CleanTech Venture Capital Report 2022

FCF DeepTech Series

March 2022
EXECUTIVE SUMMARY

FCF OVERVIEW

CLEANTECH VENTURE CAPITAL MARKET

CLEANTECH IPO EXITS

CLEANTECH M&A EXITS

2
 FCF DeepTech Series

The FCF DeepTech

FCF DeepTech Series
Series is a standar-
dized set of reports, FCF analyzes and tracks the European funding trends within four main DeepTech verticals. Each quarter, one of the four verticals is examined
tracking European individually. FCF defines DeepTech companies as firms whose product or service offerings are based on heavy R&D, patent development, substantial
VC funding trends scientific advances and high-tech engineering, creating real technological innovations (in contrast to Internet-Platform companies applying 'state-of-the-
within four main art' technology to transform a non-digital business model to a digital one)
DeepTech verticals
and can be used as
a quick reference for FCF DeepTech Verticals
investors, corporates
CleanTech Internet of Things (IoT)
and professionals
Developers of technologies that seek to reduce the Companies that provide a product that is enabled with sensors
environmental impact of human activities or to significantly and actuators, embedded in physical objects, and / or software
More advanced, reduce the amount of natural resources consumed through that uses this sensor data to improve the user experience or
detailed and / or such activities allows for sharing of this data with a network of other devices
customized reports
are available upon Advanced Manufacturing Robotics and Drones
request Companies utilizing innovative and novel technologies to Automated or remote-controlled mechanical devices and
improve products or processes related to manufacturing technology. This includes machinery programmed to perform
repetitive tasks, precision tasks and remote-operated
movement or travel (e.g. UAVs, etc.)

Recipients Availability

The FCF DeepTech Series targets the following recipients: The FCF DeepTech Series is available on FCF’s website at
'https://www.fcf.de/de/research/'
■ Corporates / Executives ■ Family Offices / HNWIs
■ Institutional Investors ■ Advisors
To recommend colleagues or fellow investors to be added to the
■ Venture Capital Investors mailing list, kindly send an email with the respective contact
information
If you have questions, comments or ideas, please do not hesitate to
contact us

3
 Q4 Vertical – CleanTech

This edition of the

CleanTech Subsectors
inaugural FCF
DeepTech Series CleanTech companies develop and provide products or services that improve operational performance, productivity or efficiency, while reducing costs,
focuses on VC input resources, energy consumption, waste and / or environmental pollution. For the purpose of this report, the CleanTech vertical is further divided into
funding develop- the following subsectors:
ments within the
European Clean- Alternative Fuels & Materials Energy Generation
Tech vertical Companies that provide solutions for environmentally-friendly Developers and technology providers of alternative energy
alternatives to either conventional fossil fuels and nuclear generating equipment, which includes technologies related to
materials or traditional engineering construction materials solar, hydroelectric, wind, etc.
The European
CleanTech vertical
has been split into E-Mobility Energy Storage
six main sub-sectors Innovators of technologies, contributing towards clean mobility Companies engaged in energy storage technologies that
solutions such as electric vehicles, clean drivetrains and non- include commercial and industrial batteries and capacitors
(i) Alternative Fuels fossil fuel-based fuelling stations
& Materials,
(ii) E-Mobility,
Energy Efficiency Recycling, Waste & Environment
(iii) Energy Companies developing innovative technologies aimed to Providers of environmental services, which include
Efficiency, reduce the amount of energy required to provide products and environmental management, waste management and pollution
services control services
(iv) Energy
Generation,
(v) Energy Storage,
and Selection of Companies Data
(vi) Recycling, The companies were selected based on the following criteria: All input data is provided by Pitchbook and S&P
Waste & Capital IQ and has not been independently
Environment ■ Companies with venture capital financings since 2016 verified by FCF. For additional information and
disclaimer, please refer to the last page
■ Venture capital funding round > €1m (for completeness, undisclosed deals also included)
■ Company HQ located in Europe
■ Company operating within CleanTech vertical*

* Companies operating CleanTech assets (PV farms, wind farms, etc.) excluded; focus on companies developing technologies and marketing innovative products and services 4
EXECUTIVE SUMMARY

FCF OVERVIEW

CLEANTECH VENTURE CAPITAL MARKET

CLEANTECH IPO EXITS

CLEANTECH M&A EXITS

5
 FCF Overview

FCF seeks to Who We Are Capital Markets Capabilities and Services

provide its clients ■ Specialized Investment Bank and Financing Specialist
Private / ■ Venture capital ■ Private equity
with financing ■
■ Advising public and private small- / midcap companies Pre-IPO Growth capital

Equity
solutions
■ Initial Public Offering ■ Private investment in
(i) at the lowest ■ Advisor for structuring and placement of financing transactions: (IPO) / Capital increase Public Equity (PIPE)
cost, − All instruments: Unbiased approach to all available corporate Public ■ Dual-track (IPO & ■ Block trade
alternative transaction
financing instruments (no product selling approach), allowing
(ii) with the highest pursued in tandem)
for customized financing structures
flexibility,
− All investors: Close and trusted relationships with senior ■ Receivables / Factoring / ■ Working capital /
Short-term Asset-backed securities Revolving credit facility
(iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees /
period of time, − Fast process: Process management skills and direct / personal Inventory Letter of credit
(iv) with the highest access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note

Debt
closing proba- transactions Syndicated loans (Schuldscheindarlehen)
■ Sale-and-lease-back / ■ Second lien /
bility, and with Long-term
■ More than 100 transactions with a total placement volume in Debt
Leasing Subordinated loans
(v) financing excess of EUR 4.0 billion since foundation in 2005 ■ Corporate bonds (public / ■ Venture debt
private placement) ■ Unitranches
partners that
■ More than 15 professionals headquartered in Munich ■ High yield / PIK bond
integrate well
Hybrid ■ Mezzanine capital ■ Convertible bonds
into their strategy
Selected Transactions
Syndicated Loan, Machinery Sale-and- European Investment
Syndicated Loan European Investment
Syndicated Loan Syndicated Loan Syndicated Loan Factoring, Real Estate Venture Financing Rent-Back & Debt Capital Increase Syndicated Loan Factoring Facility Bank Debt Facility
Sale & Lease-Back Facility Facilities Bank Debt Facility

[confidential] [confidential]

Schnellecke KWD Automotive AG Pharmaceutical Ziegler Holzindustrie KmB Technologie Quantum Systems Quantum Systems WOCO Franz Josef SNP Schneider-
Food Company Precisis AG Asamer Baustoffe AG Neureither & Partner SE
Logistics SE & Co. KG Company GmbH & Co. KG GmbH GmbH GmbH Wolf Holding GmbH

