sustainable technology and 50.0% infrastructure …...2020/02/03 · cybersecurity firm serving the...

Greentech / 1

Index Performance February Ending Versus First Day of the

February YTD CY 2019 52 Wk High 52 Wk Low

Dow Jones Industrial Average (8.8%) (9.7%) 22.3% (12.8%) 3.8%

NASDAQ Composite (6.4%) (4.5%) 35.2% (12.7%) 16.8%

S&P 500 (8.4%) (8.6%) 28.9% (12.8%) 7.7%

NASDAQ Clean Edge Green Energy (0.6%) 5.3% 40.7% (15.5%) 38.9%

25.3%

(0.6%)

13.7%

6.1%

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20

NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500

Corporate M&A

Transactions

Target Acquiror Transaction Description

Harsco, a Camp Hill, Pennsylvania-based diversified

industrial company, acquired Stericycle's Environmental

Solutions Business, a hazardous waste transportation

and processing solutions provider for $463mm

Siemens, a German multinational conglomerate, acquired

Iberdrola’s stake in Siemens Gamesa Renewable Energy,

a wind turbine maker for $1.2bn

Schneider Electric, a multinational manufacturer of

electrical equipment, acquired RIB Software, a developer

of software for construction, plant engineering, and

infrastructure management for $1.5bn

Capital Raises

Company Transaction Description

Innergex, a multinational public developer, owner and operator of renewable

projects, raised $498mm from Hydro Québec, a Canadian electricity producer, for

a 19.9% stake in the Company

Calisen, a U.K.-based smart meter company, raised $425mm in its initial public

offering on the London Stock Exchange

Grab Holdings, a Singapore-based provider of mobility services across Southeast

Asia, raised $850mm from MUFG and TIS Inc., adding to the $9.5bn the Company

has raised to date

Sustainable Technology and

Infrastructure Monthly Market Update

February 2020

About Greentech Capital Advisors

Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are

purpose-built to ensure that our clients achieve success. Our team of experienced bankers are sector experts and understand our

clients' industries and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby

provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience

which enables us to find creative structures and solutions to close transactions. We are an expert team of 75 professionals working

seamlessly on our clients' behalf in New York, Zurich and San Francisco.

Performance of Key Market Indices(1)

Notable Recent Transactions & Capital Raises

(1) Performance does not include reinvestment of dividends.

Environmental

Solutions Business

(1)

Greentech / 2

Corporate Transactions

Select Recent Sustainable Technology & Infrastructure

M&A Transactions (1/6)

Source: FactSet, company announcements, Greentech estimates, SEC filings and third-party providers.

(1) Transaction multiples represent EV/LTM Adj. EBITDA and EV/LTM Revenue.

Transaction

Transaction

Multiple(1)

Date Target Acquiror Transaction Description Subsector Value ($mm) Revenue EBITDA

2/3/2020 Circ Bird

Bird, a Los Angeles, California-based

scooter and micro-mobility provider,

acquired Circ, a Berlin-based

competitor and provider of scooter

rental services

Advanced

TransportationND ND ND

2/4/2020

Elemental

Environmental

Solutions

Veolia ES Technical

Solutions

Veolia ES Technical Solutions, a

subsidiary of Veolia, acquired

Elemental Environmental Solutions, a

provider of hazardous waste

treatment

Environmental

Services$250 ND ND

2/4/2020 Prineville Disposal Republic Services

Republic Services, a U.S.-based waste

management company, acquired

Prineville Disposal, a family-owned

waste management company in

Central Oregon

Environmental

ServicesND ND ND

2/4/2020

Evergreen AES

Environmental

Services

HEPACO

HEPACO, a provider of environmental

services owned by Gryphon Investors,

acquired Evergreen AES

Environmental Services, a regional

provider of remediation and

environmental services in the U.S.

