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July 2021 Monthly Update

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July 2021 Monthly Update Sustainable Technology and Infrastructure Monthly Market Update // July 2021 Performance of Key Market Indices1 200% 150% 91.9% 100% 36.6% 50% 33.2% 34.4% 0% Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 Index Performance1 July Ending Versus First Day of the July YTD CY 2020 52 Wk High 52 Wk Low MSCI World Index 1.7% 14.1% 14.1% (0.7%) 33.9% NASDAQ Composite 1.2% 13.8% 43.6% (1.1%) 38.0% S&P 500 2.3% 17.0% 16.3% (0.6%) 35.8% NASDAQ Clean Edge Green Energy (3.4%) (4.7%) 182.4% (24.1%) 91.9% Denotes Nomura / Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquirer Transaction Description EQT, a purpose-driven global private equity firm, acquired Jul. 14 Covanta EQT Corporate M&A Covanta, an operator of waste-to-energy facilities, for $5.3bn Transactions Shell signed an agreement to acquire Inspire Energy, a U.S.- Jul. 27 Inspire Energy Shell based residential renewable energy retailer, for an undisclosed amount Date Company Transaction Description Rivian, a U.S.-based electric vehicle start-up and manufacturer, raised $2.5bn led by Jul. 23 Rivian Amazon, Ford and T. Rowe Price Capital Raises Redwood Materials, a U.S.-based manufacturer of recycled batteries, raised $700mm Jul. 28 Redwood Materials led by T. Rowe Price, Goldman Sachs Asset Management, Baillie Gifford, CPPIB and Fidelity Date Company Transaction Description Ivanhoe Capital Acquisition Corp. offered to acquire SES, a Massachusetts-based Jul. 13 SES manufacturer of Li-metal systems, at a pro forma equity value of $3.3bn SPAC Transactions Reinvent Technology Partners Y offered to acquire Aurora, a California-based developer Jul. 15 Aurora of self-driving technology for passenger cars and trucks, at a pro forma equity value of $12.0bn About Nomura Greentech Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 160 transactions with sustainable technology and infrastructure companies and investors. Source: FactSet, SEC filings and third-party providers. 1 1. Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/4) Corporate Transactions Transaction Multiple1 Transaction Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA EnviDan, a water solutions company, acquired VA VA INGENJÖRERNA, a Sweden-based high-tech Jul. 1 EnviDan ND Water ND ND INGENJÖRERNA water and sewage systems specialist, for an undisclosed amount EQT Infrastructure acquired Cypress Creek Cypress Creek Renewables, a U.S.-based utility-scale solar Jul. 4 EQT Infrastructure ND LCI ND ND Renewables development platform, from HPS Investment Partners and Temasek for an undisclosed amount Platinum Equity, a global investment firm, acquired Solenis, a leading global producer of Jul. 6 Solenis Platinum Equity $5,250 Water ND ND specialty chemicals for water treatment industries, for $5.3bn Electrical Components International, a supplier of electrical components for diversified industrial Electrical markets, acquired Promark Electronics, a Canada- Advanced Jul. 6 Promark Electronics Components ND based manufacturer of cable and ND ND Transportation International electromechanical assemblies used by commercial electric vehicles, for an undisclosed amount BASF, a global chemicals company, offered to Environmental acquire Zodiac Enterprises, a precious metals and Jul. 6 Zodiac Enterprises BASF ND ND ND Services industrial scrap recycler, for an undisclosed amount Bentley Systems, an infrastructure engineering software company, acquired Arhus Geosoftware, Jul. 7 Arhus Geosoftware Bentley Systems ND Water ND ND a Denmark-based geophysical software provider, for an undisclosed amount Hull Street Energy, a middle-market private equity firm focused on energy, acquired the Foundation Solar management team and development pipeline of Jul. 7 Hull Street Energy ND LCI ND ND Partners Foundation Solar Partners, an independent renewable development company, for an undisclosed amount Wienerberger, an international supplier of building materials and infrastructure solutions, acquired Cork Plastics & Jul. 9 Wienerberger ND Water Cork Plastics and FloPlast, two rainwater and ND ND FloPlast drainage solutions companies, for an undisclosed amount Circon Environmental, a waste management firm, acquired Kinderhook portfolio companies Chemtron Chemtron Corporation