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A Barometer of the Changing Face of Global Cleantech Innovation

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Table of Contents
Table of Contents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 The Headlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 The 2012 Global Cleantech 100 – The List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Personal Reflections on the State of Global Cleantech Innovation: Cleantech is Going Inside . . . . . . . . 11 Leapfrog towards a Circular Economy: Using Cleantech in Emerging Markets as a Catalyst . . . . . . . . . . . 15 The 2012 Global Cleantech 100: facts, figures, and analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Investors and the 2012 Global Cleantech 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Corporates and the 2012 Global Cleantech 100 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 The 2012 ‘Lust’ and ‘Marmite’ Lists . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 The Global Cleantech 100 Alumni . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 Concluding Remarks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 Appendix 1: Expert Panel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 Appendix 2: The 2012 Global Cleantech 100 companies –mini-profiles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

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Acknowledgements
There is a lot of work involved and support given for the annual Global Cleantech 100 to come together . We would like to acknowledge and give thanks accordingly . Firstly, the list and this report would not have been possible without the support of our four sponsoring partners – namely, Autodesk, Deloitte, Wermuth Asset Management, and Wilson Sonsini Goodrich & Rosati, all of whom are highly supportive of our work, and the development and nurturing of the clean technology innovation ecosystem in general . Secondly, the list would not have been possible but for the willingness of our 75-strong expert panel (listed in Appendix 1) to give up their time during the summer months to provide expert input and opinion . This is in addition to the many hundreds who made company nominations . Thank you all . The Global Cleantech 100 is not just Cleantech Group’s list . It is all of our list . Thirdly, many people at the Cleantech Group made small contributions, but particular thanks are due to Vince Knowles, one of our London-based analysts, with noteworthy contributions from Michele Parad, Sarah Nash, Aisling Grogan, Edouard de Mahieu and Lily Dalby Grey; and beyond the team of researchers, thanks to Whitney Michael, Senior Director of Marketing and Sara Strope, Vice President, Events .

Disclaimer
The details provided in this report do not form part of any contract and whilst every effort has been made to ensure accuracy, this cannot be guaranteed . All information used in the publication of this report has been compiled from sources that are believed to be reliable . All reasonable steps have been taken to avoid an error or mis-description arising . The material in this report is for private information only and we are not soliciting any action based upon it . For the avoidance of doubt, Cleantech Group LLC does not warrant the accuracy, completeness, timeliness, or fitness for a particular purpose the information contained in this report . In no event shall Cleantech Group LLC be liable to anyone for any decision made or action taken by anyone in reliance on such information .

Copyright
Cleantech Group LLC retains all rights, including copyright, to this report, including text, pictures, graphics, or other information presented . No part of this publication may be reproduced, stored in a retrieval system in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Cleantech Group LLC .

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Foreword
Foreword from Cleantech Group’s CEO
For the fourth year running, the Cleantech Group is proud to present its annual Global Cleantech 100 list, our annual barometer reading of the global innovation community’s shifting views on which companies, and which types of companies, are most likely to have big commercial impact in a 5-10 year timeframe . This research fits neatly and squarely within our mission to help corporations, investors and financiers, professional service firms and governmental agencies connect with global cleantech innovation . It leverages our online i3 research platform, and the multitude of contacts and conversations we experience within our custom advisory practice and our annual events program . Congratulations to those who made the 2012 list . We look forward to following yours and hundreds of other companies’ progress in the coming 12 months . To those who did not make the list: rest assured that we are wrong more often than we care to admit! Sheeraz Haji CEO, Cleantech Group

Sheeraz Haji

Foreword from the Authors
Our annual Global Cleantech 100 is a significant research exercise, pulling together thousands of data-points, objective and subjective, quantitative and qualitative, from all over the world, with the end objective of identifying where the consensus of sentiment and opinion seems to lie amongst the international cleantech community . The methodology and process is described in detail on pages 10-11 . The final 100 would not be one person’s 100; there is much disagreement and conflicting opinion on what and who is working, and which companies are likeliest to make significant market impact within a 5-10 year timeframe . The final 100 is therefore, by its very nature, a compromise, the median of all those opinions, delivered to us directly as part of the annual June-August research exercise and delivered indirectly through the market transactions (investments, contracts, etc .) which continue to be consummated . What is most exciting to us, as analysts of the market, is the privilege of seeing and reading these viewpoints and interpreting them as part of our annual barometric read of the shifting sands within global cleantech innovation . Yes, there are 101st companies, unlucky not be on the list, and individual disappointments that go with that . However, we are more focused on what this year’s list tells us, relative to previous years, about the cleantech innovation and investment theme and where it is all going . We hope you find our report thought-provoking and our read of the state of the market useful to you in planning the coming months . Richard Youngman MD, Europe & Asia, Cleantech Group Vince Knowles Senior Analyst, Cleantech Group
Richard Youngman

Vince Knowles

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The Headlines
This report not only unveils the 100 companies of 2012, but also analyzes the list’s composition and dynamics, and the changes from the 2011 and previous lists . The key headlines are as follows .

Opinions on who, or what, constitutes the most attractive market opportunities and the most promising companies remain volatile. Of the 100 companies in the 2012 Global Cleantech 100 list, 50 were in the 2011 list . In the past, we
have regarded such high turnover as consistent with the relative infancy of the cleantech wave of innovation . This year, we reason that whilst the infancy point still has validity, we should also see the much changed portfolio of companies as highly symptomatic of the shakeout going on across the cleantech world right now .

13 countries are represented in the 2012 list. The US, led by California, has strengthened its dominant representation,
a reflection of its leadership and history in creating and growing, venture capital-funded, innovation-based, technology companies and a reflection of a ‘flight to perceived quality’ in these challenging times . However, when looking at the concentration of companies per $trn of GDP, Israel is the stand-out country .

Energy Efficiency remains the hottest and growing sector within cleantech, with 22 companies in the list, up from 19 in 2011 and 15 in 2010 . Within this category, lighting and enterprise energy management solutions, often for buildings management, are the dominant sub-sectors . Solar’s representation in the 100 falls again, down 40% from what it was in 2009 . Downstream services is the only real
bright area . Over 400 investing entities, from 28 different countries, have a shareholding in the 100 companies . Kleiner Perkins is the most prolific shareholder of 2012 Global Cleantech 100 companies. It has 19 investee companies in the list, representing 44% of its overall cleantech portfolio . Against this same metric, Bright Capital is the Investor of the Year, with shareholdings in six 2012 Global Cleantech 100 companies, which represents 60% of their overall cleantech portfolio, built up over the last 12-18 months .

Corporations continue to be ever more active in global cleantech innovation – as investors, partners, licensees, customers, and acquirers of Global Cleantech 100 companies . GE, Siemens, Google, IBM and Waste Management are the most active partners with 2012 Global Cleantech 100 companies . Opower heads the 2012 Global Cleantech 100 ‘Lust List’. The Lust List is made up of the companies who were most consistently admired by non-stakeholder peers, with no dissenters among the expert panel . NovaLED is the Europe & Israel Company of the Year, Miartech for the Asia Pacific region .

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The 2012 Global Cleantech 100 – The List
1366 Technologies Agilyx Alta Devices Amantys Amprius Applied Solar Technologies India APTwater Aquion Energy ArrayPower Attero Recycling Avantium Beijing Goldenway Bio-Tech BioAmber Boston-Power Breathing Buildings Bridgelux BrightSource Energy BuildingIQ CellEra Clean Power Finance CoaLogix Compact Power Motors Coulomb Technologies Digital Lumens Driptech EcoMotors EdeniQ Electro Power Systems Emefcy ENBALA Power Enecsys Enerkem EnerVault Enlighted EnOcean Envia Systems Epuramat FilterBoxx FirstFuel Software FRX Polymers Genomatica GeoStellar GreenRoad Technologies Harvest Power Highview Power Storage i2O Water Ioxus Joule Kaiima LanzaTech Lattice Power Liquid Robotics LS9 Marrone Bio Innovations McPhy Energy Miartech NanoH2O Nest Nexant Nexeon NexSteppe NovaLED Novomer Nualight Nujira On-Ramp Wireless OPower OPX Biotechnologies OSIsoft Ostara Nutrient Recovery Technologies Panoramic Power PassivSystems Power Plus Communications Powerit Solutions PowerSense Project Frog Purfresh Recyclebank RelayRides Renmatix Sakti3 Saltworks Technologies Siluria Technologies Silver Spring Networks Skyonic Solairedirect SolarCity SolarEdge Soraa SustainX TaKaDu Tendril TIGI Transphorm Trilliant Vigilent Viridity Energy Voltea WaterHealth ZeaChem

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Methodology
How does the list come together? Cleantech Group has designed the Global Cleantech 100 to achieve two unique objectives that distinguish it from other lists: the list offers a fair representation of global innovation and private company creation, and it is not our editorial voice, but the collective opinion of hundreds of individuals within the wider global cleantech innovation community . The question we are seeking to answer is: panies (a 21% increase on 2011) . A filter system was then applied to collate the results, score each company, and reduce the candidates to a short-list (of 236 companies) to present to the expert panel in Phase II . The scoring system rewards companies who have multiple validations across multiple sources, to align with our objective to synthesize and represent collective opinion . That is to say, a company that has consummated numerous market transactions (from equity investments to technology development partnerships to customers), has been nominated by multiple people in the market generally and within our expert panel (especially where the nominator is not a direct stakeholder in the company), and might, say, have won a relevant third-party award (e .g . WEF’s Technology Pioneer) and/or appeared in a high-quality ranking, such as the Deloitte Fast 500, will score well under our methodology . Another key objective is to produce a Global Cleantech 100 that truly represents the breadth of cleantech innovation companies . To counter geographical and sectoral bias, a weighting system is used to keep the list within general bands, so that the end list cannot be all Solar or energy generation companies, or all North American or European companies, for example . In Phase II, members of our expert panel are each given a limited number of votes they can use to voice a strong opinion, be it positive or negative, to strengthen or weaken a shortlisted company’s case for making the final 100 . The scores from Phase I are carried through, so the end result is a combination of the entire process . At all points, voting is blind and remote, meaning expert panelists, do not know where any one company is ranked after Phase I, or what other expert panelists are doing or saying . This is to counter tactical voting and to prevent anyone being unduly influenced by others, which we have witnessed happening in physically convened panels and editorial meetings .