Environmental

ServicesND ND ND

2/4/2020Filtration Services

GroupBlue Box

Blue Box, a building optimization and

carbon reduction company, acquired

Filtration Services Group, a provider

of air filtration products and site

testing

Environmental

ServicesND ND ND

2/5/2020Siemens Gamesa

Renewable EnergySiemens

Siemens, a German multinational

conglomerate, acquired Iberdrola's

stake in Siemens Gamesa Renewable

Energy, a wind turbine maker, for

$1.2bn

Renewable

Energy$1,216 ND ND

2/5/2020 Devens Recycling Republic Services

Republic Services, a U.S.-based waste

management company, acquired

Devens Recycling, a C&D recycling

and waste transfer facility in Northern

Massachusetts

Environmental

ServicesND ND ND

2/6/2020 IntelliPower AMETEK

AMETEK, a public manufacturer of

electronic instruments and

electromechanical devices, acquired

IntelliPower, a manufacturer of power

systems, external battery packs and

power distribution units

Power Infra /

Smart Grid$115 2.9x ND

2/6/2020 Baswood Cambrian Innovation

Cambrian Innovation, a commercial

provider of wastewater and resource

recovery solutions, acquired Baswood,

a technology-based wastewater and

biosolids management company

Water ND ND ND

2/6/2020 Skelly and LoyTerracon

Consultants

Terracon Consultants, a provider of

environmental consulting and

engineering solutions, acquired Skelly

and Loy, a Pennsylvania-based

environmental consulting firm

Environmental

ServicesND ND ND

2/7/2020Forescout

Technologies

Advent International,

Crosspoint Capital

Partners

Advent International and Crosspoint

Capital Partners, two U.S.-based

private equity firms, acquired

Forescout Technologies, a

cybersecurity firm serving the power

and manufacturing industries

Industrial IoT &

Software$1,900 4.6x NM

2/7/2020Integrated Global

ServicesJ.F. Lehman & Co.

An affiliate of J.F. Lehman & Company

acquired Integrated Global Services, a

Virginia-based provider of surface

protection and other technologies for

energy, power generation and

industrials

Power Infra /

Smart GridND ND ND

Greentech’s Take:

These transactions

showcase the trend

among large, national

waste management

players growing

geographically and

deepening their current

capabilities by acquiring

smaller, more specialized

regional players

Greentech / 3

2/7/2020

Stericycle

Environmental

Solutions Business

Harsco

Harsco, a Camp Hill, Pennsylvania-

based industrial company, acquired

Stericycle's Environmental Solutions

Business, a hazardous waste

transportation and processing

solutions provider

Environmental

Services$463 ND ND

2/8/2020METCO

Environmental

Alliance Source

Testing

Alliance Source Testing, an

environmental services platform

owned by Align Capital Partners,

acquired METCO Environmental, a

provider of source emissions testing

services

Environmental

ServicesND ND ND

2/10/2020Core Computing

SolutionsRouteware

Routeware, a provider of fleet

automation solutions for waste

haulers owned by Banneker Partners,

acquired Core Computing Solutions, a

provider of billing and route

management systems for waste and

recycling companies

Environmental

ServicesND ND ND

2/11/2020 LNV Ardurra Group

Ardurra Group, an engineering firm

and subsidiary of King Engineering

Associates, acquired LNV, a provider

of engineering and consulting

services, including water and

wastewater collection

Environmental

ServicesND ND ND

2/11/2020 AirFusionmCloud

Technologies

mCloud Technologies, a provider of

data-driven asset management

solutions, acquired AirFusion, a

provider of AI-based drone inspection

services for wind turbines and other

energy facilities

Industrial IoT &

SoftwareND ND ND

2/11/2020 Flexdrive Lyft

Lyft, a multinational ride hailing

company, acquired Flexdrive, a rental-

car provider and current partner of

Lyft

Advanced

Transportation$20 ND ND

2/11/2020Tecnicentros

MundialIcahn Automotive

Icahn Automotive, a provider of

automotive services and subsidiary of

Icahn Associates, acquired

Tecnicentros Mundial, a Puerto Rico-

based automotive services chain

Advanced


2/12/2020Cegasa Portable

Energy

Compañía Minera

Autlán

Compañía Minera Autlán, a Mexican

mining company, bought Cegasa

Portable Energy, a developer of

Electrolytic Manganese Dioxide

batteries for energy storage

Power Infra /

Smart Grid$29 1.5x ND

2/13/2020 RIB Software Schneider Electric

Schneider Electric, a multinational

manufacturer of electrical equipment,

acquired RIB Software, a developer of

software for construction, plant

engineering and infrastructure

management

Industrial IoT &

Software$1,500 6.9x 32.1x

2/13/2020Visio-Green

AgricultureSencrop

Sencrop, a French developer of

weather technology designed to

visualize forecast data, acquired Visio-

Green Agriculture, a French provider

of sensors and connected solutions

for agriculture

AgTech ND ND ND

2/14/2020 Pod Point EDF

EDF, a French multinational utility,

acquired Pod Point, a U.K.-based EV

charging company

Advanced

Transportation$141 ND ND






Transaction

Transaction

Multiple(1)


Greentech’s Take:

Demand for asset

management and data

analytics tools continues

to grow as companies

look to enhance their

project operations

through monitoring and

optimizing maintenance

Greentech / 4






(2) Multiples use implied EV of $140mm.