EUR 70m EUR 70m EUR 80m EUR 85m EUR 20m EUR 230m ≥ EUR 15m EUR 10m [confidential] EUR 80m EUR 45m EUR 30m
December 2021 December 2021 November 2021 October 2021 September 2021 August 2021 August 2021 July 2021 May 2021 May 2021 March 2021 December 2020

Real Estate Sale & European Investment Family Office Advisory European Investment Guarantee & Debt Syndicated Loan, Capital Increase and
& Acquisition Round Extension Transaction Support Capital Increase Factoring Facility Investment in
Lease-Back Bank Debt Facility Bank Debt Facility Facilities Factoring and Inventory Round Extension
Financing Facilities Leasing

[confidential]
Advisor to AkrosA
Hammerer Aluminium Hydrogenious LOHC Hydrogenious LOHC Doppstadt pfenning logistics
Immunic AG Homegoods Company ROBART GmbH PCM Rail.One AG Vasopharm GmbH Synapticon GmbH Private Equity
Industries Group Technologies GmbH Technologies GmbH Familienholding GmbH Group
GmbH & Co. KG
> EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] > EUR 10m
December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019 December 2018

6
 FCF Facts & Figures

More than Close to More than More than

#1 15 100 100 4 bn
financing advisor in investment banking years of aggregated, completed total volume of advised &
Germany, purely focusing professionals investment banking / transactions closed transactions since
on corporate financing financing experience 2005
transactions

More than More than

Network 2000 25 120 Leading
access to more than contacts to family offices international conferences articles and research advisor for financing
4000 international and ultra-high-net-worth organized papers published transactions with EIB in
financial institutions individuals worldwide the DACH region

7
 Case Study: Quantum-Systems GmbH
> € 10m European Investment Bank Growth Finance Facility

FCF advised Company Description Financing Options

Quantum-Systems
GmbH on a > € 10m
development debt
facility from the
European
Investment Bank
(EIB) to fund the
strong growth of the
firm subsequent to
an equity financing
round
■ Quantum-Systems GmbH (Quantum) is a developer and global leader
in the automatic transition, eVTOL1 fixed wing UAS2 technology with
applications in the surveying and defense and security sector
■ The drones’ hybrid functions combine eVTOL and common aircraft
characteristics, thereby achieving long range and silent flights
■ The highly efficient UAS are fully autonomous and powered with AI
technology, enabling clients to benefit from the megatrend autonomous
data collection solutions
■ Clients – governments and firms operating in the areas of smart
farming, surface mining, surveying and infrastructure – benefit from the
best-in-class data quality, enabling real-time position detection
■ Quantum was founded in 2015 and is headquartered in
Oberpfaffenhofen (west of Munich) at a special-purpose airfield and
currently employs more than 60 staff
■ Prior to the EIB financing, Quantum was able to secure equity financing
from several top-class strategic investors
■ In addition to the equity financing, the venture debt instrument was
taken up by Quantum to secure additional firepower to support the
strong growth trajectory whilst minimizing the dilution to existing
investors and the founders
■ The secured funds will be aimed at further expanding R&D capabilities
in autonomous flight and AI technology alongside strengthening
integration of system-critical components of eVTOL UAS within clients’
operating infrastructure
■ The EIB financing provided the required funding:
− Without dilution / valuation discussion
− Already available during pre break-even growth phase

Key Financials Transaction Highlights

Revenue & EBIT (2020e - 2025e)
(in €m)
> 110

EIB Debt Facility

Venture Debt Equity

Financing partner with long-term horizon Flexible

Quantum-Systems
GmbH No cash interest during term No repayment
> € 10m 2020e 2021e 2022e 2023e 2024e 2025e No dilution / no valuation event Valuation discussion
July 2021 Revenue EBIT Lengthy application process Dilution

1 electric Vertical Take-Off & Landing, 2 unmanned aerial systems 8

 Case Study: ROBART GmbH
€ 9m European Investment Bank Growth Finance Facility

FCF advised Company Description Financing Options

ROBART GmbH on ■ ROBART GmbH (ROBART) is the technology leader in the field of AI-
a € 9m development navigation systems for home appliance robots
debt facility from the ■ The company develops innovative navigation solutions, combing AI
European Invest- software, patented LIDAR technology and IoT services, enabling
ment Bank (EIB) to intelligent robotic navigation and human-robot interaction
fund the scale up of ■ ROBART’s products and services help its customers - blue-chip home
appliance manufacturers - to accelerate the product development of
the business intelligent robotic products
■ Customers can choose from development services, plug & play
navigation kits or entire private-label produced robotic products
■ The company‘s expertise is planned to be rolled-out in other up-coming
fields of mobile robotics (security, homecare, professional cleaning etc.)
■ ROBART, located in Linz, Austria and branches in the US, China and
Germany, was founded in 2009 and employs approx. 50 employees
■ Up to the transaction, ROBART was financed with venture capital by
several blue chip venture capital / corporate venture firms
■ In order to accelerate growth, the company intended to raise further
financing, especially to fund the expansion of its sales & marketing
efforts, working capital requirements and further R&D spending
■ Equity financing with existing and new investors was considered but the
combination of the amount required and the valuation obtainable would
have resulted in high dilution for the founders
■ The EIB financing provided the required funding:
− Without dilution / valuation discussion
− In tranches tailored to the business liquidity needs
− Without cash interest during the term of the loan
− With a five year term long enough to reach break-even

Key Financials Transaction Highlights

Revenue & EBIT (2018a - 2022e)
(in €m)
>50

EIB Debt Facility

Venture Debt Equity

Financing partner with long-term horizon Flexible

ROBART GmbH
No cash interest during term No repayment
€ 9m 2018a 2019e 2020e 2021e 2022e No dilution / no valuation event Valuation discussion
February 2020 Revenue EBIT Lengthy application process Dilution

