Page 1

EnerTech Industry Review “Thought Leadership in Energy Technology” Vol 8 ● December 2016

EnerTech Update

companies to date with total committed capital, including reserves, of $83.3 million.

The major investment highlights since our last report include: Wally Hunter Managing Director EnerTech Capital


 AT&T, DISH and WPP to Acquire EnerTech Portfolio Company INVIDI, Operate it Together | AT&T. INVIDI Technologies is a leader in providing addressable advertising platforms.

We are pleased to bring you our eighth edition of the EnerTech Quarterly. We have been busy over the past quarter both with our existing portfolios and reviewing new deals for EnerTech IV. In ECP IV we have invested $61.8 million in 11

For more details please visit the following link: http:// ATT-DISH-WPP-Acquire-INVIDI-Operate-ATT

EnerTech Industry Review ECP IV

ECP III There are three major investments remaining in EnerTech III  including:

 Enbala Power Networks 

Enbala has been listed by Navigant as the #1 Leader of Virtual Power Plants (VPPs) Tangent Energy Solutions $1 million follow-on investment was completed in Tangent Filterboxx

Follow-on investments totaling USD$7.2 million in six EnerTech companies (Space-Time Insight, Terralux, Western Oilfield Equipment, EnergySavvy, N-Dimension Solutions and GeoDigital International)

ECP IV Current Portfolio Mix

Geography by % $ Invested

Sector by % $ Invested

14.71% 14.71% 14.71%











O&G Technology

29.21% 56.08%



O&G Technology Building / Process Efficiency Power Technol O&G Technology Building / Process Efficiency Power T Building / Process Efficiency

Power Technology

We have continued to see strong deal flow from Canada and the US and saw over 430 deals in 2016 to date. We currently have one new deal which a term sheet has been signed and we are in detailed due-diligence. Assuming our diligence is positive; we would expect to close this deal by the end of the year or early January.


EnerTech Industry Review EnerTech Update EnerTech Team Updates: It was with a very heavy heart that we announced the passing of our partner and friend Eric Schmadtke on October 21, 2016. Eric is survived by many who cherished him including his wife Marie-Hélène Thibeault and their children Thomas and Zoë. Eric worked as part of the EnerTech Team in our Calgary Offices from January 2012 to February 2016 and later became a Special Advisor to the firm. He was a truly exceptional individual and will be sadly missed by the EnerTech Family. Born in Terrebonne (QC), Eric was a huge sports and outdoor enthusiast, excelling at the national level in biathlon. His enduring passion for athletics prevailed in his adult life as he continued to practice cross country skiing, downhill skiing, running, cycling and triathlon. At the community level, Eric founded a non-profit organization, Rocky Mountain Ventures (RMV), to promote economic development and diversity in his favorite Rocky Mountain town, Canmore, Alberta.

Lyndsy MacArthur will be going on maternity leave starting January 2017 and Montana Miles has joined the firm as interim Executive Assistant during Lyndsy‘s leave. Montana is a recent graduate from the University of Western Ontario and started her role at EnerTech on November 1st.

Montana Miles: Interim Executive Assistant

EnerTech Celebrates 20th Year Anniversary On August 8, 2016 EnerTech celebrated its 20th Anniversary of investing in the Energy Technology sector. Founded in 1996 by Scott Ungerer, the firm continues to be the leading investor in the space, having completed 69 investments and 35 exits through its four funds. The firm has its roots in the Utility Sector and was initially funded by Atlantic Energy (now Pepco Holdings) in EnerTech I. Since its founding, the firm has raised over $500 million in capital through a combination of Strategic and Financial Investors. The firm has continued to follow the investment focus areas established in 1996 making investments from “The Well Head to the Wall Socket”. In 2016 EnerTech was awarded the Financial Investor of the Year award by the Cleantech Group. The EnerTech Team would like to thank our Limited Partner Investors for their continued confidence in us and our investment strategy. We look forward to many more successful years investing in the Energy Technology sector.

