Advanced Transportation Market Update
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Advanced Transportation Market Update April 2019 Electric Mobility-as- Autonomous Data & Trucking & Vehicles a-Service Infrastructure Analytics Logistics About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced bankers who are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategic partnership in Japan. Our team of experienced bankers provides conflict-free advice and thoughtful, innovative solutions. Greentech Capital Advisors / 1 Advanced Transportation Market Update April 2019 News Selected Business Developments > Alibaba has adapted its operating system, AliOS, to find restaurants, order food and complete other tasks from connected vehicles (TechCrunch) > Amazon will shift its Prime shipping to free one-day shipping (Bloomberg) > Enterprise announced the launch of a vehicle subscription service that will allow customers to swap out vehicles up to four times per month (The Verge) Greentech’s Take: > Ford announced plans to bring an electric commercial van to the European > EV powertrains, market by 2021 as part of its plan to electrify its portfolio (TechCrunch) historically seen as best suited for sedans > Ford announced an electric pickup designed around the skateboard platform of and sports vehicles, EV startup Rivian, in which Ford invested $500mm this month (TechCrunch) are gaining traction in heavier duty vehicles > GM announced the addition of a full-size electric pickup truck as part of its “all- as battery chemistry electric future” that will include a complete range of EVs (TechCrunch) and technology > Penske Truck Leasing rolled out the first commercial heavy-duty electric improves vehicle charging stations in the U.S. (New Mobility) > Nauto has developed an AI-powered coaching dashboard for fleet managers and a self-coaching mobile app, Nauto Driver, for fleet drivers (CCJ) > Toyota announced it will give royalty-free access to nearly 24,000 patents related to electrification technology and systems through 2030 (TechCrunch) > SF Motors, a U.S-based, China-funded EV maker, has rebranded as “Seres” and unveiled the production version of its first vehicle, the SF5 (Electrek) > Tesla announced it expects to launch a robotaxi service in 2020, utilizing a fleet of consumer-owned Teslas integrated into a “Tesla Network” (TechCrunch) > Tesla and Panasonic froze plans to expand the capacity of the Nevada Gigafactory as concerns mount about dipping sales (Nikkei Asian Review) > Tesla released a chip designed in-house (and manufactured by Samsung) that will replace the use of NVIDIA chips for data processing in Teslas (TechCrunch) > Toyota AI Ventures launched another $100mm fund, investing in early-stage startups developing disruptive AV technologies and business models (Toyota) > Uber filed its S-1, launched a roadshow and is already oversubscribed for a ~$10bn public offering at a ~$90bn valuation (TechCrunch) > Volvo announced the rollout of V2V communication in Europe that will enable vehicles to warn each other about hazardous road conditions (TechCrunch) Selected > Amsterdam is reducing the number of parking permits issued, increasing their Regulatory price and replacing former parking spots with bike lanes, trees, parks and Developments walking paths to improve quality of life within the city (CleanTechnica) Greentech’s Take: > California proposed a new law allowing deployment of light duty autonomous > European cities delivery vans under 10,000 pounds (~4,500kg) on public roads (VentureBeat) continue to take steps to limit use of older, > Canada rolled out a C$300mm EV rebate program that offers subsidies of up high emission ICE to C$5,000 for vehicles with a maximum price of C$45,000 (Electrive) vehicles in city > London set up an Ultra Low Emission Zone (ULEZ) that charges £12.50 a day centers, accelerating the transition to for entry by cars, vans and motorbikes, and £100 a day for lorries, buses, and multi-modal, coaches that do not meet Euro 4 emission standards (CleanTechnica) electrified urban > Lawmakers in both chambers of U.S. Congress reintroduced legislation to transportation solutions extend the EV tax credit and remove the 200,000 vehicle cap (CleanTechnica) Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 2 Advanced Transportation Market Update Partnerships & Transactions Selected > Affectiva, a vehicle passenger monitoring startup, raised a $26mm round Capital Raises from Motley Fool