9
 Case Study: Hydrogenious LOHC Technologies GmbH
Capital Increase

FCF advised Company Description Investor Profiles

Hydrogenious ■ Developer of a hydrogen storage technology designed to store
Technologies GmbH hydrogen in Liquid Organic Hydrogen Carriers (LOHC) – the revolution
and its shareholders in hydrogen storage and transport
on the successful ■ Disruptor of the hydrogen logistics markets, enabling hydrogen to be AP Ventures, formerly part of Anglo Covestro is a major German company
completion of a transported in a non-toxic, non-flammable and non-explosive state American Platinum, is a venture capital which produces specialty chemicals for
■ Innovator, capitalizing on the emerging megatrend of hydrogen mobility, firm backed amongst others by Anglo heat insulation foams and transparent
capital increase (total American Platinum, a major global polycarbonate plastics
enabling the efficient the transport and distribution of hydrogen to
volume € 17m), Hydrogen Refueling Stations (HRS)
mining company
further funding the
■ Global leader in ‘next-generation’ mobile, ‘on-board’ LOHC technology
scale up
■ Key partners (e.g. Clariant, MAN, Sasol, United Hydrogen, etc.) have
been brought onboard to support in the development / testing phase
Mitsubishi Corporation is Japan's Vopak is the world's leading tank
■ Hydrogenious was founded in 2013 by Dr. Daniel Teichmann and Profs. largest trading company / conglomerate storage company that stores and
Arlt, Schlücker and Wasserscheid in Erlangen, Germany. At present, and a member of the Mitsubishi handles various oil, chemicals, edible
the company employs ~65 FTEs keiretsu oils and natural gas-related products

Key Financials Transaction Highlights

Net Sales (2018a – 2023e) ■ The Company mandated FCF to structure and place a €17m Series B
(in €m) financing round aimed at launching further commercial pilot projects
and scaling up the technology
>50 ■ FCF identified and approached a extensive list of relevant international
venture capital, strategic and selected Family Office investors
Capital Increase
■ Hydrogenious received strong interest from investors, securing a strong
negotiating position in terms of valuation and contractual terms, all the
while ensuring closing probabilities were maximized
■ Hydrogenious and FCF were able to secure the investment of three
Hydrogenious LOHC
new strategically valuable investors, in addition to a further commitment
Technologies GmbH from its anchor investor AP Ventures, that offer new joint
2018p 2019e 2020e 2021e 2022e 2023e commercialization projects whilst providing substantial firepower in
€ 17m future financing rounds
Net Sales
July 2019

10
 Case Study: Synapticon GmbH
~ € 10m Capital Increase with Family Office

FCF advised Company Description Shareholdings (pre & post)

Synapticon GmbH ■ Provider of motion control solutions for the Advanced Manufacturing
and its shareholders industry, combining advanced software and electromechanics to deliver VC 2 VC 2
high performance servo drives (key electromechanical robotic motion Corporate 1
on the successful Corporate 1
control component) Founders Founders
completion of a
capital increase ■ Comprehensive product portfolio spanning servo drives, integrated VC 1
drive units and SoC (System on Chip) based on proprietary software VC 1
(total volume SOMANET and sold as either customized or off-the-shelf solutions
~ € 10m), further ■ Clients are blue chip Advanced Manufacturing and automation Family
funding the machinery OEMs (KUKA, Comau, Schunk, etc.) as well as emerging Office 2
company’s Asian Advanced Manufacturing companies (New Investor)

Family Office 1 Family Office 1

successful growth ■ Acting as a one-stop supplier, the company offers turn-key solutions
strategy and global that drastically reduce the overall time-to-market
commercialization ■ Founded in 2012, based in Schönaich, Germany, the company
plans currently employs 50 people in four locations (Germany, Serbia, USA
and China)

Key Financials Transaction Highlights

Net Sales (2017a – 2022e) ■ Synapticon is the innovation leader in robotic motion control and is
(in €m) scaling its operations in order to further develop / commercialize its
product portfolio
>30 ■ To finance and realize its business strategy, Synapticon mandated FCF
to structure a ~ € 10m financing round
Capital Increase
■ FCF identified and approached a competitive list of relevant
international venture capitalists as well as selected family offices
■ Synapticon received a high number of submitted LoIs, enabling a strong
negotiating position with regards to valuation and contractual terms,
while at the same time maximizing closing probability
Synapticon GmbH
■ FCF and Synapticon were able to onboard a value-added family office
2017a 2018e 2019e 2020e 2021e 2022e as a new financing partner with strong industrial ‘know-how’ while also
~ € 10m securing pro-rata participation from the existing shareholders
Net Sales
January 2019

11
EXECUTIVE SUMMARY

FCF OVERVIEW

CLEANTECH VENTURE CAPITAL MARKET

CLEANTECH IPO EXITS

CLEANTECH M&A EXITS

12
 European CleanTech – Venture Capital Facts & Figures

CleanTech VC Market CleanTech VC Market CleanTech VC Market Venture-Backed

as % of European VC Market* Deal Volume and Deal Count
by Subsectors (‘17 – ‘21) M&A Exits
(‘17 – ‘21) (€m; ’17 – ’21)
621
7000

600 Recycling, Waste

6000 & Environment
36,418 5% 361 6,861
500

9% Energy Efficiency
€ 4.8bn
5000

Deals (#1,717) 400

9%
35%
4000

260 244 Total Deal Volume (L5Y)

3000 231
300

Energy
1,717 Generation
2000
200

13%
902 2,201 Deals E-Mobility
1,775
100
1000

461
0 0

Alternative Fuels
218.6bn 6% 2017 2018 2019 2020 2021 15% & Materials
Volume
(€12.2bn) 19% 138
Deal Volume Deal Count Energy Storage
Total Deal Count (L5Y)

Top 5 Targeted Countries Top 5 Targeted Countries Top 3 CleanTech Companies Top 3 VC Investors Venture-Backed
by VC Deal Count (‘17 – ‘21) by VC Deal Volume (‘17 – ‘21) by VC Volume Raised (‘17 – ‘21) by Deal Count (‘17 – ‘21) IPO Exits
# Company HQ Vol. (€m) # Investors HQ Deal Count
Rest of
Rest of Europe
Europe 1 3,721 1 74
19% 17%
24% € 1.8bn
34% Total Deal Volume (L5Y)
1,717 €12.2bn 13%
2 424 2 31
Deals Volume
15%
9%
7% 37%
8% 12% 5%
3 270 3 25
31
Total Deal Count (L5Y)
Top 3 Total 4,415 Top 3 Total 120

Source: PitchBook as of 14.02.2022, S&P Capital IQ as of 18.02.2022, FCF Equity Research

* Total European venture capital market excluding the life science industry for better comparability due to its unique characteristics 13
 European CleanTech Venture Capital Market Development

€m # of Deals
There has been an
upward trend in 9,000 800
annual financing
750
volumes since 2012,
8,000 700
with an substantial
boom in 2021 with a 650
financing volume of 7,000
€8.3bn, 12.8x higher 600
than in 2012 550
6,000 Average Annual Deal
The large deal vol- Volume (2017 – 2021): 500
ume in 2021 has a €3,915m
5,000 450
significant impact on
the 10-year and 5- 400
year average deal 4,000 Average Annual Deal 350
volumes Volume (2012 – 2021):
€2,489m 300
The strong increase 3,000
in annual deal 250
volume in recent 200
years is driven by 2,000
higher average 150
transaction sizes 100
1,000
(“megadeals”), e.g.
Northvolt with €2.3bn 50
in 2021, as well as 0 0
greater number of 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
transactions per year
Ø Deal
Vol* Ø €2.8m Ø €4.1m Ø €2.5m Ø €2.9m Ø €2.5m Ø €4.5m Ø €3.5m Ø €4.8m Ø €6.7m Ø €11.3m

European Deal Volume European Deal Count (incl. undis.)