Transaction

Transaction

Multiple(1)


2/14/2020 Miller Sanitation Waste Management

Waste Management, a U.S.-based

provider of waste management

solutions, acquired Miller Sanitation,

a waste management company which

provides hauling and recycling for

customers in Minnesota

Environmental

ServicesND ND ND

2/19/2020 Afimilk

Livestock

Improvement

Corporation

Livestock Improvement Corporation, a

New Zealand-based agtech and herd

improvement cooperative for the

dairy industry, acquired a 50% stake

in Afimilk, an agtech company aimed

at improving the efficiency of dairy

farms

AgTech $70 2.5x 15.6x

2/21/2020 Growers Holdings ICL

ICL, an Israel-based producer of

fertilizer, acquired Growers Holdings,

a Durham, North Carolina-based

operator of a data-driven farm

management platform

AgTech ND ND ND

2/21/2020Greenspread,

Solaris IndustriaNPM Capital

NPM Capital, the private equity arm of

SHV Holdings, acquired a majority

stake in Greenspread and Solaris

Industria, two developers and

operators of renewable energy

projects

Renewable

EnergyND ND ND

2/21/2020 Pushme Bike TIER Mobility

TIER Mobility, a micro-mobility

company, acquired Pushme Bikes, a

manufacturer of replaceable batteries

and other mobility hardware

Advanced


2/24/2020

Ningbo Jiangbei Yize

New Energy

Technology

LONGi Green Energy

Technology

LONGi, a Chinese solar company,

acquired Ningbo Jiangbei Yize New

Energy Technology, a Vietnam-

focused manufacturer of solar PV

products, for $253mm

Renewable

Energy$253 NA NA

2/24/2020Dado Ocean Wind

FarmNorthland Power

Northland Power, a Canadian IPP,

acquired Dado Ocean Wind Farm, an

offshore wind farm developer in

South Korea

Renewable

EnergyND ND ND

2/25/2020 Greensolver Voltalia

Voltalia, a French power producer and

service provider, acquired

Greensolver, a French provider of

power plant management services

Industrial IoT &

SoftwareND ND ND

2/28/2020 ECOonline

Summa Equity,

Goldman Sachs

Merchant Banking

Division

Summa Equity and Goldman Sachs

Merchant Banking Division acquired

ECOonline, a Norway-based provider

of IT services to manage hazardous

water and other chemicals

Environmental

ServicesND ND ND

Greentech’s Take:

As PV costs decline, the

Southeast Asian market is

poised to see significant

growth; Vietnam in

particular may experience

a surge in power demand

and consumption as a

result of industrial

expansion in response to

the U.S.-China trade war,

as well as an increasingly

supportive regulatory

environment

(2) (2)

Greentech / 5

2/3/2020EGPNA Renewable

Energy PartnersHull Street Energy

Hull Street Energy, a fund investing in middle

market energy opportunities, acquired 30

hydroelectric facilities totaling 175 MW from

EGPNA Renewable Energy Partners, a joint

venture between Enel Green Power North

America and GE Capital's Energy Financial

Services

Hydro ND 175

2/4/2020Dimension

Renewable EnergyAres Management

Ares Management, a global asset manager,

acquired a 300 MW portfolio of utility-scale

battery storage projects in New York from

Dimension Renewable Energy, a U.S.-based

renewable developer

Storage ND 300

2/4/2020 NewSun Energy Soltage

Soltage, a utility-scale solar developer, in

partnership with Basalt managed funds,

acquired a 40 MW solar portfolio in Oregon

from NewSun Energy, a renewable developer

Solar ND 40

2/6/2020 Undisclosed Canadian Solar

Canadian Solar, a publicly traded solar PV

manufacturer and project developer, acquired a

48 MW portfolio of solar projects under

development in Chile

Solar ND 48

2/7/2020 Adani Green Energy Total

Total, a French multinational integrated O&G

company, acquired a 50% stake in a 2.1 GW

portfolio of solar PV plants in India from Adani

Green Energy, an India-based developer and

operator of solar and wind power plants

Solar 510(1)