According to the world’s cleantech community, which 100 of today’s private cleantech companies are the most likely to make the most significant market impact over the next 5-10 years?
We answer this question in two phases, only allowing independent, for-profit, cleantech companies that are not listed on any major stock exchange to qualify for consideration . During Phase I, a long list is built from both active nominations made by hundreds of worldwide experts Cleantech Group reaches every week, and from passive nominations that are derived from analyzing a wealth of market data . We take ‘votes of confidence’ in a company’s ability to achieve high growth and high market impact from market transactions such as investment rounds, and major commercial partnership announcements, and we leverage the results of 236 third party awards and rankings (up from 130 in 2011), where expert assessment has already been applied, with criteria relevant to the question we are asking . Through this process we received 8,285 nominations (an increase of 25% from 2011), giving us a long list of 5,177 com9

“It means a lot. I’ve been in the energy space technology space for 25 years – my wife calls it a personality flaw. I’ve won a number of different accolades over the years. I’ve been recognized as cleantech pioneer by the World Economic Forum because of my role in the energy sector and I’ve run a number of start up businesses, but the Global Cleantech 100 is a recognition that, as one of the other panelists said earlier today, fewer get accepted into this club on a percentage basis than to the freshman class at Harvard. 100 companies get it out of 4,200. The sheer selectiveness of the index is part of what makes it special and that a panel of experts was involved – it’s not just an online vote. And then seeing the contrasting views that Richard [Youngman] talked about this morning – the companies that got criticized on the marmite list – tells me that it’s not just a marketing tool or a bunch of yes-men and -women on the panel. There was a level of discerning – it’s those things that make the Global Cleantech 100 stand out. We treat it as a special honor.” Mark McGough, CEO, Ioxus October 2011

In 2012, the expert panel was made up of 75 individuals, drawn principally from leading financial investors in Asia, Europe and North America, and from representatives of multi-national corporations . The panel includes pioneers, leaders, old veterans, and new entrants in cleantech; the names are to be found in Appendix 1 . The composition of the expert panel is created to be broadly representative of the global cleantech community, reinforcing the intention that the end result be a list in which all, or most, sub-sectors of cleantech are represented, and many countries have the chance to be represented, in approximate proportionality

to their share of the overall number of innovative, private cleantech companies in the world . A core principle of the approach throughout is to counter commercial bias by forcing participants to nominate companies in which they are not a stakeholder . For every company anyone nominates with which they have an association, they must nominate two others with which they do not, but which they admire . For example, an investor’s input was only accepted if, for every portfolio company they put forward, they also nominated at least two others where they are not shareholders . We call this the ‘Lust List’ principle .

The end result, we reason, is a list of companies that command a broad base of respect and support from many players within the global cleantech innovation ecosystem, not just insiders . Clearly, there are many fine companies who are not on the 2012 list . They may be waiting to be discovered by a broader pool of people, they may be out of favor this year, their time is still to come (or to come again, in the case of those who have fallen off from the previous three lists); or they may simply have just missed the cut . Only 100 companies can be on the list .

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Personal Reflections on the State of Global Cleantech Innovation: Cleantech is Going Inside
In this article, Cleantech Group’s Richard Youngman, the Global Cleantech about the fortunes of small companies’ 100 project lead, argues that 2012 is part of the transition period from a sec- success becoming more tied to larger ond to a third wave of cleantech innovation and investment activity. Bright- corporations . er times lie ahead.
We have termed this third wave, Cleantech Goes Inside, to represent the idea that clean solutions are becoming the norm, becoming all-pervasive . As such, offering a customer economic and resource efficiency will no longer be seen as ‘different’, but the standard .

During my keynote at our 2012 European Cleantech Forum in Munich in April, I argued the case that a third wave of cleantech innovation and investment had begun, but one which was hard to see through all the current gloom and short-term pressures . This year’s Global Cleantech 100 report, our annual read on the key trends in global cleantech innovation, seems a good time to re-visit that thread and see how well this is, or is not, reflected in the 2012 Global Cleantech 100 . I entitle what follows as ‘personal reflections’ as I cannot dare to speak on behalf of all my colleagues at Cleantech Group . They might not agree with them all, though I am sure they would with many .

The three waves explained.
The first wave I reason to have played out around 2005, when, on the back of some successful exits for pioneering funds, by first generation cleantech companies, a wall of money arrived in quick supply, unleashing the start of a second wave characterized by the explosion of investment into young companies, from 2006 . The early years of the second wave saw lots of new first-time cleantech funds, hundreds of companies founded, billions of dollars invested, optimism in abundance, and clean energy companies (especially solar, but to some degree biofuels) all the rage .

This second wave is, I reason, petering out, though its effects will be with us for some time and the headlines and the short-term challenges it has created predominate . A third wave has begun, but is hard to see amidst the gloom, for what it is or may become . Companies in the third wave have the opportunity to build on the work done, and lessons learnt, over the last decade . They can be more capitallight because the railroads, so to speak, have largely been laid, because the manufacturers now exist and the value chains are more developed, and because costs are on a downward trajectory . They will tap more into the demand of the growing markets of the BRIC countries and beyond, for customers and for financing . And their fortunes will more obviously depend on offering clear and cost-effective solutions to real needs identified by the major industries’ open innovation needs . “You want to listen to your end customer because they will help you figure out what specifications you need to get into the final product,” Envia Systems’ CEO, Atul Kapadia, recently commented to a New York Times article . He was explaining the importance he placed on having a strategic involved in his latest funding round, (in his case General Motors), even at the expense of achieving higher valuation . This illustrates well my last point

We are in transition. And it is this dynamic, the ending of one wave and the early signs of a new wave in development, which I see in the 2012 Global Cleantech 100.
How you view the future of cleantech right now probably most depends on who you are and where you are, how much you participated in wave two and whether you have retained your license to operate in wave three . Are you still in business and so going to be in a position to be optimistic over the fact that the drivers underpinning the broad cleantech, resource efficiency, theme have only become more powerful? Are you in a position to embrace the benefits of the plummeting costs of solar energy, for example? Are you in a position to be a beneficiary of the shake-out and consolidation that is happening right now? Are you in a position to leverage the power and the needs and the shorter sales cycle of the growing markets of the world – the BRICs and beyond?

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These are all themes evident to me in the 2012 Global Cleantech 100, not only in the 100 companies this year but in those that didn’t make the list; not only in the comments and viewpoints expressed to us anonymously and confidentially, across our 75-strong expert panel in 2012, but in the hundreds expressed in the previous three years too . Our collective learning is increasing, year on year . I will now give you my interpretation of where the collective wisdom is at today, what is in favor or out of favor, and how market participants, especially investors and corporates, are thinking . I will try to relay this narrative as best and wherever I can to names of actual companies, using real, but anonymous, comments as quotes . It all adds up to my attempt to signpost to you the market mood and the kind of companies we can expect see more or less of, in the third wave .

A ‘wordle’ of the 2012 expert panel commentary on the short-list

Time and Trajectory are to the fore.
Last year we noted in analyzing the input of our panel how ‘timing’ had become a key area of focus for the market – time to get to market, time in sales cycles, time to realize an exit . Not surprisingly, it is there in abundance again in 2012 . The companies most highly admired are those where revenues are progressing fast, costs are not just on a downward curve, but on an impressively fast downward trajectory curve, the like of which creates meaningful and disruptive market impact . Marginal impact is of marginal interest . There seems to be little tolerance for anything but smooth progress, or a strong

conviction that it will soon be there . This is best illustrated by some of the old favorites who have now fallen off the list, who are, rightly or wrongly, perceived by many in the market to be beset by significant setbacks, of one sort of another, or are right now showing a slowdown in progress . Names that have been in the Global 100 for at least two years that fits the first category would include Amonix and Fisker; names that fit the second might be Chemrec, Climatewell, and Hara . Will any of these bounce back in wave three?

Better Place, recipient in the past of our tongue-in-cheek Marmite Award (see page 34) has dropped out of the top 100 in 2012, for the first time . There are still plenty of lovers and backers, but the voice of the doubters and naysayers around the battery swapping model and the market adoption risk have now grown beyond the median of market opinion . General Fusion is a company that well illustrates the market concern for one-way, black or red, bets . It didn’t quite make the 100, due to the lagging effect of the doubters on its overall rating . On the one hand, we have those excited by “the world’s best chance for affordable, plentiful, fusion-based clean energy before the end of the decade” . On the other, we have doubts founded on it having “a very long shot at becoming cost-competitive” and doubts that it will be “able to meet its targets in a reasonable timeframe”

Real need, real problem. Right now.
Distinct from when we first started this exercise in 2009, the rigid focus on what exact market problem can a company address is top of mind today, allied to the timing focus . This leads to a lower tolerance for technology risk and/or a lower tolerance for the big bet .

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Scale and Sustainability.
There is a very real clean-out happening in cleantech right now, as wave two starts to die out and wave three rises to the fore . Companies and funds alike are fighting for their future . In this regard, there is a distinct risk factor for all to consider when dealing with upcoming companies – who has the backing and the scale to survive the journey ahead? This factor is evident in the commentary . For example, APT Water is credited for its November 2011 merger with Rochem, as a move that has moved it into a new league in the eyes of the market, a move that has made it “real” . On the other hand, a number of shortlisted companies did not make the 100 because of concerns over whether their size company could survive today’s market conditions . There will be a need in the third wave to be creative on the financing front, and to look for ways to achieve scale on the least equity possible . Avantium, for example, was credited by a panel member for keeping its financing needs down and buying itself time, by selling R&D services to pay for its own product development in parallel . Another part of the third wave financing strategy will undoubtedly be looking for funders in more liquid, target markets like China, a trend that has clearly begun .

Access to growing markets is a clear trend in vogue.
In the third wave, one set of companies I believe will thrive are those who successfully take existing and proven technologies to the growing (formerly called emerging) markets of the world where needs for clean technologies can be acutest, and sales cycles fastest . Not to say that that is easy . One approach we expect to grow in popularity is to ensure you bring in the right kind of backers with the right kind of networks and contacts, beyond the actual $’s, into your investor syndicate . Lanzatech, last year’s Asia-Pacific Company of the Year, remains a great example of this, with Qiming Venture Partners, Malaysian Life Sciences, Petronas, and BaoSteel all involved . NanoH2O provides the most current example of the 2012 GCT-100 companies, given its 2012 funding round which brought into its shareholding base not only key industrial giants, BASF and Total, but also Keytone Ventures, an experienced China-based investor with the wherewithal to help inbound western technologies companies navigate a growth journey in China . China takes many of the headlines, but the dynamic of western cleantech companies dedicating their futures to developing markets is apparent elsewhere too . France’s Solairedirect, for example, has success in many countries in the southern hemisphere, in Latin America and Africa, and is seeing impressive top-line growth as a consequence . Eight19, a UK company that did not quite make the 100 this year, is applying its pay as you go solar model in East Africa . India is a key market for NanoH20 .

