Sustainable Technology and Infrastructure Monthly Market Update // October 2020 Performance of Key Market Indices1 140.0% 120.0% 100.0% 109.1% 80.0% 60.0% 40.0% 28.6% 20.0% 0.0% 5.8% (20.0%) 1.0% (40.0%) Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500 Index Performance1 October Ending Versus First Day of the October YTD CY 2019 52 Wk High 52 Wk Low MSCI World Index (3.1%) (2.8%) 25.2% (8.1%) 43.1% NASDAQ Composite (2.3%) 21.6% 35.2% (9.5%) 59.0% S&P 500 (2.8%) 1.2% 28.9% (8.7%) 46.1% NASDAQ Clean Edge Green Energy 6.9% 90.2% 40.7% (6.8%) 179.6% Denotes Nomura Notable Recent Transactions & Capital Raises Greentech Transaction Date Target Acquiror Transaction Description Veolia, a French water and energy utility, acquired a 30% stake in Suez, a French water Oct. 5 Suez Veolia and wastewater utility, from Engie for $13.2bn Corporate M&A Generac Power Systems, a U.S. manufacturer of power generation products, Transactions Oct. 6 Enbala Generac announced the signing of an agreement to acquire Enbala Power Networks, a virtual power plant and distributed energy resource management platform Fluence, a Siemens and AES joint venture for energy storage, acquired Advanced Advanced Microgrid Oct. 15 Fluence Microgrid Solutions (AMS), a San Francisco-based developer of software for clean Solutions energy asset optimization Date Company Transaction Description Capital Raises Array Technologies, an Oaktree-backed U.S. supplier of ground-mounted solar tracking systems for utility-scale Oct. 13 Array Technologies 2 solar farms, raised $1.1bn in an IPO Date Company Transaction Description Danimer Scientific, a U.S. bioplastics company that manufactures 100% biodegradable PHA plastic feedstock, Oct. 5 Danimer Scientific has agreed to go public through a SPAC merger with Live Oak Acquisition Corp for an implied enterprise value of $525mm SPAC Transactions Romeo Power, a U.S. designer and manufacturer of high-density lithium-ion battery modules and packs for commercial electric vehicles, has agreed to go public through a SPAC merger with RMG Acquisition Corp for an Oct. 5 Romeo Power implied enterprise value of $993mm. With this transaction, Romeo Power raised $384mm, including a fully committed PIPE led by The Heritage Group and Republic Services About Nomura Greentech Nomura Greentech is a f ully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate the transformation of our core infrastructure systems – energy, transportation, f ood, water and waste – to be lower carbon, more efficient and digitally networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009 has closed over 135 transactions with sustainabletechnology and infrastructure companies and investors. Source: FactSet, SEC filings and third-party providers. 1. Performance does not include reinvestment of dividends. 1 2. Nomura acted as Co-Manager on the IPO transaction. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/7) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Via, a U.S. ride sharing company, acquired Advanced Oct. 1 Fleetonomy Via ND Fleetonomy, an Israeli smart mobility platform, for ND ND Transportation an undisclosed amount Inland Pipe Rehabilitation, a provider of trenchless pipe rehabilitation solutions to Murphy Pipeline Inland Pipe Oct. 1 ND Water municipal wastewater and storm water markets, ND ND Contractors Rehabilitation acquired Murphy Pipeline Contractors, a provider of similar services, for an undisclosed amount Emerson, a provider of engineering solutions, Open Systems Power Infra / acquired Open Systems International, a developer Oct. 1 Emerson $1,600 ND ND International Smart Grid of software used by power and water industry operators, for $1.6bn Casella Waste, a provider of waste services, Pinto Trucking Environmental Oct. 1 Casella Waste ND acquired Pinto Trucking Services, a provider of ND ND Services Services collection services, for an undisclosed amount Conrad Energy, a U.K. portfolio company of I Squared Capital and an IPP focused on flexible Power Infra / power generation, battery storage and energy Oct. 1 Viridis Power Conrad Energy ND ND ND Smart Grid management services, acquired Viridis Power, a U.K. flexible power generation company, for an undisclosed sum EDF Renewables, a wholly owned subsidiary of the French utility EDF Group specializing in Renewable Oct. 1 Wexford Solar EDF