Nomura Greentech General Monthly Report February 2021

Sustainable Technology and Infrastructure
Monthly Market Update // February 2021

Performance of Key Market Indices1
280.0% 178.7%
240.0%
200.0%
160.0%
120.0%
54.0%
80.0%
40.0% 29.0%
0.0% 27.4%
(40.0%)
Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21
NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500
Index Performance1 February Ending Versus

February YTD CY 2020 52 Wk High 52 Wk Low
MSCI World Index 1.4% 1.4% 14.1% (3.6%) 70.2%
NASDAQ Composite 2.4% 2.4% 43.6% (6.4%) 92.3%
S&P 500 1.5% 1.5% 16.3% (3.1%) 70.3%
NASDAQ Clean Edge Green Energy 4.1% 4.1% 182.4% (17.1%) 332.2%
Denotes Nomura
Notable Recent Transactions & Capital Raises Greentech Transaction
Date Target Acquirer Transaction Description
Resilient Infrastructure Group, a provider of distributed water and wastewater solutions,

WOF PNW Threemile Resilient Infrastructure
Feb. 16 acquired a renewable natural gas facility owned by WOF PNW Threemile Project, a
Project Group
portfolio company of Equilibrium Capital, for an undisclosed amount
Corporate M&A Rexnord Corporation’s Regal Beloit, a manufacturer of motion equipment, will acquire Rexnord Corporation's
Transactions Feb. 16 Process & Motion Regal Beloit Process & Motion Control division, through a Reverse Morris Trust transaction, while
Control division Rexnord will become a pure-play water business, for 3.7bn
Shell acquired Next Kraftwerke, a European virtual power plant operator, for an
Feb. 24 Next Kraftwerke Shell
undisclosed amount
Date Company Transaction Description
Little Leaf Farms, a U.S.-based producer of greenhouse-grown lettuce, raised $90mm from Happiness Capital
Feb. 17 Little Leaf Farms
Hanaco Ventures, CPT Capital, Losa Group, Sake Bosch and K3 Ventures
Capital Raises
Highland Electric Highland Electric, a U.S.-based provider of electric fleet solutions, raised $253mm from Vision Ridge Partners
Feb. 22
Transportation and Fontinalis Partners
Date Company Transaction Description
Hyzon Motors, a U.S.-based hydrogen fuel cell heavy vehicle company, announced plans to merge with
Feb. 9 Hyzon Motors
Decarbonization Plus Acquisition Corp., a SPAC, at a valuation of $2.7bn 2
SPAC Transactions Lucid Motors, a U.S.-based maker of all-electric luxury vehicles, announced plans to merge with Churchill
Feb. 22 Lucid Motors
Capital Corp. IV, a SPAC, at a valuation of $11.8bn 2
ReNew Power, an India-based integrated renewable power IPP, announced plans to merge with RMG
Feb. 24 ReNew Power
Acquisition Corp. II, a SPAC, at a valuation of $4.4bn 2
About Nomura Greentech

Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for
sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate
the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally
networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009
has closed over 140 transactions with sustainable technology and infrastructure companies and investors.
Source: FactSet, SEC filings and third-party providers.
1. Performance does not include reinvestment of dividends. 1
2. Pro forma equity value.
Select Recent Sustainable Technology &
Infrastructure
M&A Transactions (1/6)
Corporate Transactions
Transaction
1
Transaction Multiple
Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA
Rumpke, a family-owned waste and recycling

provider, acquired select assets including a facility
Central Kentucky Rumpke Waste & Environmental
Feb. 1 ND in Lexington, from Central Kentucky Fiber ND ND
Fiber Resources Recycling Services
Resources, a provider of turnkey recycling
programs, for an undisclosed sum
United Utilities, a U.K.-based water and

wastewater services provider, agreed to sell its
Feb. 3 United Utilities Tallinn ND Water 35.3% take in Tallinn Water, an Estonian utility ND ND
company, to a consortium led by the Cirty of
Tallinn, for an undisclosed amount
CHA Consulting, a provider of engineering, design

and consulting services, acquired Reiss
Feb. 4 Reiss Engineering CHA Consulting ND Water Engineering, a provider of water- and wastewater- ND ND
focused consultancy services, for an undisclosed
amount
Parkson, a manufacturer of wastewater

equipment, acquired Schreiber, a developer and
Feb. 4 Schreiber Parkson ND Water manufacturer of biological wastewater treatment ND ND
technology and equipment, for an undisclosed
amount
Drax Group, a U.K.-based electricity generator

Pinnacle Renewable Renewable and supplier, acquired Pinnacle Renewable
Feb. 8 Drax Group $650 1.7x 13.4x
Energy Energy Energy, a producer of industrial wood pellets for
electricity generation, for C$831mm (~$650mm)
Statkraft, a Norway-based generator of renewable

Bee Charging Renewable energy, acquired a 51% stake in Bee Charging
Feb. 8 Statkraft ND ND ND
Solutions Energy Solutions, a Sweden-based electric vehicle
charging company, for an undisclosed amount
SyBridge Technologies, backed by Crestview

Active Industrial Partners, acquired Active Industrial Solutions and
Solutions, Active SyBridge Advanced Active Industrial Solutions Tennessee, a Canada-
Feb. 8 ND ND ND
Industrial Solutions Technologies Transportation based maker of plastic injection molds and
Tennessee lighting reflex components for the mobility
industry, for an undisclosed amount
Adey Innovation, a manufacturer of water

treatment equipment and products, acquired
Feb. 10 Polypipe Group Adey Innovation $292 Water ND ND
Polypipe Group, a manufacturer of plastic piping
systems, for $292mm
iQ International, a sustainable technology

Environmental company, acquired Ever Resource, a U.K.-based
Feb. 12 Ever Resource iQ International ND ND ND
Services battery recycling company, for an undisclosed
sum
Denali Water Solutions, a specialty waste and

environmental services company owned by TPG,
Denali Water Environmental
Feb. 12 Organix Recycling ND acquired Organix Recycling, the largest pre- ND ND
Solutions Services
consumer food waste collector and recycler in the
U.S., for an undisclosed sum
Source: FactSet, Press releases, SEC filings and Third-party providers.

2
1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
Infrastructure
Transaction
1
Sensata Technologies, a telematics company,

Xirgo Technologies Sensata Advanced acquired Xirgo Technologies Intermediate,
Feb. 14 400.0x 4.0x 16.0x
Intermediate Technologies Transportation California-based telematics and data provider, for
$400mm
General Kinematics, a manufacturer of separating

and screening technology, acquired CYRUS
CYRUS Environmental
Feb. 15 General Kinematics ND Schwingtechnik, a manufacturer of screening ND ND
Schwingtechnik Services
machines for the recycling and raw material
sectors, for an undisclosed sum
BorgWarner, a supplier of auto components,

Advanced acquired a majority stake in AKASOL, a
Feb. 15 AKASOL BorgWarner $915 15.8x NM
Transportation manufacturer of battery packs for commercial
vehicles, for €754mm ($915mm)
Resilient Infrastructure Group, a provider of

distributed water and wastewater solutions,
2
WOF PNW Resilient Renewable acquired a renewable natural gas facility owned
Feb. 16 ND ND ND
Threemile Project Infrastructure Group Energy by WOF PNW Threemile Project, a portfolio
company of Equilibrium Capital, for an
undisclosed amount
EW Group acquired Hygiena, a California-based

Environmental food safety and environmental testing solutions
Feb. 16 Hygiena EW Group ND ND ND
Services company, from Warburg Pincus, for an
undisclosed amount
New Mountain Capital, a private equity firm,

entered into a definitive agreement to acquire
New Mountain
Feb. 16 Aegion $995 Water Aegion Corporation, a provider of water 1.0x 12.0x
Capital
infrastructure maintenance and rehabilitation
solutions, for $963mm
One Rock Capital and Metropoulos & Co, two

Nestle's North One Rock Capital
private equity firms, acquired Nestle's North
Feb. 16 American water Partners and $4,300 Water ND ND
American water brands, including Pure Life and
brands Metropoulos & Co
Poland Spring, for $4.3bn
Regal Beloit, a manufacturer of motion

Rexnord
equipment, will acquire Rexnord Corporation's
Corporation’s
Feb. 16 Regal Beloit $3,690 Water Process & Motion Control division, through a ND 14.2x
Process & Motion
Reverse Morris Trust transaction, while Rexnord
Control division
will become a pure-play water business, for 3.7bn
Sims Ltd., an electronics recycler, acquired select

commercial and operating assets of Alumnisource
Environmental
Feb. 16 Alumnisource Corp. Sims Ltd. ND Corp., an aluminum scrap processor, for $23mm ND ND
Services
upfront with an undisclosed earnout over the next
3-5 years
BW Offshore, an owner and operator of offshore

production solutions, acquired a majority stake in
3 Renewable Ideol, a provider of floating foundations for
Feb. 17 Ideol BW Offshore ND ND ND
Energy offshore wind, for an undisclosed amount, and
agreed to invest $72mm in the newly-renamed
BW Ideol entity

1.
2.
Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.
Nomura Greentech acted as the exclusive financial advisor to WOF PNW Threemile Project on this transaction.
3
3. Nomura Greentech acted as the exclusive financial advisor to Ideol on this transaction.
Infrastructure
Transaction
1
Forks Over Knives and The Beet, two plant-based

Agricultural
Feb. 17 Forks Over Knives The Beet ND lifestyle brands, merged to form Upbeet Brands, ND ND
Technology
for an undisclosed amount
Comstock Mining, a minerals company, and Aqua

Comstock Mining Environmental Metals, a lead battery metal recycler, acquired a
Feb. 17 LiNiCo $13 ND ND
and Aqua Metals Services combined stake of 74% of LiNiCo, a litihium-ion
battery recycler, for $13mm
Revolution, a manufacturer of sustainable

Environmental plastics, acquired Jadcore, a full-service post-
Feb. 17 Jadcore Revolution ND ND ND
Services industrial plastic waste recycling company, for an
undisclosed sum
Faurecia, a manufacturer of automotive

Advanced components, acquired a majority stake in CLD, a
Feb. 17 CLD Faurecia ND ND ND
Transportation Chinese manufacturer of high-pressure tanks, for
an undisclosed amount
Surf Air Mobility, a platform for regional air travel,

Advanced
Feb. 19 Ampaire Surf Air Mobility ND acquired Ampaire, a hybrid electric aviation ND ND
Transportation
technology company, for an undisclosed amount
Danone has agreed to acquire Earth Island, a

Agricultural
Feb. 19 Earth Island Danone ND U.S. plant-based foods maker, for an undisclosed ND ND
Technology
amount
Mill Rock Packaging Partners acquired All

All Packaging Mill Rock Packaging Environmental
Feb. 22 ND Packaging Company, a specialty paper packaging ND ND
Company Partners Services
company, for an undisclosed amount
Quikrete, a manufacturer of packaged concrete

materials, acquired Forterra, a manufacturer of
Feb. 22 Forterra Quikrete $2,740 Water concrete pipe and precast products for 1.7x 11.2x
construction and replacement of water drainage
and distribution systems, for $2.74bn
Partners Group, a global private equity firm,

Resilient acquired Resilient Infrastructure, a provider of
Feb. 23 Partners Group ND Water ND ND
Infrastructure distributed water and wastewater solutions, for an
undisclosed amount
Shell acquired Next Kraftwerke, a European

2 Renewable
Feb. 24 Next Kraftwerke Shell ND virtual power plant operator, for an undisclosed ND ND
Energy
amount

4
2. Nomura Greentech acted as the exclusive financial advisor to Next Kraftwerke on its sale to Shell.
Infrastructure
Transaction
Transaction Multiple1
Autodesk, a developer of software for EPC

applications, acquired Innovyze, a developer of
Feb. 25 Innovyze Autodesk $1,000 Water ND ND
business analytics and performance monitoring
software, for $1bn
UAT Group, a technology holding company,

acquired H2O Processing, a provider of water
Feb. 25 H2O Processing UAT Group ND Water ND ND
treatment components, for an undisclosed
amount
Harman, a manufacturer of connected