Eric Schmadtke: July 8, 1969 - October 21, 2016 In honor of Eric we have decided to help create an Educational Trust for his children and are working with the Canadian Venture Capital Community to create an Annual Award in his honor. 3

EnerTech Industry Review Feature Article

EnerTech Perspective: Energy Technology Investing Post the U.S Election On May 26, 2016, Republican candidate for President of the United States, Donald Trump, gave a campaign speech in North Dakota, in which he referred to North Dakota as a state at the forefront of a new energy revolution. In his speech, he outlined his America First energy plan, stating that American energy dominance will be declared a strategic economic and foreign policy goal of the United States. He went on to say that the United States would become and stay totally independent of any need to import energy from nations hostile to its interests, and would use revenues from energy production to aid the rebuilding of infrastructure and boost other sectors such as agriculture. He concluded the platform by saying that he envisions pursuit of all forms of energy, including renewables, other technologies of the future and current technologies such as nuclear, wind, solar and other forms of existing energy production, notably oil and gas. After his stunning win on November 8, 2016, President-Elect Trump will be sworn in as the 45th President of the United States on January 20, 2017, and will be a President with Republican majorities in both the Senate and the House of Representatives for at least the first two years in office of his Presidency.

uncertainty; whether that was around commodity prices, technology adoption, and certainly political/regulatory. The other constant over this period has been EnerTech’s ability to identify and invest in attractive opportunities in this evolving sector and we equally expect that to continue. The primary elements of a multi-decade energy transition to a further decarbonized and more distributed energy value chain, being shaped by broader technology themes, will remain in motion. If President-Elect Trump continues to further his America First energy plan, we have reason to believe the entire energy industry should benefit, albeit there will likely be some relative shifting in the tailwinds among certain segments, which is something we are more than prepared to absorb as part of our overall investment perspective and which we’ll work with our existing portfolio companies to navigate as well.

Investor concerns about the sector

 Grid Edge Technologies (including Internet of Things and

EnerTech’s investment strategy has been broad since our founding in 1996, covering the industry “From the Well Head to the Wall Socket”

As most of you know, EnerTech has always had a broad strategy in the Energy Technology sector and has focused its portfolio investments “From the Well Head to the Wall While it is still too early to tell how a Trump White House Socket”. We believe this full industry view has provided us and cabinet level positions will be staffed, and what specific great insights and experience which translates into opportunity views he will prioritize in his first 100 days in office, early during this time of significant political change. indications are President-Elect Trump plans to cancel, as he calls them, job killing restrictions that are hampering the As a firm, we evaluate all of our investments from the further development of shale oil & gas, and clean coal perspective of base business economics, without the technologies. As with many issues since his election night requirement of government subsidies to make a given business victory, many are waiting to see if President-Elect Trump successful. We’re also one of the few venture capital firms furthers his more recent attempts to bring people together that have continually looked for technology investments that across a range of issues, including the energy industry. We do help reduce energy production costs across the oil & gas believe the early days of the Trump Administration will focus sectors, while also maintaining strong interest in the much more intensely on healthcare, taxes and the deficit. development of utility smart grid technologies as well as many technological solutions behind the customer meter. Given the uncertainty that many presently feel, we thought it would be useful to gather our early thoughts as a firm on the We believe strong investment opportunities exist for potential impact of the Trump Presidency on our existing EnerTech in the new American political environment including portfolio and future investment strategy. in the following priority focus areas:

Some investors and entrepreneurs in our community have expressed concern over the heightened uncertainty. We have been investing exclusively in the energy technology sector for  20 years and one of the constants over that time has been

advanced sensor capabilities, Grid Optimization, Building Automation, Energy Efficiency, Software and Big Data Analytics) Oil & Gas (Digital Oil Field, Water & Fluids Remediation and Enhanced Recovery) 4

EnerTech Industry Review EnerTech Investment Strategy: From the Well Head to the Wall Socket