The Middle East, Brazil and Russia are now very much on the scene too, with the Russian influence particularly noticeable this year . Why emerging markets should be considered as a potentially important part of cleantech companies’ strategies is well-explained in the next article, by Wermuth Asset Management . Wermuth is a good example of the emergence of Russian influence on the global cleantech scene in 2012 . The article explains why . The opportunities are far from an exclusive for inbound foreign companies . India’s Attero Recycling and China’s Beijing Goldenway Bio-Tech fly the flag on the 2012 Global Cleantech 100 list for the locally-originated cleantech company, focused on a strong understanding of a big local problem . Attero is taking the lead in tackling electronic waste in India, and BGB is taking on the unique challenges of food waste in urban China . We expect to see more such companies in future iterations of this list .

Ability to catch the interim waves, not the mega-trends, can bring success to companies in the third wave.
Mega-trends, by definition, are long and as such, do not make for great investments . This may prove to be one of the more salutary lessons of the second wave of cleantech . This might be illustrated by the continued absence of marine/tidal companies from our 100 . For the third year in a row, there are no marine/hydro companies in the 100 . “A strong marine company, but it will take longer than 5-10 years to have significant market impact” commented one expert panelist on Aquamarine, a shortlisted company .

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Testament to this more practical and balanced market has been the greater influence and presence of the major traditional corporations in cleantech generally, and in the Global Cleantech 100 companies specifically, over the last four years . Lines are blurring between ‘cleantech’ and conventional markets: they are overlapping and ‘cleantech is going inside’, as the norm becomes to try and do everything more cost effectively and resourceefficiently . This year, in the 2012 Global Cleantech 100, I particularly feel a greater presence of the oil and gas industry, which hopefully well illustrates the wider point . These are established markets, with deep pockets, with big problems, all over the globe . Solutions are needed for them to retain their license to operate, and for them to compete on resource efficiency . And so, to my mind, we should celebrate the solutions that such companies in the 2012 Global Cleantech 100 as CoaLogix, Filterboxx, Liquid Robotics, and Siluria Technologies are bringing to the world of conventional energy . Such practicalities as growing businesses to help clean up the dirtiest of industries from the inside will define the third wave . What greater symbolic moment of sustainable progress could there be than cleantech going inside the Oil and Gas industry?

The rise of solar energy is, by most measures, a mega-trend too . Things have changed markedly over the last ten years and it is easy to lose perspective on that . The costs of solar energy are plummeting, a fact that tends to be under-celebrated, in the face of individual losses, pain and bankruptcies . In the last year, for example, the Global Cleantech 100 alumni lost Odersun and Soltecture to bankruptcy . In terms of solar companies in the 100 this year, the evident shift is to favor companies who are not trying to compete with the Chinese globally, but to make things happen locally – by making installation happen, by innovating in the financing and installation fields . Clean Power Finance, Solairedirect and SolarCity are all examples of companies riding this wave for as long as it lasts . At the other end of the scale, there is still some appetite for the next generation of solar technologies . In this year’s 100 are 1366 Technologies (“breakthrough technology, in the Si-PV space which provides a strong value proposition irrespective of

sector demand-supply conditions”), Alta Devices (“Innovative tech that could further drive down costs of PV and enable PV in flexible environments”) and Array Power (“the next generation of PV inverters”) .

We are in a sobering time for the cleantech innovation and investment theme. But now is not the time to throw in the towel.
Beyond the clean-out, I believe there to be a brighter period where cleantech in its broadest sense, distinct from clean energy in its narrowest, will predominate; where fewer overall players will add up to a more rational market; where some businesses will succeed, by leveraging the technological progress that has been made on the billions invested in the last decade, leveraging the many lessons that have been learned along the way, and operating in spaces where resource efficiency and ‘doing more with less’ economically is what counts, over environmental purity, evangelism, and hope .

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SPONSORED ARTICLE

Leapfrog towards a Circular Economy: Using Cleantech in Emerging Markets as a Catalyst
In this article, Wermuth Asset Management’s Eiso Vaandrager, sets out the argument why emerging markets can play an important role in the move to a circular economy, in particular through the application of breakthrough clean technologies, and why western cleantech companies can benefit from this – with the right partners. WAM invites all cleantech companies to see how they could be of help in developing a Russian and Eastern European strategy.
Singapore have fast become among the global leaders in cleantech . Other markets like Brazil, Russia, India and Kazakhstan are also starting to move forward . The majority of new electric power capacity installed is renewable already . The year 2011 was the crossing point of two lines – the total amount of investments in renewable energy capacity was surpassed by the amount of investments in fossil fuel capacity for the first time in history .

We have to plan for at least 10 billion people . With seven billion people currently on this planet, growth rates have slowly started decreasing and total population is expected to plateau at 10 billion . To survive/thrive, humankind has to shift from a linear “take-make-waste” economy to a circular economy where materials are reused .

is the only way we will be able to provide 10 billion people with goods and services to have a productive and good life .

MAKE USE OF THE EMERGING Skeptics will point out that this is only a MARKET DYNAMICS: The introduc- drop in the water, because total new retion of clean technologies in OECD countries often takes a long time due to a lack of a sense of urgency, well established functioning infrastructure and also due to strong entrenched interests defending the carbon-based centralized energy system . In emerging markets, the situation is often different . Here population and wealth growth are being felt much more acutely . Many cities are so polluted people can feel and see the smog . Regulators therefore take drastic measures . Take Beijing, where electric scooters are not just a “pipe dream” but the law, something that could, it has been estimated, create a market for electric two-wheelers (e-scooters, e-motorcycles and e-bicycles) of a cumulative level of 355 million units by 2018 in China alone . The current Chinese ‘Five Year Plan’ envisages investments into clean technology of USD 740bn, which compares to the previous leader in cleantech investments, Germany which invested $80bn in 2011 . China and

CIRCULAR ECONOMY: Together
with the industrial revolution the ‘takemake-waste’ process was introduced . We take natural resources from planet earth, make something from it and then throw it away . This has led to a very fast improvement of the living standards of mankind at the cost of planet earth . Already in 2008 1 .3 times the earth’s carrying capacity was needed to support human consumption (source: WWF) . We are on a path, therefore, that at some point, all the natural resources will be on the dump site . It is clear that ways have to be found to reuse resources . Throughout the business community, there is a growing interest in developing ways to create a “circular economy” without waste . In the end this

newable power generation per annum compared to the global power generation is only 5 .4% according to UNEP . If, however, one looks at fast-growing emerging economies, there can be whole cities and regions which can move towards renewable energies now . These cities and regions will then require the “smart grid” infrastructure needed to deal with this sort of renewable, decentralized power supply . On the contrary, in well-established OECD countries with a huge stock of relatively efficient conventional power supply, the adoption of smart grids and electric transport may be slower, allowing emerging markets to leap-frog the OECD in their adoption .

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SPONSORED ARTICLE

To sum up: 1 . In emerging markets the impact of clean technologies is much higher than in developed economies: Russia, by way of example consumes ten times more energy per unit of GDP as Germany . The application of cleantech is thus far more profitable in emerging markets than in developed markets . 2 . In the larger emerging markets it is easier to find a large successful company that can act as a launch customer . Therefore for people who know these countries their markets offer not just strong growth but also reliable partners . Additionally, large size projects required to ensure the commercial feasibility of a new technologies are also an option . 3 . In emerging markets production costs are often still a fraction of the costs in OECD countries . For example, in Russia’s region of Tatarstan, the cost of a well-qualified programmer competes with India or China in terms of total cost, quality and time to market . 4 . Obviously entry into a market offering a more profitable application of a Cleantech 100 company’s products plus strong growth and lower production cost mentioned will help to source companies to grow further and fund further development .

WERMUTH ASSET MANAGEMENT (WAM) A POTENTIAL PARTNER FOR CLEANTECH COMPANIES IN EASTERN EUROPE
WAM is a German family office with headquarters in Mainz and offices in Amsterdam and Moscow . It acts as the exclusive investment adviser to a number of investment funds which it sponsored over the years, partnering with best-in-class teams to advise each fund, most recently with the Dutch “e2 cleantech team” which joined WAM this year . Today 90% of the assets WAM advises are in private investments and 60% focused on growth capital for clean tech firms . WAM has invested some $1bn in Eastern Europe so far, with the ultimate aim to make capital available to support “sustainable growth” and a global move “towards a circular economy” – without waste . WAM’s most recently launched fund, the “Europe-Tatarstan Cleantech Fund” (ETCF) provides growth capital primarily to EU cleantech companies . Investee companies are not required to sell to or to invest in Eastern Europe . However, if they are interested, WAM helps them to access this fastgrowing market via Tatarstan . We believe our Fund could play a major role in moving the world along the path towards a circular economy by providing capital and expertise in an area where both are scarce but the impact would be some of the largest in the world – Eastern Europe . We look forward to partnering with some Global Cleantech 100 companies along this journey .

www .wermutham .com

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The 2012 Global Cleantech 100: facts, figures, and analysis
Of all the companies to make this year’s list, 38 are new entrants (compared with 37 new entrants in 2011) and 50 were on the 2011 list . Twelve are returners from 2010 or 2009 and twelve have made the 100 all four years . The table below shows the top 10 companies within each major region – those companies who attracted the broadest base of support from the world’s cleantech community . They are presented in alphabetical order . The top ranked company in each region – who had the highest rating and the most positive votes from our expert panel without any detractors or negative votes – is shown in bold .

NORTH AMERICA
Agilyx APTwater Clean Power Finance FilterBoxx FirstFuel Software Harvest Power LanzaTech Opower SolarCity Transphorm

EUROPE AND ISRAEL
Amantys Avantium CellEra Compact Power Motors Emefcy i2O Water Kaiima NovaLED Solairedirect TaKaDu

ASIA PACIFIC
Annex Power* Applied Solar Technologies India Attero Recycling Beijing Goldenway Bio-Tech Beijing Zhongneng Huanke Technology Development* Lattice Power Miartech Niutech Energy* Prudent Energy* ShineOn*

*For the Asia Pacific region, Annex Power, Beijing Zhongneng Huanke Technology Development, Niutech Energy, Prudent Energy and ShineOn were taken from the shortlist, outside the Global 100 to make up the regional top 10.