1,074

2/11/2020 Coronal Energy Capital Dynamics

Capital Dynamics, an independent global asset

management firm, acquired six U.S. solar

projects from Coronal Energy, an IPP focused on

utility-scale solar and storage projects in North

America

Solar ND 182

2/11/2020 Hazel Shore Ltd. EDF Renewables

EDF Renewables, a subsidiary of French utility

EDF, acquired a 50% stake in the Codling

offshore wind project in Ireland from Hazel

Shore Ltd., an Ireland-based project developer

Wind ND 500

2/11/2020 UndisclosedCubico Sustainable

Investments

Cubico Sustainable Investments, a global

renewable energy infrastructure company,

acquired and financed the 102 MW Midlands

solar project in South Carolina

Solar ND 102

2/11/2020Asia Pacific Land

Japan Ltd.Tokyo Gas

Tokyo Gas, the largest natural gas utility in

Japan, acquired a 63 MW solar project in eastern

Japan from Asia Pacific Land, a private firm

investing in real estate and renewables

Solar ND 63

2/11/2020Energias de Portugal

(EDP)Actis

Actis, a global emerging markets investment

firm, acquired the Babilonia onshore wind

project in Brazil for $172mm from Energias de

Portugal, a Portuguese utility

Wind $172 137

2/12/2020Hive Energy Ltd.,

White Light Energy

Noy Infrastructure &

Energy

Noy Infrastructure & Energy, an Israeli

investment fund, acquired a 421 MW solar

portfolio in Spain from Hive Energy, a U.K.-

based solar developer, and White Light Energy

Solar ND 421

2/18/2020 Canadian SolarHana Financial

Investment Co.

Hana Financial Investment Co., the investment

arm of Hana Financial Group, acquired a 56 MW

solar project in Japan from Canadian Solar, a

publicly traded solar PV manufacturer and

project developer

Solar $155 56



Asset Transactions


(1) Transaction value reflects value of percentage stake acquired.

(2) Capacity represents portion of stake acquired; total capacity for the projects are 2,148 and 1,000 MW, respectively.

Transaction Capacity

Date Seller Acquiror Transaction Description Subsector Value ($mm) (MW)

Greentech’s Take:

The transaction expands

Total’s foothold in the

Indian solar market as

the company expects

significant renewable

growth in India. The O&G

major had previously

entered a joint venture

with EDF to develop 716

MW of solar power

projects in northern India

(2)

(2)

Greentech / 6



Asset Transactions


Transaction Capacity

Date Seller Acquiror Transaction Description Subsector Value ($mm) (MW)