Advanced technologies for automotive, acquired Savari, a
Feb. 26 Savari Harman ND ND ND
Transportation developer of systems for V2X technology, for an
undisclosed amount
Norvestor, a Norway-based private equity firm,

acquired Smartvatten, a Germany-based provider
Feb. 26 Smartvatten Norvestor ND Water ND ND
of water management services, for an
undisclosed amount

5
Infrastructure
Asset Transactions
Transaction Capacity
Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description
Ares Management acquired the 302 MW Lincoln

Feb. 2 Apex Clean Energy Ares Management ND 302 Wind Land wind project in Morgan County, Illinois from
Apex Clean Energy for an undisclosed amount
Boralex, a renewables IPP, acquired the

controlling interests in a 209 MW portfolio of
Feb. 2 ND Boralex $216 118 Solar
seven solar plants located in the U.S. for
$215.6mm
Indianapolis Power & Light, a subsidiary of AES,

Indianapolis Power announced an agreement to acquire a 195 MW
Feb. 5 Invenergy ND 195 Solar
& Light Company solar project under development in Clinton
County, Indiana, from Invenergy
Total, a French energy company, acquired a 2.2

GW solar and 600 MW battery storage
Feb. 5 SunChase Power Total ND 2,800 Solar, Storage
development pipeline in Texas from SunChase
Power for an undisclosed amount
Eagle Creek Renewable Energy, an investor in

North American hydropower, acquired the 48 MW
American Electric Eagle Creek
Feb. 9 ND 48 Hydro Racine hydroelectric plant in Racine, Ohio, from
Power Renewable Energy
American Electric Power, a U.S.-based investor
owned utility, for an undisclosed amount
Castleton Clearway Energy acquired the 264 MW Mt. Storm

Feb. 10 Commodities Clearway Energy $96 264 Wind wind project in Grant County, West Virginia, from
International Castleton Commodities for $96mm
Vitol, a Dutch energy and commodity trading

company, requested FERC approval to acquire
1
Feb. 12 BlackRock Vitol ND 240 Wind the 240 MW Big Sky wind project in Bureau and
Lee Counties, Illinois, from BlackRock for an
undisclosed amount
Longroad Energy Holdings announced the

acquisition of a 900 MW dc solar portfolio in
Longroad Energy
Feb. 15 First Solar ND 900 Solar Arizona, with the potential for 1-2 GWh of battery
Holdings
storage, from First Solar, for an undisclosed
amount
Xcel Energy announced the planned acquisition of

the 120 MW Northern Wind Site in southwest
ALLETE Clean
Feb. 16 Xcel Energy ND 120 Wind Minnesota following its repowering in 2022 from
Energy
ALLETE Clean Energy, for an undisclosed
amount
Greenbacker Renewable Energy requested FERC

Greenbacker approval to acquire the 57.5 MW Summit Winds
Feb. 22 Castlelake ND 58 Wind
Renewable Energy Facility in Alameda County, California, from
Castlelake, for an undisclosed amount

6
1. Nomura Greentech acted as the exclusive financial advisor to BlackRock on the sale of Big Sky to Vitol.
Infrastructure
Asset Transactions
Transaction Capacity
Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description
CenterPoint Energy, a U.S. electric and natural
gas utility, and Capital Dynamics, an asset
Arevon Energy
CenterPoint Energy, manager, requested regulatory approval to
Feb. 23 Management, ND 300 Solar
Capital Dynamics acquire a 300 MW solar project under
Tenaska
development from Arevon Energy Management
and Tenaska, for an undisclosed amount
Cordelio Power announced the acquisition of the

400 MW Firebrick wind project under
Feb. 23 Tenaska Cordelio Power ND 400 Wind
development in Audrain County, Missouri, from
Tenaska, for an undisclosed amount
Hydroland, a hydropower owner and operator,

Enel Green Power acquired a 25 MW portfolio of 13 run-of-river
Feb. 25 HydroLand ND 25 Hydro
North America hydroelectric facilities in the U.S. From Enel
Green Power for an undisclosed amount
7
Infrastructure
Capital Raise Transactions (1/3)
Selected Disclosed Amount
Date Company Investors Raised ($mm) Subsector Company Description
Cathay Innovation, Wind Ventures, Iberdrola, Advanced Spain-based provider of charging

Feb. 2 Wallbox $40
Seaya Ventures Transportation infrastructure
Brabantse Ontwikkelings Maatschappij, Aqua-

Agricultural Netherlands-based provider of insect-
Feb. 2 Protix Spark, Rabo Corporate Investments, Invest- $19
Technology based animal feed
NL
Deerfield Management, Pontifax Global Food U.S.-based developer of an agricultural

Agricultural
Feb. 3 Pairwise and Agriculture Technology Fund, Bayer, $90 program to focus on the use of gene
Technology
Temasek Holdings editing
Counterpoint Global, Fidelity, The Rise Fund, Advanced

Feb. 4 Rad Power Bikes $150 U.S.-based electric bicycle maker
Durable Capital Partners, Vulcan Capital Transportation
Ontario Teachers' Pension Plan, 5Y Capital, Advanced U.S.-based developer of AV

Feb. 7 Pony.ai $100
ClearVue Partners Transportation technologies
Hamilton Lane, Blisce, Insight Partners, Agricultural U.S.-based reject groceries delivery
Feb. 8 Imperfect Foods $15
Norwest Venture Partners Technology company
Guotai Junan International, CPE, Wanxiang Advanced U.S.-based provider of self-driving truck
Feb. 9 Plus $200
International, FTA Transportation technology
Advanced U.S.-based developer of a freight

Feb. 10 SmartHop Union Square Ventures, Equal Ventures $12
Transportation dispatching and planning platform
Founders Fund, Accompliance, Sozo Advanced U.S.-based developer of smart loading

Feb. 11 Kargo $6
Ventures Transportation docks for supply chain processes
Industrifonden, SEB Greentech VC, Sofinnova Environmental Sweden-based maker of technology in

Feb. 11 EnginZyme $13
Partners Services the sustainable production of chemicals
8
Infrastructure
Fidelity, Inifinite Potential Group, Mission Advanced U.S.-based developer of lithium-ion

Feb. 15 Enevate $81
Ventures Transportation battery technologies
3L, Starwood Capital, Dick Costolo,

Advanced U.S.-based startup focused on valet
Feb. 16 Metropolis Dragoneer, Slow Ventures, Zigg Capital, $41
Transportation parking
DivcoWest, RXR, Dan Doctoroff
Happiness Capital Hanaco Ventures, CPT

Agricultural
Feb. 16 Redefine Meat Capital, Losa Group, Sake Bosch, K3 $29 Israeli 3D printed meat substitute startup
Technology
Ventures
Equillbrium Capital, Coppermine Capital, Bill Agricultural U.S.-based producer of greenhouse-

Feb. 17 Little Leaf Farms $90
Helman, Pilot House Associates Technology grown lettuce
WRVI Capital, Toyota AI Ventures, BMW i

Ventures, Fluxunit - OSRAM Ventures,
Advanced U.S.-based developer of vision
Feb. 17 Recogni Continental, Robert Bosch Venture Capital, $49
Transportation technology for autonomous vehicles
GreatPoint Ventures, Mayfield Fund, DNS
Capital
Breakthrough Energy Ventures, GV, NEA,

Lennar Corporation, Collaborative Fund, Renewable
Feb. 17 Dandelion Energy $30 U.S.-based geothermal company
Building Ventures, Catchlight Venters, Energy
GroundUp
Advanced
Feb. 17 SUPER73 Volition Capital $20 U.S.-based electric bike company
Transportation
U.S.-based producer of regenerative

Agricultural
Feb. 18 Cooks Venture ND $20 food products intended to offer chicken
Technology
and beef
Advanced South Korea-based transportation unit of

Feb. 18 Kakao Mobility The Carlyle Group $200
Transportation Kako
Energy and
U.S.-based warehouse robotics
Feb. 18 Locus Robotics Tiger Global Management, BOND Capital $150 Industrial
company
Technology
9
Infrastructure
Renewable Sweden-based manufacturer of wooden

Feb. 18 Modvion Vestas ND
Energy wind towers
IQ Capital, Parkwalk Advisors, BGF, Foresight

Energy and
Cambridge GaN Williams, Cambridge Enterprise, Martlet U.K.-based maker of energy-efficient
Feb. 19 $10 Industrial
Devices Capital, Cambridge Angels and Cambridge devices
Technology
Capital Group
CPE Funds Management, Paul Run Holding, Agricultural China-based operator of an agricultural
Feb. 22 Wangjiahuan $124
Hidden Hill Capital Technology products logistics platform
Highland Electric Advanced U.S.-based provider of electric fleet

Feb. 22 Vision Ridge Partners, Fontinalis Partners $253
Transportation Transportation solutions
Accelerate Diagnostics, Goldman Sachs,

American Family Insurance, Salesforce
Ventures, Exelon, OpenGov, New York Energy and U.S.-based energy efficiency company
Feb. 22 BlocPower Ventures, Bristlecone Capital, Andreessen $63 Industrial retrofitting existing buildings with electric
Horowitz, Kapor Capital, Cleo Capital, Technology heating and cooling systems
Operator Collective, CityRock Venture
Partners, The Schmidt Family Foundation
Advanced U.S.-based developer autonomous

Feb. 22 Perrone Robotics CapStone Holdings $10
Transportation vehicle systems
TPG ART, Pontifax Global Food, Agriculture

Environmental U.S.-based maker of sustainable
Feb. 23 Anuvia Plant Nutrients Technology Fund, Generate Capital, Piva $103
Services fertilizer products
Capital
Agronomics, Bell Food Ground, Beyond

Investing, Blue Horizon Ventures, CPT Agricultural Netherlands-based company with a
Feb. 23 Mosa Meat $85
Capital, Glass Wall Syndicate, Jitse Groen, Technology cultivated beef hamburger
Lowercarbon Capital, Mitsubishi, M Ventures
Energy and Switzerland-based startup developing

Breakthrough Energy Ventures, Beyond Black
Feb. 23 Bloom Biorenewables $5 Industrial products designed to substitute fossil-
Venture Capital
Technology sourced carbon in materials and fuels
U.S.-based operator of a SaaS-based

Agricultural
Feb. 25 iFoodDS ND $14 platform intended to collect data for food
Technology
safety
10
Infrastructure
SPAC Transactions (1/2)
Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV /
Transaction
1
Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue1 EBITDA
10X Capital Venture Advanced Israeli manufacturer of modular

Feb. 3 Ree Automotive $501 $3,100 0.6x 3.5x
Acquisition Corp. Transportation electric vehicle architecture
U.S.-based manufacturer of
GreenVision Advanced micromobility solutions including
Feb. 8 Helbiz $88 $321 0.7x 1.7x
Acquisition Corp. Transportation schooters, electric bikes and
mopeds
Energy and U.S.-based owner-operator of

Tortoise Acquisition
Feb. 8 Volta $645 Industrial public electric vehicle charging $1,422 1.7x 3.3x
Corp. II
Technology infrastructure
Atlas Crest Advanced U.S.-based electric vertical take off

Feb. 9 Archer $1,100 $2,713 2.6x 10.6x
Investment Corp. Transportation and landing aircraft startup
Decarbonization
Advanced U.S.-based hydrogen fuel cell
Feb. 9 Hyzon Motors Plus Acquisition $626 $2,100 0.6x 4.2x
Transportation heavy vehicle company
Corp.
Peridot Acquisition Environmental Canadian recycler of lithium-ion

Feb. 16 Li-Cycle Corp. $690 $1,099 1.1x 2.0x
Corp. Services batteries
CF Finance Advanced U.S.-based AI-based LIDAR

