Sustainable Technology and Infrastructure Monthly Market Update February 2019

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Sustainable Technology and Infrastructure Monthly Market Update February 2019 Sustainable Technology and Infrastructure Monthly Market Update February 2019 Performance of Key Market Indices 20.0% 10.0% 6.7% 5.6% 5.2% 0.0% 4.3% (10.0%) (20.0%) Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance February Ending Versus First Day of the February YTD CY 2018 52 Wk High 52 Wk Low Dow Jones Industrial Average 11.4% 11.4% (5.6%) (3.1%) 19.2% NASDAQ Composite 13.9% 13.9% (3.9%) (6.8%) 22.0% S&P 500 11.4% 11.4% (6.2%) (4.7%) 18.8% NASDAQ Clean Edge Green Energy 18.7% 18.7% (13.2%) (0.3%) 27.5% Notable Recent Transactions & Capital Raises Acquiror Target Transaction Description Corporate Transactions Tesla acquired Maxwell Technologies, a developer of energy storage technologies and products, for $218mm Corporate M&A and Royal Dutch Shell acquired sonnen, a provider of Asset Transactions smart energy storage systems and residential energy services, for an undisclosed amount Asset Transactions A consortium of European investors acquired an 80% stake in the 400 MW Veja Mate offshore wind farm from Copenhagen Infrastructure Partners and Laidlaw Capital Group for ~$2.6bn AEP acquired Sempra Renewables, which owns 724 MW of operating wind generation and battery assets across the U.S., for ~$1.1bn Company Transaction Description OVO Energy, the UK’s largest independent energy technology company and supplier, raised capital from Mitsubishi Capital Raises Rivian, an automaker focused on manufacturing electric trucks and SUVs, raised $700mm from Amazon Ynsect, a producer of insect-based protein used as fish and poultry feed, raised a $125mm Series C Round led by Astanor Ventures Greentech Advised on Transaction About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. Our team of experienced bankers are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 65 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategic partnership in JapanGreentech. Our team of/ 1 experienced bankers provide conflict-free advice and thoughtful, innovative solutions. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/3) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA ADM acquired Neovia, a producer of Archer Daniels Agriculture & 2/1/2019 Neovia products related to aquaculture, $1,769 0.9x ND Midland Consumer livestock feed and animal nutrition Tesla acquired Maxwell Technologies, a Greentech’s Take: Maxwell Power Infra / 2/4/2019 Tesla developer of energy storage $218 ND ND We believe that Lithium- Technologies Smart Grid technologies and products ion-focused battery storage companies will seek new technologies to diversify their offerings Nutrien acquired Actagro, a developer and make existing Agriculture & 2/5/2019 Actagro Nutrien of soil and plant health products and $340 ND ND processes more efficient Consumer technologies Platinum Equity acquired Pro-Mark, the parent company of Orbit Irrigation and Agriculture & 2/6/2019 Pro-Mark Platinum Equity ND ND ND Hydro-Rain, two providers of irrigation Consumer systems and related home products Corvus Energy acquired Grenland Energy, a developer and manufacturer Power Infra / 2/6/2019 Grenland Energy Corvus Energy of lightweight lithium-ion batteries for ND ND ND Smart Grid the maritime, offshore and subsea industries Kurita Water Industries acquired U.S. Kurita Water Water Services, a provider of integrated 2/8/2019 U.S. Water Services Water $270 ND ND Industries water treatment for commercial and industrial markets KKR acquired Ramky Enviro Engineers, Ramky Enviro Air & 2/10/2019 KKR a provider of environmental services $510 ND ND Engineers Environment and solutions in India Ingersoll Rand acquired Precision Flow Systems, a provider of fluid Precision Flow 2/11/2019 Ingersoll Rand management for the water, agriculture, Water $1,450 3.6x ~11.0x(2) Systems food, pharmaceutical and process industries Dynamic Map Platform acquired Ushr, a Dynamic Map developer of comprehensive, high- Advanced 2/12/2019 Ushr ND ND ND Platform definition map technology for Mobility automotive manufacturers Cobra Instalaciones y Servicios acquired the outstanding 49% stake in Bow Cobra Instalaciones y 2/12/2019 Bow Power Power, a developer, investor and Solar $97 ND ND Servicios manager of energy infrastructure, from GIP Aureus Energy Services acquired Aureus Energy 2/13/2019 Amperage Energy Amperage Energy, a provider of mobile Water ND ND ND Services water treatment systems Toro Company acquired Charles Charles Machine Machine Works, a manufacturer of 2/15/2019 Toro Company Water $700 1.0x ~8.0x Works products that cover the full life-cycle of underground pipes and cables Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Greentech / 2 (2) Represents a multiple of 2019E EBITDA, net of synergies. