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CleanTech Market : VC Opportunities for Taiwan

Hank Habicht Managing Partner, SAIL Ventures Taipei Forum January 14, 2009

Investing in solutions to serious problems

Objectives for Today

1. Describe global and U.S. trends in Clean Technology (“CleanTech”) development and investment, including projections for 2009 2. Outline the role venture capital and public-private partnerships play in bringing new technology to market 3. Discuss opportunities for Taiwan and ideas for accelerating investments and market growth for Taiwan CleanTech firms and products

A key to success is teaming with the right partners

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Taiwan Can Help Change the World

Thesis: Clean Technology can change how we produce and consume. Success depends on:

• • • •

Entrepreneurs funded by VCs and public Government support for new ideas/ventures Customers willing to try new ideas Strong partnerships (businesses & government)

Taiwan has excellent combination of innovation, entrepreneurial business culture and partnerships to succeed in Cleantech

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Current Perspective

•

SAIL Venture Partners: CleanTech focus, based in California and Washington, D.C; 5 Partners; 10 current portfolio companies ( www.sailvc.com

)

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GETF: developing clean energy and water projects globally ( www.getf.org

)

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Commissioner, National Commission on Energy Policy ( www.energycommission.org

)

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Steering Committee, Energy Future Coalition ( www.energyfuturecoalition.org

), ACORE, and 25x25

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SAIL Team Synergy

Thomas Cain Operations/ Engineering  Founded and grew start up to $100M and 2,000 employees  Serial Entrepreneur in IT and Energy  Led DAI, Frontstep, Interact, Starco, and Evans  Led 2 NASDAQ Turnarounds  Chairman or Director of 15 Companies  YPO Exec Ed @ MIT & Harvard Business School 5 Hank Habicht CleanTech Markets/Policy  COO of EPA  US Attorney General – Energy & Environment  Senior VP Safety-Kleen  Head of M&A and Corp Acct sales  Principal in Environmental Venture Fund (3x)  Founder ACORE  Advisor to Secretary of Energy and NREL  Princeton BA  Virginia JD David Jones Business & Financial Models  25-Year Venture Capitalist as Managing Partner  60 Investments  Northwest Pipe  Co-invested with 100 other VC’s  Chairman NASBIC  4 Early-Stage Funds  Chairman or Director of 12 Public/Private Companies  Dartmouth BA  USC JD & MBA Investing in solutions to serious problems Walter Schindler Deal Structure/Exits  Managing Partner Gibson Dunn and Crutcher  Alternative Energy Expert at GDC  60 M&A / IPO’s (Ultrasystems, PIMCO and RemedyTemp)  US Bank Advisory Board  CEO Roundtable —UC Irvine  20 years strategic advisor on value creation  Harvard JD  Yale BA, MA, PhD Alan Sellers Management Systems/People  Partner Westar Capital  Executive Pacific Holding Company  EVP Dole Foods  VP Ultrasystems  General Counsel Pacific Holdings  25-year Boards  Wilmington Trust Advisory Board  Wharton MBA  Columbia JD/CPA  Yale BA

Strategy and Execution

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Deploy networks of experts to find optimal combination of technology, team and scalable business model

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Deep understanding of domain trends: Identify biggest problems whose solutions can be profitable in a VC timeframe

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Sophisticated and documented process

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Engage all partners to deliver victories, add value and build deep relationships with portfolio companies

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Clean Technology

What is CleanTech?

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Technology innovation in the more efficient use of energy, water, food and other scarce and valuable global resources: - Optimize use of natural resources - Reduce ecological impact and - Add economic value by lowering costs and improving profits Large, Growing, Profitable Markets Enormous Growth Potential

•

CleanTech is the world’s fastest growing investment category

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The 3 rd largest venture capital investment category: over 14% market share in North America, 18% in Europe

•

CleanTech markets are large multibillion dollar global markets

• “

May be the largest wealth creation opportunity of the 21 st century”

•

Multiple waves of technological innovation

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The Market: Why 2009 is a Big Year