Feb. 17 AEye $455 $2,003 6.6x 21.8x
Acquisition III Transportation systems manufacturer
Energy and
Artius Acquisition U.S.-based maker of carbon
Feb. 17 Origin Materials $925 Industrial $999 2.1x 7.2x
Corp. negative materials
Technology
U.S.-based OEM of medium- and

NextGen Acquisition Advanced
Feb. 22 Xos $595 heavy-duty last mile commercial $1,450 0.3x 1.2x
Corp. Transportation
electric vehicles
Churchill Capital Advanced U.S.-based maker of all-electric

Feb. 22 Lucid Motors $4,570 $11,750 0.8x 7.0x
Corp. IV Transportation luxury vehicles

11
1. Transaction multiples based on 2025E revenue and EBITDA.
Infrastructure
SPAC Transactions (2/2)
Special Purpose Acquisition Company (SPAC) Transactions

Implied EV EV /
Transaction
1
Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue1 EBITDA
Rodgers Silicon Energy and

U.S.-based manufacturer of silicon-
Feb. 23 Enovix Valley Acquisition $405 Industrial $1,128 1.4x 3.6x
anode lithium-ion batteries
Corp. Technology
RMG Acquisition Renewable India-based integrated renewable

Feb. 24 ReNew Power $1,200 $7,846 4.0x 4.6x
Corp. II Energy power IPP
U.S.-based manufacturer of an all-

Reinvent Advanced
Feb. 24 Joby Aviation $1,600 electric, vertical take-off and $4,629 9.2x 35.7x
Technology Partners Transportation
landing aircraft

12
1. Transaction multiples based on 2025E revenue and EBITDA.
Comparable Companies Trading Analysis
Diversified Industrials and Energy
Infrastructure
Market Enterprise Net Debt/

Value 1 2 3
Price as of % of 52 Wk Value EV/EBITDA P/E 2021E Debt/
4 5
Company 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA EV
Diversified Industrials
Danaher $219.67 89.3% $159,151 $178,573 22.1x 20.6x 28.9x 26.8x 2.0x 14.2%
Siemens €127.98 94.0% $125,827 $156,147 13.7x 12.0x 19.2x 16.9x 3.1x 33.8%
Honeywell $202.35 94.3% $143,669 $151,909 17.9x 16.5x 25.7x 22.8x 0.9x 15.3%
Caterpillar $215.88 97.0% $118,626 $146,615 17.9x 15.0x 26.4x 20.8x 3.5x 25.8%
GE $12.54 95.6% $110,089 $146,575 18.1x 13.2x NM 26.6x 4.3x 53.5%
Raytheon Technologies $71.99 51.8% $108,993 $135,733 13.5x 11.0x 19.6x 14.4x 2.5x 24.9%
Hyundai W237,000 88.6% $54,901 $98,733 10.1x 9.2x 10.4x 9.4x 5.7x 83.1%
Schneider Electric €122.85 94.8% $83,145 $90,435 14.6x 13.4x 23.7x 20.9x 0.7x 14.0%
Mitsubishi Corporation ¥3003 98.7% $41,698 $73,894 9.8x 9.1x 11.9x 9.5x 7.0x 93.5%
Eaton $130.19 98.1% $52,245 $59,686 18.2x 16.2x 23.0x 19.9x 2.3x 14.2%
ABB CHF26.12 95.1% $59,407 $59,350 13.7x 12.2x 22.9x 19.3x 0.3x 12.0%
Emerson Electric $85.90 96.5% $51,703 $57,709 14.1x 13.1x 22.3x 20.1x 1.5x 14.1%
Roper Technologies $377.62 83.3% $40,028 $49,570 21.9x 20.7x 25.8x 24.2x 4.2x 19.9%
Johnson Controls $55.79 99.1% $40,531 $48,082 13.7x 12.7x 21.0x 18.3x 2.1x 19.2%
Rockwell Automation $243.28 90.9% $28,488 $30,566 20.8x 18.9x 26.9x 25.1x 1.2x 8.2%
Legrand €71.92 88.9% $23,456 $26,626 14.3x 13.6x 22.9x 21.3x 1.7x 24.6%
Dover $123.26 95.1% $17,916 $20,706 14.5x 13.6x 19.1x 17.7x 1.9x 16.0%
OMRON ¥8,580 85.8% $16,241 $14,217 16.3x 14.2x 35.8x 30.0x NM 1.8%
Alstom €41.34 84.9% $12,342 $11,249 8.6x 6.7x 18.8x 15.3x NM 18.4%
Hitachi Construction Machinery ¥3,275 86.2% $6,537 $9,825 10.2x 8.9x 20.2x 15.6x 3.2x 37.8%
Woodward $114.22 89.9% $7,412 $7,970 17.8x 15.0x 31.4x 25.1x 1.3x 9.6%
Regal Beloit $136.67 96.1% $5,590 $6,159 11.7x 10.7x 19.2x 17.2x 1.0x 18.6%
Moog $77.66 92.4% $2,504 $3,462 10.7x 9.8x 16.8x 14.5x 3.0x 30.5%
Bharat Heavy Electricals ₹47.65 100.0% $2,258 $2,052 25.5x 9.3x NM 17.0x NM 33.7%
CG Power & Industrial Solutions ₹56.70 98.8% $677 $1,047 NM NM NM NM NM 38.5%
Mean 91.4% 15.4x 13.2x 22.4x 19.5x 2.5x 27.0%
Median 94.3% 14.4x 13.2x 22.6x 19.6x 2.1x 19.2%
Energy Infrastructure
Primary Equipment and Power Electronics
TE Connectivity $130.03 98.3% $43,300 $46,521 14.2x 13.4x 21.6x 19.4x 0.9x 9.0%
Delta Electronics NT$280.50 88.8% $26,260 $26,778 13.5x 12.0x 23.2x 19.8x NM 5.7%
Yaskawa Electric ¥5,320 88.2% $13,058 $13,341 23.7x 19.1x 49.5x 38.9x 0.5x 5.6%
Sensata Technologies Holding $57.29 96.5% $9,084 $11,276 13.0x 11.8x 17.4x 15.1x 2.5x 35.9%
Fuji Electric ¥4,420 94.7% $5,926 $7,564 9.3x 8.1x 17.2x 14.8x 1.8x 32.1%
NGK Insulators ¥1,880 96.8% $5,595 $6,826 6.5x 5.8x 13.4x 11.5x 1.1x 36.3%
LS Industrial Systems W57,500 78.1% $1,501 $1,514 6.2x 5.8x 13.2x 11.4x 0.1x 39.4%
Mean 91.6% 12.3x 10.9x 22.2x 18.7x 1.1x 23.5%
Median 94.7% 13.0x 11.8x 17.4x 15.1x 1.0x 32.1%
EPC and Services

Jacobs $115.08 96.1% $15,093 $16,316 13.8x 12.5x 19.2x 17.0x 1.1x 16.5%
Acciona €133.40 92.5% $8,834 $13,799 8.9x 8.1x 24.6x 19.3x 3.9x 64.8%
Quanta $83.85 99.1% $12,160 $13,347 11.8x 10.7x 19.5x 17.4x 1.1x 10.9%
ACS Group €25.34 86.6% $8,783 $11,672 3.6x 3.6x 10.7x 9.7x 2.1x 142.3%
AECOM $57.89 96.7% $8,900 $10,706 13.1x 12.3x 20.8x 18.0x 2.4x 28.0%
Skanska KR204.80 89.1% $10,105 $9,385 8.6x 7.9x 15.2x 13.8x NM 19.1%
MasTec $86.75 97.3% $6,376 $7,448 8.5x 8.3x 17.4x 16.2x 1.2x 20.0%
Stantec C$50.07 100.0% $4,429 $5,233 11.3x 10.7x 21.5x 18.9x 1.7x 19.9%
EMCOR $97.37 96.3% $5,371 $5,004 8.3x 7.9x 15.1x 14.2x NM 10.7%
Ameresco $57.12 82.3% $2,824 $3,196 24.1x 20.5x 47.2x 38.6x 2.5x 13.2%
Dycom Industries $76.58 83.0% $2,408 $3,041 8.8x 8.0x 24.3x 18.9x 1.8x 21.3%
Fluor $17.16 81.8% $2,415 $1,868 5.2x 4.8x 26.2x 14.5x NM 105.7%
Primoris Services $33.47 93.5% $1,620 $1,821 6.2x 5.8x 13.7x 12.4x 0.7x 29.0%
Balfour Beatty £2.75 96.4% $2,657 $1,700 5.4x 4.4x 14.0x 10.3x NM 53.7%
STRABAG €30.10 99.5% $3,749 $1,626 1.3x 1.2x 9.2x 9.1x NM 106.2%
Granite Construction $34.38 94.8% $1,570 $1,590 6.3x 5.9x 19.9x NM 0.3x 29.3%
Aegion $25.85 97.3% $792 $978 9.8x 9.8x 20.7x 19.6x 1.8x 27.9%
Bilfinger €29.50 92.2% $1,452 $939 3.8x 3.0x 25.7x 12.9x NM 73.4%
Willdan $43.86 80.6% $527 $634 15.1x 10.7x 19.9x 18.9x 2.5x 21.3%
Team $11.09 86.7% $341 $629 8.8x 7.2x NM NM 4.0x 49.7%
Mistras $7.96 86.1% $233 $510 8.1x 6.6x 37.9x 7.2x 4.4x 58.5%
Mean 91.8% 9.1x 8.1x 21.1x 16.2x 2.1x 43.9%
Median 93.5% 8.6x 7.9x 19.9x 16.2x 1.8x 28.0%
Oil and Gas Services

Liberty Oilfield Services $11.69 87.8% $1,064 $1,366 8.8x 4.4x NM 48.7x 0.9x 15.5%
NexTier Oilfield Solutions $4.65 99.4% $997 $1,098 12.5x 6.3x NM NM 1.2x 34.5%
ProPetro Holding $11.47 100.0% $1,157 $1,089 8.2x 5.7x NM NM NM 0.1%
Secure Energy Services C$3.26 81.3% $409 $770 6.8x 6.1x NM NM 3.0x 44.6%
Select Energy Services $6.32 93.9% $544 $375 8.5x 7.0x NM NM NM NM
Mean 92.5% 8.9x 5.9x NM 48.7x 1.7x 23.7%
Median 93.9% 8.5x 6.1x NM 48.7x 1.2x 25.0%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.
3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA. 13
5. (Debt + Preferred Stock)/EV.
Energy Technology

