h oil sa nds developments, all of which are Funds Raised CDN $23.4 million energy sector more water and resource intensive, are pushing the need expansion.” CEO Larry Novachis (formerly with Zefor better water treatment non Environmental and GE Water) technologies. FilterBoxx is well positioned to capitalize on energy sector expansion and the increasing environmental focus of clients, governments and the general public. Recent developments include EnerTech Board Member Wally Hunter the successful completion of a $35 million turnkey project for a major oil and gas company in Fort McMurray, Alberta. In addition to Website http://www.FilterBoxx.com/ continuing to receive new projects in the oil and gas sector, FilterBoxx has been awarded contracts in both Eastern and Western Canada in the power, food processing and mining markets. 7


ENERTECH QUARTERLY EnerTech IV Portfolio Company Profile .

Space-Time Insight (STI) is an enterprise software developer. From traditional transmission, communications and transportation networks to smart grids and smart cities, its next generation situational intelligence solution makes critical infrastructure smarter, safer and more reliable. Space-Time Insight’s award-winning software enables its impressive list of major customers, such as Hydro One, Southern California Edison, the California ISO, and Sacramento Municipal Utility District (SMUD) reduce risk, improve service reliability and efficiency, and significantly reduce costs through highly sophisticated visualization and analysis of massive volumes of diverse real-time and historical data.

Space-Time Insight Smart Meter Intelligence Application “We are excited to be working with EnerTech. Their relationships, knowledge of and insights into the energy industry are invaluable resources as we pursue new opportunities.” Key Developments/Highlights:

STI was recognized for Technology Innovation and Financial Impact and received Top Honors in the Data Analytics category of the Fierce Innovation Awards, which evaluates Smart Grid Market technology innovation, financial impact, market validation, and end-user customer experience of participating According to GTM Research, the cumulative value of the companies in October, 2013. It was also part of the 2013 global smart grid market is expected to surpass $400B by Global Cleantech 100 Companies, which recognizes the 2020 with a compound annual growth rate of over 8%. The world’s top private companies in Clean Technology. Utility Analytics Institute forecasts utility analytics spending growth at 29% CAGR to reach roughly $2 billion by 2016. US $34.5 million With its proven ability to correlate, analyze, and visualize Funds Raised huge data volumes in real-time across both traditional IT and operational (OT) systems, Space-Time Insight is uniquely Rob Schilling (formerly with SAP, positioned to take advantage of this opportunity and growth. CEO Oracle and Siebel)

EnerTech Investment EnerTech Capital made its first investment in Space-Time Insight in August, 2012. In September, 2013 it participated in a $20 million Series C financing led by London-based private equity fund, Zouk Capital. Other investors in the round included Opus Capital Ventures and Novus Energy Partners.

EnerTech Board Member

Bill Kingsley

Website

http://www.spacetimeinsight.com/

EnerTech is continuously looking for ways to help STI build value and increase visibility with our strategic investors and other key relationships. Rob Schilling, CEO of STI adds: 8


ENERTECH QUARTERLY EnerTech Portfolio Company Snapshots

(ECP II)

NanoSteel, a designer of materials for the energy and automotive markets, announced its founding membership in the New American Lightweight Materials Manufacturing Innovation Institute (ALMMII). The company also introduced its proprietary EverShot™ ferrous micro peening alloy, and reported that its Super Hard Steel ® (SHS) weld alloy was selected by Trimay Wear Plate Ltd. to provide wear protection at a mine in Northern Canada.

to NJR Clean Energy Ventures (NJRCEV). The Carroll Area Wind Farm project is the sixth mid-size wind farm OwnEnergy has successfully developed and sold or financed. In November of last year, OwnEnergy extended its strategic partnership with the National Farmers Union to include the New England Farmers Union (NEFU) to co-develop community-scale wind farms in New England. The partnership between OwnEnergy and NEFU represents a win-win situation for both the wind power industry and farmers across the region.