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/3) Corporate Transactions Transaction Transaction Multiple(1) Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Greentech’s Take: Shell acquired sonnen, a provider of Power Infra / 2/15/2019 sonnen Royal Dutch Shell smart energy storage systems and ND ND ND We believe that oil majors Smart Grid will continue to invest in residential energy services new technologies as a way to bolster customer engagement and diversify Origin Energy acquired OC Energy, an their revenue profile Australian energy retailer that also Energy towards the new energy 2/15/2019 OC Energy Origin Energy $41 ND ND offers hot water, metering and other in- Efficiency economy building services Total acquired Synova, a manufacturer of high-performance recycled Air & 2/18/2019 Synova Total ND ND ND polypropylene for the automotive Environment sector Glanbia, a diversified and global nutrients company, acquired Watson, a Agriculture & 2/21/2019 Watson Glanbia producer of custom nutrient premixes, $89 0.9x(2) ND Consumer edible films and other material conditioning products Vol-V Engie acquired Vol-V Biomasse, France's 2/26/2019 Engie Biomass ND ND ND (Biogas business) leading biomethane producer Total Eren acquired NovEnergia, a pan- 2/26/2019 NovEnergia Total Eren European renewable energy IPP with Wind ND ND ND 657 MW of net capacity Shell New Energies has agreed to Energy 2/27/2019 LimeJump Royal Dutch Shell acquire LimeJump, a UK-based operator ND ND ND Efficiency of virtual power plants Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Greentech / 3 (2) Represents a multiple of 2018E EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/3) Asset Transactions Transaction Transaction Multiple(1) Date Seller Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA Greencoat UK Wind and a UK pension fund acquired a 49.9% stake in the 2/1/2019 SSE Greencoat UK Wind Wind $832 ND ND Scotland-based Stronelairg (228 MW) and Dunmaglass (93 MW) wind farms Omega Geracao SA acquired the 303 Companhia de MW ("CER") Assurua Wind Portfolio in 2/4/2019 Omega Geracao SA Wind $518 ND ND Energias Renovaveis Brazil from CER - Companhia de Energias Renovaveis Q-Energy acquired 30 MW of Platina Energy 2/7/2019 Q-Energy operational solar PV assets in Spain Solar ND ND ND Partners from Platina Energy Partners Duke Energy Renewables acquired the Duke Energy 2/8/2019 7X Energy 100 MW Lapetus solar generation Solar ND ND ND Renewables project in Texas from 7X Energy Eversource acquired a 50% interest in Greentech’s Take: Revolution Wind, a 704 MW offshore Ørsted U.S. Offshore project in RI, as well as a 130 MW We believe that the 2/8/2019 Eversource Wind ~$225 ND ND offshore wind market will Wind offshore project in NY and two wind continue its rapid lease areas in MA from Ørsted U.S. maturation in the U.S. Offshore Wind and abroad AEP acquired Sempra Renewables, American Electric which owns 724 MW of operating wind 2/12/2019 Sempra Renewables Wind $1,056 ND ND Power generation and battery assets across the U.S. ERG SpA acquired the 51 MW Montalto 2/12/2019 Soles Montalto GmbH ERG SpA di Castro solar portfolio in Italy from Solar $251 ND ND Soles Montalto GmbH Commerz Real, wpd invest, KGAL and Copenhagen the Ingka Group acquired an 80% stake Commerz Real, wpd Infrastructure in the Germany-based 400 MW Veja 2/13/2019 invest, KGAL, Ingka Wind $2,596 ND ND Partners, Laidlaw Mate offshore wind farm from Group Capital Group Copenhagen Infrastructure Partners and Laidlaw Capital Group Arjun Infrastructure Partners acquired a Arjun Infrastructure minority stake in Rothes Corde, a UK- 2/21/2019 iCON Infrastructure Biomass ND ND ND Partners based biomass cogeneration plant, from iCON Investments Luxcara acquired a 100 MW wind
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