Energy Technology is an important and valued sector Quick facts: of the U.S. and global economy  Global investment in clean energy (including Energy Today, President-Elect Trump continues to emphasize that he Technology) has grown from $62 billion in 2004 to $329 intends to bring jobs back to the United States. His job billion in 2016. (Bloomberg New Energy Finance) As a creation views are critically important to his platform. We result, significant declines in real cost curves have been also know that American and global corporations, including achieved in many sectors. General Motors, Google, Nike, Walmart, Apple, Kohl’s and  Five states now have mandates and target years to get Microsoft, and many others are working to achieve 100% 50% or more of their electricity from renewable sources. renewable electricity in all of their operations. To some Of the top 10 states in 2015 for clean-electricity extent, this is driven by corporate global sustainability generation, six voted for the Trump Presidency (Iowa, mandates, but in many cases, corporations have come to South Dakota, Kansas, Oklahoma, North Dakota and understand that the views of key millennial hires, comprising Idaho). some 30-50% of today’s skilled workforce, are demanding such behaviors from the corporations in which they choose  There are now almost 210,000 Americans employed in the solar industry. That's a doubling over 2010 figures. to apply their talents. President-Elect Trump will ultimately (Advanced Energy Now 2016 Report) The solar industry need to consider these facts in constructing his platform. For alone has created one out of every 80 jobs in the U.S. this reason, we continue to believe that segments of the since 2009. Energy Technology market will grow, and we will see underlying organic demand for many forms of Renewable  Solar deployments have accelerated, bringing technologies Energy, Building Efficiency, Electric Vehicles and Energy and balance of system costs down important cost curves, enabling competition with the grid in some areas with Storage. Whether a Trump Administration focuses on limited subsidy requirements. reducing federal programs associated with some or all of these segments, many states have very clearly defined policies in place which we believe will not change quickly. 5

EnerTech Industry Review The Bloomberg chart below demonstrates the importance of the solar sector to jobs in the U.S.:

The EnerTech investment thesis is well developed and will evolve as new technologies help the energy industry become more efficient and profitable:

will still represent a significant opportunity for investment in our next fund

While the details of President-Elect Trump’s policy goals will become clearer over the coming months and years, several themes came out during the campaign: Spending on Infrastructure

 Infrastructure spending is a key component of the Oil & Gas anticipated economic plan.

EnerTech View:

 Hardening of the electric and energy grids, advanced smart

grids, and further decentralization appear to be key early areas of focus. These areas will continue to present significant opportunities for companies in our existing portfolio such Enbala Power Networks, Blue Pillar, SpaceTime Insight and Tangent. The existing utility model is strained and the grid operators must continue to seek new revenue opportunities and enhance efficiency on the grid. Many of our existing portfolio companies provide the types of solutions that improve efficiency for both the customer side of the meter and for grid operators. We believe that technologies that can easily be layered into the grid network on the customer side of the meter

Strong support for oil and gas production in the U.S. is mentioned in some of the earliest pronouncements forecasting President-Elect Trump’s first 100 days. Oil and Gas pipelines will have continued local opposition, but may enjoy significant tailwinds from the incoming administration. Strategically this change should broadly support the activities in Upstream O&G operations by providing more cost effective takeaway capacity and would also entail the build out of significant Mid-stream assets. Importantly, existing and new-build pipeline capacity will likely still feel the pressure around fugitive methane emissions and other regulatory efforts necessitating increased sensors, sensing, and data analytics. There appears to be significant momentum to reduce regulation in oil & gas production which could lead to further increases in activity and a desire to reengage in the area of clean coal technologies, and technologies that promote clean water. 6

EnerTech Industry Review Given the early nature of the Presidential transition process, with key cabinet appointments not yet made in the Department of the Interior and Environmental Protection Agency, it is too soon to know specific policy positions. EnerTech View:

 Continued and potentially increased opportunities in

  

Digital Oil Field, Drilling Technologies, Water Remediation (both frac and “produced” water), Pipeline Leak Detection and Advanced Materials and Coatings. Reasonable likelihood for near term changes in the RIN markets, with positive effects for small and medium refiners; some challenges for biofuels. Possible politically driven resurgence in “Clean Coal” activities, but we currently believe commercial opportunities will remain quite limited. Positive for existing EnerTech portfolio companies: HPC Energy Services, Western Oilfield Equipment & FilterBoxx Water & Environmental Corporation.