Source: PitchBook as of 14.02.2022, FCF Equity Research

* Based on disclosed deals only 14
Note: This analysis covers the complete CleanTech vertical and includes companies operating CleanTech assets (these are excluded from the remaining analyses featured in this report)
 Top 5 Targeted European CleanTech Countries (‘17 – ‘21) – Part I
by Deal Count per year

Since 2017, the UK Deal Count (incl. deals with undisclosed deal volumes) Total Deal Count
has recorded the
largest number of 171 Deals 156 Deals 156 Deals 234 Deals 422 Deals 1,139 Deals
deals with a total of (thereof 71 with (thereof 76 with (thereof 80 with (thereof 133 with (thereof 318 with (thereof 678 with disclosed
411 VC funding disclosed volumes) disclosed volumes) disclosed volumes) disclosed volumes) disclosed volumes) volumes)

rounds. Germany
and France complete 179
411
the Top 3 ranking
with 262 and 203
deals, respectively 38

29%
German and Dutch
companies appear
more secretive in
terms of disclosing 262
VC funding volumes
96
– only 42% and
43%, respectively, of 84 203
recorded deals have
40 58%
a disclosed deal 141
65 29%
29 141
volume, compared to 57 4
51 71% 122
71% for British and 48 49 48 46
44
French companies 38 36
35 19 35 13 57% 41%
20 31 30 35 13 15
25 24 7
21 36 24 22 56 61 71%
17 19 17 19 55
20 31 8 13 42%
22 36 9 14 10
32 12 31 31 29
28 12 10
22 43% 59%
18 18 16 10 13 14
11 7 7 8 9 9 12 11
3
2017 2018 2019 2020 2021 ’17 – ’21

United Kingdom (undisc. volume) Germany (undisc. volume) France (undisc. volume) Netherlands (undisc. volume) Sweden (undisc. volume)
United Kingdom (disc. volume) Germany (disc. volume) France (disc. volume) Netherlands (disc. volume) Sweden (disc. volume)

Source: PitchBook as of 14.02.2022, FCF Equity Research 15

 Top 5 Targeted European CleanTech Countries (‘17 – ‘21) – Part II
by Deal Volume

Sweden takes the Deal Volume (in €m, excl. deals with undisclosed deal volumes) Total Deal Volume
lead in deal volumes,
mainly driven by €740m €334m €1,483m €1,760m €5,829m €10,146m
1 Volumes largely
2 Volumes largely
3 Volumes largely
4 Volumes largely
corporate backed driven by National driven by Northvolt (SE, driven by Northvolt (SE, driven by Northvolt (SE,
5,000
1 4 4,610
megadeals of NEVS Electric Vehicle Sweden €886m) €509m) €2,259m)
(SE, €424m)
and Northvolt 4,000
3,000
2,557
2,500 3,000
2,000 2,104
2,000 1,682
1,500 1,185
948 911 1,155
1,000 686 570
701
499 477 1,000 596
500 300 241 204
89 58 76 18 118 82 62 36 37 116 113 6 59
0 0
2017 2018 2019 2020 2021 '17 - '21
United Kingdom Germany France Netherlands Sweden

Mean Deal Size (in €m, excl. deals with undisclosed deal volumes) Median Deal Size (in €m, excl. deals with undisclosed deal volumes)
4 1
90 14
80 1 2
12
70
Overall Median
Overall Mean 10 € 3.3m
60 € 13.1m
50 3 8
40 6
30
4
20
2
10
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Ø 17.3m Ø €5.1m Ø €20.0m Ø €15.2m Ø €28.5m Med. 2.6m Med. €3.0m Med. €3.6m Med. €3.2m Med. €3.5m
United Kingdom Germany France Netherlands Sweden United Kingdom Germany France Netherlands Sweden

Annual Mean Overall Mean ‘17 – ’21 Annual Median Overall Median ‘17 – ’21

Source: PitchBook as of 14.02.2022, FCF Equity Research 16

 European CleanTech Subsector Analysis (‘17 – ‘21)
by Deal Count & Volume

Recycling, Waste & Deal Count (incl. undisclosed deals) Deal Count over Time (incl. undisclosed deals)
Environment and
Energy Efficiency
Recycling, Waste & 221
are the largest two Environment
subsectors by deal 9%
Energy Efficiency
count, representing 9% 166
55% of the overall 35% Energy Generation
deal count
13% 1,717 E-Mobility
106
With €4.6bn deal Deals 84
7168 73 75
volume, Energy 58
Alternative Fuels & 54 49 50
storage is the largest 40 39 38
Materials
subsector by volume 15%
accounting for 38% Energy Storage
19%
of the total volume
2017 2018 2019 2020 2021

Adjusting for mega

deals of Northvolt (in Deal Volume (excl. undisclosed deals) Average Deal Volume (in €m; excl. undisclosed deals)
total €3.7bn), Energy
Storage would be Recycling, Waste & 90
the 4th largest Environment Energy Storage Deals 51.9
subsector (€0.9bn) 17% Energy Efficiency 146
and Recycling, E-Mobility Deals 17.7
Waste & 38% Energy Generation 160
7% Energy Generation Deals 10.4
Environment would
rank as largest €12,200m E-Mobility Alternative Fuels & 91
Volume Deals 7.7
subsector with Materials
13%
€2.0bn Alternative Fuels & Recycling, Waste & 295
6.8
Environment Deals
Materials
Volumes largely
driven by 6% Energy Storage Energy Efficiency
173
5.0
Northvolt (SE, 19% Volumes largely
Deals
€3,721m) driven by National
Electric Vehicle
Sweden (SE, €424m)

