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Nomura-Greentech-Gen Sustainable Technology and Infrastructure Monthly Market Update // May 2021 Performance of Key Market Indices1 250% 200% 150% 127.3% 100% 43.9% 37.7% 50% 37.6% 0% May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 1 Index Performance May Ending Versus May YTD CY 2020 52 Wk High 52 Wk Low MSCI World Index 1.4% 10.8% 14.1% (0.0%) 38.7% NASDAQ Composite (1.5%) 6.7% 43.6% (2.8%) 44.9% S&P 500 0.5% 11.9% 16.3% (0.7%) 40.0% NASDAQ Clean Edge Green Energy (3.6%) (10.9%) 182.4% (29.1%) 133.2% Denotes Nomura / Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquirer Transaction Description Birdseye Renewable Dominion Energy, a power and energy company, acquired Birdseye Renewable Energy, May 11 Dominion Energy Corporate M&A Energy a utility-scale solar developer, for an undisclosed amount Transactions Resource Innovations, an energy consulting company, acquired Nexant, an energy May 12 Nexant Resource Innovations services and software firm, for an undisclosed amount Date Company Transaction Description Einride, a Sweden-based manufacturer of autonomous trucks, raised $110mm in Series B financing from May 6 Einride Temasek, Soros Fund Management, EQT Ventures, Build Capital Partners, Ericsson Ventures, Maersk Growth, NordicNinja VC, Norrsken VC, Northzone Ventures and Plum Alley Private Company Back Market, a U.S.-based marketplace for renewed electronics goods, raised $335mm in Series D financing Capital Raises May 18 Back Market led by General Atlantic with participation from Generation Investment Management, Goldman Sachs Growth Equity, Aglaé Ventures, Eurazeo and daphni Bowery, a U.S.-based vertical farming company, raised $300mm in Series C financing led by Fidelity May 25 Bowery Management & Research with participation from GV, General Catalyst, GGV Capital, Temasek and Groupe Artémis Date Company Transaction Description Acon S2, a SPAC, acquired ESS Inc., a long-duration energy storage solutions company, at a pro forma equity May 7 ESS value of $1.6bn SPAC Transactions Live Oak II, a SPAC, acquired Navitas Semiconductor, an industry leader in gallium nitride power ICs, at a pro May 7 Navitas forma equity value of $1.4bn Star Peak II, a SPAC, acquired Benson Hill, a sustainable food technology company, at a pro forma equity value May 10 Benson Hill of $2.0bn About Nomura Greentech Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 140 transactions with sustainable technology and infrastructure companies and investors. Source: FactSet, SEC filings and third-party providers. 1 1. Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/3) Corporate Transactions Transaction Multiple1 Transaction Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA DXP Enterprises, a distributor of pumping products and services, acquired Carter & May 3 Carter & Verplanck DXP Enterprises ND Water ND ND Verplanck, a distributor of products and services for the water market, for an undisclosed amount Brentwood Associates, a private equity firm, Brentwood May 3 Watermill Express ND Water acquired Watermill Express, a provider of drinking ND ND Associates water refill stations, for an undisclosed amount Equinor, a multinational energy company, Renewable May 5 Wento Equinor $111 acquired Wento, a Polish renewables company ND ND Energy with a 1.6 GW solar project pipeline, for $111mm Winn & Coales, a manufacturer of corrosion prevention and sealing products, acquired May 7 Amcorr Winn & Coales ND Water ND ND Amcorr, the parent company of Viscotaq protective coatings, for an undisclosed amount Marlowe, a U.K. specialist services and software May 10 Agriteck Marlowe ND Water company, acquired Agriteck, a water treatment ND ND business, for an undisclosed amount Dominion Energy, a power and energy company, Birdseye Renewable Renewable May 11 Dominion Energy ND acquired Birdseye Renewable Energy, a utility- ND ND Energy Energy scale solar developer, for an undisclosed amount Blink Charging, a provider of EV charging Advanced May 11 Blue Corner Blink Charging $24 stations, acquired Blue Corner, a provider of EV 5.6x NA Transportation charging solutions, for $24mm Meridian Waste, an integrated solid waste Environmental services company, acquired Eco Waste Services, May 11 Eco Waste Services Meridian Waste ND ND ND Services a provider