Advanced Mobility Market Update
December 2018
Electric Ecosystem Mobility-as- Autonomous Data & Vehicles Intelligence a-Service Infrastructure Analytics
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 and investment professionals 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 and investment professionals provides conflict-free advice and thoughtful, innovative solutions.
Greentech Capital Advisors / 1 Advanced Mobility Market Update December 2018 News
Selected Business > Audi announced it will spend $16bn over the next five years on technologies Developments such as electric mobility, autonomous driving and digital services (TechCrunch) > BMW launched the first foreign-owned ride hailing service in China, ReachNow, which is a premium car-sharing and ride-hailing service (New Mobility) > Careem, the Middle East-based ride hailing service, is investing $150mm in Greentech’s Take: developing a delivery business named Careem Now (TechCrunch) > Ride-hailing startups > Daimler has set up a $23bn budget for the purchase of battery cells over the are adding other next 12 years, showcasing its commitment to EVs (TechCrunch) forms of transportation to their > inDriver, a Russian ride-hailing service that enables price negotiation prior to portfolios in an effort booking, is entering the U.S. market with a start in New York (New Motion) to become one-stop- > Lyft now offers car, bike, scooter and public transport options in its app in shop mobility three U.S. cities, realizing its multi-modal solutions goal (TechCrunch) providers > Lyft was granted a patent for an AV-to-pedestrian messaging system that flashes text on its windshield to show its intent (TechCrunch) Greentech’s Take: > NIO, the Chinese EV maker that went public on the NYSE in September, is > The race to releasing its second model, the $52,000 ES6 electric SUV (Electrek) deploy > Nuro, the autonomous delivery startup, is deploying custom delivery bots, autonomous replacing the Prius it was using for its delivery pilot with Kroger (TechCrunch) delivery pods is > Postmates has developed a sidewalk-bound autonomous delivery pod named heating up as companies vie to Serve that uses cameras and LiDAR to make deliveries (The Verge) revolutionize the > Pronto.ai, an autonomous trucking startup formerly dubbed Kache.ai, has come lucrative last-mile out of stealth with a $4,999 L2 AV system for Class 8 vehicles (TechCrunch) delivery space > Uber is rolling out autonomous testing in Pittsburgh eight months after its accident, with much stricter constraints (The New York Times) > Via, the shuttle-hailing startup, is planning on adding a shared scooter program to their portfolio of mobility solutions (TechCrunch) > Volvo Trucks will deliver its first EV next month, a garbage truck (Bloomberg) > Waymo launched its robotaxi service, Waymo One, in Phoenix while keeping it accessible only to people in their early-ride program (TechCrunch) Selected Regulatory > The AV START Act did not make it through Congress, likely pushing the DoT to Developments create a national framework for AV development as an alternative (Politico) > Starting in 2029, California cities will only be allowed to buy electric buses, aiming to fully electrify municipal bus fleets by 2040 (The New York Times) > Following increased financial support from the state, Californian utilities are increasing rebates offered to EV buyers to ~$1,000 (Electrek) > Pricing on American