• • • • •

Impact of credit crisis and volatile energy prices Competition for scarce energy and water resources Political transitioning: Obama’s Agenda (proposed $150Billion to invest in cleantech) Climate change has become a top priority The power of emerging economies as buyers and users of clean technology

Strong drivers of change in energy and water markets

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Many Ways to Finance Innovation

• • • • • • • • Entrepreneur Personal Funds Personal credit card & other borrowings • • Venture capital Venture leasing Merger and Acquisition Secondary/Follow-on Public Offering Buyout/Acquisition Financing • • • • • Corporate Debt “Friends and Family” Angel investors Corporate direct investment Mezzanine Financing Initial Public Offering Private Placements – Debt & Equity Corporate R&D

Source: “Green Technology and Venture Capital Investment” presentation, The National Venture Capital Association, March 2008.

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Analysis of Investment Styles – Risk and Return Profiles, Financing

Venture Capital: New Clean/Environmental Technologies Clean Energy Infrastructure Existing and New Technologies Angel / A B / C D / IPO Buyout/ Expansion/ PIPES Technology Identification & Business Formation Pilot Plant Demo Plant First Commercial Scale Plant Project Development Project Finance (Infrastructure) Portfolio of Assets •Technology Selection •Business Formation •Initial management selection •Execution Strategy High •Technology scale up risk from “bench scale” to integrated demonstration scale •Engineering, design •Management •40% + IRRs •New “disruptive technologies, such as: - Solar thin film, other non crystalline technologies - 2 nd generation biofuels, including cellulosic ethanol - Coal gasification; carbon capture & sequestration - Battery technology (auto) Medium •Financial risks •Performance guarantees •Site and permits •Engineering & design •Additional scale up: •Construction cost •O&M •Performance •Site selection •Permitting •Securing equipment •Contractors’ cost estimates •Organizational structure and management •Financing •25%-30% + IRRs •Development promote: -Repayment of costs at financial close - Equity promote to developer •Growth: wind, solar thermal, geothermal, biofuels, waste-to-energy, hydro Low to Medium •Off-take agreements (i.e. Power Purchase Agreements or “PPA”s) •Engineering, Procurement and Construction (“EPC”) contracts •Supply agreements & logistics •Project debt & equity financing •Hedging •Valuations •Growth potential/ incremental development •Capital structure •12% - 20% IRRs, depending on cash flow volatility – i.e. low (landfill gas); high (biofuels) •25% + IRR •Growth •Equipment/services •Generation/develop.

•$100bn total market cap all clean energy 100% Equity 70 -100% Equity 70 – 80% Debt 10 Investing in solutions to serious problems Source:

Sustainable Development Investments

presentation by Citi Alternative Investments Varies

US Venture Capital Investment in Perspective

• • • • •

US GDP (national income) $12.5 trillion annually Hedge fund intake $1.5 trillion over last 3 years (estimated) Mutual fund intake $158 billion in 2006 Buyout intake $103 billion in 2006 Venture capital intake $28.6 billion in 2006

–

Venture capital fundraising & investment Is 0.2% of total GDP

Source: BLS website, Investment Company Institute, Thomson Financial, NVCA

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Global Insight Study

• In 2006, venture backed companies:

– Provided 10.4 million US jobs – Had sales of $2.3 trillion • Represents 17.6% of GDP – Still dominated venture-created sectors • 56% of biotech revenue • 78% of computer and peripherals revenue • 94% of computer and peripherals jobs • 88% of software sector jobs – Outgrew the economy 2003-2006 in every sector

Source: Venture Impact 2006 by Global Insight

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Venture-Backed Employment

10.5

VC-Backed US Jobs (millions) 10.4

10 9.5

9 8.5

8 7.5

8.7

9.4

2000 2003 2005 As a % of total US Pvt Jobs in 2006 Outpaces 2003 - 2006 Total US Job Growth 3.6% 4.0% 3.0% 2.0% 1.7% 1.0% 0.0% VC-Backed Growth Pvt Sector Growth

Source: Venture Impact 2006 by Global Insight

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Venture Capital Investment is Productive ...