2/18/2020 Juwi Hellenic Petroleum

Hellenic Petroleum, a Greece-based oil company,

acquired a 204 MW solar portfolio from Juwi, a

Germany-based renewable energy developer

Solar $140 204

2/19/2020 NextEra Energy TerraForm Power

TerraForm Power, a North American public

YieldCo, acquired a 100 MW portfolio of Spanish

solar power plants from NextEra Energy, a U.S.-

based publicly traded energy company

Solar $102 100

2/20/2020 SSE Renewables Greencoat UK Wind

Greencoat UK Wind, a specialist asset manager

focused on renewable energy, acquired a 19 MW

wind project in Ireland from SSE Renewables, an

Ireland-based renewable energy company

Wind $66 19

2/25/2020Centennial Resource

Development

WaterBridge

Resources

WaterBridge Resources, a midstream water

management company, acquired a portfolio of

saltwater disposal wells and associated water

infrastructure in Texas from Centennial

Resource Development, an independent oil

producer

Water $225 NA

2/25/2020 Long Wind France ERG

ERG, an Italian renewable energy company,

acquired three wind projects in France from

Long Wind France

Wind $43 38

Greentech / 7

2/3/2020 Miovision Canadian smart traffic management platform $90Advanced

TransportationTELUS Ventures, McRock Capital

2/3/2020 EdmundsSanta Monica, California-based online vehicle

retailer and auto information platform$50

Advanced

TransportationCarMax

2/3/2020 Crowley Carbon

Ireland-based provider of energy reduction

solutions for corporate, government and

commercial markets

$35Energy

Efficiency Tikehau Capital

2/4/2020 SolinftecBrazilian agtech company focused on

increasing crop productivity$40 AgTech

TPG Alternative & Renewable

Technologies, Unbox Capital

2/4/2020 EmergePhoenix, Arizona-based digital freight

marketplace$20

Advanced

Transportation

NewRoad Capital Partners,

Greycroft, 9Yards Capital

2/4/2020 InstagridGermany-based start-up developing portable

batteries $9

Power Infra /

Smart Grid

SET Ventures, High-Tech

Gründerfonds, Segnalita

Ventures

2/5/2020 DeliverrSan Francisco, California-based provider of

order fulfilment services$40

Advanced

TransportationActivant Capital, 8VC, GLP

2/5/2020 TuroSan Francisco, California-based online car

rental marketplace$30

Advanced

Transportation

Allen & Company, Manhattan

Venture Partners

2/5/2020 NGD Systems

Irvine, California-based computational storage

start-up with use cases in automotive AI,

aerospace and security

$20Advanced

Transportation

MIG Capital, Western Digital

Capital Global, Orange Digital

Ventures, Partech, BGV, Plug and

Play

2/5/2020 ConvelioFrench digital freight forwarder specializing in

fine art-shipping$10

Advanced

Transportation

Acton Capital, Global Founders

Capital

2/5/2020 PureCycle TechnologiesOrlando, Florida-based recycling technology

company$10

Environmental

ServicesND

2/6/2020 SureSaleProvider of a standardized certification-as-a-

service platform for used cars$7

Advanced

TransportationUpFront Ventures


Capital Raise Transactions (1/5)



Amount Selected Disclosed

Date Company Company Description Raised ($mm) Subsector Investors

Greentech’s Take:

Logistics and supply

chain management are

becoming increasingly

challenging and

important in the world of

on-demand ecommerce;

platforms that aim to

solve the growing

complexities within the

flow of goods may

continue to attract

significant investment

from both strategic and

financial investors

Greentech / 8

2/6/2020Innergex Renewable

Energy

Public developer, owner and operator of

renewable projects$498

Renewable

EnergyHydro Québec

2/6/2020 Acuva TechnologiesDeveloper of UV-LED drinking water

purification systems$5 Water ND

2/6/2020 Cepton Technologies LiDAR solutions provider $50Advanced

TransportationKoito Manufacturing Co.

2/6/2020 HopSkipDriveLos Angeles, California-based youth

transportation solution$22

Advanced

Transportation

Cyrus Capital Partners, State

Farm Ventures, Upfront

Ventures, FirstMark Capital,

Greycroft

2/6/2020 Maven Machines

Pittsburgh, Pennsylvania-based provider of

fleet management software for commercial

transportation

$7Advanced

Transportation

Allos Ventures, Hearst Ventures,

Riverfront Ventures, Great Oaks

VC

2/6/2020 OptimoRoute Route planning service for logistics companies $7Advanced

TransportationPrelude Ventures

2/6/2020 Rezatec

U.K.-based developer of a geospatial data

analytics platform for monitoring and

detection of environmental changes

$6Environmental

Services

Baronsmead, Gresham House

Ventures

2/7/2020 Rad Power Bikes Seattle, Washington-based e-bike provider $25Advanced

Transportation

Vulcan Capital, Durable Capital

Partners

2/10/2020 Vantage Data CentersSanta Clara, California-based operator of data

centers designed to increase energy efficiency$800

Industrial IoT &

Software

Digital Bridge Holdings, Public

Sector Pension Investment

Board, TIAA-CREF Asset

Management, Digital Colony

2/12/2020 Freight FarmsBoston, Massachusetts-based container

farming company$15 AgTech

Ospraie Ag Science, Spark

Capital

2/13/2020 AutoFiSan Francisco, California-based online auto

financing platform$10

Advanced

TransportationBMW i Ventures

2/14/2020 RadarBrooklyn, New York-based location data

infrastructure platform$20

Advanced

Transportation

Accel, Two Sigma Ventures,

Bedrock Capital, Heavybit,

Primeset







Greentech’s Take:

As the traditional brick-

and-mortar dealership

model is facing new

challenges brought on by

a shift in consumer

preference toward shared

vehicles and ride hailing,

online marketplaces and

used cars are becoming

increasingly popular.