cars in China has swung this year as tariffs have whiplashed between 25 - 40% as a result of the U.S. - China trade war (Electrek) > E.U. environment ministers set a 30% CO2-reduction target on truck and bus emissions by 2030, with a potential review in 2022 (Reuters) Greentech’s Take: > Starting in 2019, Luxembourg will become the first country to make all public > Cities are designating transportation free in an effort to decrease city congestion (Smart Cities Dive) high-priority areas with increased > Madrid’s tough new vehicle emissions controls went into effect, resulting in a regulations in an drop in traffic by nearly 32% in some parts of the city (The Verge) effort to reduce urban > The New York City Taxi and Limousine Commission has set minimum wage of emissions, decrease Uber, Lyft, Via and Juno drivers at $17.22 after expenses (TechCrunch) congestion and increase quality of life > New York City will charge a $2.75 fee on any rides going through the busiest parts of Manhattan in an effort to lower congestion (Engadget) > Nine U.S. states and Washington D.C. partnered to form a regional cap-and- invest system to cut transportation-related carbon emissions (Smart Cities Dive) > Larry Kudlow, director of the White House National Economic Council, told reporters that U.S. EV subsidies will end in the near future (Bloomberg)
Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 2 Advanced Mobility Market Update Partnerships & Transactions
Selected > Cambridge Mobile Telematics, a startup that offers actionable insight on Capital Raises driver behavior, raised $500mm from the Vision Fund (Crunchbase News) > Effenco, a startup developing fuel saving technology for trucks, raised a $12mm round led by the Business Development Bank of Canada (Betakit) Greentech’s Take: > Softbank’s $100bn > Fair, a car sharing startup, raised a $385mm round led by Softbank, with Vision Fund participation from Exponential Ventures and Munich Re (TechCrunch) continues to make > FreeWire, a maker of portable EV chargers, raised a $15mm round led by BP large investments in all parts of the Ventures, with participation from Volvo and Stanley Ventures (VentureBeat) advanced mobility > G7, a Chinese fleet management company, added $320mm to an ongoing spectrum round led by HOPU Investments with participation from Tencent (TechCrunch) > Grab is raising the fundraising target for their ongoing Series H to $5bn, an increase of $2bn on the amount they have raised to-date (TechCrunch) > Lyft filed with the SEC for their expected 2019 public offering (TechCrunch) > Optibus, an Israeli transit management startup, raised a $40mm round led by Insight Venture Partners, with participation from Alibaba (Reuters) > ParkJockey, the developer of a parking management platform, raised venture capital from SoftBank and acquired two of the country’s largest parking operators, Imperial Parking Corporation and Citizens Parking (TechCrunch) > Uber filed with the SEC for their expected 2019 public offering (TechCrunch)
Selected Mergers & > Project44, a logistics software provider, acquired Gatehouse Logistics, a Acquisitions Danish shipping data provider, for an undisclosed sum (DC Velocity) Greentech’s Take: > Renault acquired a minority stake in JMEV, a Chinese EV subsidiary of JMCG > As China begins to with expected 2018 sales of 50,000 EVs (InsideEVs) limit the number of companies that can > Uber is in talks to acquire scooter sharing startup Bird at a rumored $2bn produce vehicles valuation after also considering its largest competitor, Lime (TechCrunch) domestically, OEMs are instead buying > VW acquired 75% of Volvo’s WirelessCar, a digital service developer local producers specializing in connected driving, for $122mm (Reuters)