of waste collection and recycling services, for an undisclosed amount Veregy, an engineering and energy services Enpowered Power Infra / company, acquired Enpowered Solutions, a May 11 Veregy ND ND ND Solutions Smart Grid provider of energy and industrial controls services, for an undisclosed amount Repsol, a Spanish oil and gas company, acquired Renewable May 11 Hecate Energy Repsol ND a 40% stake in Hecate Energy, a renewable ND ND Energy energy developer, for an undisclosed amount Ardurra Group, an engineering services firm, Infrastructure acquired Infrastructure Engineering Corporation, May 11 Engineering Ardurra ND Water ND ND an engineering management firm specializing in Corporation water and wastewater, for an undisclosed amount Apeel Sciences, a food waste technology May 12 ImpactVision Apeel Sciences ND AgTech company, acquired ImpactVision, a hyperspectral ND ND imaging startup, for an undisclosed amount Resource Innovations, an energy consulting Resource Power Infra / May 12 Nexant ND company, acquired Nexant, an energy services ND ND Innovations Smart Grid and software firm, for an undisclosed amount Soleno, a developer of sustainable solutions for Environmental storm water management, acquired Plastiques May 12 Plastiques VPC Soleno ND ND ND Services VPC, a start-up specializing in the recovery of oil- contaminated plastics, for an undisclosed amount Source: FactSet, Press releases, SEC filings and Third-party providers. 2 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/3) Corporate Transactions Transaction Multiple1 Transaction Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA XL Fleet, a provider of fleet electrification solutions, acquired World Energy Efficiency World Energy Advanced May 17 XL Fleet $16 Services, a provider of electric vehicle charging 0.9x ND Efficiency Services Transportation stations and other renewable technologies, for $16mm Quench, a provider of filtered water solutions, acquired Eastern Pure Water, a dealer of point-of- May 18 Eastern Pure Water Quench ND Water ND ND use drinking water systems, for an undisclosed amount Universities Superannuation Scheme, a British Universities Renewable private pension fund, acquired 50% of Bruc May 19 Bruc Energy Superannuation $273 ND ND Energy Energy, a Spanish renewable energy developer, Scheme (USS) 2 for $273mm SparkCognition, an artificial intelligence company, Power Infra / acquired Ensemble Energy, a provider of software May 19 Ensemble Energy SparkCognition ND ND ND Smart Grid products and services for the renewable energy industry, for an undisclosed amount Benshaw, a provider of applied motor control systems, acquired the business assets of Advanced May 20 Hiconics Europe Benshaw ND Hiconics Europe, including its medium voltage NA NA Transportation drives manufacturing division, for an undisclosed amount BDT Capital, a merchant bank, acquired Culligan BDT Capital International, a provider of sustainable water May 25 Culligan ND Water ND ND Partners solutions and services to consumers, for an undisclosed amount Guthrie & Frey Water, a family-owned water KH Water Guthrie & Frey conditioning company, acquired KH Water May 25 ND Water ND ND Specialists Water Specialists, another family-owned water conditioning company, for an undisclosed amount Elemental Holding Group, a Poland-based investor specializing in urban mining and Elemental Holding Environmental May 26 Maryland Core $11 recycling, acquired Maryland Core, a buyer and ND ND Group Services recycler of catalytic converters and automotive scrap materials, for $11mm Hull Street Energy, an investor in middle market Foundation Solar Renewable power companies, acquired Foundation Solar May 27 Hull Street Energy ND ND ND Partners Energy Partners, a renewable energy development company, for an undisclosed amount Wastequip, a waste handling equipment Wastebuilt Environmental manufacturer, acquired Wastebuilt Environmental May 27 Environmental Wastequip ND ND ND Services Solutions, a provider of equipment and services Solutions for refuse applications, for an undisclosed amount Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 3 2. Nomura acted as sole financial advisor to USS. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/3) Asset Transactions Transaction Capacity Date
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