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Nomura-Greentech-Gen Sustainable Technology and Infrastructure Monthly Market Update // January 2021 Performance of Key Market Indices1 280.0% 203.4% 240.0% 200.0% 160.0% 120.0% 80.0% 42.8% 40.0% 15.2% 0.0% 13.6% (40.0%) Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 1 Index Performance January Ending Versus January YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index (1.1%) (1.1%) 14.1% (3.8%) 66.1% NASDAQ Composite 1.4% 1.4% 43.6% (4.1%) 90.5% S&P 500 (1.1%) (1.1%) 16.3% (3.7%) 66.0% NASDAQ Clean Edge Green Energy 13.8% 13.8% 182.4% (7.9%) 372.5% Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquiror Transaction Description Naturgy, a Spanish multinational natural gas and electric utilities company, acquired Jan. 15 Hamel Renewables Naturgy Hamel Renewables, a solar and energy storage development platform in the U.S., for an Corporate M&A undisclosed amount Transactions Enphase, a supplier of microinverter-based solar-plus-storage systems, acquired Jan. 26 Sofdesk Enphase Sofdesk, a developer of a residential solar software platform, for an undisclosed amount Date Company Transaction Description esVolta, a U.S.-based developer, owner and operator of utility-scale energy storage projects across North Jan. 19 esVolta America, raised an undisclosed amount from Macquarie Green Investment Group Capital Raises Rivian, a U.S.-based developer of electric vehicles raised $2.7bn led by T. Rowe Price Associates with Jan. 19 Rivian Automotive participation from Fidelity, Amazon, Coatue and D1 Capital Partners Date Company Transaction Description Proterra, a U.S.-based manufacturer of e-buses and power train solutions, announced plans to merge with Jan. 12 Proterra ArcLight Clean Transition Corp., a SPAC, at a valuation of $1.6bn2 EVgo, a U.S.-based provider of public fast-charging stations, announced plans to merge with Climate Change Jan. 22 EVgo Crisis Real Impact I Acquisition Corp., a SPAC, at a valuation of $2.1bn2 SPAC Transactions Sunlight Financial, a U.S.-based residential solar financing platform, announced plans to merge with Spartan Jan. 25 Sunlight Financial Acquisition Corp., a SPAC, at a valuation of $1.3bn2 Faraday Future, a U.S.-based manufacturer of EVs, announced plans to merge with Property Solutions Jan. 28 Faraday Future Acquisition Corp., a SPAC, at a valuation of $2.6bn2 About Nomura Greentech Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 140 transactions with sustainable technology and infrastructure companies and investors. Source: FactSet, SEC filings and third-party providers. 1. Performance does not include reinvestment of dividends. 1 2. Pro forma equity value. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/5) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Vortex Companies, a global provider of trenchless infrastructure products and services, acquired North American Jan. 3 Vortex Companies ND Water North American Pipeline Services, one of the ND ND Pipeline Services largest pipe rehabilitation contractors in the New Jersey tristate area, for an undisclosed amount Sphere 3D, a provider of cloud and on premise data management solutions, has agreed to Jan. 5 Rainmaker Holland Sphere 3D ND Water acquire Rainmaker Holland, a water treatment ND ND subsidiary of Rainmaker Worldwide, for an undisclosed amount Cox Automotive, a business unit of Cox Advanced Jan. 5 Fyusion Cox Automotive ND Enterprises, acquired Fyusion, a developer of AI ND ND Transportation and 3D capture tools, for an undisclosed amount Ideanomics, a developer of fintech solutions Advanced Jan. 5 WAVE Ideanomics $50 acquired WAVE, a provider of wireless charging 7.1x ND Transportation systems, for $50mm Neste, a Finland-based manufacturer of renewable fuels and chemicals, acquired a Environmental Jan. 5 Alterra Energy Neste ND minority stake in Alterra Energy, an Ohio-based ND ND Services chemical recycling technology company, for an undisclosed amount Lakeshore Recycling Systems, waste and recycling company providing comprehensive, fully Environmental integrated waste diversion and recycling services, Jan. 5 Roy Strom Company Lakeshore Recycling ND ND ND Services acquired Roy