Source: PitchBook as of 14.02.2022, FCF Equity Research 17

 European CleanTech Stage Analysis (‘17 – ‘21)
by Deal Count

The CleanTech Deal Type by Deal Count

industry has matured
2017 2021 2017 – 2021
significantly in the
last 5 years. Early
Stage deals Early Stage
4%4% 2%
(Accelerator-, Early 26% Later Stage
11% 6% 19%
Stage VC- and Angel
23% 37%
/ Seed Rounds)
16% 39% 43%
accounted for 74% of 28%
all deals in 2017,
260 39% 621 1,717 Accelerator Round
Deals Deals Deals 18% Angel / Seed Round
dropping to 57% in 57%
2021 22% 63% Early Stage VC

12% 30% Later Stage VC

The shift to later 74% 27%
stage deal types is Corporate
also reflected by the Other
investor type.
Accelerators Investor Type by Participations
participated in 25% of
2017 2021 2017 – 2021
all transactions in
2017 and only in 4%
in 2021 1% 4% Accelerator
13% 17% 10%
3% 25% 18% 14% Angel
2% 11%
2% 3% Venture Capital
410 3% 1,613 3,563 Corporate
Participations 6% Participations Participations
23%
18% 20% Private Equity

41% 37% Family Office

29%
Other

Source: PitchBook as of 14.02.2022, FCF Equity Research 18

 Quarterly CleanTech Venture Capital Deal Count (‘17 – ’21)

Analyzing the number Deal Count (incl. deals with undisclosed deal volumes)
of quarterly Clean-
Tech venture capital
transactions, no clear 2017 2018 2019 2020 2021
quarterly trend is On average 65 On average 58 On average 61 On average 90 On average 207
observable quarterly deals quarterly deals quarterly deals quarterly deals quarterly deals
170

In 2020, COVID-19 160

had no significant 150
negative impact on
the European 140
CleanTech Venture 130
Capital market
120
The focus on 110
sustainability and
100
fighting climate
change substantially 90
pushed deal count in 80
2021
70

60

50

40

30

20

10

0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021

Source: PitchBook as of 14.02.2022, FCF Equity Research 19

 Top 10 European CleanTech Deals (‘17 – ‘21)
by Deal Volume

4 Deals / 2 compa- Northvolt €2,259m Amarenco €162m

nies from Sweden
(Northvolt & NEVS) 1.
in the Energy Storage
& E-Mobility sector
dominate the Top 10
8th round / 2021 5th round / 2020
ABB Tech., AMF, AP Fonden, Baron F., Bridford Invest., CIC IDIA Capital Investissement, Tikehau Capital (2)
Capital, C.Stenbeck, D.Ek, Dragoneer Invest., EIT InnoEnergy, 6.
Subsector: Energy Generation
Folksam, Goldman Sachs, IKEA, Norrsken VC, Ontario M.,
Siemens, Stena, S.Campbell, Vinnova, Volkswagen [..] (24)
Subsector: Energy Storage

Besides those Northvolt €886m Enpal €150m

5th round / 2019 4th round / 2021
Swedish deals in E- AMF, BMW Group, Folksam, Goldman Sachs Merchant SoftBank Investment Advisers, TA Ventures (7)
Mobility and Energy 2. Banking Division, IKEA Group, IMAS Foundation, Volkswagen 7. Subsector: Energy Generation
Storage, which is (7)
Subsector: Energy Storage
somewhat linked to
E-Mobility, 2 other
deals in that 4 1
Northvolt €509m 2
3
Rimac Automobili €140m
subsector (Rimac 6th round / 2020 3rd round / 2021
Automobili & Baillie Gifford, Baron Funds, Bridford Investments, Cristina
6
Porsche Ventures (1)
3. Stenbeck, Daniel Ek, EIT InnoEnergy, Goldman Sachs 8.
VanMoof)) made it to Merchant Banking Division, IMAS Foundation, Norrsken VC,
Subsector: E-Mobility
the Top 10, under- PCS Holding, Scania, Volkswagen (12)
lining the maturity of Subsector: Energy Storage 10
this sector 5 7
NEVS* €424m Sunfire €109m
9
Corporate / 2017 6th round / 2021
Didi Chuxing Technology (1) Carbon Direct Capital Management, HydrogenOne Capital
4. 9. Growth, Lightrock, Planet First Partners, Vidia Ventures (5)
Subsector: E-Mobility
Subsector: Energy Generation

Infarm €177m 8 VanMoof €109m

6th round / 2021 6th round / 2021
Atomico, Bonnier Ventures, Hanaco Venture Capital, Lightrock, Balderton Capital, Felix Capital, Gillian Tans, Hillhouse Capital
5. Partners in Equity, Qatar Investment Authority (6) 10. Group, Norwest Venture Partners, TriplePoint Venture Growth
Subsector: Recycling, Waste & BDC (6)
Environment Subsector: E-Mobility

Source: PitchBook as of 14.02.2022, FCF Equity Research

*National Electric Vehicle Sweden 20
 Annual Top 10 European CleanTech Deals (’17 – ’19)
by Deal Volume

2017 (Top 10 account for 64% of annual deal volume) 2018 (Top 10 account for 37% of annual deal volume) 2019 (Top 10 account for 73% of annual deal volume)

National Electric Vehicle Sweden €424m / Corporate Sonnen €60m / 5th round Northvolt €886m / 5th round
Didi Chuxing Technology / GSR Ventures (1) Shell Ventures (1) AMF, BMW Group, Folksam, Goldman Sachs Merchant Banking
1.
Division, IKEA Group, IMAS Foundation, Volkswagen (7)

Rimac Automobili €30m / Corporate Organica €17m / 6th round Energy Vault €94m / 3rd round
Camel Group Company (1) CITIC Capital; GCP Gamma Capital Partners; Idinvest Partners; SoftBank Investment Advisers (1)
2. International Finance Corporation; RNK Capital; Silk Road Fund
Company; WL Ross & Co. (7)
Sol Voltaics €19m / 5th round Quantafuel €16m / 1st round Oxford PV €83m / 7th round
Blue Marlin, Foundation Asset Management, Industrifonden, Kagra DNB Bank (1) Equinor, Legal & General Capital, Meyer Burger Technology, Oxford
3. Gruppen, LU Innovation, Nano Future Invest, Teknoinvest, Watrium (8) Investment Consultants, Xinjiang Goldwind Science & Technology (5)

Orbital Systems €17m / 2nd round Newlisi €15m / 4th round Rimac Automobili €80m / Corporate
Jochnick Family; Karl-Johan Persson; Niklas Zennström; Nils Idoff; Beautiful Mind Capital (1) Hyundai Motor, Kia Motors (2)
4. Stena Ventures (5)

Skeleton Technologies €15m / Governmental Tevva Motors €11m / Corporate Zenobe Energy €29m / Corporate
European Investment Bank (1) Bharat Forge (1) Jera Co., TEPCO Power Grid (2)
5.