Selected > Autonomous Intelligent Driving, Audi’s AV team, is partnering with Luminar Partnerships and using their long-range LiDAR technology (New Mobility) > Following delays from U.S. antitrust regulators, the BMW - Daimler mobility JV was given the green light and will likely take place in 2019 (FleetNews) Greentech’s Take: > BMW and Daimler are considering joining forces on making key automotive > We believe higher components, in addition to their planned mobility partnership (Bloomberg) power chargers will likely reduce the > BMW and Porsche unveiled a 450 kW fast charging prototype capable of issue of range adding 62 miles of range to an EV in three minutes (The Verge) anxiety and further accelerate the > Einride and Ridecell, developers of AV tech, will incorporate DeepMap’s HD adoption of EVs as mapping technology into their autonomous fleets (New Mobility) vehicles with higher > Lime and data solutions company Populus partnered to provide the Seattle capacity batteries enter the market DoT data on the new LimePod car-sharing program (Smart Cities Dive) > Google is adding Lime as a transport option in Maps (The Verge)
Source: Greentech Analysis, Public Disclosures. Greentech Capital Advisors / 3 Advanced Mobility Market Update Transactions
Capital Raises Invested (1) Date Company ($mm) Investors Company Description 12/4 FreeWire $15 BP Ventures, Volvo Cars Tech Fund, Developer of portable EV chargers Stanley Ventures 12/4 ParkJockey $900 Mubadala Investment Company, Developer of a parking management platform SoftBank Group 12/9 G7 $320 HOPU Investments, China Broadband Chinese fleet management company Capital, Intelligent Funds of Funds, Mount Mourning Capital, Total Energy Ventures and TH Capital
12/12 Optibus $40 Alibaba Group, Insight Venture Israeli transit management startup Partners, New Era Capital, Pitango Venture Capital, Roland Cohen, Verizon Ventures 12/14 Effenco $12 Business Development Bank of Canada, Developer of fuel saving technology for trucks Investissement Quebec 12/17 Vogo $100 Ola Indian scooter sharing startup
12/19 Cambridge $500 SoftBank Investment Advisers Startup offering actionable insight on driver behavior Mobile Telematics 12/20 Fair $385 CreditEase, Ergo, Exponential Partners, Car sharing startup G Squared, SoftBank Group
Mergers & Acquisitions
EV EV Date Target Acquiror ($mm) Revenue EBITDA Target Description 12/4 Gatehouse Logistics Project44 n/a n/a n/a Danish shipping data provider
12/4 Imperial Parking ParkJockey n/a n/a n/a Owner and operator of parking facilities Corporation 12/10 Citizens Parking ParkJockey n/a n/a n/a Owner and operator of parking facilities
12/19 WirelessCar (75%) Volkswagen $163 n/a n/a Digital service developer specializing in connected driving
12/20 JMEV Renault n/a n/a n/a Chinese passenger EV maker
Source: Greentech Estimates, FactSet, Public Disclosures. (1) Investment amounts in $ millions unless otherwise indicated. Greentech Capital Advisors / 4 Advanced Mobility Market Update Trading Comparables
Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 12/31/2018 Cap ($mm) Value ($mm) 2018E 2019E 2018E 2019E 2018E 2019E Automotive Companies Toyota ¥ 6406.00 $190,519 $338,296 1.2x 1.2x 9.6x 9.1x 7.8x 7.6x Volkswagen € 139.10 77,508 244,908 0.9x 0.9x 6.3x 5.7x 5.4x 4.8x Daimler € 45.91 54,759 189,935 1.0x 1.0x 9.5x 9.0x 6.0x 5.5x BMW € 70.70 51,351 153,789 1.4x 1.3x 10.0x 9.6x 6.8x 6.6x Ford $ 7.65 30,949 148,166 0.9x 1.0x 12.3x 11.9x 5.8x 5.9x General Motors $ 33.45 45,518 124,471 0.9x 0.9x 8.9x 8.8x 5.4x 5.7x Nissan ¥ 880.30 33,865 99,338 0.9x 0.9x 10.2x 9.5x 5.9x 6.2x Honda ¥ 2894.50 47,789 96,279 0.7x 0.6x 7.7x 7.5x 6.4x 6.9x Hyundai W 118500.00 26,467 71,992 0.8x 0.8x 12.3x 10.5x 11.3x 7.5x Tesla $ 332.80 51,582 63,365 3.0x 2.2x 31.1x 16.7x NM 53.2x Renault € 54.55 17,782 61,236 0.9x 0.9x 8.4x 8.0x 3.8x 3.5x SAIC Motor Y 26.67 42,168 54,850 0.4x 0.4x 9.7x 8.7x 8.4x 7.8x Fiat Chrysler € 12.68 27,813 31,433 0.2x 0.2x 2.2x 2.1x 4.3x 4.0x BYD HK$ 49.95 18,066 30,875 1.7x 1.4x 14.1x 11.8x 37.6x 27.5x Suzuki ¥ 5567.00 24,916 24,333 0.7x 0.6x 4.8x 4.5x 10.5x 10.2x Tata Motors RS 172.60 7,523 16,278 0.4x 0.3x 3.5x 2.7x 13.0x 8.9x Peugeot € 18.65 18,624 13,697 0.2x 0.2x 1.6x 1.5x 5.7x 4.9x Geely HK$ 13.80 13,674 11,788 0.7x 0.6x 4.6x 4.0x 8.2x 6.8x NIO $ 6.37 6,353 10,878 16.9x 4.2x NM NM NM NM Guangzhou Automobile HK$ 7.81 13,623 10,356 0.9x 0.9x 10.7x 10.0x 5.7x 5.2x Dongfeng Motor HK$ 7.10 7,791 9,024 0.5x 0.5x 14.5x 15.9x 3.7x 3.7x KIA W 33700.00 11,934 8,787 0.2x 0.2x 3.2x 2.6x 8.9x 6.7x Subaru ¥ 2360.00 16,545 8,577 0.3x 0.3x 2.8x 2.1x 9.6x 7.6x Mitsubishi ¥ 602.00 8,177 6,011 0.3x 0.3x 3.6x 3.0x 8.0x 7.3x Mazda ¥ 1135.00 6,536 5,739 0.2x 0.2x 3.7x 3.0x 9.9x 8.9x FAW Car Goup Y 6.62 1,591 1,502 0.4x 0.4x 9.3x 9.4x 50.9x 44.1x Navya(1) € 1.95 60 56 2.2x 0.6x NM NM NM NM Mean 1.4x 0.9x 8.6x 7.4x 8.6x 9.3x Median 0.8x 0.8x 8.6x 8.4x 6.8x 6.8x Truck Companies Daimler € 45.91 $54,759 $189,935 1.0x 1.0x 9.5x 9.0x 6.0x 5.5x Volvo KR 115.95 27,335 38,639 0.9x 0.9x 6.2x 6.4x 8.2x 8.2x PACCAR $ 57.14 19,750 25,423 1.2x 1.1x 9.0x 8.9x 9.3x 9.2x MAN SE € 90.15 15,163 18,545 1.1x 1.0x 12.0x 10.2x 31.4x 26.4x Isuzu ¥ 1548.50 11,975 13,220 0.7x 0.6x 5.7x 5.3x 10.2x 9.2x Navistar $ 25.95 2,594 6,585 0.6x 0.6x 8.0x 7.5x 7.5x 7.3x Mean 0.9x 0.9x 8.4x 7.9x 12.1x 10.9x Median 1.0x 0.9x 8.5x 8.2x 8.7x 8.7x Tier 1 Suppliers Denso ¥ 4893.00 $35,140 $35,481 0.7x 0.7x 5.5x 5.2x 12.2x 11.6x Continental € 120.75 27,757 31,756 0.6x 0.6x 4.5x 4.2x 8.5x 8.2x Bridgestone ¥ 4236.00 29,402 28,951 0.9x 0.8x 5.0x 4.8x 10.5x 10.4x Michelin € 86.70 17,302 22,326 0.9x 0.8x 4.8x 4.4x 9.0x 8.0x Aptiv $ 61.57 15,919 19,439 1.4x 1.3x 8.1x 7.7x 12.0x 11.2x Magna C$ 61.97 14,568 18,181 0.5x 0.4x 4.2x 4.3x 7.0x 6.5x Goodyear $ 20.41 4,732 10,490 0.7x 0.6x 5.1x 4.8x 7.9x 6.8x Valeo € 25.51 6,495 10,041 0.5x 0.4x 3.9x 3.6x 9.2x 7.8x BorgWarner $ 34.74 7,096 8,974 0.9x 0.8x 5.2x 4.9x 8.0x 7.5x Lear $ 122.86 7,804 8,861 0.4x 0.4x 4.0x 4.0x 6.8x 6.6x Faurecia € 33.07 4,784 5,736 0.3x 0.3x 2.5x 2.3x 6.2x 5.7x Delphi $ 14.32 1,233 2,590 0.5x 0.5x 3.5x 3.9x 3.4x 4.3x Visteon $ 60.28 1,672 1,725 0.6x 0.6x 5.3x 5.4x 10.7x 10.6x Veoneer(1) $ 23.57 2,051 1,243 0.6x 0.5x NM NM NM NM ATS Automation Tooling Systems C$ 14.39 973 943 1.0x 0.9x 8.3x 6.6x 16.9x 14.5x Stoneridge $ 24.65 716 759 0.9x 0.8x 7.1x 6.7x 12.2x 11.5x Mean 0.7x 0.7x 5.1x 4.8x 9.4x 8.7x Median 0.6x 0.6x 5.0x 4.8x 9.0x 8.0x
Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 5 (1) Denotes limited equity research coverage. Advanced Mobility Market Update Trading Comparables (cont.)