Additionally, dealerships

continue to seek growth

in service-based and

maintenance-based

offerings to offset the

decline in new car sales

Greentech / 9

2/14/2020 UrbanFootprintBerkeley, California-based intelligence and

urban planning software$12

Advanced

Transportation

Valeo Ventures, Social Capital,

Radicle Impact

2/14/2020 CloverIndia-based agtech platform for demand-

backed supply chain$6 AgTech Omnivore, Mayfield, Accel

2/17/2020 Carbon Clean Solutions

U.K.-based provider of carbon dioxide

separation technologies for industrial

decarbonization

$16Environmental

Services

WAVE Equity Partners, Chevron

Technology Ventures, Marubeni

Corporation

2/17/2020 MotoRefiArlington, Virginia-based automotive financing

start-up$9

Advanced

TransportationAccomplice, Link Ventures

2/18/2020 SemiosCanadian developer of a precision farming

platform$75 AgTech Morningside Group

2/18/2020 Go Sharing Provider of e-scooters in the Netherlands $11Advanced

TransportationRabo Corporate Investments

2/18/2020 SmåkraftNorwegian operator of small-scale

hydroelectric power plants$272

Renewable

EnergyAPG

2/19/2020 Equinom Israeli seed breeding start-up $10 AgTechBASF Venture Capital, Fortissimo

Capital, Roquette

2/19/2020 Swiggy India-based provider of food delivery services $113Advanced

Transportation

Prosus Ventures, Meituan

Diangping, Wellington

Management Company

2/19/2020 DriivzIsraeli provider of an electric vehicle charging

management platform$11

Advanced

TransportationGilbarco Veeder-Root, Centrica

2/20/2020 Lilac SolutionsOakland, California-based provider of lithium

mining technology for batteries$20

Advanced

Transportation

Breakthrough Energy Ventures,

The Engine, Lowercarbon

Capital, The Grantham

Foundation

2/20/2020 ElectriphiSan Francisco, California-based provider of

fleet charging services$4

Advanced

Transportation

Wireframe Ventures, Urban

Innovation Fund, Blackhorn

Ventures, Acario Innovation,

Lemnos Labs







Greentech’s Take:

Data analytics are

allowing crop breeders to

alter genetic variation

among plants to create

seeds with higher

nutritional value and

lower production costs;

this transaction

highlights the interest in

such technologies from

both financial and

strategic (food and ag-

focused) investors

Greentech / 10







2/20/2020 Socar Mobility Malaysian car sharing platform $18Advanced

TransportationEugene Private Equity, KH Energy

2/21/2020 VolocopterGerman developer of autonomous eVTOLs

(electric vertical-take-off-and-landing vehicles)$54

Advanced

Transportation

DB Schenker, Mitsui Sumitomo

Insurance Group, MS&AD

Ventures, Translink Capital, btov

Partners

2/21/2020 TIER Mobility German provider of e-scooter rentals $40Advanced

TransportationRTP Global, Novator

2/21/2020 NAWATechnologies French provider of energy storage systems $14Power Infra /

Smart Grid

Bpifrance, Kouros SA, CAAP

Creation, Demeter, Région Sud

Investissement, Supernova

Invest, Eurowatt / Davaniere

Capital Partners, EIT InnoEnergy

2/25/2020 Highview Power U.K.-based energy storage system developer $46Power Infra /

Smart GridSumitomo

2/25/2020 MolekuleSan Francisco, California-based provider of air

purifiers$58

Environmental

Services

RPS Ventures, Founder’s Circle

Capital, Inventec Appliances,

Foundry Group, Crosslink

Capital, Uncork Capital,

TransLink Capital

2/25/2020 NewLeaf SymbioticsSt. Louis, Missouri-based developer of

proprietary microbes for biological inputs$20 AgTech

Koch Agronomic Holdings, Leaps

by Bayer, Otter Capital, S2G

Ventures, RockPort Capital

2/25/2020 Cityscoot French provider of electric mopeds $26Advanced

Transportation

Allianz France, Groupe RATP,

Banque des Territoires

2/25/2020 Grab Southeast Asian provider of mobility services $850Advanced

TransportationMUFG, TIS Inc.