Price as of % of 52 Wk Value Value 1 EV/EBITDA 2 P/E 3 2021E Debt/
Company 2/28/21 High ($mm) ($mm) 2021E 2022E 2021E 2022E EBITDA 4 EV 5
Energy Technology
Smart Grid Solutions
AMETEK $117.97 94.8% $27,356 $28,730 19.9x 18.6x 27.4x 25.4x 1.0x 9.0%
Keysight Technologies $141.52 92.2% $26,606 $26,721 18.9x 17.2x 24.2x 22.1x 0.1x 7.5%
Terna €5.77 88.0% $14,072 $24,579 11.0x 10.9x 14.8x 14.8x 4.7x 51.2%
Generac $329.56 90.7% $21,087 $21,447 27.1x 24.5x 38.3x 35.6x 0.4x 4.4%
Itron $117.24 100.0% $4,779 $5,600 24.3x 19.6x NM 35.6x 3.5x 17.9%
ESCO Technologies $105.67 95.8% $2,767 $2,816 17.9x 15.3x 32.8x 27.6x 0.3x 3.8%
Landis+Gyr Group CHF63.10 75.5% $2,009 $2,088 13.4x 10.6x 22.6x 16.6x 0.7x 22.6%
S&T €22.16 87.7% $1,786 $1,805 9.8x 8.4x 20.5x 16.5x 0.1x 17.7%
Smart Metering Systems £6.96 93.0% $1,105 $1,041 14.2x 12.7x NM NM NM 2.2%
Mean 90.9% 17.4x 15.3x 25.8x 24.3x 1.3x 15.2%
Median 92.2% 17.9x 15.3x 24.2x 23.7x 0.5x 9.0%
Energy Storage
Tesla $675.50 76.5% $758,299 $753,478 NM NM NM NM NM 1.8%
BYD Company HK$197.20 70.8% $69,352 $79,691 23.0x 20.9x NM NM 2.7x 14.1%
Samsung W674,000 83.7% $40,118 $36,098 17.1x 13.8x 40.0x 32.3x 0.9x 9.8%
Panasonic ¥1365.50 91.2% $29,919 $29,668 5.3x 4.8x 16.8x 13.7x 0.5x 51.4%
EnerSys $90.28 95.4% $3,908 $4,585 11.2x 9.7x 17.1x 14.3x 1.6x 25.3%
Stem 6 $34.18 68.4% $4,781 $4,256 NM NM NM NM NM NM
Eos $21.26 69.8% $1,277 $1,072 NM NM NM NM NM NM
Ultralife $6.81 80.3% $110 $103 9.6x 9.5x NM NM NM 3.5%
Mean 79.5% 13.2x 11.7x 24.6x 20.1x 1.4x 17.7%
Median 78.4% 11.2x 9.7x 17.1x 14.3x 1.3x 11.9%
Hydrogen
Plug Power $48.38 66.1% $27,928 $27,969 NM NM NM NM 1.2x 11.3%
Ballard Power Systems C$35.60 68.2% $7,557 $6,782 NM NM NM NM NM 0.3%
Bloom Energy $28.53 66.9% $4,735 $5,410 NM NM NM NM 7.4x 16.9%
FuelCell Energy $16.94 60.6% $4,343 $4,439 NM NM NM NM NM 5.7%
Nel NOK25.22 73.0% $4,123 $3,867 NM NM NM NM NM 0.4%
ITM Power £5.13 71.5% $3,414 $3,387 NM NM NM NM NM 0.3%
McPhy €27.80 69.1% $939 $708 NM NM NM NM NM 1.3%
Hexagon Purus 7 NOK50.94 62.0% $1,355 NM NM NM NM NM NM 1.8%
Mean 67.2% NM NM NM NM 4.3x 4.7%
Median 67.5% NM NM NM NM 4.3x 1.5%
LED Lighting
Cree $113.46 88.4% $12,559 $12,422 NM NM NM NM NM 6.6%
Hubbell Incorporated $177.51 98.5% $9,692 $11,136 14.7x 13.5x 21.3x 19.2x 1.9x 15.2%
Universal Display Corporation $211.69 81.3% $10,013 $9,291 NM 27.3x NM 40.1x NM 0.1%
OSRAM €51.28 97.0% $5,869 $6,398 11.1x 9.2x 40.2x 27.1x 1.1x 14.8%
Acuity Brands $123.30 94.1% $4,661 $4,724 9.6x 9.3x 14.4x 13.7x 0.1x 12.2%
Fagerhult KR46.50 87.7% $975 $1,375 9.4x 8.6x 16.2x 13.9x 2.7x 41.7%
Veeco $21.50 95.2% $1,039 $1,051 12.7x 10.2x 18.9x 14.2x 0.1x 31.6%
Zumtobel €5.94 74.3% $311 $487 4.1x 4.2x NM NM 1.5x 54.1%
Dialight £2.59 76.0% $118 $160 9.7x 6.8x 27.3x 12.4x 2.5x 40.1%
Beghelli €0.33 78.4% $79 $152 11.8x 9.5x NM 40.8x 5.7x 60.6%
Mean 87.1% 10.4x 10.9x 23.1x 22.7x 2.7x 16.1%
Median 88.1% 10.4x 9.3x 20.1x 16.7x 2.2x 9.0%
6
Recent SPACs
Stem $34.18 68.4% $4,781 $4,256 NM NM NM NM NM NM
Eos $21.26 69.8% $1,277 $1,072 NM NM NM NM NM NM
Mean 70.7% NM NM NM NM NM NM
Median 70.7% NM NM NM NM NM NM
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.
6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC. 14
7. Hexagon Purus began trading publicly on 12/15/2020 on the Oslo Stock Exchange.
Advanced Transportation (1/3)

Value 1 2 3
4 5
Advanced Transportation
Automotive Companies
Tesla $675.50 76.5% $758,299 $753,478 NM NM NM NM NM 1.8%
Toyota Motor ¥7,873 93.1% $206,613 $360,553 11.5x 10.3x 10.9x 9.4x 5.8x 61.8%
Volkswagen €193.70 99.3% $117,861 $312,290 6.5x 6.5x 8.1x 6.7x 4.1x 87.4%
Daimler €66.25 98.6% $86,030 $224,168 8.4x 8.1x 8.2x 7.1x 5.4x 79.0%
BMW €71.50 93.2% $57,181 $172,328 10.5x 9.6x 8.3x 7.1x 6.9x 80.9%
Ford Motor Company $11.70 95.4% $47,923 $154,480 12.9x 11.1x 10.4x 7.7x 9.4x 105.5%
General Motors Company $51.33 90.2% $74,480 $150,174 10.1x 8.9x 9.8x 8.3x 5.3x 74.0%
Hyundai W237,000 88.6% $54,901 $109,484 11.2x 10.3x 10.4x 9.4x 5.7x 83.1%
Honda Motor ¥2,912 93.0% $47,185 $86,805 8.2x 7.3x 8.4x 7.1x 4.2x 82.5%
BYD Company HK$197.20 70.8% $69,352 $78,564 22.7x 20.9x NM NM 2.7x 14.1%
Nissan Motor ¥574.70 88.0% $21,108 $65,889 19.7x 12.6x NM 10.3x 15.5x 109.2%
SAIC Motor Y21.25 74.8% $38,347 $56,967 11.7x 10.4x 8.8x 7.7x 2.3x 81.8%
NIO $45.78 72.9% $55,422 $54,440 NM NM NM NM NM 2.4%
Renault €37.13 91.8% $12,228 $46,307 7.1x 5.7x 20.7x 5.4x 7.9x 171.0%
Lucid 6 $ 30.75 53.0% $51,220 $46,215 NM NM NM NM NM NM
Geely Auto HK$25.20 74.6% $30,201 $28,264 12.0x 10.8x 19.2x 15.5x NM 4.2%
Tata Motors ₹323.00 96.2% $15,924 $26,135 5.2x 4.3x 29.4x 12.3x 2.2x 64.7%
Fiat Chrysler Automobiles €13.43 90.3% $32,472 $25,745 1.1x 1.0x 6.8x 5.2x NM 99.6%
Stellantis € 13.43 90.3% $25,756 $25,207 1.1x 1.0x 5.9x 4.5x NM NM
KIA W79,400 78.2% $28,335 $24,286 4.0x 3.7x 8.5x 7.6x NM 37.9%
XPeng $34.11 47.3% $26,944 $24,213 NM NM NM NM NM 8.3%
Suzuki Motor ¥4,599 80.8% $20,956 $20,956 5.7x 4.9x 13.6x 11.5x NM 34.8%
Li Auto 6 $25.37 57.7% $22,615 $18,318 NM NM NM NM NM 1.9%
Arrival 6 $22.93 63.3% $13,962 $13,293 NM NM NM NM NM NM
Dongfeng Motor 7 HK$7.14 72.1% $7,930 $11,088 23.6x 20.4x 4.2x 3.9x 6.7x 113.4%
Subaru ¥1,989 73.1% $14,313 $9,695 3.5x 3.0x 10.5x 8.4x NM 32.4%
Guangzhou Automobile HK$7.20 75.9% $9,502 $7,975 25.6x 18.4x 6.8x 5.8x NM 24.2%
Fisker $28.50 100.0% $8,848 $7,808 NM NM NM NM NM NM
FAW Car Group Y11.17 73.6% $8,041 $5,683 8.7x 7.4x 11.6x 10.4x NM 59.7%
Mazda Motor ¥839.00 86.9% $4,964 $5,277 4.3x 3.2x 47.4x 9.4x 1.3x 163.5%
Faraday 6 $ 14.09 73.5% $4,817 $4,069 NM 5.6x NM NM NM NM
Mitsubishi Motors ¥302.00 80.3% $4,216 $3,435 6.9x 3.3x NM 17.9x 0.1x 139.0%
Lordstown $19.34 61.6% $3,285 $2,610 NM 26.4x NM NM NM NM
Canoo 6 $12.86 58.5% $3,181 $2,574 NM NM NM NM NM NM
XL Fleet $14.17 43.5% $2,069 $1,719 NM NM NM NM NM NM
Mean 78.8% 10.1x 9.0x 12.8x 8.6x 5.3x 67.3%
Median 78.2% 8.5x 7.7x 9.8x 7.7x 5.3x 74.0%
Tier 1 Suppliers
Denso ¥6,388 91.7% $46,460 $47,914 7.7x 6.6x 18.9x 14.2x 0.1x 26.8%
Aptiv $149.84 95.4% $40,593 $40,312 16.5x 14.2x 39.7x 30.0x 0.7x 11.2%
Continental €118.90 95.2% $28,865 $35,458 5.5x 4.7x 13.4x 10.4x 0.8x 26.1%
Michelin €119.75 99.8% $25,946 $33,235 6.3x 5.7x 13.7x 10.9x 1.4x 32.2%
Bridgestone ¥4,161 93.4% $27,499 $29,531 5.6x 5.1x 12.6x 12.4x 0.3x 32.0%
Magna C$107.19 97.8% $25,477 $28,558 6.5x 6.1x 11.3x 9.7x 0.6x 21.6%
QuantumScape $54.93 41.7% $24,587 $23,433 NM NM NM NM NM NM
Knorr-Bremse €105.54 90.7% $20,650 $22,115 14.3x 12.8x 27.3x 24.4x 0.9x 17.8%
BorgWarner $45.00 97.8% $10,752 $13,107 5.8x 5.4x 11.1x 9.3x 1.0x 30.6%
Valeo €29.24 86.5% $8,527 $12,078 4.2x 3.5x 20.0x 11.1x 1.3x 56.8%
Lear $166.09 97.5% $10,048 $11,745 6.4x 5.7x 11.9x 9.5x 0.8x 24.4%
Faurecia €42.81 91.8% $7,114 $11,016 3.9x 3.3x 11.1x 7.4x NM NA
Goodyear $16.81 98.8% $3,950 $9,302 6.3x 5.0x 18.1x 10.3x 3.5x 73.9%
Luminar Technologies $27.13 64.9% $9,357 $8,869 NM NM NM NM NM 0.4%
Gentex $35.38 94.2% $8,622 $8,171 11.9x 11.1x 17.3x 15.4x NM NM
Dana $23.81 95.6% $3,469 $5,639 6.0x 5.2x 10.4x 7.7x 2.2x 47.0%
American Axle & Manufacturing Holdings $9.77 88.6% $1,107 $4,146 4.6x 4.5x 6.6x 5.7x 3.3x 86.7%
Visteon $127.17 87.6% $3,586 $3,676 14.2x 10.4x 40.4x 22.1x 0.1x 14.3%
6
Ree Automotive $ 11.14 68.1% $3,989 $3,553 NM NM NM NM NM NM
Nexteer HK$10.26 71.6% $3,317 $3,301 5.8x 5.3x 13.2x 11.1x NM 10.8%
6
Aeva $13.86 69.3% $2,982 $2,654 NM NM NM NM NM NM
Veoneer $27.48 90.1% $3,067 $2,583 NM NM NM NM NM 16.2%
Gentherm $70.79 95.3% $2,356 $2,310 14.1x 12.6x 27.4x 23.0x NM 9.6%
Ouster 6 $ 13.52 83.2% $2,513 $2,233 NM NM NM NM NM NM
Velodyne $14.69 48.3% $2,532 $2,191 NM NM NM NM NM 0.5%
AEye 6 $ 10.48 76.4% $2,534 $2,119 NM NM NM NM NM NM
Hyliion $ 15.12 27.1% $2,513 $1,928 NM 21.3x NM 35.2x 41.7x NM
6
Innoviz $ 13.45 84.1% $1,928 $1,558 NM 17.5x NM NM NM NM
6
Li-Cycle $ 12.00 84.2% $2,004 $1,438 NM NM NM NM NM NM
Romeo Power $ 12.33 36.3% $1,655 $1,314 NM NM NM NM NM NM
Stoneridge $30.66 95.8% $828 $828 13.7x 10.6x 42.9x 25.0x 1.3x 18.1%
Freyr 6 $ 11.00 73.7% $1,515 $666 NM NM NM NM NM NM
Advent Technologies $13.69 73.1% $665 $631 NM NM NM NM NM 20.7%
Mean 81.4% 8.4x 8.4x 19.3x 15.2x 3.8x 27.5%
Median 88.6% 6.3x 5.7x 13.7x 11.1x 1.0x 21.6%
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates -
Cash and Marketable Securities.
15
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC.
2020E EBITDA. 7. Dongfeng: excluding investments in unconsolidated subsidiaries.