Price as of Market Firm EV / Revenue EV / EBITDA P / E Company 12/31/2018 Cap ($mm) Value ($mm) 2018E 2019E 2018E 2019E 2018E 2019E Autonomous Driving Chip Makers Intel $ 46.93 $214,873 $230,076 3.2x 3.1x 7.1x 7.0x 10.4x 10.3x Nvidia $ 133.50 83,094 77,493 6.3x 6.0x 16.3x 16.2x 19.8x 20.2x Qualcomm $ 56.91 51,828 56,110 2.5x 2.7x 8.3x 8.5x 15.0x 13.1x Advanced Micro Devices $ 18.46 18,819 19,061 2.9x 2.8x 29.5x 21.1x 40.6x 29.6x Mean 3.7x 3.6x 15.3x 13.2x 21.4x 18.3x Median 3.1x 2.9x 12.3x 12.4x 17.4x 16.7x Intelligent Transport Roper Technologies $ 266.52 27,576 32,428 6.3x 6.1x 18.1x 17.4x 22.7x 22.0x FLIR Systems $ 43.54 5,961 5,790 3.2x 3.1x 13.9x 12.2x 19.8x 18.4x LS Corp W 49100.00 1,403 4,934 0.6x 0.5x NM 6.5x 3.4x 6.2x Conduent $ 10.63 2,271 3,395 0.6x 0.7x NM 5.3x 10.1x 9.6x Cubic Corporation $ 53.74 1,648 1,742 1.4x 1.2x 16.7x 11.7x 72.8x 23.1x Vaisala € 16.50 673 601 1.5x 1.4x 12.0x 8.9x 22.3x 16.6x Kapsch TrafficCom € 33.25 487 528 0.7x 0.6x NM 6.4x 15.6x 12.5x INIT Innovation in Traffic Systems € 14.20 158 187 NM NM NM NM NM NM Iteris, Inc $ 3.73 121 111 1.1x 1.0x NM 46.9x NM NM Q-Free NOK 7.70 78 95 0.9x 0.8x NM 6.6x 39.5x 13.6x Image Sensing Systems (1) $ 4.50 26 22 NM NM NM NM NM NM Mean 1.8x 1.7x 15.2x 13.5x 25.8x 15.2x Median 1.1x 1.0x 15.3x 8.9x 21.0x 15.1x ITS / Smart Tolling Atlantia € 18.07 17,285 34,627 4.8x 2.6x 7.5x 4.0x 13.3x 9.2x Ferrovial € 17.70 14,950 20,009 1.4x 1.4x 28.4x 19.9x 72.1x 32.4x Autostrada € 17.48 1,971 5,245 2.3x 2.1x 5.9x 5.5x 7.9x 7.3x Mean 2.8x 2.1x 13.9x 9.8x 31.1x 16.3x Median 2.3x 2.1x 7.5x 5.5x 13.3x 9.2x Telematics Descartes Systems $ 26.46 $2,012 $2,030 7.4x 6.7x 21.7x 19.0x 64.7x 49.4x TomTom € 7.90 2,164 2,007 2.1x 2.2x 8.6x 8.9x 21.0x 21.0x Orbcomm $ 8.26 671 874 3.1x 2.8x 15.0x 11.1x NM NM Ituran $ 32.06 701 741 2.8x 2.0x 9.4x 6.9x 13.4x 10.6x CalAmp $ 13.01 460 430 1.2x 1.2x 8.8x 8.3x 