Heliatek €15m / 7th round Black Bear €11m / 2nd round Faraday Grid €28m / 2nd round
Aqton; BASF Venture Capital; BNP Paribas; eCAPITAL entrepreneurial 5square; Brightlands Venture Partners; ING Group; SCG Chemicals; Adam Neumann (1)
6. Partners; ENGIE New Ventures; Innogy; Innogy Ventures; Wellington Social Impact Ventures; Stichting DOEN (6)
Partners (8)

EasyMile €14m / Corporate Otovo €11m / 3rd round Sunfire €25m / 4th round
Alstom (1) Agder Energi Venture; Akershus Energi; Kommunal Idinvest Partners, Inven Capital, Paul Wurth, Sunfire Entrepreneurs Club,
7. Landspensjonskasse; Nysnø Klimainvesteringer; OBOS (5) Total Energy Ventures (5)

EasyMile €14m / Corporate Quantafuel €10m / 2nd round Azuri Technologies €23m / 6th round
Alstom; Continental (2) undisclosed IP Group, Marubeni (2)
8.

Northvolt €13m / 1st round Northvolt €10m / Corporate Afyren €21m / 5th round
Vargas; Vattenfall (2) ABB Technology Ventures; Scania (2) AFY Partners, Crédit Agricole Centre France Développement, Crédit
9. Agricole Création, Sofimac Investment Managers, Sofinnova Partners,
Supernova Capital, Valquest Partners (7)
Northvolt €13m / 2nd round Kebony €10m / Governmental Ubitricity €20m / 4th round
Energimyndigheten, KIC InnoEnergy, Stena, Vattenfall, Vinnova (5) Federale Participatie- en Investeringsmaatschappij (1) Heinz Dürr, Honda Motor Company, Next47, Électricité de France (4)
10.

Source: PitchBook as of 14.02.2022, FCF Equity Research 21

 Annual Top 10 European CleanTech Deals (’20 – ’21)
by Deal Volume

2020 (Top 10 account for 52% of annual deal volume) 2021 (Top 10 account for 48% of annual deal volume)

Northvolt €509m / 6th round Northvolt €2,259m / 8th round

Baillie Gifford, Baron Funds, Bridford Investments, Cristina Stenbeck, ABB Tech. V., AMF, AP Fonden, Baron Funds, Bridford Invest., CIC
1.
Daniel Ek, EIT InnoEnergy, Goldman Sachs Merchant Banking Division, Capital C., C. Stenbeck, D. Ek, Dragoneer Invest., EIT InnoEnergy,
IMAS Foundation, Norrsken VC, PCS Holding, Scania, Volkswagen (12) Energimyndigheten, Fjärde AP-fonden, Folksam, […] (24)
Riversimple €198m / 2nd round Infarm €177m / 6th round
Pario Ventures (1) Atomico, Bonnier Ventures, Hanaco Venture Capital, Lightrock, Partners
2. in Equity, Qatar Investment Authority (6)

Amarenco €162m / 5th round Enpal €150m / 4th round

IDIA Capital Investissement, Tikehau Capital (2) SoftBank Investment Advisers, TA Ventures (7)
3.

Arrival €100m / Corporate Rimac Automobili €140m / 3rd round

Hyundai Motor, Kia Motors (2) Porsche Ventures (1)
4.

Climeworks €93m / 6th round Sunfire €109m / 5th round

undisclosed Carbon Direct Capital Management, HydrogenOne Capital Growth,
5. Lightrock, Planet First Partners, Vidia Ventures (5)

Afyren €55m / 6th round VanMoof €109m / 6th round

777 CORP (1) Balderton Capital, Felix Capital, Gillian Tans, Hillhouse Capital Group,
6. Norwest Venture Partners, TriplePoint Venture Growth BDC (6)

Sono Motors €53m / 5th round Newcleo €101m / 1st round

ELFH Holding, Wi Ventures (2) Club degli investitori, Elysia Capital, EXOR Seeds, Heritage Group,
7. LIFTT (5)

Sono Motors €45m / 6th round Enpal €100m / 3rd round

Bollinger Group, DNCA Investments, e.ventures, ELFH Holding, Felunic Christopher Muhr, E.R. Capital, FRIBA Investment, Heliad Equity
8. Vermögensverwaltung, Seedrs, Swedbank Robur, Wi Ventures (8) Partners, HV Capital, Peter Rive, Thomas Griesel (7)

Highview Power €42m / Corporate Hype €100m / 5th round

Sumitomo Heavy Industries (1) Eiffel Investment Group, Holding Hr, Hydrogen Refueling, McPhy
9. Energy, Mirova, RAISE, Rgreen Invest (7)

Ductor €28m / 6th round Verkor €100m / 2nd round

BW Group (1) Eiffel Arkema, Capgemini, Demeter, EIT InnoEnergy, EQT V., Fonds
10. Rég. d'Investissem. Auv. Rhône-Alpes, French Gov., Fund f. Ecologic
Moderniz. of Trans., Renault, IDEC G., Schneider Electric, Tokai (12)

Source: PitchBook as of 14.02.2022, FCF Equity Research 22

 Top 10 German CleanTech Deals (‘17 – ‘21)
by Deal Volume

Infarm’s 6th financing Infarm €177m Infarm €83m

round (€177m) in Berlin / 6th round / 2021 Berlin / 5th round / 2021
Atomico, Bonnier Ventures, Hanaco Venture Capital, Lightrock, Atomico, Hanaco Venture Capital, Lightrock (3)
2021 leads the Top 1. Partners in Equity, Qatar Investment Authority (6) 6. Subsector: Recycling, Waste &
10 ranking of German Subsector: Recycling, Waste & Environment
CleanTech deals Environment
since 2017

Infarm, Enpal and Enpal €150m Sonnen €60m

Berlin / 4th round / 2021 Wildpoldsried / 5th round / 2018
Sono Motors have SoftBank Investment Advisers, TA Ventures (2) 1 2 Shell Ventures (1)
each successfully 2. Subsector: Energy Generation 4 6 7. Subsector: Energy Storage
Berlin
closed two large
funding rounds in the
Top 10. Thereby,
Infarm & Enpal Sunfire €109m Sono Motors €53m
dominat the German Großröhrsdorf
Dresden / 6th round / 2021 5 Munich / 5th round / 2020
Clean-Tech ranking Carbon Direct Capital Management, HydrogenOne Capital Dresden 3 ELFH Holding, Wi Ventures (2)
3. Growth, Lightrock, Planet First Partners, Vidia Ventures (5) 8.
by deal volume with Subsector: E-Mobility
Subsector: Energy Generation
€260m and €250m,
respectively
9 Erlangen
Enpal €100m Hydrogenious €50m
Berlin / 3rd round / 2021 Erlangen / 5th round / 2021
Christopher Muhr, E.R. Capital, FRIBA Investment, Heliad AP Ventures, Chevron Technology Ventures, JERA Americas,
4. Equity Partners, HV Capital, Peter Rive, Thomas Griesel (7) 9. Pavilion Capital, Temasek Holdings, Vopak, Winkelmann Group
Munich (7)
Subsector: Energy Generation Subsector: E-Mobility
Wildpoldsried 8 10
7