The 100 by Geography
This year’s selection of 100 companies hail from 13 countries across the globe, a drop of 3 from 2011 . Australia, Belgium, Finland, Norway and Sweden all lost representation, not because of IPOs or acquisitions, but merely because their companies have fallen off the list . New Zealand dropped off as well, but only because the management of LanzaTech, the 2011 AsiaPacific Company of the Year, informed us that the company headquarters has been moved to the United States .

>5 5.5 3.9 3.9-5.5

2.2 2.2-3.9 0.6 0.6-2.2

<0 0.6 No data

2012 GCT100 Companies per Trillion $ GDP 18

Ireland has a company (Nualight) on the list for the very first time, and Italy and Luxembourg return, with the same companies as the last time they were on the list in 2009, with Electro Power Systems and Epuramat respectively . The emerging economies of China and India show a stable presence on the list . North America represents 69% of the top 100 companies, with Europe holding 21% of the spots . The United States is the most highly represented country with 64 companies, up 10% from 2011 . Of these,

37 (58%) are from California, showing the continued strength of Silicon Valley in global innovation . Also of note is that 10 of the 12 companies that have made the list in all four years are based in the US . Viewing the number of winning companies in relation to GDP reveals a different story, with Israel leading for density of high impact cleantech companies within its economy . Israel also ranks highly, in second place, on the Global Cleantech Innovation Index 2012 which measures a country’s potential to produce innovative

private cleantech companies . Nordic companies, when compared to their countries’ performance in the Innovation Index, are conspicuous by their absence from this year’s 100 . Denmark, Sweden and Finland were all rated in the top 5 countries for private cleantech innovation, suggesting that we will see more promising companies from Scandinavia in years to come . Perhaps the third wave Nordic companies are yet to take up the running from the second wave companies? Chemrec and Climatewell, for example, have not made the final 100 this year – for the first time .

COUNTRY

2011 GCT100 COMPANIES 58 9 4 3 5 3 3 1 4 2 0 0 0

2012 GCT100 COMPANIES 64 8 6 5 4 3 2 2 2 1 1 1 1

CHANGE 2011 TO 2012 +6 -1 +2 +2 -1 0 -1 +1 -2 -1 +1 +1 +1

United States United Kingdom Israel Canada Germany China France India Netherlands Denmark Ireland Italy Luxembourg

2012 GCT100 COMPANIES PER TRILLION $ GDP* 4 .2 3 .5 25 .5 3 .6 1 .3 0 .3 0 .9 0 .4 2 .8 4 .8 5 .5 0 .5 24 .3

INNOvATION INDEx RANKING** 5 10 2 7 6 13 19 12 14 1 9 27 NA

*PPP GDP, International Monetary Fund ** Of 38 countries studied in the 2012 Global Cleantech Innovation Index1

2

Cleantech Group and WWF, 2012

19

The 100 by Sectors
The 2012 100 companies are listed alphabetically by cleantech sector, with new entrants in blue and the twelve companies who have made the list all four years shown in orange .

Advanced Materials
FRx Polymers Novomer

Energy Efficiency
Breathing Buildings Bridgelux BuildingIQ Digital Lumens Enlighted EnOcean FirstFuel Software Lattice Power Nest NovaLED Nualight Nujira Opower OSIsoft Panoramic Power PassivSystems Powerit Solutions Project Frog Soraa Tendril Transphorm Vigilent

Recycling & Waste
Agilyx Attero Recycling Beijing Goldenway Bio-Tech Harvest Power Recyclebank

Agriculture and Forestry
Driptech Kaiima Marrone Bio Innovations NexSteppe Purfresh

Solar
1366 Technologies Alta Devices Applied Solar Technologies India ArrayPower BrightSource Energy Clean Power Finance Enecsys GeoStellar Solairedirect SolarCity SolarEdge TIGI

Air
CoaLogix Skyonic

Biofuels & Biochemicals
Avantium BioAmber EdeniQ Enerkem Genomatica Joule LanzaTech LS9 OPx Biotechnologies Renmatix ZeaChem

Transportation
Compact Power Motors Coulomb Technologies EcoMotors GreenRoad Technologies Liquid Robotics RelayRides

Energy Storage
Amprius Aquion Energy Boston-Power Enervault Envia Systems Highview Power Storage Ioxus Nexeon Sakti3 SustainX

Conventional Fuels
Siluria Technologies

Water & Wastewater
APTwater Emefcy Epuramat FilterBoxx i2O Water NanoH2O Ostara Nutrient Recovery Technologies Saltworks Technologies TaKaDu Voltea WaterHealth

Smart Grid
Amantys ENBALA Power Miartech Nexant On-Ramp Wireless Power Plus Communications PowerSense Silver Spring Networks Trilliant viridity Energy 20

Fuel Cells & Hydrogen
CellEra Electro Power Systems McPhy Energy

Energy Efficiency emerged yet again as the top sector for Global Cleantech 100 companies . The sector saw 22 companies in the 2012 list, up by three from 2011 . Solar held second place despite losing representation, with only 12 companies in this year’s list - a significant 40% fall since 2009 . Biofuels & Biochemicals climbed to join Water & Wastewater in equal third po-

sition on the list . Smart Grid increased its representation to 10 companies, jumping ahead of Transportation to pull up even with Energy Storage . Small, but going in the opposite direction to Solar, is the Agriculture and Forestry category, a signal to us of the broaden-

ing of the portfolio from predominantly a clean energy one (and principally a solar and biofuels one, at that) to a broader resource-efficiency one . This is an important change for the innovation world, in tune with our views on a third wave of cleantech .

Energy E ciency Solar Biofuels & Biochemicals Waste & Wastewater Smart Grid Energy Storage Transportation Agriculture & Forestry Recycling & Waste Fuel Cells & Hydrogen Advanced Materials Other 0
Source: Cleantech Group Analysis

2012 4 year average

5

10

15

20

25

Energy Efficiency
Energy efficiency warrants closer examination, to breakdown what in itself is a broad ‘catch-many’ theme . Lighting has been consistently the largest sub-sector of Global Cleantech 100 energy efficiency companies . However, enterprise energy management companies are responsible for most of the sector’s growth in representation since 2010 .

21

20

E cient Electronics Ho Home Energy Management Ma

15

En Energy Services Lig Lighting

10

Gr Green IT Bu Building Envelope En Enterprise Energy Management Ma

5

0 2009
Source: Cleantech Group Analysis

2010

2011

2012

Sustained interest in lighting companies is driven by the great potential for energy savings from innovation in lighting, especially through the commercialization of LEDs . The energy efficiency IPO market has been dominated by Chinese lighting companies scaling up production and, unlike in solar, a number of western companies are still finding success innovating in the mid- and upstream LED value chain . For example, four year list veteran Bridgelux (though interestingly recipient this year of the ‘Marmite’ award) and new entrant Soraa, both manufacturers of GaN based LEDs, made it to the 2012 list . NovaLED, a German developer of organic LEDs, returned to the list in 2012 and represents one of Europe’s few public market exit prospects after filing in March for a Nasdaq IPO . Lighting controls companies have also been a consistent presence in the 100, representing a potentially more

capital light play to deliver energy savings in commercial lighting . This year, Digital Lumens and Enlighted lead the representation of this company-type . Enterprise energy management, including building energy management, is the fastest growing sub-sector of energy efficiency . Within this growth, enterprisescale software providers AMEE and Hara have dropped off the 2012 list . Meanwhile building and process efficiency companies have joined this year’s 100, in the form of BuildingIQ, OSIsoft, Panoramic Power, and Powerit Solutions . An exception to this trend is SCIenergy, a building energy management software and services provider that dropped off the 100 this year . It is of note that SCIenergy made a number of acquisitions in the last year, as part of its building-out of its complex offering that includes high-touch audit services with building energy analytics . In

contrast, 2012 new entrant FirstFuel Software has developed a ‘zero-touch’ remote energy audit system, looking for its route to success through a simpler solution to the building energy problem . The third major segment of energy efficiency companies in the Global Cleantech 100 has been home energy management (HEM) . Despite a disappointing degree of consumer traction, there has been consistent support in our annual Global Cleantech 100 process for such companies, albeit the mix has seen some change . OPower is the stand-out consistent performer of the consumer-oriented companies . Only Tendril has been in the 100 all four years, but this company has had to evolve itself and its focus through this period . PassivSystems (a 2010 alumnus) returns and Nest is a new entrant . AlertMe was an alumnus of the 2009-10 list, but is yet to return . All of this suggests that the

22

market players continue to believe that that the best HEM companies still have significant market impact potential, but perhaps they are just not sure which ones will realize that potential . Two key themes emerge in looking at the more successful companies playing in home energy: simplicity and channel . OPower and Nest stand out from the crowd of over-engineered home automation and smart home vendors to offer simple, elegant solutions, to utility and residential customers respectively . The more complex offerings that retain strong prospects must have strong channel partnerships, commonly with utilities, as in the case of Tendril . Other channels, beyond utilities, may also prove valuable in the longer-term . For example PassivSystems has built an integrated residential PV monitoring and HEM solution, and is finding customers though partner solar vendors .

Solar
Talking of Solar, it would be hard to finish this section on the 100 by sector without some commentary on Solar . A reduction in the number of thin film and concentrating PV companies under-

lies Solar’s ever-declining representation in the list since its high of 2009 . In contrast, downstream services providers have increased their representation, while balance of systems and solar thermal companies have made the list in largely consistent numbers .

Crystaline PV 20 Concentrating PV (CPV) Solar Thermal Thin Film 10 Balance of Systems Downstream Services 5

15

0 2009
Source: Cleantech Group Analysis 23

2010

2011

2012

Downstream Services was the only subsector in solar to grow over the past four years, with an increasing number of companies offering installation and financing services . Downstream players benefit from the falling module costs that have been so damaging to mid- and upstream solar start-ups, which are competing with an increasingly consolidated production base . As mass production is proving the most effective method of reducing module costs there is more room for innovation in installation and balance of systems, which account for around half the installed cost of solar . Winners in downstream solar are leveraging innovative financing models, improved process efficiency and novel software applications . Present in all four years of our list and hopefully a contender for the 2013 Global Cleantech 100 exit of the year award, given its planned IPO, Solar City, has developed solar leases, power purchase agreements and most recently an offering combining both solar panels and batteries to be sold at Walmart stores . Solairedirect, a veteran of three lists, has developed a micro-project finance model to bring down upfront costs of installation . This French company is also expanding into emerging economies where there is a huge potential market in countries with poorly developed power systems . Similarly, new entrant Applied Solar Technologies India is tapping this market, with offgrid solar solutions for telecom operators .