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For VC every dollar invested in 1970-2001, there was $7.90 in US revenue during 2006

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For every $28,463 of venture capital invested in 1970-2001, there was one job in the year 2006

• Note these ratios are based on investment through 2001 ($296B) because investment after that time has likely had little effect on 2006 jobs and revenues. If investment through 2006 ($421B) is used, the ratios would be $5.55 and $40,364 respectively

Source: Venture Impact 2006 by Global Insight

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CleanTech VC Scales Relatively

Top 6 U.S. Venture Capital Industries, Percent Change Q3 2001 to Q3 2007

Source: CleanTech Venture Network

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CleanTech VC Scales Absolutely

Annual North American CleanTech Venture Capital Deals and Investment Totals 2001 to Q3 2007 (Millions of dollars)

Source: CleanTech Venture Network

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CleanTech Index

45 US Traded Stocks Combined Market Cap of approx $280BN Minimum market float of $150M and 50%+ of sales or operating profits from CleanTech businesses

Source: CleanTech Venture Network

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Can CleanTech Make Money?

CleanTech Venture Capital: Performance

CleanTech IPO’s have yielded returns to pre-IPO investors of 5.5X

, while European venture backed IPO’s have generated returns of over 8X .

Returns on CleanTech M&A transactions have been 4.3X on invested equity A hypothetical portfolio of CleanTech venture capital investments would have delivered an estimated IRR of approximately 30%.

Based on a 2006 study by the CleanTech Group 18 Investing in solutions to serious problems

Where Did the CleanTech Money Go in 2008? (A Record $8.4 Billion)

Technology Sector Solar Top Venture Capital Clean Technology Sectors Biofuels (including ethanol, biodiesel, synthetic biology, algae) Transportation (including electric vehicles, advanced batteries, fuel cells) Wind Amount Invested and percent of total $3.3 billion (40%) $904 million (11.0%) $795 million (9.5%) $502 million (6.0%) Electric Grid Agriculture Water $345 million (4.1%) $166 million (2.0%) $148 million (1.9%)

Source: The Cleantech Group; January 12, 2009 Report ( www.cleantech.org

)

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• • • • • • •

What Makes A Market Attractive to Venture Capital?

Capital formation

– Prudent man rule – enabled pension investment – Limited Partner laws – Capital gains tax reduction

Empowered entrepreneurs

– Capital gains tax reductions – Stock options/team building tools – Reasonable bankruptcy laws

Protect companies – Patent and IP laws Abundant customers willing to do business with SMEs Exit markets – the NASDAQ Face-to-face investing/proximity Adoption--Cultural acceptance of new ideas

Source: “Green Technology and Venture Capital Investment” presentation, The National Venture Capital Association, March 2008.

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Investment Drivers

1. High Energy Prices 2. Imported Mideast Oil 3. Climate Change

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Investment Drivers

4. Electric Grid Capacity Issues 5. Successful Cost Reductions/Technology Innovations

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Investment Drivers

6. Public Awareness/Corporate Action

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A Venture Capital Perspective

We look for: • Huge TAM (Total Available Market) • “White Space” = Unmet Needs and Big Problems • Team + Technology = Major Market Advantage • Time Frames Ø Near-term beachheads (market share) Ø Exits in 5-7 years 24 Investing in solutions to serious problems

Urban Infrastructure Needs Makeover

The World’s Urban Infrastructure Needs More Than $40 Trillion

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Reducing Carbon – Targets

Source: CleanTech Venture Network

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Examples of CleanTech

Energy Efficiency – New Spark Plug causes more complete combustion, greater fuel economy and less pollution Alternative Energy and Renewable Fuels – Solar, wind, and biomass power; waste to energy; biofuels Electrical Efficiency – New Electric Motor is 50% more efficient, reducing strain on the electric grid Energy Storage

– Batteries that last for the life of the product, or perform large-scale load leveling

Lighting – New light source technology uses 1/10 the electrical power

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Clean Energy Yields Big Benefits

Driver Economic Climate Energy Security Global Clean Energy Transformation Opportunity 2020 $300-600 billion per year of new RE and EE investment 10-20% reductions in GHG emissions 10-20% decline in oil use from 2005 2050 $600-1200 billion per year of new RE and EE investment 50-80% reductions in GHG emissions 25-40% decline in oil use from 2005 Development Universal energy access Universal energy access Global economic growth and stability & U.S.