Value 1 2 3
4 5
Mobility-as-a-Service
Uber $51.75 81.9% $92,792 $96,498 NM NM NM NM NM 10.8%
Lyft $55.70 94.2% $17,843 $16,614 NM NM NM NM NM 6.2%
Helbiz 6 $ 10.18 93.8% $415 $343 26.4x 7.6x NM NM NM NM
Mean 90.0% 26.4x 7.6x NM NM NM 8.5%
Median 93.8% 26.4x 7.6x NM NM NM 8.5%
Autonomous Driving Chip Makers

Nvidia $548.58 89.5% $346,154 $342,311 33.1x 29.7x 42.8x 37.3x NM 2.3%
Intel $60.78 94.5% $250,353 $260,064 7.7x 7.5x 12.5x 12.2x 0.4x 14.2%
Texas Instrument $172.27 95.3% $160,556 $161,080 19.6x 19.2x 25.8x 23.9x 0.1x 4.4%
Qualcomm $136.19 82.6% $157,436 $160,869 13.8x 13.2x 18.1x 16.8x 0.3x 9.8%
Advanced Micro Devices $84.51 86.9% $103,609 $101,828 33.1x 27.4x 43.8x 34.4x NM 0.6%
Infineon €36.00 98.4% $56,937 $62,761 16.4x 14.5x 31.4x 26.7x 1.6x 15.9%
Analog $155.82 95.1% $58,137 $62,236 21.2x 19.8x 25.4x 23.1x 1.4x 8.3%
NXP $182.55 93.4% $52,074 $57,852 15.3x 14.0x 19.5x 17.7x 1.5x 13.6%
STMicro €31.97 89.9% $36,054 $35,199 12.1x 10.8x 23.8x 20.9x NM 8.0%
Renesas ¥1169.00 86.7% $19,279 $23,624 10.2x 9.8x 22.3x 19.1x 1.9x 27.0%
ON Semi $40.27 96.2% $17,381 $19,958 14.4x 12.8x 25.3x 20.2x 1.8x 18.2%
6
indie semiconductor $ 10.63 75.4% $1,538 $1,073 NM NM NM NM NM NM
Mean 90.3% 17.9x 16.2x 26.4x 22.9x 1.1x 11.1%
Median 91.7% 15.3x 14.0x 25.3x 20.9x 1.4x 9.8%
Intelligent Transport / ITS / Smart Tolling

Atlantia €15.53 76.2% $15,415 $66,706 9.4x 8.6x 25.7x 15.5x 7.1x 81.6%
Roper Technologies $377.62 83.3% $40,028 $49,570 21.9x 20.7x 25.8x 24.2x 4.2x 19.9%
FLIR Systems $53.40 95.5% $7,036 $7,513 16.2x 15.7x 22.5x 21.4x 1.0x 10.3%
Autostrada €25.40 98.9% $4,080 $5,616 5.2x 5.2x 12.9x 16.3x 1.4x 52.4%
LS Corporation W69,900 89.0% $1,728 $4,304 6.1x 5.6x 10.5x 9.3x 3.6x 91.9%
Verra Mobility $ 14.25 93.9% $2,317 $3,061 15.0x 11.7x 20.6x 15.7x NM NM
Cubic Corporation $69.45 99.5% $2,192 $2,996 16.3x 15.2x 19.7x NM 4.2x 30.8%
Conduent $5.38 92.0% $1,130 $2,612 5.7x 5.6x 10.0x 8.5x 2.9x 74.3%
Vaisala €32.40 76.1% $1,424 $1,437 18.4x 16.3x 36.0x 28.5x 0.2x 4.8%
Kapsch TrafficCom €14.80 66.7% $234 $456 49.8x 8.8x NM 20.6x 28.3x 80.4%
INIT Innovation in Traffic Systems €34.90 85.1% $423 $449 11.7x 9.4x 23.9x 16.7x 0.7x 15.7%
Iteris $5.51 73.4% $227 $217 21.2x 11.1x 33.9x 17.4x NM 5.9%
Q-Free NOK6.25 93.3% $81 $107 8.5x 7.3x 20.8x 14.2x 2.1x 32.9%
Image Sensing Systems $4.59 76.0% $24 $18 6.7x 6.6x NM NM NM 6.3%
Mean 85.6% 15.1x 10.6x 21.9x 17.4x 5.1x 39.0%
Median 87.1% 13.3x 9.1x 21.7x 16.5x 2.9x 30.8%
Telematics
Descartes Systems $58.56 91.4% $5,031 $4,930 31.5x 27.7x NM NM NM 0.3%
Inseego $14.59 70.6% $1,430 $1,561 38.2x 19.9x NM 28.1x 3.3x 11.1%
TomTom €7.78 79.2% $1,230 $820 NM 43.2x NM NM NM 6.5%
ORBCOMM $7.63 84.1% $596 $792 12.0x 10.3x NM NM 2.9x 29.7%
CalAmp $11.17 95.4% $386 $506 13.3x 11.1x 31.5x 27.4x 3.1x 41.7%
Ituran $21.68 92.1% $451 $467 6.5x 5.8x 13.6x 11.3x NM 13.2%
Quartix £4.70 100.0% $317 $303 43.3x 39.4x NM NM NM 0.4%
MiX Telematics R8.48 94.7% $313 $281 8.9x 7.7x 30.1x 26.9x NM 1.1%
Quarterhill C$2.79 91.2% $256 $159 9.1x 10.7x 19.9x NM NM 2.2%
TeleNav $4.79 78.3% $229 $124 6.7x 6.0x NM NM NM 7.6%
Mean 87.7% 18.8x 18.2x 23.8x 23.4x 3.1x 11.4%
Median 91.3% 12.0x 10.9x 25.0x 27.1x 3.1x 7.0%
Logistics
UPS $157.83 89.4% $137,470 $158,920 12.7x 11.9x 17.6x 16.3x 1.7x 17.5%
FedEx $254.50 84.4% $68,461 $98,572 9.7x 9.0x 13.9x 12.6x 3.0x 39.0%
Deutsche Post €41.06 94.2% $63,377 $80,847 7.1x 6.8x 14.4x 13.8x 1.3x 28.3%
AP Moeller Maersk DKK13240.00 87.3% $42,015 $54,101 5.1x 5.9x 8.7x 11.4x 0.9x 30.6%
Hapag Lloyd €121.80 65.3% $25,990 $32,247 8.1x 8.4x 13.3x 14.9x 1.6x 22.7%
XPO Logistics $116.60 91.9% $11,893 $18,965 10.7x 9.8x 21.4x 18.6x 3.9x 47.4%
J.B. Hunt $146.87 96.7% $15,677 $16,804 11.5x 10.3x 23.9x 20.3x 0.8x 8.6%
C.H. Robinson $90.85 85.6% $12,462 $13,647 15.3x 14.5x 21.0x 19.3x 1.3x 10.5%
Knight-Swift Trucking $43.20 92.3% $7,300 $8,050 6.4x 6.2x 12.7x 12.3x 0.7x 12.8%
Schneider Trucking $23.13 83.3% $4,110 $3,974 5.7x 5.3x 14.7x 13.5x NM 7.7%
Werner $42.92 91.2% $2,964 $3,145 5.6x 5.5x 13.6x 13.1x 0.3x 6.7%
Mean 87.4% 8.9x 8.5x 15.9x 15.1x 1.5x 21.1%
Median 89.4% 8.1x 8.4x 14.4x 13.8x 1.3x 17.5%
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - companies with negative 2020E EBITDA.
Investments in Affiliates - Cash and Marketable Securities. 5. (Debt + Preferred Stock)/EV.
2.
3.
2020 and 2021 EBITDA Multiples exclude multiples over 35x.
2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
6. For transactions that have not yet closed, the share price reflects that of the acquiring 16
SPAC.