While there is growth in the downstream space, competition remains tight with Sunrun (a 2011 alumnus) dropping off this year . The integration of software solutions is now emerging as a key differentiator for installers, with the potential to deliver great efficiencies in both installation and customer acquisition . Clean Power Finance and GeoStellar both entered the 100 this year and develop software solutions that are sold to installers, powerfully combined with financing in the case of Clean Power Finance . Thin film companies’ representation has dropped dramatically since 2009 . Only one company made the 100 this year, namely Alta Devices, which is developing high efficiency cells with the novel material of gallium arsenide . Heliatek, the organic PV maker and MiaSole, the copper indium gallium selenide (CIGS) thin film maker dropped off the list due to mixed reviews and differing opinions on longterm potential and ability to navigate such a difficult environment .

Two Global Cleantech 100 alumni were amongst the many solar companies to go out of business in the previous 12 months . Odersun (a 2009 alumnus) and Soltecture (a 2009 and 2011 alumnus) joined Solyndra (a 2009 alumnus) on the list of bankrupt thin film manufacturers . These companies were unable to sustainably respond to global manufacturing overcapacity, the rapid decrease in price for conventional crystalline silicon solar modules and the reduction of incentives in key European markets . The only Global Cleantech 100 alumni companies to file for bankruptcy in the last two years have been thin film solar players .

24

Company Development Analysis
The mean foundation year for the global portfolio is 2005, with only five companies founded before 2000 . Unlike in 2011, there were no companies founded less than a year ago . However, four of the 100 were founded as recently as 2010 . Such young and relatively ‘unproven’ companies selected for the 100 are especially interesting as they must compensate for a lack of track record with either fast growth or an especially great potential impact . These four companies are as follows: Amantys, a spin-out from the University of Cambridge, is commercializing a digital power switching platform to address power losses for devices and

the whole supply chain . Its strong connection to ARM Holdings is particularly noteworthy . FirstFuel Software has developed an analytics platform which remotely benchmarks building energy performance, helping utilities engage their commercial customers to rapidly achieve energy efficiency across commercial building portfolios . Of note, FirstFuel raised two rounds of funding from venture capitalists in the past year ($2 .4 million in September 2011 and $10 .0 million in February 2012) and established a development partnership with the US Department of Defense in January 2012 to demonstrate emerging energy technologies on military installations

NexSteppe develops seeds to be used as feedstocks for biofuels, biopower and bio-based products . Similarly, NexSteppe raised two rounds of funding from venture capitalists in the past year (an undisclosed amount in May 2011 and $14 .0 million in December 2011) and established a technology partnership with DuPont in January 2012 GeoStellar has developed software that determines optimal sites for solar installations, thereby enabling wasted costs on unsuccessful site visits to be saved . Similarly, it raised two rounds of funds ($2million in April 2011 and $14 million in May 2012) and established a development partnership with GeoEye, a high-quality earth imagery provider that also participated in the company’s most recent round of funding .

40 35 30 25 20 15 10 5 0 Pre-2001 Product Pro Development De
Source: Cleantech Group Analysis 25

2001-2002

2003-2004

2005-2006 Wid Wide Commercial Availability Ava

2007-2008

2009-2010

Shi Shipping Product/Pilot Pro

When classified based on development stage, our data shows that 18 companies are still in product development, 37 have a pilot or product with limited availability and 45 have products that are widely commercially available . Unsurprisingly, companies founded more recently tend

to be at an earlier development stage, however there are notable exceptions . RelayRides was only founded in 2009 but its car-sharing platform is already widely commercially available . In contrast to this young company’s rapid development, there are much older companies still at

relatively early development stages . For instance, ZeaChem was established in 2002 and 10 years later is still in the product development phase . However this is less remarkable given that ZeaChem is a biofuels company and so subject to typically long development cycles .

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
Ad va nc ed M Co at er nv ia en ls tio Fu na el lF Ce ue lls ls & Bi of Hy ue dr ls og & en Bi oc he m ica En ls er gy Ag St ric or ul ag tu e re & Fo re st ry rid W as te w at Tr er an sp or ta tio n & Ai r r la So nc y cie tG

25 20 15 10 5 0

er

gy

Sm

E

En

Pre Pre-commercial
Source: Cleantech Group Analysis The specific demands of the different sectors under the cleantech umbrella can be seen in the age and development stage of companies featured in the 100 . Biofuels & biochemicals companies have an average founding year of 2005 and only one company with widely commercially available products . The exception to the biofuels rule is EdeniQ, an interesting example of a wider trend in biofuels – growing investment for technology developers . The majority of venture backed biofuels

Wid Wide Commercial Availability Ava

Co Companies

companies are seeking to develop biofuels production facilities and generate revenue through fuel and chemical sales, a very capital intensive model . Conversely, EdeniQ develops bolt on solutions sold to existing biofuels plants, requiring less pre-revenue capex . There are also differing commercial trajectories by region . Companies across all regions have a similar age, with an average year of foundation around 2005-06 .

However, the proportion having achieved wide commercial availability was lowest in Europe and Israel (35%), followed by North America (47%) and then Asia-Pacific (67%) . This fits well with our broadbrush views on the strengths of each of these regions – science and technology in Europe and Israel, venture capital and start-ups in North America, and rapid commercialization, growth and scale-up in the Asia-Pacific .

26

W as

te

ar

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Asia-Paci c Product Development Pro Wid Wide Commercial Availability
Source: Cleantech Group Analysis Based on Cleantech Group data, 83 of the 2012 Global Cleantech 100 fund-raised since June 2010, in aggregate receiving over $3 .1 billion in venture capital investments . This represents a little less than 18% of the approximate $17 .8 billion total cleantech venture capital tracked over the same time period . These 83 companies represented just less than 8% of the 1,080 cleantech companies that publicly disclosed the raising of venture or growth capital during this period . This indicates that, although capital is scarce in the market at large, high quality teams developing pertinent technologies and developing pertinent market penetration strategies are still able to obtain a disproportionate share of available funds .

67%

35%

47%

46% 34%

33% 19% 19%

Europe

North America Shi Shipping Product/Pilot

27

Investors and the 2012 Global Cleantech 100
Cleantech Group data shows that a total of 405 unique investing organizations (funds, corporate, family offices, etc .) have made some form of investment in the 2012 Global Cleantech 100 companies . Of these investing organizations, 77% were private financial institutions, 19% were corporates and 4% were public sector entities . These investors are based in 28 countries but heavily weighted towards North America and Western Europe . The United States is home to the lion’s share of these investors (227 - 56%), distantly followed by a second tier of countries with more than 10 GCT100-funding investors including the United Kingdom (36 – 9%), Canada (21 -5%), Germany (21 – 5%) and France (19 5%) . A third tier of countries with more than five GCT100-funding investors is comprised of a mix between additional Western European countries (Switzerland and the Netherlands), Israel and Asia (China and Japan) . The most prolific investors were primarily established cleantech investors with a few new entrants/departures . Kleiner Perkins Caufield & Byers (KPCB) retained its position as the investor with the most companies on the list, increasing the number of portfolio companies from 14 to 19 . Draper Fisher Jurveston caught up to VantagePoint Capital Partners, each with nine portfolio companies . Khosla Ventures increased the number of Global Cleantech 100 companies in its portfolio from five to seven and Generation Investment Management stayed constant with five companies on this year’s list . Two investors joined the list of top investors for the first time this year, because of the many new entrants coming onto the list: Braemar Energy Ventures (an established US energy-oriented venture capital firm) and Bright Capital (a global venture capital firm founded in 2010 with strong Russian ties) . Each of these investors actively invested over the course of the year, drawing on the momentum of having recently closed funds, something which has proved beyond many other investors . It is also worth noting that Bright Capital has gained its Global Cleantech 100 portfolio though participating in rounds with top western investors, rather than discovering these companies itself . For 5 of its 6 represented companies, Bright Capital only joined the syndicate at series C or later . Similarly, of the fund’s nine disclosed cleantech investments made during the past year, six include Kleiner Perkins, Caufield & Byers in the syndicate .

INvESTOR Kleiner Perkins Caufield & Byers (KPCB) Draper Fisher Jurvetson (DFJ) VantagePoint Capital Partners (VPCP) Braemar Energy Ventures Khosla Ventures Bright Capital Generation Investment Management (GIM)

NO. 2012 GCT100 19

INvESTEE COMPANIES IN 2012 GLOBAL CLEANTECH 100 Agilyx, Alta Devices, Amprius, APTwater, Aquion, Clean Power Finance, Coulomb, EdenIQ, Enlighted, Harvest Power, Kaiima, Nest, OPower, OSIsoft, RecycleBank, Renmatix, Siluria Technologies, Silver Spring Networks, Transphorm ArrayPower, Attero Recycling, BrightSource Energy, EdenIQ, Enlighted, Genomatica, Kaiima, Miartech, SolarCity 1366 Technologies, Amprius, Bridgelux, BrightSource Energy, Genomatica, Liquid Robotics, Ostara Nutrient Recovery Technologies, Tendril, Trilliant Coulomb, EcoMotors, Enerkem, Ioxus, NexSteppe, OPX Biotechnologies, Viridity Energy Driptech, EcoMotors, LanzaTech, LS9, NanoH2O, Sakti3, Soraa Alta Devices, Epuramat, Genomatica, Renmatrix, Siluria Technologies, Transphorm GreenRoad Technologies, Harvest Power, Nest, RecycleBank, SolarCity

9 9 7 7 6 5

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Who dominates, pureplay investors or generalists? Interestingly, of the seven most prolific investors, all but Braemar Energy Venture and Generation Invest-

ment Management have a significant non-cleantech mandate . In looking at the cleantech-oriented portions of these investors’ portfolios, three have more than

a third of their cleantech portfolios represented in the 2012 Global Cleantech 100: namely, Bright Capital, KPCB and Generation Investment Management .

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% KPCB VPCP DFJ Braemar Energy Ventures Khosla Ventures Bright Capital GIM

GC GCT100
Source: Cleantech Group Analysis

Cle Cleantech portfolio

Non-cleantech portfolio

29

Corporates and the 2012 Global Cleantech 100
While 2012 has seen a slow-down in cleantech venture investment from financial investors, strategic investors remain a source of growth, industrial expertise, and financial capital for cleantech companies . Cleantech venture deals with corporate involvement has grown in number by 12% CAGR between 2006 and 2011, a pattern mirrored in this year’s Global Cleantech 100 . In 2011 only three corporates had five or more of the 100 in their portfolio – namely, GE, Siemens and Google . This year the number has grown, with Waste Management and Energy Technology Ventures, the joint venture between GE, NRG Energy and ConocoPhillips, also meeting this criterion .