2/26/2020 Fabric Provider of automated logistics for retailers $110Advanced

TransportationKraft Heinz

2/26/2020 Pony.ai Chinese provider of autonomous car systems $462Advanced

TransportationToyota

2/26/2020 Foghorn

Sunnyvale, California-based developer of an IoT

application platform for remote monitoring

and diagnostics

$25Industrial IoT &

Software

LS Corp., Forte Ventures, Dell

Technologies Capital, Intel

Capital, Saudi Aramco Energy

Ventures, Honeywell Ventures,

GE Ventures, Robert Bosch VC

Greentech’s Take:

Interest in storage

companies continues to

grow due to falling costs

of production, increasing

government incentives

and clean energy targets

Greentech’s Take:

OEMs are increasingly

investing in and forming

partnerships with

autonomous driving

startups in order to keep

up with new

technologies; Toyota

previously participated in

a $1bn financing round

for Uber ATG, Uber’s

self-driving vehicle arm in

April 2019

Greentech / 11







2/26/2020 OneRailOrlando, Florida-based last mile orchestration

and fulfilment platform$6

Advanced

Transportation

Las Olas VC, Chicago Ventures,

Alpine Meridian Ventures

2/26/2020 Ready RoboticsColumbus, Ohio-based provider of robotic

automation software$23

Industrial IoT &

Software

Canaan, RRE Ventures, Eniac

Ventures, Emerald Development

Managers, Drive Capital, Micron

Ventures, Greenhawk Capital

Initial Public Offerings



2/7/2020 Calisen U.K.-based smart meter company $425Power Infra /

Smart GridIPO

Greentech’s Take:

Completion of Calisen’s

IPO and share price uplift

post-IPO signal positive

momentum to the smart

meter market, which has

seen recent growth in the

U.K. from significant

policy support

Greentech / 12

Comparable Companies Trading Analysis

Diversified Industrials and Energy Infrastructure

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.

(1) Enterprise Value = Market Value of Equity + 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 2019E EBITDA.

(5) (Debt + Preferred Stock)/EV.

Price as a % Market Enterprise Net Debt/

Price as of of 52 Wk Value Value (1)

EV / EBITDA (2)

Price / Earnings (3)

2020E Debt/

Company 2/28/2020 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)

EV (5)

Diversified Industrials

GE $10.88 82.1% $97,978 $154,734 13.6x 11.7x 18.4x 14.6x 5.1x 60.8%

United Technologies $130.59 82.4% $116,012 $154,511 10.9x 10.0x 15.9x 14.0x 2.8x 30.0%

Honeywell $162.17 88.1% $117,037 $122,072 13.1x 12.3x 18.4x 17.0x 0.7x 13.7%

Siemens €93.20 77.7% $85,563 $117,794 9.7x 8.5x 12.7x 10.9x 2.6x 37.4%

Danaher $144.58 85.5% $104,916 $104,887 18.7x 16.5x 27.0x 23.9x 0.5x 23.0%

Caterpillar $124.24 82.5% $70,191 $98,382 11.1x 10.5x 13.2x 11.9x 3.4x 38.9%

Mitsubishi ¥2,690 82.6% $39,654 $95,381 11.3x 10.8x 7.9x 7.3x 5.8x 66.5%

Hyundai ₩115,000 80.1% $23,943 $91,906 12.3x 11.6x 6.6x 6.0x NM 72.9%

Schneider €90.50 85.8% $58,967 $64,801 11.4x 10.6x 16.5x 14.8x 0.7x 12.4%

ABB CHF20.81 84.3% $46,546 $52,296 13.2x 11.2x 18.9x 15.7x 1.5x 19.3%

Eaton Corp $90.72 85.8% $39,554 $45,729 11.8x 11.3x 15.7x 14.4x 2.1x 19.2%

Emerson $64.11 81.8% $40,565 $44,146 11.2x 10.4x 17.0x 15.2x 1.2x 14.8%

Roper Technologies $351.70 89.0% $37,567 $41,454 20.0x 19.1x 25.8x 24.8x 2.3x 13.4%

Johnson Controls $36.57 81.6% $29,079 $35,257 9.8x 9.5x 13.9x 12.4x 1.7x 23.8%

Rockwell $183.50 87.5% $22,144 $23,335 15.2x 14.5x 20.3x 19.2x 1.1x 11.2%

Legrand €69.02 88.6% $20,133 $22,974 13.2x 12.7x 20.0x 19.0x 1.6x 20.0%

Dover $102.74 85.4% $15,501 $17,674 12.4x 11.8x 16.2x 15.2x 2.0x 18.4%

Delta Electronics NT$140.00 83.6% $12,010 $13,329 10.6x 9.4x 17.2x 14.9x 0.0x 11.7%