Value 1 2 3
4 5
Truck Companies
Daimler €66.25 98.6% $86,030 $224,168 8.4x 8.1x 8.2x 7.1x 5.4x 79.0%
Volvo KR216.30 97.7% $52,349 $59,217 8.7x 8.3x 15.1x 13.5x 1.2x 30.8%
PACCAR $90.99 91.4% $31,665 $37,591 15.0x 12.4x 15.8x 13.4x 2.4x 29.0%
Traton €23.05 92.1% $13,989 $25,007 7.5x 6.2x 12.2x 8.0x 3.1x 65.5%
MAN €48.10 91.6% $8,585 $12,013 6.6x 6.3x NM NM 1.9x 39.1%
Isuzu Motors ¥1114.00 95.2% $7,712 $8,441 5.0x 4.3x 13.0x 9.1x NM 34.3%
Nikola Motors $18.10 22.7% $7,176 $6,265 NM NM NM NM 2.9x 9.1%
6
Proterra $ 20.79 71.4% $5,024 $4,376 NM NM NM NM NM NM
6
Lion Electric $ 19.91 59.5% $3,926 $3,483 NM 29.3x NM NM NM NM
6
Hyzon Motors $ 11.77 66.3% $3,157 $2,581 NM NM NM NM NM NM
Xos 6 $ 11.53 65.5% $2,266 $1,751 NM NM NM NM NM NM
Mean 85.1% 13.6x 11.2x 20.3x 17.2x 3.0x 23.1%
Median 90.0% 11.6x 8.9x 19.4x 15.7x 1.5x 15.9%
Communications / Infrastructure
AT&T $27.89 73.0% $200,139 $385,633 7.1x 7.0x 8.8x 8.5x 3.2x 47.1%
Verizon $55.30 89.6% $229,108 $357,130 7.3x 7.2x 10.9x 10.6x 2.6x 42.2%
T-Mobile $119.97 88.8% $150,150 $247,012 9.1x 8.5x 49.8x 34.3x 3.6x 43.4%
Cisco Systems $44.87 91.7% $189,980 $173,693 9.6x 9.4x 13.7x 13.0x NM 9.0%
Hitachi ¥4,876 94.7% $44,265 $62,744 6.4x 5.7x 11.0x 9.6x 1.6x 38.9%
Toshiba ¥3,355 91.4% $14,285 $11,368 4.8x 4.1x 15.2x 12.9x 0.1x 42.3%
ChargePoint $30.83 66.9% $10,592 $9,944 NM NM NM NM NM NM
EVgo 6 $ 15.48 70.1% $4,073 $3,498 NM NM NM NM NM NM
EVBox 6 $22.81 66.9% $3,349 $2,924 NM NM NM NM NM NM
Volta Industries 6 $ 12.74 73.9% $2,606 $1,996 NM NM NM NM NM NM
Blink Charging $38.24 63.0% $1,200 $1,187 NM NM NM NM NM 0.1%
Nuvve 6 $ 14.18 63.7% $298 $228 NM 9.0x NM NM NM NM
Mean 78.4% 8.6x 9.1x 16.4x 13.3x 2.5x 34.3%
Median 85.1% 8.0x 8.2x 13.7x 12.9x 2.6x 36.6%
6
Recent SPACs
Lucid $ 30.75 53.0% $51,220 $46,215 NM NM NM NM NM NM
QuantumScape $54.93 41.7% $24,587 $23,433 NM NM NM NM NM NM
Arrival $22.93 63.3% $13,962 $13,293 NM NM NM NM NM NM
ChargePoint $30.83 66.9% $10,592 $9,944 NM NM NM NM NM NM
Luminar Technologies $27.13 64.9% $9,357 $8,869 NM NM NM NM NM 0.4%
Fisker $28.50 100.0% $8,848 $7,808 NM NM NM NM NM NM
Nikola Motors $18.10 22.7% $7,176 $6,265 NM NM NM NM 2.9x 9.1%
Joby Aviation $ 11.74 74.8% $7,748 $5,777 NM NM NM NM NM NM
Proterra $20.79 71.4% $5,024 $4,376 NM NM NM NM NM 1.2%
Faraday $14.09 73.5% $4,817 $4,069 NM NM NM NM NM NM
Ree Automotive $ 11.14 68.1% $3,989 $3,553 NM NM NM NM NM NM
EVGo $15.48 70.1% $4,073 $3,498 NM NM NM NM NM NM
Lion Electric $ 19.91 59.5% $3,926 $3,483 NM NM NM NM NM NM
Archer Aviation $ 11.90 69.4% $4,463 $3,426 NM NM NM NM NM NM
EVBox $22.81 66.9% $3,349 $2,924 NM NM NM NM NM NM
Aeva $13.86 69.3% $2,982 $2,654 NM NM NM NM NM NM
Lordstown $19.34 61.6% $3,285 $2,610 NM NM NM NM NM NM
Hyzon Motors $ 11.77 66.3% $3,157 $2,581 NM NM NM NM NM NM
Canoo $12.86 58.5% $3,181 $2,574 NM NM NM NM NM NM
Ouster $13.52 83.2% $2,513 $2,233 NM NM NM NM NM 7.7%
Velodyne $14.69 48.3% $2,532 $2,191 NM NM NM NM NM 0.5%
AEye $ 10.48 76.4% $2,534 $2,119 NM NM NM NM NM NM
Volta Industries $ 12.74 73.9% $2,606 $1,996 NM NM NM NM NM NM
Hyliion $ 15.12 27.1% $2,513 $1,928 NM NM NM NM 41.7x NM
Xos $ 11.53 65.5% $2,266 $1,751 NM NM NM NM NM NM
XL Fleet $14.17 43.5% $2,069 $1,719 NM NM NM NM NM NM
Innoviz $13.45 84.1% $1,928 $1,558 NM NM NM NM NM NM
Li-Cycle $ 12.00 84.2% $2,004 $1,438 NM NM NM NM NM NM
Romeo Power $12.33 36.3% $1,655 $1,314 NM NM NM NM NM NM
Electric Last Mile $10.46 72.2% $1,491 $1,262 NM NM NM NM NM 11.6%
Indie semiconductor $10.63 75.4% $1,538 $1,073 NM NM NM NM NM NM
Lightning eMotors $11.79 70.4% $970 $798 NM NM NM NM NM NM
CarLotz $8.92 72.5% $1,024 $703 NM NM NM NM NM NM
Freyr $ 11.00 73.7% $1,515 $666 NM NM NM NM NM NM
Advent Technologies $13.69 73.1% $631 $509 NM NM NM NM NM 20.7%
Helbiz $ 10.18 93.8% $415 $343 NM NM NM NM NM NM
Nuvve $ 14.18 63.7% $298 $228 NM NM NM NM NM NM
Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars.
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for
1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - companies with negative 2020E EBITDA.
Investments in Affiliates - Cash and Marketable Securities. 5. (Debt + Preferred Stock)/EV.
2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x. 6. For transactions that have not yet closed, the share price reflects that of the acquiring
3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x. SPAC. 17
Renewables

Value 1 2 3
4 5
Renewables
Integrated PV and PV Manufacturing
Hanwha W29,350 81.2% $1,812 $25,759 9.3x 8.9x 6.1x 4.9x 4.7x 69.0%
Enphase $176.06 82.4% $23,816 $23,487 NM NM NM NM NM 1.5%
Sungrow Y86.48 72.6% $19,508 $19,784 34.9x 26.8x 42.6x 32.8x 0.5x 5.8%
SolarEdge $298.31 81.5% $15,959 $15,589 NM 33.6x NM NM NM 4.3%
TBEA Solar Y12.13 85.7% $6,974 $11,932 10.8x 9.7x 16.5x 15.0x 3.6x 59.7%
First Solar $81.02 75.3% $8,665 $7,398 10.8x 11.2x 21.6x 23.3x NM 6.5%
Array $37.08 72.6% $4,709 $5,029 29.4x 25.5x 42.5x 36.9x 1.9x 8.5%
JinkoSolar $51.34 58.6% $2,285 $4,592 8.8x 9.6x 12.2x 10.3x 3.7x 85.1%
Daqo New Energy $104.25 84.0% $7,930 $8,086 14.6x 13.4x 21.1x 18.0x 0.2x 3.0%
Canadian Solar $46.93 73.2% $2,804 $4,356 11.1x 9.8x 20.8x 13.3x 3.3x 65.8%
GCL Y3.49 58.4% $2,736 $3,078 21.7x 14.9x NM NM 4.1x 23.3%
SMA €53.25 78.8% $2,243 $2,022 19.2x 15.2x NM 40.3x NM 2.1%
Foxconn Technology NT$70.00 89.5% $3,563 $1,306 4.4x 4.4x 15.4x 13.6x NM 59.9%
ReneSola $14.94 44.5% $727 $868 26.2x 20.6x 48.2x 33.2x 2.9x 13.1%
Mersen €28.45 94.8% $710 NA NM NM 13.1x 10.5x NM NA
Maxeon $33.67 61.1% $834 $683 NM 11.3x NM NM NM 26.7%
Manz €46.90 83.8% $441 $472 10.1x 7.2x 29.7x 16.2x 1.3x 24.1%
Soltec €8.03 54.1% $891 NA NM NM 48.0x 23.8x NM NA
6
Ecoppia NIS10.56 70.2% $312 NA NM NM NM NM NM NA
Mean 73.8% 16.2x 14.8x 26.0x 20.9x 2.6x 28.6%
Median 75.3% 11.1x 11.3x 21.1x 17.1x 3.1x 18.2%
Solar Development
Sunrun $62.58 64.8% $12,053 $17,758 NM NM NM NM NM 29.7%
BayWa €31.60 91.1% $1,352 $7,157 13.9x 13.5x 28.3x 22.0x 10.9x 81.7%
SunPower $34.77 64.4% $6,959 $6,790 NM NM NM NM 3.6x 10.2%
Sunnova $44.84 82.9% $4,287 $6,379 NM NM NM NM 21.2x 32.1%
Mean 75.8% 13.9x 13.5x 28.3x 22.0x 11.9x 38.4%
Median 73.9% 13.9x 13.5x 28.3x 22.0x 10.9x 30.9%
Wind Development
Energiekontor €53.40 82.2% $929 $1,187 12.1x 10.3x 29.6x 23.9x 2.6x 28.6%
PNE Wind €7.53 84.7% $697 $940 22.7x 13.1x NM 44.3x 6.1x 38.7%
ABO Wind €45.60 88.5% $469 $538 11.5x 10.4x 24.8x 21.7x 1.5x 19.6%
Arise KR47.10 85.6% $199 $264 9.0x 3.0x 12.9x 4.1x 2.2x 28.5%
Mean 85.3% 13.8x 9.2x 22.5x 23.5x 3.1x 28.9%
Median 85.2% 11.8x 10.3x 24.8x 22.8x 2.4x 28.6%
IPPs
Enel €7.84 87.7% $96,773 $180,993 8.0x 7.6x 14.5x 13.5x 3.1x 42.1%
Iberdrola €10.43 83.4% $77,745 $133,101 9.9x 9.0x 17.7x 16.0x 3.1x 36.1%
ENGIE €12.09 75.5% $35,440 $64,513 5.2x 5.2x 12.1x 11.0x 2.8x 78.7%
AES $26.56 91.9% $17,769 $38,362 10.1x 9.5x 17.0x 15.7x 4.8x 54.9%
EDP Renovaveis €18.10 70.2% $19,164 $24,545 12.5x 11.5x 32.9x 29.0x 2.2x 20.3%
NRG $36.51 84.7% $8,917 $13,139 5.4x 5.3x 7.1x 6.5x 1.9x 68.8%
Northland Power C$42.25 83.1% $6,747 $12,835 14.0x 14.0x 30.1x 25.9x 6.0x 48.7%
Neoen €48.40 69.5% $5,011 $7,757 19.2x 15.1x NM NM 6.8x 41.3%
Boralex C$44.28 79.7% $3,789 $6,493 14.8x 14.3x NM NM 6.3x 45.9%
Innergex C$24.08 74.9% $2,918 $6,476 13.1x 12.7x NM NM 7.6x 62.4%
ERG €23.72 87.0% $4,286 $6,163 9.5x 9.0x 27.6x 24.9x 2.9x 43.9%
Scatec Solar NOK251.00 63.1% $4,013 $5,140 12.2x 8.0x 41.8x 35.6x 2.7x 31.1%
Falck Renewables €5.64 79.9% $1,980 $2,988 11.9x 10.8x 43.4x 33.2x 3.5x 38.9%
Voltalia €22.70 85.5% $1,935 $2,547 12.6x 9.7x NM NM 2.8x 29.9%
Solarpack €19.05 55.2% $769 $1,163 13.5x 10.5x 39.7x 25.4x 4.3x 41.4%
Alerion Clean Power €12.05 80.3% $737 $908 6.9x 6.2x 21.6x 19.1x 1.3x 38.3%
Atlantic Power C$3.67 96.3% $259 $865 4.6x 4.8x 12.6x 18.7x 2.8x 85.2%
Etrion C$0.40 69.3% $108 $143 9.5x 4.9x NM NM 2.3x 28.2%
Mean 78.7% 10.7x 9.3x 24.5x 21.1x 3.7x 46.5%
Median 80.1% 11.0x 9.3x 21.6x 19.1x 3.0x 41.7%
Wind and Other

Vestas DKK1154.50 74.0% $37,097 $34,878 14.4x 12.9x 34.9x 30.0x NM 4.7%
Siemens Gamesa €30.80 80.0% $25,404 $25,898 24.2x 15.7x NM 37.2x 0.5x 9.4%
Xinjiang Goldwind HK$16.60 87.4% $9,041 $12,534 11.4x 10.0x 15.1x 13.5x 3.0x 35.7%
Ormat $85.67 68.0% $4,588 $5,582 13.8x 11.9x NM 42.8x 2.3x 26.6%
Nordex €22.20 84.0% $2,875 $3,583 12.8x 8.3x NM 26.7x 2.5x 33.6%
Suzlon ₹5.81 69.8% $661 $2,437 NM NM NM NM NM 73.8%
TPI Composites $47.66 60.5% $1,816 $2,085 16.8x 12.3x NM 25.1x 2.2x 19.1%
Bonheur NOK227.50 91.5% $1,124 $1,878 11.9x 9.6x NM NM 4.7x 66.7%
China High Speed Transmission HK$7.54 83.9% $1,589 $861 4.3x 4.2x 13.2x 12.9x NM 87.3%
Sif Holding €15.76 84.0% $488 $510 7.7x 7.3x 15.5x 14.9x 0.3x 13.5%
Mean 78.3% 13.0x 10.2x 19.7x 25.4x 2.2x 37.0%
Median 82.0% 12.8x 10.0x 15.3x 25.9x 2.3x 30.1%
4.
5.
Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.
(Debt + Preferred Stock)/EV.
18
6. Ecoppia began trading publicly on 12/1/2020 on the Tel Aviv Stock Exchange.
Yield Vehicles
Market Enterprise Dividend CAFD Net Debt/