Renewables ND renewable energy production, acquired Wexford ND ND Energy Solar, an Irish solar development company, for an undisclosed sum Vinci, a French construction company and toll road provider, acquired the industrial division of ACS Renewable Oct. 2 Vinci $6,100 Actividades de Construccion y Servicios (ACS), a ND ND (Industrial Division) Energy unit of the Spanish engineering company that develops renewable projects, for $6.1bn Tesla, a U.S. electric automotive company, Advanced acquired ATW Automation, a German Oct. 2 ATW Automation Tesla ND ND ND Transportation supplier of automotive battery modules and packs, for an undisclosed amount Resource Environmental Solutions (RES), a Carolina Resource provider of ecological restoration and water Oct. 3 Environmental Environmental ND Water resource solutions, acquired Carolina ND ND Contracting Solutions Environmental Contracting, a storm-water construction firm, for an undisclosed amount Sasol LyondellBasell Industries, a multinational plastics, (Lake Charles Environmental chemicals and refining company, acquired a stake Oct. 5 LyondellBasell $2,000 ND ND Petrochemicals Services in Sasol’s Lake Charles petrochemicals complex Complex) in Louisiana, for $2bn 2 Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates. 1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/7) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Veolia, a French water and energy utility, acquired Environmental Oct. 5 Suez Veolia $13,200 a 30% stake in Suez, a French water and ND ND Services wastewater utility, from Engie for $13.2bn Generac Power Systems, a U.S. manufacturer of power generation products, announced the Power Infra / Oct. 6 Enbala 2 Generac ND signing of an agreement to acquire Enbala Power ND ND Smart Grid Networks, a virtual power plant and distributed energy resource management platform EPCOR Water Arizona, an Arizona subsidiary of EPCOR Water EPCOR Water, acquired Johnson Utilities, a Oct. 6 Johnson Utilities ND Water ND ND Arizona water services provider in Arizona, for an undisclosed amount American Superconductor, a U.S. energy Northeast Power American Power Infra / technologies company, acquired Northeast Power Oct. 6 $53 ND ND Systems Superconductor Smart Grid Systems, a provider of power capacitors, for $53mm Syngenta, a global producer of agrochemicals and seeds, acquired Valagro, an Italian producer Oct. 6 Valagro Syngenta ND AgTech ND ND of biostimulants and specialty nutrients used in agriculture, for an undisclosed amount Foresight, a Canadian cleantech innovation center, and WaterSMART, a provider of water Foresight / Oct. 6 WaterNEXT ND Water management and environmental solutions ND ND WaterSMART acquired WaterNEXT, a Canadian water industry accelerator, for an undisclosed amount H.I.G. Capital, a global alternative investment Environmental firm, acquired Hart & Cooley, a U.S. manufacturer Oct. 7 Hart & Cooley H.I.G. Capital ND ND ND Services of HVAC and air distribution products, for an undisclosed amount USA Water Holdings, a holding company backed by Warren Equity Partners, an infrastructure Oct. 7 Si Environmental USA Water Holdings ND Water private equity firm, acquired Si Environmental, a ND ND provider of water and wastewater O&M services, for an undisclosed amount Sigora Solar, a U.S. residential and commercial Oct. 8 Aztec Solar Sigora Solar ND Solar solar solutions provider, acquired Aztec Solar, a ND ND U.S. solar installer, for an undisclosed amount Bison, a provider of water infrastructure, logistics Woody Creek and technology solutions, acquired Woody Creek Oct. 8 Bison ND Water ND ND Midstream Midstream, a provider of water midstream services, for an undisclosed amount Stella Environmental Holdings, a Hidden Harbor Capital Partners portfolio company and provider Stella Environmental Environmental of transfer station management and waste Oct. 9 Bowen ND ND ND Holdings Services logistics services, acquired Bowen, a provider of station management and hauling services, 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 and EV/LTM Adj. EBITDA. 2. Nomura Greentech acted as exclusive financial advisor to Enbala. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/7) Corporate Transactions Transaction Transaction Multiple1 Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA Helios Technologies, a manufacturer