(ECP IV)

N-Dimension provides cyber-security protection for critical infrastructure assets including: generating plants, control centers, substations, field control systems, SCADA systems and smart meter networks. In February, 2014 N-Dimension was named by Smart Grid News as one of “14 Smart Grid Companies to Watch in 2014”. Nominations for N-Dimension referenced the company’s focus on cooperative and public power utilities as well as (ECP III) their integrated Information Technology/Operational Technology (IT/OT) approach to providing defense-inEnbala Power Networks, established in 2003, depth resilience for critical infrastructure assets. developed a Smart Grid technology platform to provide flexibility to the power system. Its solutions contribute to a more efficient, reliable and sustainable power system. (ECP IV) Enbala recent ly announced t he appointment of a new President and CEO, Arthur (Bud) Vos. Bud joins Enbala with extensive experience and a Distech Controls, a building automation and controls proven track record of delivering company announced important management appointments software applications to electric in early April, 2014. Jean-Lou Paquet took on the new role utilities. The company also recently joined the OpenADR (Open Automated Demand of VP, Corporate Development. David Gill, a veteran with Response) Alliance to help advance the growth of over 30 years of global business experience,was appointed In addition, the company announced the automated demand response. In December, 2013 Enbala VP, Asia. appointement of Navid Mehr as Head of Business received the Best in Smart Grid Award from the Global Development in the UK and Ireland in early April, 2014 to Cleantech Cluster Association. support the company’s continuing expansion throughout this area. Distech has also received important industry recognition. In March, 2014 its innovative Integrated Room Control (IRC) was a finalist in the prestigious BCIA awards, (ECP III) chosen in the Technical Innovation of the Year - Products category. In January, Distech was honored at the 2014 Own Energy, a developer of mid-sized wind projects, AHR Expo Product of the Year Awards. signed a 20-year Power Purchase Agreement (PPA) for 25 megawatts (MW) with the Kansas City Board of Public Utilities (BPU). The company also sold its sixth wind farm 9


ENERTECH QUARTERLY .

Strategic Investor Profile Newalta EnerTech Capital has a number of strategic investors, each one unique in its focus areas and needs. As the technology and market landscapes change, we work closely with our Strategic Investors to exchange information on new leading edge technologies. One such strategic relationship is with Newalta Corporation, North America's leading provider of innovative, engineered environmental solutions that enable customers to reduce disposal, enhance recycling and recover valuable resources from industrial residues. Its proven processes, portfolio of “There are more than 250 operating permits and excellent record tremendous synergies of safety make it the first choice provider o f that exist between our sust ainabilit y enhancing two organizations.” services to oil, natural gas, petrochemical, refining, lead, Cam MacNaughton, manufacturing and mining Newalta markets. Our EnerTech Capital location in Calgary is housed within Newalta, enabling easy mutual access where EnerTech can interact directly with Newalta’s Technical Development and Commercial Development teams to vet new ideas and technologies. EnerTech provides Newalta with a significant additional window into energy and water technologies, ranging from 600 to 800 deals per year. “Newalta truly values our partnership with EnerTech,” said Cam

MacNaughton, Executive Director, Commercial Development, Newalta. “There are tremendous synergies that exist between our two organizations. We work closely together to share information on technological trends, to consider ways to partner with other strategic investors and to evaluate new technologies of mutual interest that can grow our businesses and provide strong returns on investment.” Together, we highlight the strengths and weaknesses of leading companies for given technologies and identify their commercial readiness. EnerTech builds on the exchange of information and helps our partners identify potential synergies and partnerships that create value, helping them attain a market leading edge. Focus Areas of Our Strategic Partnerships There is some overlap between the focus areas of our strategic investors. As energy use rises and the extraction techniques become more water intensive and disruptive, technologies that mitigate these problems are becoming increasingly more important to many of them. Some of the key technologies and solutions identified by our Strategic Investors, revolve around heavy oil, water & wastewater and waste management technologies and include:  Innovative Steam Assisted Gravity Drainage (SAGD) technologies  Treatment of mature fine tailings (MFT) using centrifugation technology  Engineered fluids and Waste Management solutions  Mobile waste water technologies  Innovative water processing/treatment  Improved water management  New uses for coke oven gas (COG)  Emerging waste conversion technologies

The underlying objectives across all of the above solutions are the same – reducing cost, either by reducing the amount of water, reducing the material or energy used, and mitigating environmental problems. The technologies are viewed as important drivers for reducing life cycle costs and optimizing asset integrity. With a deal flow of 600-800 deals per year, EnerTech is exposed to many different companies that address these problems and communicates information about them to our Strategic partners when there are synergistic opportunities.