leadership

Source: IEA, IPCC, Mckinsey, and other sources with NREL benefits analysis

U.S. Benefits 2020 Up to $30 billion per year of new exports and 750,000 jobs, plus lower prices and balance of trade benefits 10-20% reductions in global emissions 2050 Up to $200 billion per year of new exports and 8 million jobs, plus lower prices and balance of trade benefits 50-85% reductions in Global emissions Decreased volatility and 6-9% reduction in global oil prices Decreased volatility and 15-20% reduction in global oil prices Global economic growth and stability & U.S.

leadership

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Innovations in Efficiency

1. Demand Side Management: The resurgence of “Negawatts” 2. Lighting: 30% of the load at 15% efficiency 3. Edison Vs. Tesla: AC Vs. DC 4. Green Buildings: Coming of Age, 20 years later

IEA says 80% of CO 2 Reductions from Efficiency

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Green Buildings

A platform for multiple technologies • Combined heat and power systems • Nano-insulation • “Smart” windows • Advanced lighting applications • Renewable power sources • Smart appliances • Load shifting/storage 30 Investing in solutions to serious problems

Connecting Vehicles and Grid

• Electric vehicles to use off-peak power • Key is advanced batteries with maximum energy and power density • President Obama goal: 1 million plug-in Hybrid Vehicles • Major Companies inU.S. Battery Consortium

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Drivers for Global Water Mark

ets • 20 th century: Population grew 3x, water use grew 6x • Shortages: 3 billion people face water scarcity by 2025 • Water market exceeds $500 billion (GlobalWaterIntelligence) • Private equity accelerating • India and China – Water-spending growth >20% annually • Infrastructure needs ($5 trillion): Big gaps in coverage 32 Investing in solutions to serious problems

Water Technologies

(Both hardware and practices)

• Information/analytics/monitoring • Demand-side technologies, cost-effective efficiency opportunities – Agriculture: 10-50% (e.g., CIMIS) – Industry: 40-90% (e.g., GEMI) – Cities: 30% • Supply-side technologies – Adv. purification (e.g., adv. sewage treatment, recycling) – Source augmentation (e.g., rainwater harvesting) – Water security – Desalination • Next big thing: Energy-water interface 33 Investing in solutions to serious problems

Selected Investments of

SAIL I

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Problems Solved:

Globally Affordable pathogen free drinking water conveniently accessible.

Product:

UV water purification systems

Source:

Approached by WHI & Dow Chemical, co-investor

IP Estate:

solid patents

Management:

Tralance Addy, President & CEO; David Katz, CFO

Environmental Impact:

Major human quality of life; life expectancy; education; carbon reduction.

Other Investors

Dr. Anji Reddy, Johnson & Johnson, Acumen Fund, International Finance Corporation, Dow Chemical

Examples of SAIL ’s value-add

Provided key guidance on international business, strategic relationships and business model. Helping at high levels to source financing for village systems from corporate, International banks and Indian institutions.

Awards

Toshiba Green Innovation Award 2007

Discover

magazine’s Award for Technical Innovation & “Best of the Decade” invention

US News & World Report

cites as one of “20 Ways to Save the World” 35 Investing in solutions to serious problems

Problems Solved:

Eliminate peak-power requirements due to air-conditioning by shifting consumption to night.

Product:

Refrigeration-based air conditioning unit that makes ice at night

Source:

Trade show

IP Estate:

Robust patents

Management:

Frank Ramirez, CEO; Greg Tropsa, COO; Brian Parsennet, CTO

Environmental Impact:

Reduce 95% of peak power demand for A/C; lowest-cost LEED/Title 24 building credits; each unit reduces GHG equivalent of 2 cars.

Other Investors

Goldman Sachs, Good Energies, Joe Gorman, Pete Higgins, Energy Capital Partners

Examples of SAIL ’s value-add

Focused company on reducing costs through off shore sourcing. Assisted in market development with regulators and business introductions.