Strom Company, a Chicago-based independent waste hauler, for an undisclosed amount The Carlyle Group, a private equity firm, acquired Renewable Jan. 6 Amp Solar Group Carlyle Group $374 Amp Solar Group, Canada-based developer and ND ND Energy operator of clean energy assets, for $374mm Badger Meter, a global provider of flow Analytical measurement and water quality solutions, Jan. 8 Badger Meter $44 Water 11.0x ND Technology (ATi) acquired Analytical Technology (ATi), a provider of water quality monitoring systems, for $44mm GBA Group Environment, a provider of environmental analytics, acquired GEOTAIX GEOTAIX GBA Group Jan. 8 ND Water Umwelttechnologie, a provider of sampling and ND ND Umwelttechnologie Environment expert assessments for the water supply, for an undisclosed amount SUEZ, a French water and waste management Heritage Hills Water utility company, acquired Heritage Hills Water Jan. 8 Works and Heritage SUEZ $9 Water Works and Heritage Hills Sewage Works, ND ND Hills Sewage Works providers of water utility services in New York, for €7.3mm 2 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/5) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA AQUALIS, a portfolio company of DFW Capital Partners, acquired the assets of Weeks Utility Weeks Utility Jan. 11 AQUALIS ND Water Services, a provider of storm water lift station and ND ND Services pumping services in Florida, for an undisclosed amount IDEX Corporation, a developer of fluidics systems and specialty engineered products, acquired Jan. 11 ABEL Pumps IDEX Corporation $104 Water ABEL Pumps, a manufacturer of highly- ND ND engineered reciprocating positive displacement pumps, for $104mm in cash Waste Connections, a North America-based integrated waste services company, acquired Springs Waste Environmental Jan. 11 Waste Connections ND Springs Waste Systems, a Colorado-based family- ND ND Systems Services owned waste collection and recycling service company, for an undisclosed amount SK Capital, a private investment firm focused on the specialty materials, chemicals and Environmental pharmaceuticals sectors, acquired Lacerta Group, Jan. 11 Lacerta Group SK Capital ND ND ND Services a designer and manufacturer of specialty thermoformed packaging solutions, for an undisclosed amount Total, a French multinational integrated oil and gas company, acquired Fonroche Biogaz, a Renewable Jan. 11 Fonroche Biogaz Total ND French company that designs, builds and ND ND Energy operates anaerobic digestion units, for an undisclosed amount Sulzer, a Swiss industrial engineering and manufacturing firm, acquired Nordic Water, a Jan.11 Nordic Water Sulzer $143 Water 1.6x 9.8x provider of screening, sedimentation and filtration solutions, for CHF 128mm DHI, a provider of water management services, Blazer Water acquired Blazer Water Transfer, a leading water Jan. 12 DHI ND Water ND ND Transfer transfer service provider in the Permian Basin, for an undisclosed amount ProAmpac, a provider of flexible packaging, acquired Rapid Action Packaging, a U.K.-based Rapid Action Environmental Jan. 12 ProAmpac ND manufacturer of cellulose-based food packaging ND ND Packaging Services products for prepared foods sold at retail, for an undisclosed amount TPG Rise Fund, the impact investing arm of TPG, has acquired a majority stake in Element Markets, Environmental Jan. 12 Element Markets TPG Rise Fund ND a U.S.-based provider of environmental asset ND ND Services management and compliance services, for an undisclosed amount Novatus Energy, a U.S. independent power Southwest producer, acquired Southwest Generation Power Infra / Jan. 12 Generation Novatus Energy ND Operating Co., another U.S. independent power ND ND Smart Grid Operating Co. producer, to create Onward Energy for an undisclosed amount 3 Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/5) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Marlowe, a U.K. specialist services company, Jan. 13 WPL Marlowe $14 Water acquired WPL, a wastewater treatment and ND ND compliance services provider, for £10M May River Capital, a Midwest-based private equity Jan. 14 Unibloc Pump May River Capital ND Water
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