Carbon Reduction President-Elect Trump, throughout his campaign, made many controversial remarks regarding the global efforts to combat climate change, laying out policies that seemed to run counter to global efforts to reduce gas emissions. Just like PresidentElect Trump’s early modifications of his stance on ObamaCare, it may be too early to tell where his Administration will prioritize and conclude on the Paris Climate Agreement and his earlier campaign rhetoric. During a recent meeting with New York Times reporters, when asked about his plans to “cancel” the Paris Climate Agreement, he is reported to have said: “I’m looking at it very closely and said “ I have an open mind to it”. President-Elect Trump could pull the United States out of the United Nations Framework Convention on Climate Change (UNFCCC) altogether, which would end any obligations under the Paris Agreement within one year. President-Elect Trump could also just ignore the agreement, as it has no binding targets, penalties or any method of enforcement, and the effect would be the same. At the recent UNFCCC meeting in Morocco, China has issued a warning to the United States that a reversal would be going against the wishes of the global community and as President Obama stated, approximately 200 countries have agreed to

the accord. Withdrawal would a allow China to take a key leadership role on the future of clean energy and climate related technologies, which may not sit well with PresidentElect Trump. Regardless, President-Elect Trump will need to balance the political realities of so many millennials showing continued support for the global effort on climate change, as well as so many major U.S. corporations with global interests. EnerTech View: It is too soon to call where President-Elect Trump will come out on the carbon reduction issue. As said earlier, we do believe the central and core issues the Trump Administration will face in its first 100 days center around healthcare, taxes, and deficits, and these issues may be all consuming. In December of 2015, the U.S. Government agreed to extend tax credits to the wind and solar industries for another five years. President-Elect Trump could look to repeal the tax credit policy through further proposed legislation, or comprehensive tax reform, but it is hard to see a clear path for such action at the present time given such strong support for renewables at the state level, and bipartisan support in the U.S. Congress.

As shown in the previous chart, the solar sector has created massive employment opportunities in the U.S. and Trump’s strong policy for American jobs would make this a difficult industry to ignore. President-Elect Trump would also be looking at the recent ballot votes in Nevada and Florida as instruction on how the American people vote on renewable matters. Regardless, the last decade has significantly reduced the costs of many renewable technologies, dramatically accelerating moves down the cost curves, and steepening the curves altogether. Many of these technologies have become or soon will become cost competitive with traditional power pricing, dependent on state jurisdiction/climate, etc. We also believe that at the consumer level the attitude towards integrated renewables in the “Connected Home” will not disappear as power consumption is more than simply raw power costs but also includes backup/security considerations, social (green) considerations, and independence/control. While we do not have current investments in companies focused primarily or exclusively on carbon reduction, we do have existing and potential portfolio companies that provide economic efficiencies to consumers and commercial/industrial players within the grid network or have integrated Solar into the market, for instance. Our approach will be to continue to invest in companies where economic value exists without subsidy. Many of the companies we invest in have a significant carbon impact, 7

EnerTech Industry Review Companies in this area include Tangent Energy Solutions, We continue to see significant investment opportunities in Terralux, Blue Pillar, Enbala, Power Survey, NanoSteel, etc. Canada in the following areas:

 Software & Data Analytics  Process Efficiency (Machine to Machine and IoT and Connected Home/Smart City)

 Digital Oil Field  Water & Fluids Management in energy production Overall conclusions and EnerTech strategy

The Canadian Perspective

While the new President has not yet released details on future energy policies, we believe our “Well head to Wall Socket” investment strategy remains well positioned for new investment opportunities that play into energy policies on both sides of the border and address global energy issues during this multi-decade energy transition. While we have made very few direct investments in renewable deployments, we are strong believers that the opportunity for the sector remains in bundling a series of technologies and integrating these energy assets into the grid and providing software solutions that help analyze the data (geospatial and unstructured data). We remain focused on finding scalable companies that do not rely heavily on government subsidy to provide a return to the end user and it is our view that President-Elect Trump will support the types of technologies and companies in which we invest. These companies in turn will continue to provide solutions that increase the efficiency and effectiveness across the energy value chain, which in turn further environmental priorities such as clean air, clean water, and carbon reduction, which are important throughout North America and globally.