CORPORATE General Electric Google Siemens IBM Waste Management BP Mitsui ABB

COUNTRY USA USA Germany USA USA UK Japan Switzerland

PORTFOLIO COMPANIES 5 (10)* 7 5 0 5 3 4 2 5 3 1 0 1 0 3 2 4 0 (5)* 0 0

PARTNER COMPANIES 13 4 5 8 3 4 2 3 0 2 4 5 4 5 1 2 0 4 4 4

TOTAL 18 11 10 8 8 7 6 5 5 5 5 5 5 5 4 4 4 4 4 4

Energy Technology Ven- USA tures* GM Mitsubishi USA Japan

Pacific Gas & Electric USA (PG&E) Toshiba Veolia BASF Dow Chemical Intel NRG Energy Japan France Germany USA USA USA

San Diego Gas & Electric USA (SDG&E) Schneider Electric France

*Joint fund between General Electric, NRG Energy, and ConocoPhillips, bracketed values include joint venture investments

30

Across industrial segments general industrials are the most active in engaging with the Global Cleantech 100, followed by information technology companies . Both these sectors tend to engage with a similar balance of equity investment corporate relationships, from development partnerships to taking start-ups as vendors . Yet this balance is not seen in all

industry segments, as utilities are biased towards forming non-equity, commercial relationships, while Oil & Gas majors have made relatively more equity investments . Utilities will tend to enter into partnerships with cleantech companies as they are under increasing legislative pressure to adopt energy efficiency and carbon reduction measures across geographies,

indicating their need for solutions in the shorter term . Conversely, Oil & Gas companies are engaging with cleantech innovation in reaction to long term drivers around fossil fuel depletion and the threat of stronger carbon legislation, meaning the long term option value of equity investment is more attractive .

Diversi ed Industrials y Information Technology Utilities investments Oil & Gas relationships Materials & Chemicals Environmental Services Automobiles & Transport t 0 10 20 30 40 50 60 70

Source: Cleantech Group Analysis

North American corporates constitute the majority of players engaging with the 100 for both investments and commercial relationships . Yet the numbers for corporates are much more balanced than for the

Global Cleantech 100 itself . 69% of the 100 are North American, whereas North American companies account for only 55% of the engagement from corporates . This demonstrates that when looking to understand

the strategic players in the cleantech ecosystem one should not underestimate Europe’s industrial heartland and Asia’s powerful conglomerates . Data suggests that this is where the growth is coming from .

North America Europe Asia Paci c
Source: Cleantech Group Analysis 31

investments relationships

0

50

100

150

The 2012 ‘Lust’ and ‘Marmite’ Lists
Key factors in giving this annual list credibility and rigor are the process our expert panel undergoes, and the ‘Lust List’ principle (that for every company anyone votes for where they have bias (typically via a shareholding), they must always provide at least two more nominations where they are not) . It also allows us to look at which companies are admired most, and why (the ‘Lust List’); and which attract the strongest and the most divided opinions (the ‘Marmite List’) . What is it that people like or dislike about (these) cleantech companies? Panelists were asked to identify the most promising commercial ventures, evaluated for their potential and likelihood to achieve high growth and high market impact in a 5-10 year time period . They were asked to consider the following three angles: The Innovation (the problem it solves; uniqueness; sustainability of advantage, etc .) The Market (accessibility, size, growth dynamics, barriers to entry, etc .) The Ability to Execute (finances; team competences; connections and networks, etc .) The 100 companies should, therefore, represent the 100 most promising ventures based on these criteria - according to weighted collective opinion . Within these broad criteria, there are different points of emphasis . We examined patterns of what industry insiders regard as of highest importance . For companies rated highly, there were the usual factors – market leadership position, market traction, technology/ product differentiation, and team quality . The more interesting analysis turned out, once again, to be an investigation of the use of negative votes and the reasons cited when our expert panelists made cases against companies (on the short-list) . For companies rated negatively, the top 5 reasons were: REASON Product (Not competitive enough, technology issues) Too niche market Operational or organisational problems Timing (Too early or late) Not enough funding CITATION FREQUENCY 16%

The ‘Lust List’: which companies today command the greatest peer admiration?
Of course, we are all proud of our own house, our own spouse, our own children, our own business, and (many of ) our investment decisions . At the same time, humans are constantly comparing and secretly admiring . We can recognize beauty and merit in others, even rivals’, as hard as that can be for some of us to admit publicly . Our methodology in arriving at a final 100, forces participants (or those whose input was allowed to count) to tell us more about what they lust over which is not theirs, than about what is theirs, and it gives the expert panel the chance to make cases against, as well as for, shortlisted companies . They do so blind to each others’ input . Given this, it makes it all the more interesting to look at some of the voting patterns and see who or what attracts the most agreement and disagreement . At the top of the lust list, as measured by the companies with the most peer validations in the expert panel assessments, where no one made a negative case, were the five companies below . As such, it could reasonably be argued that these are seen as the category leaders, the cleantech players’ companies of 2012 . Some of the panelists’ comments are summarized and synthesized below in italics, generally in the words they used, to provide us all with insight on what people rate about them, but respecting anonymity .

13% 11% 11% 9%

For a second year running, product and market size factors were front of mind in our expert panel’s critique . Though interestingly, lack of funding made its first appearance on this list . It may be that in today’s more capital constrained environment even good technologies and teams will be held back for lack of funding . This is also a key consideration for corporations striking partnerships: will this small company be able to sustain itself for our partnership to pay off, as we envisage?

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1. Opower Leverages the power of partnerships (utility and OEM) to effectively penetrate markets Achieves 1.5 - 3.5% energy savings across a population, is highly scalable and more cost effective than other efficiency methods. Achieving significant revenue scale and expanding internationally.Strong backing. A key component to Smart Grid implementation 2. Harvest Power Early mover. Technology demonstrated and strong growing secular interest. Innovative business model to service a large market and the best access to underlying assets in US & Canada 3. Transphorm Patented technology with first mover advantage and $ billion market application. Compelling technology - eliminates up to 90% of all electric conversion losses in High Efficiency AC-DC Power Conversion 4. NovaLED Good team, good technology and a good ability to leverage the energy efficiency feature of this semi-conductor company. Strong corporate partnerships, such as Samsung and BASF

The ‘Marmite List’: which companies and sectors divide opinion?
The somewhat tongue in cheek ‘Marmite List’ is inspired by a Unilever food product, Marmite, that has famously divided tastes since being introduced to the market 100 years ago . So much so that ‘You either love it or you hate it’ has become part of the marketing! The ‘Marmite List’ each year identifies the companies which made the Global Cleantech 100, but which also attracted the strongest divide of opinion, between ‘lovers’ (positive votes) and ‘haters’ (negative ones) . Last year’s marmite listed companies were Better Place and Fisker Automotive . It is noteworthy that both of these companies were shortlisted but did not make the 2012 Global Cleantech 100 . They continue to divide opinion . This year, Bridgelux heads up the ‘Marmite’ list, with Coulomb Technologies and

Enecsys, also featuring . To us, this indicates that views on these companies are, for some at least coloured and clouded by the wider environment . Bridgelux has headed down the route of being a fully-integrated manufacturer of LED’s and, as such, is the US’ first new one for 20 years . There are many positive ratings, but the doubters are concerned by Bridgelux suffering a similar fate to western solar cell manufacturers in trying to compete with lower-cost Asian, especially Chinese, competition . With Coulomb, the doubts are centered on the (slower than anticipated) growth of the EV market more generally and its lack of fast-charging capability . For Enecsys, we would reason that, fairly or unfairly, the opinions of its doubters are influenced by Enphase’s IPO .

3

www.unilever.co.uk/brands-in-action/detail/Marmite/293688/

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The Global Cleantech 100 Alumni
50 companies from the 2011 Global Cleantech 100 did not make the cut in 2012 . Three of the 50 companies were no longer eligible for consideration: Enphase Energy has gone public, eMeter was acquired by Siemens, and Soltecture has gone out of business . For some of the other 47 companies, there have been some very explicit and wellknown setbacks, some of which could prove to be temporary in the months and years to come . For others, it may be harder to detect why the consensus sentiment has, on a relative basis at least, shifted against them . However, it is beyond the mandate of this exercise to speculate on individual companies or second-guess the market opinion we believe to have been expressed through our process .

The 2011 Global Cleantech 100 Alumni: “we’ll be back”?
Companies from the 2011 list which were still eligible but did not make the cut for the 2012 list are shown below .

24M Technologies 4Energy Adura Technologies AMEE Amminex Aqwise Barefoot Power Better Place Canatu Chemrec ClimateWell Electrawinds Elevance Renewable Sciences eSolar EVO Electric Fisker Automotive

General Compression GMZ Energy Green Biologics Hara Heliatek Helveta HydroPoint Data Systems JouleX Kebony Lemnis Lighting MiaSolé Mission Motors Nexterra Nobao Renewable Energy Holdings Novacem Oasys Water

O-Flexx Technologies Puralytics Recupyl SCIenergy Seeo ShineOn Stirling DK Suniva SunRun SynapSense Synthetic Genomics Tigo Energy Topell Energy Windlab Systems Xtreme Power

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The Global Cleantech 100 Alumni Exits in 2011-12
The following alumni companies (companies included in any of the previous COMPANY eMeter SmartSynch Marine Current Turbines Odersun Enphase Energy Soltecture EvENT Acquired Acquired Acquired Bankrupt IPO Bankrupt

annual lists) are no longer eligible for the Global Cleantech 100 due to a change in their ownership status since August 2011 . In comparison with 2010-2011, the over-

all number of exits decreased significantly from eleven to six, with IPOs and mergers contracting sharply . Bankruptcies increased from one to two .