Value 1 2
Price as of % of 52 Wk Value EV/EBITDA Yield Yield 2021E Debt/
3 4
Company 2/28/21 High ($mm) ($mm) 2021E 2022E 2020A 2021E EBITDA EV
Yield Vehicles
North American Yield Vehicles
Brookfield Renewable Partners C$53.95 86.0% $13,268 $48,100 25.2x 24.1x 5.7% 4.3% 9.4x 41.8%
NextEra Energy Partners $72.64 85.3% $12,880 $19,738 13.7x 12.3x 3.4% 4.4% 2.3x 17.4%
Clearway Energy $27.46 75.2% $5,511 $12,517 11.1x 10.6x 4.7% 4.8% 6.1x 58.5%
Atlantica Sustainable Infrastructure $36.15 77.9% $3,713 $9,062 10.6x 9.4x 4.6% 5.4% 6.1x 69.8%
Hannon Armstrong $56.23 80.2% $4,771 $5,353 NM NM 2.4% NM 16.7x 40.4%
TransAlta Renewables C$20.18 84.1% $4,254 $3,676 9.6x 9.3x 4.7% 5.6% 0.6x 19.1%
Mean 81.5% 14.0x 13.1x 4.3% 4.9% 6.9x 41.2%
Median 82.2% 11.1x 10.6x 4.7% 4.8% 6.1x 41.1%
European Yield Vehicles

Encavis €17.54 69.6% $2,949 $5,036 16.3x 15.6x 2.1% NM 6.8x 47.1%
Greencoat UK Wind £1.27 86.1% $2,839 $4,366 NM NM 5.6% NM NM 35.2%
Renewables Infrastructure Group £1.28 92.4% $2,553 NA NM NM 5.2% NM NM NA
NextEnergy Solar Fund £0.99 80.1% $1,059 $1,320 NM NM 7.1% NM NM 21.0%
John Laing Environmental £1.14 92.7% $871 $869 NM NM 5.9% NM NM NM
Bluefield Solar Income £1.34 96.4% $708 $707 17.9x 17.8x 6.0% NM NM NM
Octopus Renewables £1.13 97.0% $551 $551 NM NM 0.3% NM NM NM
Mean 87.8% 17.1x 16.7x 4.6% NM 6.8x 34.4%
Median 92.4% 17.1x 16.7x 5.6% NM 6.8x 35.2%
MLPs
Enviva $53.03 99.3% $2,110 $2,889 13.0x 10.5x 5.9% 4.1% 4.4x 33.9%
Mean 99.3% 13.0x 10.5x 4.7% 4.1% 4.4x 33.9%
Median 99.3% 13.0x 10.5x 5.7% 4.1% 4.4x 33.9%
2.
3.
2020 and 2021 EBITDA Multiples exclude multiples over 35x.
19
Environmental Services and Technologies

Value 1 2 3
4 5
Environmental Services and Technologies
Solid Waste
Waste Management $110.89 89.9% $47,139 $60,460 11.8x 11.0x 21.4x 18.9x 2.8x 23.7%
Republic Services $89.09 86.9% $28,500 $37,641 11.3x 10.7x 22.0x 19.4x 2.9x 24.4%
Veolia €22.35 78.8% $15,732 $33,393 6.3x 5.9x 13.7x 11.6x 3.9x 76.7%
Waste Connections C$124.27 87.0% $25,751 $30,050 15.3x 14.3x 29.4x 25.8x 2.4x 16.3%
SUEZ €17.25 98.6% $13,152 $26,975 6.5x 6.1x 19.1x 15.9x 3.6x 73.3%
GFL Environmental $31.02 98.5% $10,925 $17,020 14.6x 13.8x 49.7x NM 5.6x 37.7%
Casella $57.92 92.2% $2,938 $3,392 16.6x 14.5x 47.5x 37.1x 2.4x 18.0%
Danimer $38.13 59.3% $3,510 $3,145 NM NM NM NM NM 0.6%
PureCycle 6 $24.00 82.6% $2,851 $2,494 NM NM NM NM NM 12.4%
Biffa £2.55 88.9% $1,021 $1,491 6.5x 5.9x 18.4x 13.5x 2.2x 42.5%
Séché Environnement €51.90 93.3% $491 $1,032 5.6x 5.0x 15.2x 11.4x 3.0x 64.7%
Mean 86.9% 10.5x 9.7x 26.3x 19.2x 3.2x 35.5%
Median 88.9% 11.3x 10.7x 21.4x 17.4x 2.9x 24.4%
Specialty Waste
Darling Ingredients $63.04 87.8% $10,527 $12,144 13.0x 8.8x 28.8x 16.0x 1.7x 14.5%
Stericycle $64.87 87.1% $5,955 $8,071 14.9x 13.3x 23.3x 19.4x 4.2x 26.8%
Clean Harbors $85.15 95.5% $4,706 $5,904 9.9x 9.5x 32.5x 31.2x 2.1x 30.0%
Covanta Holding $14.05 91.9% $1,897 $4,384 10.4x 10.1x NM 45.3x 5.6x 61.2%
Harsco $16.36 75.1% $1,293 $2,656 7.6x 7.2x 13.4x NM 4.6x 52.2%
US Ecology $38.21 85.6% $1,187 $1,952 9.8x 8.6x 36.2x 27.3x 4.4x 43.6%
Renewi £0.44 100.0% $484 $1,293 5.4x 4.8x 11.7x 7.6x 3.5x 76.1%
Heritage-Crystal Clean $26.22 93.8% $616 $676 12.4x 10.0x 36.4x 24.1x 0.8x 16.6%
Mean 89.6% 10.4x 9.0x 26.0x 24.4x 3.4x 40.1%
Median 89.8% 10.1x 9.2x 28.8x 24.1x 3.8x 36.8%
Environmental Assessment
Donaldson Company $58.91 94.5% $7,552 $7,841 14.4x 13.1x 22.5x 19.2x 0.6x 6.6%
Montrose Environmental $48.88 100.0% $1,217 $1,355 21.9x 18.9x NM 39.3x 2.2x 2.9%
CECO Environmental $8.20 92.1% $290 $333 10.6x 7.8x 16.1x 14.4x 1.7x 26.4%
Advanced Emissions Solutions $5.70 59.7% $104 $92 NM NM NM NM NM 29.3%
Mean 86.6% 15.6x 13.3x 19.3x 24.3x 1.5x 16.3%
Median 93.3% 14.4x 13.1x 19.3x 19.2x 1.7x 16.5%
Recent SPACs 6
Danimer $38.13 59.3% $3,510 $3,145 NM NM NM NM NM 0.6%
PureCycle $24.00 82.6% $2,851 $2,494 NM NM NM NM NM 12.4%
Mean 71.0% NM NM NM NM NM 6.5%
Median 71.0% NM NM NM NM NM 6.5%
4.
5.
20
6. For transactions that have not yet closed, the share price reflects that of the acquiring SPAC.
Water

Value 1 2 3
4 5
Water
Efficiency / Process
Pentair $55.93 95.5% $9,368 $10,213 16.7x 15.7x 20.5x 18.9x 1.4x 9.1%
Rexnord $44.95 95.4% $5,374 $6,386 13.5x 12.5x 22.6x 19.8x 2.1x 19.8%
Flowserve $37.00 88.8% $4,847 $5,720 13.3x 11.7x 24.2x 19.9x 2.0x 33.9%
Evoqua $24.55 79.1% $2,984 $3,731 15.0x 13.9x 35.5x 30.9x 3.0x 25.3%
Kemira €13.37 92.2% $2,489 $3,421 6.7x 6.6x 14.9x 13.9x 1.8x 32.6%
Badger Meter $108.59 99.1% $3,177 $3,114 31.8x 29.0x NM NM NM 0.3%
Thermon Group $20.43 92.2% $683 $813 15.5x 13.4x 29.9x 23.8x 2.5x 22.4%
Wabag ₹285.80 99.0% $242 $246 6.7x 5.9x 12.6x 10.8x 0.2x 21.7%
Mean 92.7% 14.9x 13.6x 22.9x 19.7x 1.9x 20.6%
Median 93.8% 14.3x 13.0x 22.6x 19.8x 2.0x 22.1%
Infrastructure, Monitoring and Compliance

Ecolab $209.36 91.0% $60,442 $66,330 23.0x 20.6x 40.2x 34.2x 2.0x 10.7%
Xylem $99.56 91.8% $18,070 $19,566 21.8x 19.7x 38.6x 32.5x 1.7x 17.2%
Watts Water $114.09 87.4% $3,868 $3,908 16.8x 15.6x 29.9x 26.9x 0.2x 6.6%
Mueller Water Products $12.89 97.8% $2,047 $2,298 11.0x 10.3x 21.8x 19.4x 1.2x 20.6%
Aegion $25.85 97.3% $795 $1,021 10.2x 10.2x 20.7x 19.6x 1.8x 27.9%
Select Energy Services $6.32 93.9% $544 $375 8.5x 7.0x NM NM NM NM
Mean 93.2% 15.2x 13.9x 30.2x 26.5x 1.4x 16.6%
Median 92.8% 13.9x 13.0x 29.9x 26.9x 1.7x 17.2%
Heating and Cooling

Lennox $279.77 91.2% $10,799 $11,812 18.3x 17.1x 25.2x 22.5x 1.6x 10.0%
A.O. Smith $59.37 96.0% $9,669 $9,138 15.0x 13.9x 23.6x 21.2x NM 1.7%
AAON $77.10 95.4% $4,123 $4,047 33.7x 29.9x NM 48.8x NM 0.2%
SPX $55.59 92.9% $2,566 $2,949 12.1x 11.4x 17.7x 16.4x 1.6x 15.3%
Comfort Systems USA $61.94 94.7% $2,265 $2,543 10.6x 10.0x 18.3x 17.2x 1.2x 13.1%
Mean 94.0% 17.9x 16.5x 21.2x 25.2x 1.5x 8.1%
Median 94.7% 15.0x 13.9x 21.0x 21.2x 1.6x 10.0%
Distribution
American Water Works Company $141.88 85.7% $25,680 $36,118 17.6x 16.5x 33.5x 31.0x 5.1x 30.5%
Veolia €22.35 78.8% $15,732 $34,726 7.0x 6.5x 17.5x 13.7x 3.9x 76.7%
SUEZ €17.25 98.6% $13,153 $27,758 7.3x 6.8x 22.0x 19.0x 3.6x 73.3%
Essential Utilities $42.06 86.3% $10,716 $16,375 16.5x 15.3x 25.2x 23.5x 5.8x 35.0%
Severn Trent £21.90 82.1% $7,324 $16,298 12.7x 11.7x 18.2x 15.6x 7.0x 55.3%
SJW $62.68 88.0% $1,800 $3,330 15.0x 13.9x 26.4x 24.6x 6.9x 46.2%
American States Water $73.05 78.5% $2,703 $3,253 18.5x 17.5x 30.5x 28.7x 3.1x 18.0%
Middlesex Water Company $68.67 80.6% $1,200 $1,486 24.8x 23.9x 30.4x 28.9x 4.7x 19.5%
York Water Company $41.61 82.2% $542 $648 19.0x 18.6x 32.8x 30.8x 3.5x 18.4%
Artesian Resources $37.00 90.2% $347 $515 13.3x 12.8x NM NM 3.4x 29.1%
Global Water Resources $17.33 97.4% $391 $488 27.1x 23.1x NM NM 5.4x 23.5%
Consolidated Water $12.95 71.7% $198 $169 10.6x 9.0x 23.3x 18.6x NM 1.1%
Mean 85.0% 15.8x 14.6x 26.0x 23.4x 4.8x 35.6%
Median 83.9% 15.7x 14.6x 25.8x 24.0x 4.7x 29.8%
3.
4.
2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.
21
AgTech, Industrial Biotechnology and
Building Materials