In Canada, the decarbonization approach under the new Liberal Prime Minister, Justin Trudeau, has strongly supported the Paris Agreement and most of the Provinces have formulated a policy on carbon (Carbon Tax or Cap and Trade). If President-Elect Trump adopts policies in conflict with Canadian policies, there could be a competitive impact on As we launch EnerTech V in 2017, our fund investment Canadian energy producers and costs to Canadian strategy will remain the same. We remain convinced that the investment thesis launched some 20 years ago is even more manufacturing. important today. We believe the impact and adoption of We continue to believe there will be opportunities for innovative technologies within the energy markets will be Canadian Energy Technology companies. There is a view that ongoing and continue to accelerate. President-Elect Trump might reopen the door to construction of the XL Pipeline; that could improve the economic climate in Alberta and the oil sands and create opportunities for new technologies such as monitoring solutions for pipeline leaks, new materials applications and Digital Oil Field/IoT type companies. As a firm we are well positioned to take advantage of investment opportunities on both sides of the border which are focused on efficiency for both the energy industry along with technology solutions for the commercial & industrial and consumer side of the energy markets. 8

EnerTech Industry Review Q3 2016 EnerTech Portfolio Company News If you are viewing a digital version, please click on the news item for more information.

The current ECP IV Portfolio consists of the following companies: ECP IV


EnerTech Industry Review

October 5

Houston Methodist Utilizes Blue Pillar Software to Monitor Emergency Power Equipment

July 25

Blue Pillar Welcomes Todd Krause as Chief Commercial Officer

November 14

Encycle Announces SwarmStat and its Honeywell Total Connect Comfort Partnership

November 7

Honeywell Partners with Encycle, HECO Reaps the Benefits

November 1

Encycle Install Base Exceeds 35 Million ft2 of Industrial and Commercial Space

September 1

Encycle’s EASE™ reduces stress and utility costs for Harkins Theaters

August 11

Enbala Power Networks and Encycle Partner to Increase Value Proposition for Distributed Energy Management

October 19

EnergySavvy raises $14 million in funding, revamps services for utilities

October 18

N-Dimension and Wortham Power Gen Insurance Parther to Offer Cyber Intrusion Protection with Insurance

September 14

N-Dimension Deployed by MPUA and Member Utilities to Increase

August 9

N-Dimension Selected by Fayetteville PWC to Help Meet NERC CIP

September 6

Space-Time Insight Partners With Siemens To Deliver Real-Time Visual Analytics For Improved Outage Management

August 16

Singapore Power Selects Analytics Applications From Space-Time Insight

July 13

Space-Time Insight Extends European Leadership Team To Drive Growth

October 3

Companies Envision Future IoT Beyond Lighting

July 1

New TERRALUX LED technology can put any building on the smart grid

Encycle’s Swarm Logic: How it Works


EnerTech Industry Review ECP III

FilterBoxx wastewater treatment technology overcomes the extreme climate of northern British Columbia.