AMOUNT Undisclosed* $100 Million Undisclosed $274 Million -

DATE 12/5/2011 02/15/2012 02/17/2012 03/29/2012 04/29/2012 05/9/2012

ACQUIER/ExCHANGE Siemens Itron Siemens NASDAQ (ENPH) -

*Amount rumored to be around $200 million

M&A activity contracted significantly . Unlike the six M&A transactions involving GCT100 alumni in the 2010-11 year, across a broad range of cleantech subsectors, there were only three alumni M&A transactions in the 2011-12 year: eMeter, a California-based meter data management software developer, was acquired by Siemens in December 2011 for an undisclosed amount, though market rumor places this at approximately $200 million . The deal was motivated to enhance Siemens’ offering around smart meter deployments and ongoing management . Siemens Venture Capital had been an investor in the company since 2008 . Marine Current Turbines, a UK-based developer of sub-sea tidal turbines for marine renewable energy, was acquired by Siemens in February 2012 for an undisclosed amount . Siemens progressively took increasingly large stakes in the company, with its prior

shareholding standing at 45% in November 2011 . SmartSynch, a Mississippi-based developer of utility applications that leverage public wireless networks, was acquired by Itron in February 2012 for $100 million . The acquisition strengthened Itron’s smart metering offerings for utility customers by increasing its array of networking technologies . Unlike the four IPOs noted this time last year for GCT100 alumni (three biofuels companies and one auto-sharing company), there was only one IPO from the Global Cleantech 100 alumni in the comparable 12 months: Enphase Energy (NASDAQ: ENPH), a California-based provider of microinverters and solar energy management systems, floated in March 2012 . The firm raised $54 million from 9 million shares priced at $6/share, 40% below initial expectations, creating a market capitalization

of around $270m . Its price has been as high as $9 but, at the time of going to print (early September 2012), it was hovering around the $5 mark . Market conditions have continued to have an adverse effect on companies’ ability to raise funds in the public market at attractive prices . In the last 12 months six alumni companies have filed to IPO but not yet listed, while five alumni companies that previously filed for IPOs formally withdrew their filings due to sub-optimal market conditions . The table below provides an insight into a wider picture of the build-up of “exit ready” companies in the global cleantech portfolio and beyond, who are hampered by macro-economic and market factors . It remains to be seen how investors will find the liquidity events they sorely need in the coming months .

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COMPANY

2009
BioAmber Elevance ences Mascoma NovaLED Silver Spring Networks SolarCity BrightSource Energy Coskata Enerkem Genomatica Luca Technologies X Renewable SciX X X X X X

YEAR IN LIST 2010 2011
X X X

IPO STATUS

2012
X IPO Filed IPO Filed IPO Filed

X X X X X X X X X X

X X X X X X

IPO Filed IPO Filed IPO Filed IPO Withdrawn IPO Withdrawn IPO Withdrawn IPO Withdrawn IPO Withdrawn

Of the five companies who had to withdraw their IPO filing, three have remained on the 2012 GCT-100 – namely, BrightSource Energy, Enerkem and Genomatica . As for the performance of GCT100 alumni that went to market in previous years, Tesla is the only company that is currently

on par with the NASDAQ composite average . The relatively poor performance of recently listed cleantech stock, with the exception of Tesla, is illustrated below - Gevo and Solazyme are used as repre-

sentative examples of the typical kind of stock performances we have seen from cleantech stocks – ranging from poor to tepid .

40 40% 20% 20 0 0 0% -20 -20% 20 0 -40 -40% 0 -60 -60% Oct. Nov. GEVO.OQ
Source: Reuters

Dec.

Jan. TSLA.0

Feb.

Mar. SZYM.0

Apr.

May

June

July

Aug.

NASDAQ COMPOSITE

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Concluding Remarks
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us.” Such were the words that Charles Dickens opened with, in his book, A Tale of Two Cities . They seem quite appropriate to the cleantech world of today, as we navigate our way into this third wave . There is a shake-out going on, involving company bankruptcies and setbacks; yet some companies are making exceptional progress despite the headwinds, and companies, starting up now, have exceptional progress, in technology and market acceptance, to build on for the rest of the decade . Few meaningful investment returns have been crystallized and yet all signs and indications remain that the M&A market will kick-in over the coming 18 months – a majority of which will be value investing (Wanxiang’s proposed takeover of A123 might be exhibit A), a minority of which will be premium investing for the top strategic assets . Our 2012 Global Cleantech 100 companies are in for an interesting ride . We look forward to reporting on the state of global cleantech innovation again next year .

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Appendix 1: Expert Panel
NAME Laura Nereng Andre Loesekrug-Pietri Grant Allen Jean-Pascal Tranie Cédric Latessa Rob Day Akira Kirton Paul Decraemer Jamie Vollbracht Wal van Lierop Sheeraz Haji Vince Knowles Greg Neichin Arti Patel Richard Youngman Peter Kennedy Olivier Dupont Thomas Perry Srini Somayajula Alex McIntosh Antoine Aslanides Gina Domanig Sumit Sarkar Wally Hunter Sylvia Chan Adam de Sola Pool Henrik Olsen Dr . Bernhard Mohr Iyad Omari Andrew Lackner Colin Le Duc Nicholas Atkins Sherwin Prior Eric Wang Thorbjorn Machholm Magnus Goodlad Diego Diaz Pilas TITLE Program Manager, Customer Inspired Innovation Clean Tech Managing Partner Vice President President Investment Manager Partner Director Senior Investment Manager Head of New Ventures, Innovation President & CEO CEO Senior Analyst Executive Vice President Associate Managing Director, Europe & Asia Managing Director Chairman of the Board Vice President Technology Scouting (Interim) Director, Technology Alliances Founder & General Partner Innovation Director Managing Partner Director, Venture Investments Managing Director Managing Partner CEO Partner Managing Director, Corporate Venturing Partner Vice President Partner Partner Corporate Strategy and Business Development Partner Business Development Director Partner Head of Disruptive Innovation ORGANIZATION 3M A Capital ABB Technology Ventures Aloe Private Equity Aster Capital Black Coral Capital BP Alternative Energy Capricorn Venture Partners Carbon Trust Chrysalix Energy Venture Capital Cleantech Group Cleantech Group Cleantech Group Cleantech Group Cleantech Group CLSA Capital Partners Demeter Partners E .ON Ecolab Ecomundi Ventures EDF Emerald Technology Ventures Energy Technology Ventures EnerTech Capital Entropy Ventures Environmental Investment Partners Environmental Technologies Fund Evonik Industries AG Frog Capital GE Venture Capital Generation Investment Management LLP Georgieff Capital GM Ventures GRC Sino Green Grundfos New Business Hermes GPE Iberdrola

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NAME Peter Williams Nicolas Chaudron Crispin Leick Stephen Eichenlaub Nikunj Jinsi Glen Schwaber Joe McGee Andrew Deguire Eric Tao John Denniston Kurt Faulhaber Ravi Viswanathan Himraj Dang Steve Meller Chivas Lam Inigo Palacio Dhiraj Malkani Rakesh Kapoor Keimpe Keuning Ji-Yeong (Tim) Kang Mike Goguen Michael Majors Joshua Raffaelli Vicky Sharpe Ignacio Martinez Astorre Modena Saul Reichman Mike Dorsey Antoine Verny Don Ye Bjarne Henning Jensen Stephan Dolezalek William Wescott Rohit Gupta Bart Markus Mark Preston Khalil Maalouf Samer Salty 39

TITLE CTO, Big Green Innovations Partner Managing Director Managing Director, Emerging Platform Technologies and Cleantech Sector Global Head, Clean Technology Investments Partner

ORGANIZATION IBM Idinvest Partners Innogy Venture Capital GmbH Intel Capital International Finance Corporation (IFC) Israel Cleantech Ventures

Executive Vice President, Strategic Planning and Devel- Jabil Inc . opment Vice President, Strategic Planning and Acquisitions Partner Partner Senior Vice President Partner Director of Environmental Investments Chief Innovation Catalyst Venture Partner Director Partner Director of NOVA External Venturing Senior Investment Manager Managing Director Partner Investment Partner Partner President & CEO Managing Director Partner Vice President Partner Investment Manager Founder & Managing Partner Partner Managing Director Vice President of Innovation, Americas Business Development Manager, Technology R&D General Partner Partner Managing Director Managing Partner Johnson Controls Keytone Ventures Kleiner Perkins Caufield & Byers Macquarie Funds Group New Enterprise Associates Olympus Capital Procter and Gamble Qiming Venture Partners Repsol Energy Ventures Rockport Capital Partners Saint Gobain SAM Private Equity Samho Green Investment VC Sequoia Capital Siemens Venture Capital Silver Lake Kraftwerk Sustainable Development Technology Canada (SDTC) Syngenta Venture Capital Terra Venture Partners The Challenge Fund The Westly Group Total Energy Ventures Tsing Capital Vaekstfonden VantagePoint Capital Partners Veolia Environnement Vestas Wellington Partners Wheb Partners XPV Capital Zouk Capital

Appendix 2: The 2012 Global Cleantech 100 companies –mini-profiles
Below are mini-profiles for the 100 companies on our list . More extensive profiles on these and hundreds of other cleantech companies are available online on the Cleantech Group’s i3 (insight into innovation) online platform . See http://research.cleantech.com/ for more. NAME 1366 Technologies COUNTRY United States SECTOR Solar DESCRIPTION Developer of manufacturing technology that reduces costs and increases the efficiency of silicon wafer production for solar cells Developer of a technology that converts mixed waste plastics into synthetic crude oil and other petrochemical products Developer of solar cells with single-junction thin-film Gallium Arsenide (GaAs) photovoltaics Developer of power electronic products Developer of advanced lithium-ion batteries for consumer electronics and automotive applications Developer of solar PV off-grid power solutions for telecom towers Developer of water treatment technologies and provides operating services for industrial and municipal clients Developer of batteries based on ambient-temperature sodiumion technology Developer of a low-cost solution for DC-AC power conversion to replace the inverters traditionally used with solar PV systems Provider of e-waste management and recycling services .

