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Sustainable Technology and Infrastructure Monthly Market Update // September 2020 Performance of Key Market Indices1 120.0% 100.0% 106.8% 80.0% 60.0% 39.6% 40.0% 20.0% 13.0% 0.0% 8.6% (20.0%) (40.0%) Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 1 Index Performance September Ending Versus September YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index (3.6%) 0.4% 25.2% (5.1%) 47.8% NASDAQ Composite (5.2%) 24.5% 35.2% (7.4%) 62.8% S&P 500 (3.9%) 4.1% 28.9% (6.1%) 50.3% NASDAQ Clean Edge Green Energy 2.4% 77.9% 40.7% 0.0% 161.5% Notable Recent Transactions & Capital Raises Date Target Acquiror Transaction Description Greenko Energy Orix, a Japanese diversified financial services group, agreed to acquire a 20% stake in Sep. 11 Orix Holdings Greenko Energy Holdings, an Indian renewable energy developer, for $980mm Corporate M&A Sennder, a German digital freight forwarder that connects commercial shippers with Transactions Sep. 16 Uber Freight Europe Sennder small trucking companies, acquired Uber Technologies’ European freight business and logistics platform for $1.1bn NextEra Energy NextEra Energy Transmission, a subsidiary of NextEra Energy, will acquire GridLiance, Sep. 30 GridLiance Transmission an independent transmission company, from The Blackstone Group for $660mm Date Company Transaction Description Northvolt, a Sweden-based developer of lithium-ion batteries, raised $600mm in equity funding from institutional Capital Raises investors including Baillie Gifford, Baron Capital Group and Bridford Investments. Current Northvolt Sep. 30 Northvolt shareholders Goldman Sachs, IMAS Foundation, Scania and Volkswagen have also participated in the funding round Date Company Transaction Description QuantumScape, a developer of lithium-metal batteries for use in electric vehicles, has agreed to IPO through a QuantumScape merger with SPAC Kensington Capital Acquisition Corp, which implies a post-deal market valuation of $3.3bn. Sep. 3 SPAC QuantumScape raised $700mm through the merger, anchored by institutional investors Fidelity Management & SPAC Research Company and Janus Henderson Investors Transactions ChargePoint, an electric vehicle infrastructure company that operates the largest online network of independently owned EV charging stations, merged with SPAC Switchback Energy Acquisition Corporation for a Sep. 24 ChargePoint SPAC market valuation of $2.4bn. ChargePoint raised $225mm through the merger, led by institutional investors including Baillie Gifford and funds managed by Neuberger Berman Alternatives Advisors About Nomura Greentech Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to assist our clients achieve success, and serve both global incumbents and high-growth innovators who are focused on the sustainable transition of our energy, transportation, food, water and waste sectors. Our team of experienced bankers are sector experts and understand our clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with opportunities to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are a global team working seamlessly with our Nomura colleagues across the Americas, EMEA and Asia. Source: FactSet, SEC filings and third-party providers. 1 1. Performance does not include reinvestment of dividends. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/6) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA EnviroServe, a provider of transportation, Environmental logistics, handling and industrial services, Sep. 1 Bodine EnviroServe ND Services and ND ND acquired Bodine, a provider of waste Technology management, for an undisclosed amount EnviroServe, a provider of transportation, Weavertown Environmental logistics, handling and industrial services, Sep. 1 Environmental EnviroServe ND Services and acquired Weavertown Environmental Group, a ND ND Group Technology provider of environmental services, for an undisclosed amount Unilever, a multinational consumer goods Food and company, agreed to acquire Liquid I.V., an Sep. 1 Liquid I.V. Unilever ND Consumer ND ND electrolyte drink manufacturer, for an undisclosed Products amount DR Power Equipment, a manufacturer of outdoor Food and Mean Green DR Power power equipment, acquired Mean Green Mowers, Sep. 1 ND Consumer ND ND Mowers Equipment a manufacturer of electric mowers, for an Products undisclosed amount Hydro One, a Canada-based electric generation Orillia Power