November 2016

Enbala on Navigant VPP Leaderboard

October 26

GE Global Research Partners with Enbala Power Networks for ARPA-E NODES Project

August 11

Enbala Power Networks and Encycle Corp. Partner to Increase the Value Photo courtesy FilterBoxx Proposition for Distributed Energy Management

July 21

Enbala and Joule Assets Receive NYSERDA Support for Innovative Grid Edge Program

November 2016

Innovative Technology Takes Glacier Climate and Wins


November 15

New Cummins and Tangent Joint Venture Enters the Heart of the Energy Cloud (please see below for details)

November 1

Tangent and Cummins Launch a Joint Venture for Grid Edge-Enabled Generators

edgeGEN™ – Powered by Cummins, is a Distributed Energy Resource (DER) that combines the reliability of Cummins generators with the enhanced economics of Tangent AMP™ , a Distributed Energy Resource Management System (DERMS). edgeGEN™ helps municipal utilities, energy retailers and C&I energy customers capitalize on grid edge economic opportunities. 11

EnerTech Industry Review Venture Capital Update – Q2 2016 – VC Investments in Canada A total of CAD$892 million was deployed in 165 deals by Canadian VCs in Q2 2016 according to final data released by Thomson Reuters. In dollar terms, this represented a 37% increase over Q2 2015. The number of Canadian deals in Q2 2016 increased by 12% from the same period last year, and 9% over the previous quarter.

Q2 2016 Venture Capital Investment in Canada

Source: Thomson Reuters

Select Canadian VC Investments from Q2 2016 Company Name

Investment Amount (CAD)


Major Investors

Developer of proprietary catalyst technology to produce wax from recycled plastics.

ArcTern Ventures, Cycle Capital

$4 million

A developer of a system that helps manufacturers maximise defect avoidance with advanced video analytics.


$1.4 million

Developer of a mixed-mode commuting app that combines multiple modes of transportation including carpooling and public transportation.

Cycle Capital, SDTC, BDC

$1.3 million

Provider of software-defined operations solutions for the Yaletown Venture Partindustrial Internet. ners, GE Ventures, Kensington Capital Partners, BDC

$1 million


EnerTech Industry Review Venture Capital Update – Q3 2016 – VC Investments in Canada A total of CAD$774 million was deployed in Q3 2016 according to final data released by Thomson Reuters. This brings the total invested from January to September 2016 to CAD$2.5 billion in 446 deals. In dollar terms, this represented the best first nine months of any calendar year since 2001, while the number of deals done was the most since 2005.

Q3 2016 Venture Capital Investment in Canada


Select Canadian VC Investments from Q2 2016 Company Name

Investment Amount (CAD)


Major Investors

Developer of wi-fi enabled smart thermostats for residential and commercial applications that are intuitive to use and beautiful to look at.

Amazon Alexa Fund, Thomvest Ventures, Relay Ventures

$35 million

Developer of concentrated PV using lightweight and inexpensive modules to concentrate sunlight.

Enbridge, Iberdrola, ArcTern Ventures

$10 million

Developer of a new ultrasound-based imaging technology used to image the inside of oil and gas wells.

Evok Innovations, BDC

$8 million

Developer of a breakthrough, low-cost, chemical-free solution for treating high concentrations of complex, toxic organics and ammonia in industrial wastewater.

Asahi Kasei, Chrysalix, BDC, Roda Group

$8 million

Developer of solutions for recycling polystyrene.

Cycle Capital, SDTC, BDC, Anges Quebec

$5 million 13

EnerTech Industry Review Venture Capital Update – Q2 2016 – VC Investments in the US The venture capital ecosystem deployed US$15.6 billion into 999 deals across the United States in Q2 2016, the tenth consecutive quarter of more than US$10 billion of capital invested. Deal counts and dollars invested however were both down by 21% and 11% respectively from Q2 2015.

Select US VC Investments from Q2 2016

Company Name


Major Investors

Investment Amount (USD)

Engineers of biological organisms for applications in the energy, medicine and food sectors.

Y Combinator, Senator Investment Group, Cascade Investment, Baillie Gifford, Viking Global, Allen & Company

$100 million

Developer of a mass-market urban transporPitango Venture Capital, C4 Ventures, tation solution that is flexible, cost-effective, Poalim Capital Markets, Ervington Investand environmentally-friendly. ments, Hearst Ventures, 83North, Expansion Venture Capital

$100 million

Provider of electric vehicle (EV) charging solutions.