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ENERTECH QUARTERLY The EnerTech Team A Seasoned, Diversified, and Experienced Group Philadelphia

“More than 100 years of combined Energy Technology and Clean Energy Investing Experience.� Scott Ungerer Managing Director

Bill Kingsley Managing Director

Dean Sciorillo Director

Donna Smith Executive Assistant

Colleen Pale Director of Finance and Administration

Gian Vergnetti Analyst

Toronto

Wally Hunter Managing Director

Lyndsy MacArthur Executive Assistant

Hoon Chung, Entrepreneur in Residence

Angelica Mengana Analyst

Montreal

Calgary

Anne-Marie Bourgeois VP Investments

Eric Schmadtke VP Investments

Menlo Park

Dr. Dominic Geraghty Entrepreneur in Residence

Boston

Jarett Carson Managing Director

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ENERTECH QUARTERLY The EnerTech Strategic Advisory Board Our Network is an Extended Family of Deal Sourcing, Due Diligence and Exits The EnerTech Strategic Advisory Board is made up of a diverse and experienced group of visionaries, industry leaders and experts in various disciplines. They bring unparalleled expertise and a wide network in the areas of energy services and policy, information technology, Oil & Gas, and clean energy innovation. We are proud and grateful to have them as members of our Advisory Board.

Michael Harris Former Premier of Ontario

Governor George Pataki Former Governor of New York

Alan Cadotte President and CEO, Newalta Corporation

Rebecca Giffen Director of Investments, Alberta Enterprise Corporation

Dr. Bill Madia Chairman of the Board of Overseers and VP for the SLAC National Accelerator Laboratory,

John Morris Sr. Vice President of Field Operations Waste Management

Stanford University 12


ENERTECH QUARTERLY Dr. Jim de Wilde

Marty Toomajian

President, JdW Strategic Ventures

President of Energy, Health & Environment, Battelle

J. Scott Magrane

Victor Scutaru

Managing Director, Coady Diemar Partners

Director, Fund Investments, BDC Venture Capital

Rebecca Kauffman

Clark Phippen

President and COO, Southern Ute Alternative Energy

Independent Board Member

Gordon Pridham Warren Plunkett

Principal, Edgewater Capital and Newalta Board Member

Portfolio Manager, Export Development Canada

Laurence Rose Senior Managing Director, Cantor Fitzgerald

Broad Depth of Experience in Corporate

Michael B. Davies - Principal, Davies & Co Eric Legault - Managing Partner, Teralys Capital David Milenthal - CEO, The Milenthal Group Jean-Paul Reich - Steering Committee Research Division, GDF Suez  Rob Soni - Independent Board Member  Nils Voermann - Global Managing Director Technologies, Hatch    

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ENERTECH QUARTERLY http://www.tmx.com/en/news_events/events/ technology_day.html

Upcoming VC and PE Events  April 27-30, 2014- Los Angeles

Milken Institute Global Conference http://www.globalconference.org

 April 28-29, 2014 – Chicago

Midwest OCIO Summit http://www.frallc.com/conference.aspx?ccode=B919

 September 25-26, 2014 - Banff 2014 Banff Venture Forum www.banffventureforum.com  November 4-5, 2014 - New York Hedge Fund Latin America Forum https://www.regonline.com/builder/site/Default.aspx? EventID=1343363

EnerTech in The

 May 12, 2014 - Sao Paulo, Brazil

News/Media

 May 20-21, 2014 - London, England

 April, 2014 EnerTech Capital Announces Strategic Collaboration with Hydro-Quebec Research Institute (IREQ)

 May 21-22, 2014—Ottawa, Ontario

 November 15, 2013 BNN Weekly with Andrew McCreath: Interview with Wally Hunter

Pension Fund Brazil Forum https://www.regonline.com/builder/site/Default.aspx? EventID=1266839 2014 Global Corporate Venturing Symposium http://gcvsymposium.com/ CVCA Annual Conference http://www.cvca.ca/news/events/ CVCAAnnualConference2014.aspx

 June 4-6, 2014 - Niagara Falls

FEI Canada's National Conference www.feicanada.org/conference2014

 June 9-12, 2014 - Boston

SuperReturn US 2014 http://www.superreturnus.com

 June 10, 2014 - Toronto TSX/CVCA Technology Innovation Day

 September 25, 2013 Is Canada a friendly place for venture capital, or the land where venture dreams go to die? EnerTech Capital, SAIL Capital Meet Different Fates in Canada  September 20, 2013 EnerTech Capital just raised nearly $120 million for its fourth energy technology fund, EnerTech Capital Partners IV LP. EnerTech Capital Raises $120M for New “Energy Tech” Fund

EnerTech Quarterly is published four times a year by EnerTech Capital ©:

www.EnerTechCapital.com Philadelphia ● Toronto ● Montreal ● Menlo Park ● Calgary For questions or comments, please contact: Wally Hunter Managing Director, EnerTech Capital whunter@enertechcapital.com tel #416-363-8563

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EnerTech Quarterly - Vol 1, Q1 2014