Awards

2005 Innovation Quotient Award 2005 Top 10 Green Building product 2003, 2004 & 2005 “Most Promising Company,” Energy Venture Fair 2004 “World’s Best Technology” Gold Award 36 Investing in solutions to serious problems

Problems Solved:

Incomplete burning of gasoline or 2-cycle fuel.

Product:

plugs.

Replacement intelligent plug (ultracapacitor) that generates several thousand times the spark of current

Source:

Trade show

IP Estate:

Robust IP

Management:

Dan Parker, CEO; Lou Camilli, President; Jim Scott, CMO; Brian Templeton, CFO

Environmental Impact:

Reduction of gasoline consumption in US by 30 million gallons/day (11B/yr) and reduction of pollutant generated on remaining 360 million gallons/day.

Other Investors

Altira Ventures

Examples of SAIL ’s value-add

Introduction to advanced direct selling technology; Genalytics. Tim Ford, ex-CEO of JC Whitney. Secured commitment from Nissan engineers to test.

Test Results

Vehicle Economy Torque 0-60 Marquis Corolla 10.5% 2.2% 11% 5% 5% 10% Avalanche 8.4% 11.2% 7.8% BMW 740i 8.4% 6.9% 8.0% 37 Investing in solutions to serious problems

Problems Solved:

400M 60% efficient HVAC electric motors in US/yr. Millions more in Washer/Dryers, pools, dishwashers, refrigerators

Product:

Low-cost, brushless DC motor with Electronic Communication (ECM) at 90% efficiency.

Source:

Firm Advisor

IP Estate:

Robust IP

Management:

James Jeung, CTO

Director:

Thomas Cain

Environmental Impact:

DOE estimates US electric grid is 60% electric motor. SN Tech motors are 80% more efficient than existing. Result is removing pressure on grid and eliminating peak-power issues.

Other Investors

Korean Angel investors

Examples of SAIL ’s value-add

Recruitment of CEO, CFO, initial sales staff. Identify new rapid adoption market. Define initial marketing strategy and initiate IP estate development.

Awards

Silver Medal – 18 th , 20 th , 26 th Inventions, Switzerland Salon International IFIA Cup Prize, Germany Gold Prize IENA 38 Investing in solutions to serious problems

Problems Solved:

Reduce pollutants from burning fossil fuels through simple-to-apply additives.

Product:

Proven products for diesel, biodiesel and 2 cycle. Products in final commercialization for residual & gasoline. Product in development for coal.

Source:

Referral

IP Estate:

Patents of biotechnology (beta-carotene)

Management:

Jim Cleary, CEO; Fred Jordan, CTO; Kevin McGlensey, President; Jerome Kaiser, CFO

Environmental Impact:

Reduction of millions of tons of NOx and particulates; removes significant conventional pollutants from each gallon of fossil fuel.

Other Investors

Paladin Homeland Security Fund, Ridgewood Ventures

Examples of SAIL ’s value-add

Led company to obtain 1 st certification, Texas LED. Sourced major strategic customer, protected IP. Led development of 1 st manufacturing facility. Raised $27M in Series C financing.

Awards

Red Herring’s

“100 Most Innovative Companies” EPA Scientific and Technology Achievement Award 39 Investing in solutions to serious problems

Problems Solved:

Catalyze the CleanTech Sector through building networks of conferences, indexes, advisory services and recruiting.

Product:

CleanTech Venture Network (US, Europe, China); CleanTech Advisory Service; CleanTech Executive Search; CleanTech Forum, CleanTech Indices

Source:

Strategic target

IP Estate:

CleanTech trademark

Management:

Nick Parker, Chairman; Keith Raab, CEO

Environmental Impact:

Leading enabler of CleanTech investments and purchases of sustainable technology. Leader in investment partners in US, China and Europe.

Other Investors

Credit Suisse, Bob Epstein (closing with a top-tier investment bank)

Examples of SAIL ’s value-add

Advised company on internal operational matters, expansion and strategic relationships; developed high-level government contacts, private partners and sponsors.

