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November 2020 Monthly Update

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November 2020 Monthly Update Sustainable Technology and Infrastructure Monthly Market Update // November 2020 Performance of Key Market Indices1 200.0% 160.0% 176.9% 120.0% 80.0% 40.8% 40.0% 15.3% 0.0% 12.7% (40.0%) Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 Index Performance1 November Ending Versus First Day of the November YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index 12.7% 9.5% 25.2% (0.7%) 61.2% NASDAQ Composite 11.8% 36.0% 35.2% (0.1%) 77.8% S&P 500 10.8% 12.1% 28.9% (0.5%) 61.9% NASDAQ Clean Edge Green Energy 33.8% 154.5% 40.7% (2.6%) 274.1% Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquiror Transaction Description State Grid State Grid International Development (SGID), a subsidiary of State Grid Corp. of China, Compañía General de Nov. 16 International acquired a 96% stake in Compañía General de Electricidad, a Chilean electricity grids Electricidad Corporate M&A Development business, from Naturgy Energy Group for $3.0bn Transactions John Swire & Sons, a U.K. conglomerate, acquired WesTech Engineering, a Utah- Nov. 24 WesTech Engineering John Swire & Sons based process solutions and services provider for water and wastewater treatment, for an undisclosed amount Date Company Transaction Description Plug Power, a New York-based provider of hydrogen engines and fueling solutions, raised approximately $1bn Nov. 24 Plug Power in a bought equity transaction to accelerate on its green hydrogen strategy Capital Raises Manbang, a Chinese mobile truck-hailing platform, raised $1.7bn led by SoftBank Vision Fund, Sequoia Capital Nov. 24 Manbang China, Permira and Fidelity with participation from Hillhouse Capital, GGV Capital, Lightspeed China Partners, Tencent and YF Capital Date Company Transaction Description PureCycle PureCycle Technologies, a U.S. developer of proprietary polypropylene recycling technology, announced to go Nov. 16 Technologies public through a SPAC merger with Roth CH Acquisition I Co. at an implied valuation of $826mm SPAC Transactions Arrival, a U.K. maker of electric vans and buses, agreed to go public through a SPAC merger with CIIG Merger Corp. at an implied valuation of $5.4bn. With this transaction, Arrival raised $400mm in PIPE from investors Nov. 18 Arrival including Fidelity Management & Research Company, Wellington Management and BNP Paribas Asset Management Energy Transition Fund About Nomura Greentech Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 135 transactions with sustainable technology and infrastructure companies and investors. Source: FactSet, SEC filings and third-party providers. 1 1. Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/6) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Ingredion, a U.S. provider of ingredient solutions to the food and beverage manufacturing industry, Nov. 1 Verdient Foods Ingredion ND AgTech acquired Verdient Foods, a sustainable plant- ND ND based protein food producer, for an undisclosed amount Ahlsell Norge, a Nordic distributor of installation products for the water sector, acquired Weels Weels Betong & Nov. 2 Ahlsell Norge ND Water Betong & Plast, a Nordic supplier of water and ND ND Plast sewage systems in both concrete and plastic pipes, for an undisclosed amount Frontenac Company, a private equity firm, acquired Newterra Group, a Canadian water Nov. 2 Newterra Group Frontenac Company ND Water ND ND treatment company, from XPV Water Partners and Angeleno Group, for an undisclosed amount Statkraft, a Norwegian utility firm, acquired Power Infra / Nov. 2 Solarcentury Statkraft $152 Solarcentury, a U.K.-based renewable energy ND ND Smart Grid developer, for $152mm Franklin Electric, a U.S. manufacturer of water and fuel equipment, acquired Waterite, a Nov. 2 Waterite Franklin Electric ND Water Canadian provider of residential and commercial ND ND water treatment products and services, for an undisclosed amount Wienerberger, an international supplier of building materials and infrastructure solutions, acquired Nov. 3 Inter Act Wienerberger ND Water ND ND Inter Act, a Dutch provider of cloud-based solutions for smart city and water management Badger Meter, a U.S.