and distribution company, acquired Orillia Power Sep. 1 Hydro One $26 Power Utilities ND ND Distribution Distribution, a Canadian electric generation and distribution company, for $26mm American AllWaste, a provider of non-hazardous, liquid-waste management, acquired the assets of Highway Waste Sep. 2 American AllWaste ND Highway Environmental, a provider of non- ND ND Environmental Management hazardous, liquid waste transportation, for an undisclosed amount Liquid Environmental Solutions, a provider of Liquid waste removal services, backed by Audax Private Waste Sep. 3 FloHawks Environmental ND Equity, acquired FloHawks, a Washington-based ND ND Management Solutions provider of commercial and residential pumping and septic services, for an undisclosed amount KAR Auction Services, a provider of wholesale KAR Auction Advanced used vehicle auctions, is set to acquire Sep. 8 BacklotCars $425 ND ND Services Transportation BacklotCars, a Kansas City-based dealer-to- dealer automotive platform, for $425mm Omnitracs, a SaaS-based fleet management Advanced provider, agreed to acquire SmartDrive, a leader Sep. 9 SmartDrive Omnitracs $450 ND ND Transportation in video-based safety and transportation intelligence, for $450mm BayWa r.e., a global renewable energy developer, Renewable provider and distributor, acquired Enable Energy, Sep. 9 Enable Energy BayWa r.e. ND ND ND Energy a U.S.-based C&I solar and energy storage solutions provider, for an undisclosed amount SpotHero, a parking reservation app, signed an Advanced agreement to acquire Rover Parking, a Canada- Sep. 10 Rover Parking SpotHero ND ND ND Transportation based consumer parking app for an undisclosed amount Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 2 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/6) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA CropX, an Israeli soil sensing and data analytics start-up, acquired Regen, a New Zealand cloud- Sep. 10 Regen CropX ND AgTech ND ND based irrigation decision tool company, for an undisclosed amount Orix, a Japan-based diversified financial services Greenko Energy Renewable group, agreed to acquire a 20% stake in Greenko Sep. 11 Orix $980 ND ND Holdings Energy Energy Holdings, an Indian renewable energy developer, for $980mm Antin Infrastructure Partners, a European private Antin Infrastructure equity firm, agreed to acquire a majority stake in Sep. 11 Miya ND Water ND ND Partners Miya, a provider of water management services, for an undisclosed amount EC Waste, a Puerto Rican provider of waste Environmental management solutions, acquired Republic Republic Services of Sep. 11 EC Waste ND Services and Services of Puerto Rico, a waste management ND ND Puerto Rico Technology subsidiary of Republic Services, for an undisclosed amount Algonquin Power & Utilities, a Canada-based Empresa de regulated utility conglomerate, announced the Algonquin Power & Sep. 11 Servicios Sanitarios $92 Water acquisition of a 53.5% stake in Empresa de ND 9.0x Utilities de Los Lagos Servicios Sanitarios de Los Lagos, a Chilean water and wastewater provider, for $92mm Imaweb / IDF Group, backed by Providence AI / Analytics Strategic Growth, acquired TMS-Soft, a France- Sep. 11 TMS-Soft Imaweb / IDF Group ND ND ND Software based provider of digital car registration workflow software, for an undisclosed amount Nvidia, a developer of graphics processers and AI / Analytics software, signed an agreement to acquire ARM, a Sep. 15 ARM Nvidia $40,000 ND ND Software provider of cloud services and IoT solutions, for $40bn Contemporary Amperex Technology, a Chinese Wuxi Lead Contemporary battery manufacturer and technology company, Renewable Sep. 15 Intelligent Amperex $370 acquired a 7.3% stake in Wuxi Lead Intelligent ND ND Energy Equipment Technology Equipment, a lithium battery equipment manufacturer, for $370mm V3 Companies, a U.S. civil engineering company and provider of natural resource management, Sep. 16 Bird+Bull V3 Companies ND Water acquired Bird+Bull, a U.S. engineering firm ND ND specializing in water and wastewater facility design, for an undisclosed amount Bondalti Capital, a Portuguese chemical company, acquired a 68.5% stake in Enkrott, a Sep. 16 Enkrott Bondalti Capital ND Water ND ND Portuguese manufacturer of water treatment technologies, for an undisclosed amount Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 3 1. Transaction multiples represent EV/LTM Revenue