Enablers

Ernst & Young, Global Environment Fund, Jefferies, Wilson Sonsini, Masdar, HellerEhrman, Canaccord Adams, 3i, Rockport Capital, Expansion Capital, John Deere 40 Investing in solutions to serious problems

Large scale Storage

Problems Solved:

Efficient, safe, economical storage of massive amounts of electricity to buffer wind/solar farms, replace peak power plants, load shift buildings from peak.

Product:

Solid lead acid 1kw battery and power management system designed to place in low cost massive array configuration.

Source:

Personal Contact with Angel Investor

IP Estate:

Robust IP & Trade Secret

Management:

Carlos Coe, CEO; Aeron Hurst, Technologist; Michael Breen, CFO

Environmental Impact:

Reduction of fossil fuel consumption for electrical generation, enable renewable fuel usage, relieve current grid stress points.

Other Institutional Investors

None

Initial Customers

Home Depot, Grainger, Freescale, TEES

Examples of SAIL ’s value-add:

Secure IP of batteries and power management. Resolve market exclusivities. Create strategy for trade secret protection. Facilitation of major new customer acquisition. Creation of business plan.

Test Results

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Imperceptible resistance under load

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Less than 7% round trip energy loss

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$200K /MW hr of storage

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10-20 Year Battery Life

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5000 100/5 deep discharge cycles

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250,000 90/20 charge/discharge cycles

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Full charge in 5 minutes

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100MW/hr array configurations

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Finding the Best Deals

• SAIL Team focuses on strategic priorities, contacts network of sources weekly • Dedicated networks of science and business advisors • All 5 partners have extensive deal networks • Partners review more than 10 possible deals per week – deeper review of 1/10 Investing in solutions to serious problems

Directions in CleanTech

• CleanTech sectors and potential portfolio allocations include: –

Renewable Energy

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Energy Efficiency

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Water Quality and Supply

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“Smart” Electricity Grid

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Electric (PHEV) Vehicles

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Enabling Technologies

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Alternative Materials

–

Pollution/Waste Reduction and Conversion

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CleanTech Top 10 Regions

The Top 10 CleanTech Regions in Q1 – Q3 2007 • US : West Coast ($1.3B) • US : Northeast ($526M) • Western Europe ($394M) • US : Southwest ($299M) • US : Northwest ($283M) • Southern Europe ($212M) • US : Southeast ($107M) • Western Canada ($104M) • Eastern China ($100M) • US : Midwest ($85M) The top ten regions accounted for 3.40B out of 3.65B for Q1 – Q3 2007, or 93%.

Source: CleanTech Venture Network

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Issues Affecting CleanTech Investments

• • • • •

U.S. Climate Policy/Global Carbon Prices Linkages among entire financial value chain (Debt/Project Finance-VC-Later Equity Emission Credits) Fiscal Incentives/Tax and Pollution Credits Emerging economies – especially India & China Research, Development and Customer Adoption – ”Culture Change”

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Critical Success Factors for Venture Investing

• Ability to grow value and achieve exit in a strategic acquisition or IPO – requires technology packaged in business model with real customers • Investing at stage of growth that balances risk and value • Team with value-added partners • Work with government but do not rely on government

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Partnerships that Help Companies Succeed

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Successful CleanTech firms must partner with government, NGOs and other private firms

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Partners must enhance ability to grow market share and conserve cash

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A country’s economic and policy environment must create right incentives to take risks (capital gain taxes, investment and R&D tax credits, stock options, IP laws, incentives for customer adoption of new technologies, exits)

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Areas of Potential Collaboration between Taiwan and Other Investors

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Electricity – grid management; efficient delivery and storage of power (Island strategy) Renewable power and waste to energy Transportation – new electric vehicles and cost-effective, long-life storage technologies Green buildings – effective building management Water management and monitoring Chemical alternatives & new materials

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SAIL into the future

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Build sector-leading returns

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Fully deploy Partners’ collective skill sets and global relationships

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Add value across spectrum of business needs

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Deliver economic value and measurable environmental improvement

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Create the leading CleanTech venture platform combining domain mastery with passion for results

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Partner with great companies and governments … like Taiwan

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Questions?

Thank you!

[email protected]

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