Value 1 2 3
4 5
AgTech
Large Crop / Life Science
Bayer €50.12 69.0% $59,766 $95,489 7.1x 6.7x 8.4x 7.6x 2.7x 52.9%
BASF €67.73 97.6% $75,509 $80,261 7.4x 7.0x 15.8x 14.3x 1.9x 32.1%
DuPont $70.32 81.4% $51,713 $71,245 18.2x 17.0x 20.8x 17.8x 5.1x 31.5%
Archer-Daniels-Midland $56.58 96.8% $31,855 $37,425 9.8x 9.7x 14.8x 14.2x 2.7x 29.5%
Bunge $76.58 96.6% $11,410 $19,397 10.4x 10.3x 12.1x 12.0x 4.0x 45.3%
Mosaic $29.40 91.5% $11,240 $14,910 6.4x 6.6x 13.0x 13.8x 1.8x 31.9%
AppHarvest $30.45 79.7% $3,400 $2,936 NM NM NM NM NM NM
Mean 87.5% 9.9x 9.5x 14.1x 13.3x 3.0x 37.2%
Median 91.5% 8.6x 8.4x 13.9x 14.0x 2.7x 32.0%
Irrigation / Equipment
Deere $349.12 100.0% $110,357 $148,833 20.8x 18.1x 21.5x 18.5x 5.4x 31.1%
CNH Industrial $14.84 97.4% $20,092 $36,170 14.6x 12.7x 18.6x 15.3x 6.8x 73.3%
Kubota ¥2,408 93.2% $27,437 $34,134 12.9x 12.0x 18.3x 17.1x 2.3x 24.0%
Mahindra & Mahindra ₹804.85 86.7% $12,246 $21,067 20.2x 17.8x 28.1x 31.3x 8.9x 53.3%
Toro Company $100.77 98.9% $10,979 $11,352 18.9x 17.1x 28.6x 25.2x 0.7x 7.7%
AGCO $129.48 99.7% $9,828 $10,102 9.2x 8.5x 17.9x 15.9x 0.6x 17.8%
Valmont $236.53 99.4% $5,048 $5,534 14.1x 12.8x 25.3x 22.1x 1.2x 15.6%
Hydrofarm Holdings 7 $63.48 68.1% $2,096 $2,190 NM NM NM NM 3.5x 5.8%
Lindsay $160.25 96.7% $1,745 $1,744 23.1x 19.8x 42.6x 35.0x NM 8.4%
Raven Industries $39.20 92.7% $1,417 $1,388 23.6x 18.0x 46.5x 32.0x NM 0.7%
Jain ₹19.00 80.5% $133 NA NM NM NM NM NM 89.4%
Mean 92.1% 17.5x 15.2x 27.5x 23.6x 3.7x 29.7%
Median 96.7% 18.9x 17.1x 25.3x 22.1x 2.9x 17.8%
Industrial Biotechnology
Neste €54.46 84.9% $50,757 $50,372 20.8x 17.5x 34.4x 27.5x NM 3.1%
Cosan R$81.40 90.0% $5,642 $5,883 4.7x 4.4x 15.0x 14.2x 1.3x 48.5%
Amyris $13.80 82.5% $3,400 $3,659 NM NM NM NM NM 7.8%
Renewable Energy Group $77.77 68.4% $3,059 $2,916 10.9x 9.1x 18.5x 13.7x NM 3.3%
Green Plains $25.32 92.8% $877 $1,318 11.1x 6.6x NM 21.8x 2.7x 44.8%
MGP Ingredients $63.88 91.0% $1,081 $1,104 13.9x 13.0x 23.7x 21.7x 0.3x 4.1%
Pacific Ethanol $6.48 59.8% $437 $498 4.0x 5.8x 6.3x 8.1x 0.5x 21.7%
REX American Resources $94.07 95.0% $578 $412 9.0x 6.4x 18.7x 11.9x NM 3.3%
FutureFuel $14.68 83.0% $642 $399 10.2x 14.5x NM NM NM 0.1%
Mean 83.1% 10.6x 9.6x 19.4x 17.0x 1.2x 15.2%
Median 84.9% 10.5x 7.8x 18.6x 14.2x 0.9x 4.1%
Building Materials
Multi-Industry
CRH $43.33 91.0% $34,278 $40,474 8.6x 8.3x 17.4x 15.8x 1.3x 34.2%
Saint-Gobain €44.42 100.0% $29,050 $37,440 6.0x 5.6x 12.1x 10.8x 1.4x 50.3%
Masco $53.22 89.0% $13,890 $15,762 10.4x 9.9x 15.8x 14.4x 1.1x 18.9%
Owens Corning $81.02 93.2% $8,839 $11,403 7.3x 7.0x 12.5x 11.6x 1.6x 28.9%
Beacon Roofing Supply $47.83 97.6% $3,348 $6,314 12.0x 11.4x 14.8x 13.6x 4.9x 54.3%
Armstrong World Industries $85.58 77.0% $4,116 $4,694 12.9x 11.6x 21.7x 18.2x 1.7x 16.1%
Simpson Manufacturing $97.46 93.4% $4,254 $4,023 13.7x 12.7x 23.1x 20.8x NM 1.2%
Gibraltar $87.35 86.5% $2,858 $2,937 15.3x 13.1x 24.3x 21.0x 0.4x 3.8%
Griffon $24.60 96.1% $1,309 $2,287 8.7x 8.1x 14.0x 12.1x 3.7x 53.0%
Mean 91.5% 10.5x 9.7x 17.3x 15.4x 2.0x 29.0%
Median 93.2% 10.4x 9.9x 15.8x 14.4x 1.5x 28.9%
Sustainable Products / Materials

Kingspan €60.25 73.1% $13,384 $13,893 17.3x 16.1x 27.5x 24.6x 0.6x 14.9%
Trex $91.64 86.2% $10,646 $10,559 32.7x 27.9x 49.5x 42.2x NM 0.3%
Cabot Corporation $49.23 95.4% $2,786 $3,843 6.9x 6.7x 12.0x 11.3x 1.7x 28.8%
Quanex $24.33 92.1% $808 $931 8.2x 7.7x 17.2x NM 1.1x 17.9%
Aspen Aerogels $22.25 85.6% $602 $594 NM NM NM NM NM 1.4%
DIRTT Environmental Solutions C$2.88 91.7% $193 $187 NM 15.5x NM NM NM 21.6%
Mean 87.3% 16.3x 14.8x 26.6x 26.0x 1.1x 14.1%
Median 89.0% 12.8x 15.5x 22.3x 24.6x 1.1x 16.4%
Recent SPACs
AppHarvest $30.45 79.7% $3,400 $2,936 NM NM NM NM NM NM
4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.
5.
6.
For transactions that have not yet closed, the share price reflects that of the acquiring SPAC.
22
7. Hydrofarm Holdings began trading publicly on 12/14/2020 on the NASDAQ.
Global Experts in Sustainable
Technology and Infrastructure
Nomura Greentech Offices
Chicago Zürich
San Francisco
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Nomura Greentech Transactions

Mergers & Asset Capital Strategic
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markets advice
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Note: As of February 28th, 2021.
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McDermott Bentley Dallet Deschenes Horwitz Junttila McClure
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New York derek.bentley@nomura laurent.dallet@nomura pj.deschenes@nomura michael.horwitz@nomura olav.junttila@nomura john.mcclure@nomura
jeff.mcdermott@nomura greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com
greentech.com  20+ years of  15+ years of  15+ years of  20+ years of  25+ years of
 20+ years of
 30+ years of experience experience experience experience experience
experience
 >35 completed  >30 completed  >30 completed  >40 completed  >20 completed
experience  >30 completed
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and services
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senior leaders  Environmental  Blockchain

services
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Director Director Director Director Director Director
New York New York Zürich Zürich Zürich San Francisco
steve.megyery@nomura frank.nicklaus@nomura diego.pignatelli@nomura damien.sauer@nomura alex.stein@nomura duncan.williams@nomura
greentech.com greentech.com greentech.com greentech.com greentech.com greentech.com
 15+ years of  15+ years of  30+ years of  20+ years of  10+ years of  25+ years of experience
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 Power infrastructure services  Utilities value chain technology and  Industrial IoT &
 Renewable energy  Smart grid services software

value chain  Environmental services
 Water
23
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Sustainable Technology and Infrastructure

Monthly Market Update // February 2021

Index Performance1 February Ending Versus

Resilient Infrastructure Group, a provider of distributed water and wastewater solutions,

Date Company Transaction Description

Date Company Transaction Description

About Nomura Greentech

Rumpke, a family-owned waste and recycling

United Utilities, a U.K.-based water and

CHA Consulting, a provider of engineering, design

Parkson, a manufacturer of wastewater

Drax Group, a U.K.-based electricity generator

Statkraft, a Norway-based generator of renewable

SyBridge Technologies, backed by Crestview

Adey Innovation, a manufacturer of water

iQ International, a sustainable technology

Denali Water Solutions, a specialty waste and

Source: FactSet, Press releases, SEC filings and Third-party providers.

Sensata Technologies, a telematics company,

General Kinematics, a manufacturer of separating

BorgWarner, a supplier of auto components,

Resilient Infrastructure Group, a provider of

EW Group acquired Hygiena, a California-based

New Mountain Capital, a private equity firm,

One Rock Capital and Metropoulos & Co, two

Regal Beloit, a manufacturer of motion

Sims Ltd., an electronics recycler, acquired select

BW Offshore, an owner and operator of offshore

Source: FactSet, Press releases, SEC filings and Third-party providers.

Forks Over Knives and The Beet, two plant-based

Comstock Mining, a minerals company, and Aqua

Revolution, a manufacturer of sustainable

Faurecia, a manufacturer of automotive

Surf Air Mobility, a platform for regional air travel,

Danone has agreed to acquire Earth Island, a

Mill Rock Packaging Partners acquired All

Quikrete, a manufacturer of packaged concrete

Partners Group, a global private equity firm,

Shell acquired Next Kraftwerke, a European

Source: FactSet, Press releases, SEC filings and Third-party providers.

Autodesk, a developer of software for EPC

UAT Group, a technology holding company,

Harman, a manufacturer of connected

Norvestor, a Norway-based private equity firm,

Source: FactSet, Press releases, SEC filings and Third-party providers.

Ares Management acquired the 302 MW Lincoln

Boralex, a renewables IPP, acquired the

Indianapolis Power & Light, a subsidiary of AES,

Total, a French energy company, acquired a 2.2

Eagle Creek Renewable Energy, an investor in

Castleton Clearway Energy acquired the 264 MW Mt. Storm

Vitol, a Dutch energy and commodity trading

Longroad Energy Holdings announced the

Xcel Energy announced the planned acquisition of

Greenbacker Renewable Energy requested FERC

Source: FactSet, Press releases, SEC filings and Third-party providers.

Cordelio Power announced the acquisition of the

Hydroland, a hydropower owner and operator,

Cathay Innovation, Wind Ventures, Iberdrola, Advanced Spain-based provider of charging

Brabantse Ontwikkelings Maatschappij, Aqua-

Deerfield Management, Pontifax Global Food U.S.-based developer of an agricultural

Counterpoint Global, Fidelity, The Rise Fund, Advanced

Ontario Teachers' Pension Plan, 5Y Capital, Advanced U.S.-based developer of AV

Advanced U.S.-based developer of a freight