Linse Capital, Braemar Energy Ventures, Constellation Energy, Envision Ventures, Madison Parker Capital

$50 million

Ant Capital Partners, Mitsui, Acorn Pacific Ventures, Cisco Systems, Crosslink Capital, IFC, Linear Venture, SAIF Partners, Oriza Holdings, SJF Ventures, Voyager Capital

$39 million

Not disclosed

$27 million

Developer of an agile IoT platform.

Manufacturer of multi-rotor copter drones.

Enabling solid-state ultraviolet disinfection of Tsing Capital, IPV Capital, DCM Ventures, water, air and surfaces. Capricorn Investment Group, Applied Ventures,Augment Ventures, Tolero Ventures, New Ground Ventures

$26 million

A developer of a data platform for supply Georgian Partners, New Enterprise Assochain management. ciates (NEA)

$25 million

A developer of a single module that can be Samsung Ventures, SoftBank Capital, embedded in any device to enable IoT con- Fenox Venture Capital, Sanshin Electronnectivity. ics, Robert Dobkin, Visionnaire Ventures

$20 million

Developer of a 3D Human-Computer Interaction solution for augmented and virtual reality.

$20 million

Fozun Kinson Capital, Maison Capital, Great Capital, ARM, Chord Capital, Fortune Capital, iResearch Capital


EnerTech Industry Review Venture Capital Update – Q3 2016 – VC Investments in the US Venture capital investments decreased 36% in the third quarter to US$10.6 billion, compared to US$16.7 billion a year ago, based on data provided by Thomson Reuters. The number of deals was 891 in the quarter, down 25% from 1,189 deals in the third quarter a year earlier. The deals were also down 32% from US$15.6 billion in the second quarter, and deals were down 11% from 999.

Total US Equity Investments into Venture-backed Companies (in millions USD)

Select US VC Investments from Q1 2016

Source: PwC MoneyTree Report


EnerTech Industry Review Venture Capital Update – Q3 2016 – VC Investments in the US Select US VC Investments from Q3 2016

Company Name


Major Investors

Investment Amount (USD)

Stealth-mode developer of autonomous vehicle systems with the intent to disrupt companies like Uber and Lyft.

DFJ, Lux Capital

$180 million

Developer of LiDAR sensor technology with applications across many industries.

Ford Motor Company, Baidu

$150 million

Provider of cyber security products and services with applications on the smart grid.

Blackstone Group, Insight Venture Partners, Khosla Ventures, DFJ, KKR

$100 million

Developer of LIDAR smart sensing technologies Sensata Technologies, Delphi Automoenabling autonomous driving solutions. tive, Samsung Ventures, Motus Ventures, GP Capital

$90 million

Developer of a revolutionary 3D printing technol- BMW Group, General Electric, Nikon, ogy known as Continuous Liquid Interface Pro- JSR Corporation, GV, Sequoia Capital duction (CLIP).

$81 million

Developer of smart grid analytics software.

$70 million

TPG Growth, Sutter Hill Ventures, Interwest Partners

Developer of freight forwarding software that 8VC, Founders Fund, Bloomberg Beta, organizes and tracks shipments. Felicis Ventures, First Round Capital, Susa Ventures, Yuri Milner

$65 million

Developer of methane conversion technology for creating fuels and chemicals from natural gas.

National Petrochemical Industrial Company

$45 million

Foundry Group, Autodesk, DFJ Growth, Pitango Venture Capital, Pascal Cagni

$35 million

Diamond Generating Corporation

$30 million

Maker of 3D printing equipment.

Provider of solar energy solutions from project development through financing, construction, and operation.

Reinventing cooling and heating through disrup- GGV Capital, Lookout Capital, Easttive solid state thermal management solutions for wood Capital, Venrock, Oak Investelectronics cooling, cold storage refrigeration and ment Partners, Tsing Capital, Huaneng transport and climate control . Invesco WLR, Wellcome Trust

$30 million

Developer of machine vision software and sensors for autonomous vehicle applications.