Ventures, with participation from Aptiv (VentureBeat) > FirstElement Fuel, a producer and distributor of hydrogen for fuel cell EVs, raised a $24mm round from Air Liquide and Hy Solutions (New Mobility) Greentech’s Take: > Glovo, a Spanish on-demand delivery startup, raised a $168 million round led > Companies by Lakestar, with participation from Drake and Idinvest (VentureBeat) developing solutions > KeepTruckin, a developer of fleet tracking solutions, raised a $149mm round to address led by Greenoaks Capital, with participation from GV (TechCrunch) shortcomings in the logistics industry are > Phantom Auto, a provider of remote driving solutions for logistics clients, receiving significant raised a $14mm round led by Bessemer Venture Partners (TechCrunch) interest from capital > Pony.ai, a developer of AV tech, raised $50mm from Kunlun, a Chinese video providers game developer, at a $1.6bn pre-money valuation (TechCrunch) > Rivian, a maker of electric pickup trucks, raised $500mm from Ford and will start to supply the company with its EV “skateboard” platform (TechCrunch) > Shift, an online marketplace for used vehicles, added $40mm to its ongoing raise, bringing the total round size to $181mm (TechCrunch) > Sila Nano, a developer of silicon anodes for batteries, raised a $170mm round led by Daimler at a $820mm pre-money valuation (TechCrunch) > Stord, a provider of freight and warehousing services, raised a $12mm round led by Kleiner Perkins, with participation from Dynamo (VentureBeat) > Uber ATG, the AV-focused division, raised a $1bn round from Denso, SoftBank and Toyota at a $6.25bn pre-money valuation (TechCrunch) > Uber raised $500mm from PayPal, who will invest through a concurrent private placement at the IPO price and time (VentureBeat) > Zencargo, a London-based freight forwarding startup, raised a $19mm round led by HV Holtzbrinck Ventures, with participation from DST (TechCrunch) > Zoomcar, an Indian car rental platform, raised $500mm from Mahindra & Mahindra at a $500mm pre-money valuation (Deal Street Asia) Selected > CalAmp, a telematics solutions provider, acquired Synovia, a provider of Mergers & telematics solutions for government-operated fleets, for $50mm (PR Newswire) Acquisitions > Geotab, a provider of connected transportation services, acquired BSM Technologies, a telematics and asset management solutions provider to government and private fleets in North America (New Mobility) > Getaround, a peer-to-peer car sharing service, acquired Drivy, a French direct competitor, for $300mm as they move into Europe (FT) > ICONIQ Capital acquired a majority stake in Truckstop.com, a developer of online freight-managing software, for an undisclosed sum (WSJ) > Lear Corporation, an auto supplier, announced the acquisition of Xevo, an automotive software supplier, for $320mm (The Detroit News) > Nidec acquired Omron Corp’s automotive electronics unit, a maker of motor control systems, LiDAR and radar, for $900mm (Reuters) > Providence Equity Partners acquired GlobalTranz Enterprises, a freight brokerage and logistics firm, for an undisclosed sum (WSJ) Selected > Bosch partnered with Powercell to develop and license a new line of Partnerships hydrogen fuel cells for the automotive market (CleanTechnica) > GM, Ford and Toyota formed a consortium to draw up AV safety standards to Greentech’s Take: support the development of regulation in the United States (Reuters) > Traditional automotive > Velodyne partnered with Nikon to mass-produce LiDAR sensors (CNET) manufacturers will > Via partnered with Mori, a Japanese real estate firm, and conglomerate seek new “non- Itochu to expand into Japan, a historically closed market (PR Newswire) traditional” partners > Waymo is partnering with American Axle & Manufacturing to repurpose an to stay competitive existing parts factory in Detroit for production of L4 vehicles (TechCrunch) Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 3 Advanced Transportation Market Update Transactions Capital Raises Amount Raised Date Company ($mm) Disclosed Investors Company Description 4/2 FirstElement $24 Air Liquide, Hy Solutions Distributor of hydrogen for fuel cell EVs Fuel 4/3 Zoomcar $500 Mahindra & Mahindra Indian car rental platform 4/10 Shift $181 Alliance Ventures, BMW i Ventures, DCM Ventures, Provider of an online car marketplace G2VP, Goldman Sachs Investment Partners, Highland Capital Partners, Lithia Motors, Threshold Ventures 4/11 Affectiva $26 Aptiv, CAC Holdings,