11.8x 11.9x Inseego $ 4.15 310 415 2.1x 1.8x 23.7x 15.4x NM 75.5x MiX Telematics R 8.50 356 335 2.5x 2.3x 8.6x 7.6x 27.6x 21.7x Quartix £ 2.65 161 155 4.9x 5.1x 15.5x 18.5x 19.1x 22.7x TeleNav $ 4.06 187 103 1.0x 0.5x NM NM NM NM Quarterhill (fka Wi-LAN) C$ 1.33 122 69 0.9x 0.7x NM 6.9x NM 32.6x Mean 2.8x 2.5x 13.9x 11.4x 26.2x 30.7x Median 2.3x 2.1x 12.2x 8.9x 20.0x 22.2x Logistics UPS $ 97.53 $83,621 $102,109 1.4x 1.3x 10.6x 9.5x 13.5x 12.5x FedEx $ 161.33 42,600 57,768 0.8x 0.8x 6.5x 6.0x 10.2x 9.4x Deustche Post € 23.91 33,910 49,893 0.7x 0.7x 6.7x 5.8x 13.4x 10.6x Fortive $ 67.66 22,492 26,369 4.0x 3.6x 16.6x 14.2x 22.1x 18.9x J.B. Hunt $ 93.04 10,180 11,242 1.3x 1.2x 9.0x 7.9x 17.2x 14.7x Penske $ 40.32 3,482 9,087 0.4x 0.4x 11.4x 11.4x 7.5x 7.3x Mean 1.4x 1.3x 10.1x 9.1x 14.0x 12.2x Median 1.1x 1.0x 9.8x 8.7x 13.5x 11.6x Communications / Infrastructure AT&T $ 28.54 $214,992 $390,776 2.3x 2.1x 6.9x 6.4x 8.1x 8.0x Verizon $ 56.22 231,475 342,556 2.6x 2.6x 7.2x 7.1x 12.0x 11.9x Cisco Systems $ 43.33 193,102 176,073 3.6x 3.4x 10.1x 9.7x 15.6x 13.8x T-Mobile $ 63.61 55,366 84,959 2.0x 1.9x 6.9x 6.4x 19.2x 16.1x Sprint $ 5.82 24,547 56,372 1.7x 1.7x 4.5x 4.3x 11.9x NM Hitachi ¥ 2935.50 25,865 40,389 0.5x 0.5x 3.9x 3.7x 7.0x 6.6x Xerox $ 19.76 4,797 9,113 0.9x 1.0x 6.1x 6.2x 5.9x 5.6x Toshiba ¥ 3100.00 16,557 5,596 0.2x 0.2x 4.2x 3.2x 1.8x 5.1x Mean 1.7x 1.7x 6.2x 5.9x 10.2x 9.6x Median 1.8x 1.8x 6.5x 6.3x 10.0x 8.0x
Aggregate Mean 1.7x 1.4x 9.2x 8.4x 13.9x 12.8x Aggregate Median 0.9x 0.9x 8.1x 6.9x 10.0x 9.0x
Source: FactSet, SEC filings and third party providers. Values in U.S. Dollars. Share prices shown in local currencies. Greentech Capital Advisors / 6 (1) Denotes limited equity research coverage. Global Experts in Sustainable Technology and Infrastructure
Zürich New York Tokyo Partnership with Sangyo Sosei San Francisco Advisory Inc.