$25 million

Giant Eagle

Developer of low-cost thermoelectric technology Osceola Capital Management, for waste heat recovery. Claremont Creek Ventures, TPG Capital, GM Ventures

$24 million

Developer of a patent protected, non-halogen, CITIC Capital, Evonik Venture Capital non burning family of transparent high flow thermoplastics in the global flame retardant plastics market.

$23 million


EnerTech Industry Review The EnerTech Team A Seasoned, Diversified, and Experienced Group Toronto




Wally Hunter Managing Director

Lyndsy MacArthur Executive Assistant

Montana Miles Executive Assistant

Angelica Mengana Analyst





Anne-Marie Bourgeois Vice President Investments

Chris Buckman Vice President

Bill Kingsley Managing Director

Dean Sciorillo Managing Director





Gian Vergnetti Associate

Jessica Ungerer Social Media Intern

Donna Smith Executive Assistant

Colleen Pale Director of Finance and Administration



San Francisco

Jarett Carson Managing Director

Robert M. Chiste Executive in Residence

Dr. Dominic Geraghty Executive in Residence

West Palm Beach

Scott Ungerer Managing Director


EnerTech Industry Review 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.

Independent Board Members

Sharon Allan President & CEO, SGIP

Mike Babcock Coach of the Toronto Maple Leafs

Ed Jackson Previously Managing Director & CoHead Investment Funds, RBC Capital Markets

Dr. Jim de Wilde President, JdW Strategic Ventures

Michael Harris Former Premier of Ontario

Dr. Bill Madia SLAC National Accelerator Laboratory, Stanford University


EnerTech Industry Review Independent Board Members Continued

J. Scott Magrane Managing Director, Coady Diemar Partners

David Milenthal CEO, The Milenthal Group

Governor George Pataki Former Governor of New York

Vicky Sharpe Corporate Director, Alberta Enterprise Corporation

Rob Soni Independent Board Member

Etienne Veilleux Founder, Distech Controls

Gordon Pridham Principal, Edgewater Capital and Newalta Board Member

The EnerTech Strategic Advisory Board Thought Leadership in Energy Technology 19

EnerTech Industry Review LP and Strategic Partner Board Members

Alex Beliaev Investment Manager, EDC

Rebecca Giffen Director of Investments, Alberta Enterprise Corporation

Eric Legault Managing Partner, Teralys Capital

Victor Scutaru Director, Fund Investments, BDC Venture Capital

James Thompson President, GF Private Equity Group (manager for Southern Ute )

Nils Voermann - Global Managing Director Technologies, Hatch

John Morris Sr. Vice President of Field Operations Waste Management

Scott Pinizzotto Senior Director, ENGIE New Ventures


EnerTech Industry Review The EnerTech Ecosystem

Limited Partners

Strategic Partners


EnerTech Industry Review Upcoming

 April 19 – 20, 2017 – Calgary, AB ISA Calgary Show

Industry Events  December 7-8, 2016 – San Francisco, CA U.S. Energy Storage Summit

 December 7 - 8, 2016 - San Francisco, CA

Greentechmedia US Energy Storage Summit

 December 13-15, 2016 – Orlando, FL POWER-GEN International

 January 23-25, 2017 – San Francisco, CA Cleantech 100 Conference

 March 1 – 2, 2017 – Calgary, AB Propel Energy Tech Forum

 January 31 – February 2, 2017 – San Diego, CA DistribuTECH

 April, 2017 – Santa Barbara, CA

Wall Street Journal Eco Conference

 April 6 – 8, 2017 – Houston, TX Rice Business Plan Competition

Contact: Montana Miles: 416-515-2759 or Philadelphia ● Toronto ● Montreal ● San Francisco ● Calgary For questions or comments, please contact: Wally Hunter Managing Director, EnerTech Capital tel #416-363-8563


EnerTech Capital Newsletter - November 30, 2016  

Where we highlight portfolio company news as well as provide EnerTech and Venture Capital industry updates.