-based global provider of flow measurement and water quality solutions, Nov. 3 s::can Badger Meter $32 Water 2.2x ND acquired s::can, an Austrian provider of water quality monitoring systems, for $32mm Chart Industries, a U.S. manufacturer of cryogenic equipment, acquired BlueInGreen, a U.S. Nov. 3 BlueInGreen Chart Industries $20 Water dissolved-gas expert that provides custom- ND ND engineered solutions for water treatment, for $20mm Baker Hughes, a U.S. energy services company, Compact Carbon Environmental acquired Compact Carbon Capture, a technology Nov. 3 Baker Hughes ND ND ND Capture Services development company specializing in carbon capture solutions, for an undisclosed amount Ardian, a French private equity firm, acquired Industrial IoT & Nevel Oy, a Finnish district heating and industrial Nov. 3 Nevel Oy Ardian $656 6.5x ND Software energy solutions company from Vapo Group, for an undisclosed amount Court Square Capital Partners, a private equity Court Square firm, acquired Veregy, a U.S. energy efficiency Nov. 3 Veregy ND Energy Efficiency ND ND Capital services and smart building company, from Bow River Capital for an undisclosed amount 2 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/6) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA V99, a corporation led by HP Jin, co-founder of Advanced Telenav, acquired Telenav, a provider of Nov. 6 Telenav V99 $241 1.0x 24.6x Transportation connected car and location-based services, for $241mm Descartes Systems, a Canadian developer of Advanced shipping communication software, acquired Nov. 6 ShipTrack Descartes Systems $19 ND ND Transportation ShipTrack, a developer of Excel add-ins to track shipments, for $19mm Traton, a Volkswagen subsidiary focused on Advanced commercial vehicles, acquired the remaining Nov. 7 Navistar Traton $3,700 0.5x 6.5x Transportation shares it did not previously own of Navistar, a provider of trucks and vehicle engines, for $3.7bn Esdec, a Dutch solar mounting and racking company, acquired PanelClaw, a U.S. solar Renewable Nov. 9 PanelClaw Esdec ND mounting and racking company serving ND ND Energy commercial solar developers and installers, for an undisclosed amount Blackstone acquired Therma Holdings, a U.S. provider of mechanical, electrical and energy Nov. 9 Therma Holdings Blackstone ND Energy Efficiency ND ND efficiency services, from Gemspring Capital for an undisclosed amount Blackstone acquired RE Tech Advisors, a U.S. Nov. 9 RE Tech Advisors Blackstone ND Energy Efficiency energy and sustainability consulting firm for an ND ND undisclosed sum American Allwaste, a Texas-based provider of nonhazardous liquid waste transportation and Walker Aero Environmental Nov. 10 American Allwaste ND disposal, acquired Walker Aero Enterprises, a ND ND Enterprises Services Texas-based provider of composting services, for an undisclosed amount BlackRock acquired the remaining 20% stake in Distributed Solar Development, a U.S. company Distributed Solar Renewable Nov. 10 BlackRock ND focused on commercial and industrial markets, ND ND Development Energy from GE Renewable Energy for an undisclosed amount Quench, a U.S. provider of filtered water solutions, announced the acquisition of Sunnybrook Water Sunnybrook Water Company, a U.S. provider of Nov. 11 Quench ND Water ND ND Company point-of-use drinking water systems for the Portland metropolitan area, for an undisclosed amount METAWATER, a Japanese provider of water and wastewater treatment technologies and Rood Wit Blauw Nov. 11 METAWATER ND Water equipment, acquired the remaining 75.3% stake in ND ND Holding Rood Wit Blauw Holding, a Dutch water treatment engineering company, for an undisclosed amount Ancala Partners, an infrastructure investment Renewable fund, acquired a 49% stake in Ence Energía SLU, Nov. 12 Ence Energía SLU Ancala Partners $430 ND ND Energy a renewable energy subsidiary of ENCE Energía y Celulosa for $430mm 3 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/6) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Total acquired Charging Solutions,
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