Skeleton Technologies €99m Sono Motors €45m

Großröhrsdorf / 6th round / 2021 Munich / 6th round / 2020
EIT InnoEnergy, Federal Ministry for Economic Affairs and Bollinger Group, DNCA Investments, e.ventures, ELFH Holding,
5. Energy, FirstFloor Capital, Harju Elekter, Maruben, MM Grupp, 10. Felunic Vermögensverwaltung, Seedrs, Swedbank Robur, Wi
Saxony State Government, Startup Wise Guys (8) Ventures (8)
Subsector: Energy Storage Subsector: E-Mobility

Source: PitchBook as of 14.02.2022, FCF Equity Research 23

 Most Active Investors in European CleanTech Companies (‘17 – ‘21)
by Deal Count

EIT InnoEnergy &

Climate-KIC, EU Deal Count: 74 Deal Count: 18
sponsored Clean- 1. Deals: Northvolt (2), Twaice, Verkor, Skeleton 6. Deals: Heliatek, Verv, Bitcoin Storm (2),
Tech accelerators, Technologies, DePoly, NexWafe, HPS, UniSieve, ev.energy, Fresh Energy (3), gridX (2),
Bound4Blue, NAWA Technologies, CorPower Lumenaza, Nnergix, SmartGreenCharge,
lead the ranking, (2), Verv, Brill Power, FREYR, Swobbee [...] VoltStorage [...]
participating in 74 VC
funding rounds

The European Deal Count: 31 Deal Count: 16

CleanTech Venture 2.
Capital market is
dominated by
European investors,
with only one of the
Top 10 investors with
headquarters in US
3.
The deal count is
Deals: AmbiSense (3), HT Material Science,
Nektr Technologies, Chargicity, Xerotech (3),
Nexalus (2), LSM Engineering, EcoBurner,
Grant, Woodco, Fitz Scientific [...]
Deal Count: 25
Deals: Einride, Climatetrade, Sylvera (2),
Greyparrot, Mellizyme, Minimum, Alga-life,
Circularise, Circulor, Greenvolt Nano, Papkot,
7. Deals: GreenIron, CorPower (2), Epishine,
Re:Newcell, Elonroad, Spowdi, Bintel, EnJay,
Nitrocapt, Reliefed Technologies, Altered,
Stockholm Water Technology [...]
Deal Count: 15
Deals: Metron
8. 6 (3), Heliateck, depsys, EkWateur
(2), BeemEnergy, eLichens (2), Sunna Design
(2), BeFC, Mecaware, Pandobac

dominated by early Recycleye, Xelectrix Power [...]

stage, accelerator-
like investors
Deal Count: 20
4. Deals: EasyMile (2), Qairos Energies, Lactips,
NAWA Technologies, Gourmey, Adionics,
Beem Energy, eLichens (2), Newheat, Eco-
Tech Ceram, 45-8 Energy, Hesus [...]
Deal Count: 13
9. Deals: Aguardio, Airplant, Bettergy, Coolar,
DanSolar, DripView, Enfor, MicroChange,
NovoGrid, SBR Cleantech, SpinDrive, Vertikal
AI, VisBlue

Deal Count: 20 Deal Count: 13

5. Deals: Verkor, Jungle, NAWA Technologies, 10. Deals: Wirelane (2), fos4X, Sunvigo (2), ZE-
Hesus, Plan A (2), eLichens (2), Sunna Design Energy, HighLine Technology, Resourcify,
(2), MyLight Systems, Sweetch Energy (2) , Wiferion, otego, NOVUM, Grandperspective,
ZE-Energy, Cozynergy, StockPro, BeFC [...] traceless [...]

Source: PitchBook as of 14.02.2022, FCF Equity Research 24

EXECUTIVE SUMMARY

FCF OVERVIEW

CLEANTECH VENTURE CAPITAL MARKET

CLEANTECH IPO & SPAC EXITS

CLEANTECH M&A EXITS

25
 European CleanTech VC-Backed IPO Market Overview (‘17 – ‘21)

IPOs by Subsector CleanTech IPOs by Volume Performance* and Issuance by Exchange

IPO
Volume MCap Since 6
76%
Number of 3% IPO Date Company Exchange HQ (€m) (€m) IPO % IPOs
IPOs 19% 26% 1
26/11/2020 OX2 AB 394 1,503.8 6.4% 61%
Recycling, Waste IPOs
& Environment
31 3
10% IPOs Skandia GreenPower 46%
Energy Efficiency 25/11/2019 150 265.0 -94.6% IPOs
13% AS Helsinki

11
29% Green Hydrogen 33%
21/10/2020 148 -14.2% IPOs
Energy 433.4
Systems A/S Copenhagen
Generation 1
25%
IPOs
E-Mobility 12/10/2017 Sono Group N.V. 133 936.6 -36.2%
Issuing 1% 4
Volume Paris IPOs
14%
13% Pod Point Group
20% Alternative Fuels 05/07/2018 117 403.3 24.5%
Holdings Plc
5% 3
& Materials -23%
IPOs
Copenhagen

14%
€1.8bn 20/06/2016
Waga Energy Société
110 448.8 20.2%
Volume
Energy Storage anonyme Paris
1
-36%
IPOs

47% 21/03/2019 Spinnova Oyj 100 390.0 76.5% 1

Helsinki
-73%
IPOs

14/06/2017 Volue ASA 91 410.6 99.6%

Price Range Mean IPO Performance

26/11/2020 Re:NewCell AB 79 230.6 185.3%

0 35%
Within 04/12/2020 AFYREN SAS 66 206.6 8.2%
Range
Paris 30%
29% 0
20%
48% 31 Above 21/11/2017 Aquaporin A/S 59 233.7 -35.8% 0
Copenhagen
IPOs Range 12%
10%
Permascand Top 0
23% Below 13/12/2019 50 199.9 3.7%
Range Holding AB (publ)
0
IPO IPO IPO Since YTD
+1D +1M +3M IPO