Agilyx Alta Devices Amantys Amprius Applied Solar Technologies India APTwater Aquion Energy ArrayPower Attero Recycling Avantium Beijing Goldenway Bio-Tech BioAmber Boston-Power

United States United States United Kingdom United States India United States United States United States India Netherlands China United States United States

Recycling & Waste Solar Smart Grid Energy Storage Solar Water & Wastewater Energy Storage Solar Recycling & Waste

Advanced Materials Developer of a process to convert biomass into bio-based materials and fuels Recycling & Waste Biofuels & Biochemicals Energy Storage Energy Efficiency Developer of BGB biological treatment technology to recycle urban organic waste Developer and producer of green chemicals from agricultural feedstocks with a focus on bio-based succinic acid Producer of lithium-ion battery technology for the portable power, electric vehicle and utility energy storage markets Provider of low energy ventilation systems, using the principles of natural mixing ventilation in winter and natural upward displacement ventilation in the summer

Breathing Buildings United Kingdom

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NAME Bridgelux BrightSource Energy BuildingIQ CellEra Clean Power Finance CoaLogix

COUNTRY United States United States United States Israel United States United States

SECTOR Energy Efficiency Solar Energy Efficiency Energy Storage Solar Air

DESCRIPTION Provider of high power, energy-efficient and cost-effective LED solutions Developer of concentrating solar power (CSP) power plants utilizing solar power tower technology Developer of energy management software that improves the energy efficiency of HVAC systems in commercial buildings Developer of Platinum-Free Membrane fuel cell technology, combining aspects from PEM and Alkaline FCs Provider of power purchase (PPA) financing for solar PV installations, as well as customer acquisition software for installers Developer of catalytic reduction regeneration technologies, mercury remediation technologies, and coal-fired power plant management services Developer and manufacturer of ultra-compact electric motors Provider of electric vehicle (EV) charging solutions Provider of intelligent LED-based lighting systems for industrial facilities that reduce lighting energy use by up to 90%, and provide fully integrated controls and reporting capabilities . Developer and manufacturer of micro-irrigation systems for small plot farmers in developing countries Developer of high-efficiency engines for use in cars, light trucks, marine applications, agricultural vehicles and stationary generators Developer of a cellulosic ethanol conversion technology using agricultural waste and synthetic biology Developer of self-recharging fuel cell systems for backup power applications Developer of Electrogenic Bioreactors (EBR) that treat industrial wastewater and generates renewable electricity and the Spiral Aerobic Biofilm Reactor (SABRE) that treats municipal wastewater Operator of a network enabling large electricity users to deliver demand-side regulation services to the grid Developer of micro inverters for solar PV systems .

Compact Power Motors

Germany

Transportation Transportation Energy Efficiency

Coulomb Technolo- United States gies Digital Lumens United States

Driptech EcoMotors

United States United States

Agriculture & Forestry Transportation

EdeniQ Electro Power Systems Emefcy

United States Italy Israel

Biofuels & Biochemicals Energy Storage Water & Wastewater

ENBALA Power Enecsys

Canada United Kingdom

Smart Grid Solar

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NAME Enerkem EnerVault

COUNTRY Canada United States

SECTOR Biofuels & Biochemicals Energy Storage

DESCRIPTION Producer of biofuels and chemicals from biomass and municipal solid waste using gasification and catalysis technology Developer of flow battery technology for applications in largescale energy storage solutions for commercial, utility, and grid applications Provider of lighting control systems for energy management in office buildings Developer of energy harvesting sensors and communication systems for use in building automation and energy management systems Developer of a cathode material for lithium-ion batteries used in electric vehicles Producer of mobile waste water treatment facilities for small scale industrial complexes and community buildings . Supplier of containerized water treatment systems to industrial, municipal, resort and aboriginal clients Provider of energy analytics software for commercial buildings and utility clients

Enlighted EnOcean

United States Germany

Energy Efficiency Energy Efficiency

Envia Systems Epuramat FilterBoxx FirstFuel Software FRX Polymers

United States Luxembourg Canada United States United States

Energy Storage Water & Wastewater Water & Wastewater Energy Efficiency

Advanced Materials Developer of a patent protected, non-halogen, non-burning family of transparent high flow thermoplastics in the global flame retardant plastics market Biofuels & Biochemicals Solar Transportation Recycling & Waste Developer of green chemicals from renewable feedstocks such as sugar and trash Developer of data geomatics software to compute the precise solar power potential of every rooftop, lot and field . Provider of fleet management software Maximizes the value of organic materials through the production of renewable energy and soils, mulches and natural fertilizers . Developer of utility-scale energy storage and power systems to optimise energy resources and help decarbonise the grid . Its proprietary process uses cryogen (liquefied) air . Water technology vendor addressing water leakage and advanced pressure management for utilities . Developer of ultracapacitors and hybrid-capacitors that can be made into individual cells, pre-packaged modules, or complete systems

Genomatica GeoStellar GreenRoad Technologies Harvest Power

United States United States United States United States

Highview Power Storage i2O Water Ioxus

United Kingdom

Energy Storage

United Kingdom United States

Water & Wastewater Energy Storage

42

NAME Joule Kaiima

COUNTRY United States Israel

SECTOR Biofuels & Biochemicals Agriculture & Forestry Biofuels & Biochemicals Energy Efficiency Transportation

DESCRIPTION Provider of diesel and ethanol directly derived from sunlight and CO2 using micro-organisms Developer of genomic-based breeding technology to develop high-yielding energy crops for bio-diesel, bio-ethanol, and biomass energy Developer of a process that increases industrial energy efficiency by capturing waste gases (CO, CO2) and converting them to fuels and chemicals Developer of high-output white LEDs based on gallium nitride (GaN) die fabricated on silicon substrates Developer of an autonomous unmanned marine vehicle propelled by waves for scientific, research, and defense applications Developer of genetically modified microbes, converting feedstock into renewable fuels and chemicals in a one-stage fermentation process Developer of natural weed, pest, and disease management products Developer and producer of solid state hydrogen storage solutions for renewable energy and industrial gas storage Designer of integrated circuits for power line communication systems, utilizing power lines as a medium for transmitting information Developer of thin-film nanocomposite reverse osmosis membranes for the desalination market Design-focused energy management company whose flagship product is a networked “learning” thermostat for home use Provider of intelligent grid software and clean energy solutions, including electric power grid and alternative energy technologies and services . Developer of second-generation lithium-ion batteries Developer of sustainable feedstock solutions for the biofuels, biopower and biobased products’ industries Developer of energy-saving, long-life organic light emitting diodes (OLEDs)

LanzaTech

United States

Lattice Power Liquid Robotics

China United States

LS9

United States

Biofuels & Biochemicals Agriculture & Forestry Energy Storage Smart Grid

Marrone Bio Innovations McPhy Energy Miartech

United States France China

NanoH2O Nest Nexant

United States United States United States

Water & Wastewater Energy Efficiency Smart Grid

Nexeon NexSteppe NovaLED Novomer

United Kingdom United States Germany United States

Energy Storage Agriculture & Forestry Energy Efficiency

Advanced Materials Producer of polymers and plastics made from CO2 and other renewable materials

43

NAME Nualight Nujira On-Ramp Wireless

COUNTRY Ireland United Kingdom United States

SECTOR Energy Efficiency Energy Efficiency Smart Grid

DESCRIPTION Producer of LED lighting for food displays and chilled cabinets in food retail Provider of high efficiency radio frequency and power amplifiers for the wireless communications industry Developer of wireless communication systems for the water, smart grid and other industries that allow device communication in hard to reach environments Developer of a software-as-a-service that utilizes customer engagement and billing analytics for utilities Manufacturer of renewable bio-based chemicals and fuels Provider of real-time data infrastructure solutions for management of resource consumption and process performance Provider of fertilizer produced from municipal wastewater

Opower OPX Biotechnologies OSIsoft

United States United States United States

Energy Efficiency Biofuels & Biochemicals Energy Efficiency Water & Wastewater Energy Efficiency

Ostara Nutrient Canada Recovery Technologies Panoramic Power Israel

Developer of a low-maintenance platform for businesses to monitor their energy usage, using low-cost wireless sensors and a cloud-based data management service Developer of automated, wireless, interactive home energy management systems Provider of broadband power line systems for smart grid applications, particularly smart metering Provider of energy management systems which automatically predict, regulate, and reduce peak demand . Developer of smart grid applications for medium voltage grid owners and power companies . Designer and manufacturer of resource efficient and zero net energy modular buildings Developer of ozone technology to provide safe, fresh, high quality produce and water Developer of a financial rewards system for households that recycle Developer of a peer-to-peer car sharing platform that connects car owners willing to rent their cars that are not in use, with drivers who need short-term vehicle access

PassivSystems Power Plus Communications Powerit Solutions PowerSense Project Frog Purfresh Recyclebank RelayRides

United Kingdom Germany United States Denmark United States United States United States United States

Energy Efficiency Smart Grid Energy Efficiency Smart Grid Energy Efficiency Agriculture & Forestry Recycling & Waste Transportation

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NAME Renmatix Sakti3 Saltworks Technologies Siluria Technologies Silver Spring Networks

COUNTRY United States United States Canada

SECTOR Biofuels & Biochemicals Energy Storage Water & Wastewater Conventional Fuels Smart Grid

DESCRIPTION Developer of a water-based technology for the production of cellulosic sugar intermediaries for biochemicals and biofuels . Developer of advanced solid state lithium ion battery technology, aimed at the electric vehicle market Water treatment solutions provider of energy efficient technologies for desalination, purification, and industrial water treatment . Developer of methane conversion technology for creating fuels and chemicals from natural gas Provider of networking communication technologies and solutions to utilities for advanced metering, as well as home energy management, distribution automation, and other related applications Developer of a CO2 mineralizing technology for industrial use Developer of solar PV installations for residential, commercial and community-scale customers Provider of design, financing and maintenance services for solar power customers Provider of distributed DC systems that maximize power generation of residential and large-scale photovoltaic solar sites Developer of gallium nitride (GaN) based semiconductors for LEDs Developer of compressed air energy storage technologies that can be sited flexibly Provider of a web-based platform that monitors water distribution networks and alerts in real-time on inefficiencies, water loss, faults and other network problems . Provider of a home energy management SaaS platform that facilitates interaction within the energy ecosystem and provides utility solutions Developer of a solar thermal collector that generates heat for domestic hot water, space heating and industry Developer of technology to eliminate the electric conversion losses when converting from power from one form to another, AC/DC, AC/AC, DC/AC and DC/DC Provider of unified smart grid communications solutions that enable advanced metering, distribution automation, and demand response

United States United States

Skyonic Solairedirect SolarCity SolarEdge Soraa SustainX TaKaDu

United States France United States United States United States United States Israel

Air Solar Solar Solar Energy Efficiency Energy Storage Water & Wastewater Energy Efficiency

Tendril

United States

TIGI Transphorm

Israel United States

Solar Energy Efficiency

Trilliant

United States

Smart Grid

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NAME Vigilent

COUNTRY United States

SECTOR Energy Efficiency

DESCRIPTION Developer of intelligent energy management systems for data centers, telecommunications facilities, and large, commercial buildings Developer of smart grid demand response technology

Viridity Energy

United States

Smart Grid

Voltea

Netherlands

Water & Wastewater Water & Wastewater Biofuels & Biochemicals

Developer of a scalable water desalination technology using membrane capacitive deionization (CapDI) Provides water purification and disinfection technology to underserved rural and peri-urban communities in developing countries . Developer of a cellulose-based biorefinery platform capable of producing advanced ethanol, fuels and chemicals

WaterHealth

United States

ZeaChem

United States

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