INVESTMENT BANKING(1) ASSET MANAGEMENT
Mergers & Capital Raising Strategic Advisory Public Equity Acquisitions • Equity private • Strategic consulting • GCA Sustainable • Corporate sales placements • IPO preparation Growth Fund • Asset sales • Debt private placements • Financial restructuring • GCA Emerging Markets • Acquisitions • Project finance advisory • Specialized opinions Sustainable Growth • Minority investments • Co-managed public • Independent capital Fund • Joint ventures offerings markets advice • Fairness opinions >20 $19bn $4bn assignments
(1) As of December 31, 2018 Highly Experienced Partners Supported by 55 Professionals
Jeff Derek Laurent PJ Michael Steve McDermott Bentley Dallet Deschenes Horwitz Megyery Managing Partner Partner Partner Partner Partner New York Partner New York Zürich New York San Francisco +1 212 946 3949 New York +1 212 946 3948 +41 44 578 3917 +1 212 946 3362 +1 415 697 1561 steve@ +1 212 946 3940 dbentley@ laurent@ pjdeschenes@ mhorwitz@ greentechcapital.com jeff@ greentechcapital.com greentechcapital.com greentechcapital.com greentechcapital.com greentechcapital.com > 15+ years of > 15+ years of > 15+ years of > 15+ years of > 20+ years of experience > 30+ years of experience experience experience experience experience > > > >30 completed >35 completed > >30 completed > >30 completed >30 completed transactions > >150 completed transactions transactions transactions transactions transactions > > > Head of Private Renewable energy > Renewable energy > Renewable energy Energy software and Placements > Founder and head assets assets assets services of advisory business > Cleantech > Distributed > Distributed energy > Power infrastructure > Energy efficiency > Power infrastructure > Large industrials and generation Water production services > Renewable energy energy companies > Energy efficiency and > Renewable energy > Smart grid > Broad coverage of services value chain > Blockchain senior leaders > Environmental services
Diego Damien Rob David Duncan Pignatelli Sauer Schultz Smith Williams Partner Partner Partner Partner & Partner Zürich Zürich New York Portfolio Manager San Francisco +41 44 578 3941 +41 44 578 3914 +1 212 946 3950 New York +1 415 697 1560 diego@ damien@ robert@ +1 212 946 2231 duncan@ greentechcapital.com greentechcapital.com greentechcapital.com [email protected] greentechcapital.com
> 30+ years of > 20+ years of > 25+ years of > 20+ years of > 20+ years of experience experience experience experience experience > >60 completed > >50 completed > Chief Legal Officer and > Chief Investment > >40 completed transactions transactions Chief Compliance Officer of GCA transactions > European coverage > Energy efficiency Officer of Greentech Investment > Advanced > Industrials and energy > Power infrastructure Capital Advisors Management transportation companies > Renewable energy > Chief Operating Officer > Portfolio Manager > Industrial IoT & > Utilities value chain of GCA Investment of GCA Sustainable software > Smart grid Management Growth Long-Only > Environmental services Fund > Advanced building products > Water Greentech Capital Advisors / 7 Disclaimer
This industry update, (the “Monthly Update”) was developed from publicly available information, without any independent investigation or verification thereof by Greentech Capital Advisors, LLC, taken together with its affiliates, (“Greentech”), and Greentech makes no representation or warranty as to the accuracy and completeness of such information. The Monthly Update is not intended to provide, and should not be relied upon for, legal, tax, regulatory, financial, accounting or investment advice. Prior to entering into any transaction advised by Greentech (a “Transaction”), you should determine, without reliance upon Greentech, the economic risks and merits (and independently determine that you are able to assume these risks) as well as the legal, tax and accounting characterizations and consequences of any such Transaction. In this regard, by accepting this Presentation, you acknowledge that (a) Greentech is not in the business of providing (and you are not relying on Greentech for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimers to these matters.
The Monthly Update does not purport to be complete on any topic addressed. The information in the Presentation is provided to you as of the dates indicated and Greentech does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. Certain information contained in the Presentation includes calculations or figures which have been prepared by Greentech using physically available information and have not been audited or verified by Greentech or a third party. Greentech has used data sourced from FactSet and has not reviewed or verified this data in the preparation of the Monthly Update. Greentech expressly prohibits any redistribution of the Monthly Update without the prior written consent of Greentech. The Monthly Update is not intended for distribution, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to law, rule or regulation.
Greentech is engaged in or may be engaged in the future in investment banking, securities trading, brokerage activities and principal investing activities, as well as providing financial advisory services. The Monthly Update is neither an expressed nor an implied agreement by Greentech to act in any capacity with respect to you, and any such agreement shall only be as set forth in an executed engagement letter, the terms of which are to be agreed upon by you and Greentech. The Monthly Update in no way restricts Greentech or its affiliates from any other engagement, including acting in any capacity in a manner adverse to you.
No fiduciary, advisory or agency relationship between Greentech, on the one hand, and you and your affiliates, employees, officers, directors, or stockholders on the other hand, has been created in respect of the Presentation, and none of your affiliates, employees, officers, directors, or stockholders may rely on the Presentation.
Greentech Capital Advisors / 8