Source: S&P Capital IQ as of 21.02.2022, FCF Equity Research

* Mean Performance since IPO 26
 Top 10 Venture-Backed CleanTech IPO Exits (‘17 – ‘21)
by Issuing Volume

Of the Top 10 largest €394m €110m

European Clean- Issuing Volume Issuing Volume
Tech IPOs over the 1. Subsector: Energy Generation 2021 6. Subsector: Alternative Fuels & 2021
Materials
last 5 years, 6 IPOs
Market Cap at IPO: €1,504m Market Cap at IPO: €449m
involved Nordic Age at IPO: 17 years Paris Age at IPO: 6 years
companies

50% of IPOs in the €150m €100m

Top 10 took place on Issuing Volume Issuing Volume
2. Subsector: Energy Generation 2021 7. Subsector: Alternative Fuels & 2021
the NASDAQ / Materials
NASDAQ OMX, Market Cap at IPO: €265m Market Cap at IPO: €390m
indicating that they Age at IPO: 6 years Helsinki
Age at IPO: 7 years
are the most deve-
loped stock exchange €148m €91m
for young CleanTech Issuing Volume Issuing Volume
companies Subsector: Energy Generation 2021 6
Subsector: Energy Efficiency 2020
3. 8.
IPOs in the Clean- Market Cap at IPO: €433m Market Cap at IPO: €411m
Copenhagen
Tech sector have Age at IPO: 14 years Age at IPO: 1 years
significantly increa-
sed in size since €133m €79m
2018 and 2019. Only Issuing Volume Issuing Volume
one of the pre-2018 Subsector: E-Mobility 2021 Subsector: Recycling, Waste & 2020
4. 9. Environment
IPOs had an issuing
Market Cap at IPO: €937m Market Cap at IPO: €231m
volume exceeding Age at IPO: 5 years Age at IPO: 8 years
€20m
€117m €67m
Issuing Volume Issuing Volume
Subsector: E-Mobility 2021 Subsector: Alternative Fuels & 2021
5. 10. Materials
Market Cap at IPO: €403m Market Cap at IPO: €207m
Age at IPO: 12 years Paris Age at IPO: 9 years

Source: S&P Capital IQ as of 21.02.2022, FCF Equity Research 27

 Top 10 Venture-Backed CleanTech SPAC Exits (‘17 – ‘21)
by Issuing Volume

The trend of going €275m SPACs by Subsector

public via a SPAC Issuing Volume
deal (Special 1. Subsector: Energy Efficiency 2021
Issuing
Purpose Acquisition 8% Volume
Company) arrived in Market Cap at IPO: €894m
Age at IPO: 7 years
the European
CleanTech sector in Energy Efficiency
€271m €1.1bn
2020/21 51% E-Mobility
Issuing Volume 41% Volume
Subsector: Energy Efficiency 2021 Energy Storage
The three largest 2.
SPAC deals involve Market Cap at IPO: €271m*
companies from the Age at IPO: 14 years
UK or Ireland
€217m
The dominance of Issuing Volume
SPAC deals from the Subsector: E-Mobility 2021 6
E-Mobility and related 3.
Energy Storage Market Cap at IPO: €4,720m SPACs by Country (HQ)
subsector is another Age at IPO: 6 years
sign for its maturity
€213m United Kingdom
Issuing Volume 20%
Subsector: E-Mobility 2021 Norway
4.
40%
Market Cap at IPO: €1,400m Ireland
Age at IPO: 7 years
20% Spain
€87m
Denmark
Issuing Volume 20%
Subsector: Energy Storage 2021
5.
Market Cap at IPO: €1,170m
Age at IPO: 3 years

Source: PitchBook as of 28.02.2022, FCF Equity Research

* Purchase Price for 100% stake 28
EXECUTIVE SUMMARY

FCF OVERVIEW

CLEANTECH VENTURE CAPITAL MARKET

CLEANTECH IPO EXITS

CLEANTECH M&A EXITS

29
 Overview of CleanTech VC-Backed M&A Exits (’17 – ’21)

Number of M&A Exits by Subsector Number of M&A Exits over Time Top 5 Target Countries (# of M&A Exits)
57
Recycling, Waste &
Environment
United Kingdom
5% Energy Efficiency 8%
12% 25%
16% Germany
Energy Generation 38%
12% 137 27 94 France
M&A Exits M&A Exits
E-Mobility 20
17 16 17% Netherlands
23% Alternative Fuels &
23% Finland
Materials 21%
Energy Storage

2017 2018 2019 2020 2021

Disclosed Volume of M&A Exits by Subsector Top 3 Acquirers by Volume (in €m) Top 5 Acquirer Countries (# of M&A Exits)
Volume #
# Investor HQ (€m) Deals
Recycling, Waste &
Environment
United Kingdom
4% Energy Efficiency 1 359 1 10%
7%
31% United States
12% 14%
Energy Generation
42% 105
€3.3bn 2 349 1 Germany
Volume M&A Exits
E-Mobility
17% 17% France
Alternative Fuels &
Materials 3 275 1 28% Netherlands
18%
Energy Storage
Total Top 3 Acquirers 983 3

Source: PitchBook as of 18.02.2022, FCF Equity Research 30

 Top 10 Venture-Backed CleanTech M&A Exits (’17 – ‘21)
by Purchase Price

China Evergrande $930m + $380m €132m

Group’s acquisition Purchase Price Purchase Price
of NEVS leads the 2019/2020 2021
1.* acquired by 6. acquired by
league table of Top
Year founded: 2012 Year founded: 2005
10 CleanTech M&A
Exits over the last
five years with a
€359m €131m
transaction volume
Purchase Price Purchase Price
of €1,310m*, 2021 2020
followed by the 2. acquired by 7. acquired by

acquisition of Year founded: 1997 Year founded: 1998

StormGeo by Alfa
Laval
€250m €88m
The Top 10 is Purchase Price Purchase Price
heavily dominated by 2021 2021
3. acquired by 8. acquired by
non-EU acquirers,
led by US (4 deals) Year founded: 2013 Year founded: 2007
and UK (4 deals),
with only one
transaction involving €150m €105m
an EU buyer Purchase Price Purchase Price
(Sweden) 2021 2020
4. acquired by 9. acquired by

Year founded: 2009 Year founded: 2002

€148m €80m
Purchase Price Purchase Price
2018 2021
5. acquired by 10. acquired by

Year founded: 2008 Year founded: 2013

Source: PitchBook as of 18.02.2022, FCF Equity Research

* Strategic-to-Strategic deal, however, NEVS was formerly a VC-backed company until the recent take-over 31
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