and KilnDirect, Inc., each Circon Environmental Jul. 12 Corporation, ND dedicated to the engineering and processing of ND ND Environmental Services KilnDirect. Inc. non-hazardous and hazardous waste streams to create fuel replacements for traditional natural gas and coal, for an undisclosed amount MAX Environmental, an environmental treatment MAX Environmental Environmental and disposal company, acquired LEI, Inc., a Jul. 13 LEI, Inc. ND ND ND Holdings, Inc. Services recycling and waste management solutions company, for an undisclosed amount CrescoNet, a provider of advanced metering infrastructure and Internet of Things solutions for Smart Earth electric, water and gas utilities, acquired Smart Jul. 13 CrescoNet ND Water ND ND Technologies Earth Technologies, a U.S.-based developer, owner and operator of onsite solar energy systems, 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. 2 Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/4) Corporate Transactions Transaction Multiple1 Transaction Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA CenterOak Partners, a Dallas-based private equity firm, acquired HK Solutions Group, a provider of wastewater and stormwater Jul. 14 HK Solutions Group CenterOak Partners ND Water ND ND infrastructure maintenance services for municipal and industrial customers, for an undisclosed amount Environmental EQT acquired Covanta, an operator of waste-to- Jul. 14 Covanta EQT $5,300 2.8x 16.1x Services energy facilities, for $5.3bn EVgo, an EV fast charging network provider, Advanced Jul. 14 Recargo EVgo $25 offered to acquire Recargo, a California-based ND ND Transportation developer of e-mobility software, for $25mm Woven Planet, Toyota's transportation technology Advanced investment arm, acquired Carmera, a New York- Jul. 14 Carmera Woven Capital ND ND ND Transportation based developer of HD mapping software, for an undisclosed amount Green Meadow Sustainable Solutions, a Riverbend Green Meadow nonhazardous solid waste disposal provider, Environmental Jul. 15 Environmental Sustainable ND acquired Riverbend Environmental Services, a ND ND Services Services Solutions waste management service provider, for an undisclosed amount Ahlström Capital, a family-owned investment Metso Outotec's Environmental company, acquired the waste recycling business Jul. 16 Waste Recycling Ahlström Capital ND ND ND Services of Metso Outotec, a manufacturer and supplier of Business mining equipment, for an undisclosed amount Luminar Technologies, a provider of LiDAR sensors for self-driving cars, offered to acquire Luminar Advanced Jul. 19 OptoGration ND OptoGration, a Massachusetts-based designer ND ND Technologies Transportation and manufacturer of indium gallium arsenide (InGaAs) chips, for an undisclosed amount HEPACO, a provider of environmental and Environmental emergency response services, acquired Environmental Jul. 19 Management HEPACO ND Environmental Management Alternatives, a ND ND Services Alternatives provider of hazardous waste and recycling services, for an undisclosed amount Waste Connections, a U.S.-based waste handling and recycling company, offered to acquire ACT Environmental Jul. 20 ACT Disposal Waste Connections ND Disposal, an U.S.-based leading roll off container ND ND Services delivery and construction debris disposal- company, for an undisclosed amount ChargePoint, a California-based provider of Advanced electric vehicle charging networks, offered to Jul. 20 has-to-be ChargePoint $295 ND ND Transportation acquire has-to-be, a Austria-based developer of e- mobility software, for $295mm Mercedes Benz offered to acquire Yasa, a U.K.- Advanced Jul. 22 Yasa Mercedes Benz ND based manufacturer of electric motors, for an ND ND Transportation undisclosed amount Uber Freight, the logistics business of Uber, Advanced offered to acquire Transplace, a Texas-based Jul. 22 Transplace Uber Freight $2,250 ND 22.5x Transportation operator of transportation and supply chain management, for $2.3bn Source: FactSet, Press releases, SEC filings and Third-party providers. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. 3 Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/4) Corporate Transactions Transaction Multiple1 Transaction Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Magna, a provider of mobility technology, Advanced
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