Alstom €44.49 87.9% $11,147 $10,604 10.7x 9.3x 19.1x 16.6x (0.4x) 15.0%

OMRON ¥5,840 85.0% $11,166 $9,522 11.4x 10.0x 22.1x 22.4x (1.9x) 3.3%

Hitachi Construction Machinery ¥2,663 78.6% $5,311 $8,923 7.2x 6.7x 10.2x 9.6x 2.5x 42.0%

Woodward $103.20 80.0% $6,604 $7,408 12.7x 11.4x 18.8x 16.6x 1.7x 15.3%

Regal Beloit $77.64 86.1% $3,289 $4,064 8.5x 7.9x 13.4x 12.0x 1.8x 29.8%

Moog $77.12 78.3% $2,696 $3,436 8.7x 8.1x 13.5x 12.2x 1.9x 24.2%

Bharat Heavy Electricals ₹30.60 38.9% $1,423 $1,210 4.7x 4.0x 9.4x 7.6x (2.6x) 30.1%

CG Power & Industrial Solutions ₹7.01 14.8% $59 $363 NM NM NM NM NM 137.2%

Mean 11.7x 10.8x 16.3x 14.7x 1.6x 30.9%

Median 11.4x 10.6x 16.5x 14.8x 1.7x 21.5%

Energy Infrastructure

Primary Equipment and Power Electronics

TE Connectivity $82.87 82.0% $28,519 $31,440 10.8x 10.0x 15.5x 13.8x 1.3x 14.3%

Delta Electronics NT$140.00 83.6% $12,010 $13,329 10.6x 9.4x 17.2x 14.9x 0.0x 11.7%

Sensata $40.80 74.6% $6,501 $8,978 10.1x 9.5x 11.7x 10.3x 2.9x 36.9%

Yaskawa ¥3,385 74.2% $8,369 $8,514 18.0x 14.4x 32.9x 24.3x 0.6x 8.2%

NGK ¥1,697 85.1% $5,153 $6,147 5.7x 5.1x 11.6x 10.1x 0.8x 36.3%

Fuji Electric ¥2,963 75.0% $4,101 $5,614 6.7x 6.0x 10.7x 9.5x 1.4x 24.5%

LS Industrial Systems ₩43,600 77.9% $1,077 $1,130 5.0x 4.7x 9.3x 8.2x NM NA

Mean 9.6x 8.5x 15.5x 13.0x 1.2x 22.0%

Median 10.1x 9.4x 11.7x 10.3x 1.1x 19.4%

EPC and Services

Jacobs $92.34 88.8% $12,891 $14,321 12.3x 11.3x 16.0x 13.9x 1.7x 18.1%

Acciona €114.40 96.4% $6,930 $13,396 9.5x 9.0x 20.3x 19.0x 4.5x 65.3%

ACS Group €26.85 65.5% $9,260 $11,685 3.3x 3.2x 8.3x 7.5x 0.4x 95.6%

AECOM $44.94 86.3% $7,241 $10,978 14.3x 13.1x 18.3x 14.2x 4.8x 40.0%

Skanska kr208.90 86.9% $8,668 $9,630 9.8x 9.1x 13.9x 12.9x 0.8x 17.2%

Quanta $38.13 86.5% $5,525 $6,919 6.4x 6.0x 10.0x 9.1x 1.4x 23.9%

MasTec $49.08 66.6% $3,871 $5,391 6.0x 5.7x 8.7x 8.4x 1.7x 28.9%

EMCOR $76.92 82.2% $4,476 $4,535 7.9x 7.6x 12.9x 12.3x 0.4x 12.6%

Stantec C$40.10 94.8% $3,450 $4,326 9.3x 8.7x 17.2x 15.2x 2.2x 27.0%

Strabag €27.30 84.1% $3,299 $3,040 NM NM NM NM NM 49.3%

Balfour Beatty £2.46 82.9% $2,139 $2,353 7.1x 6.6x 9.9x 9.0x 0.5x 47.8%

Dycom Industries $29.56 48.8% $887 $1,814 5.9x 5.3x 15.3x 11.4x 2.9x 51.7%

Fluor $9.32 22.2% $1,407 $1,539 3.1x 2.6x 6.5x 4.7x 0.2x 127.4%

Bilfinger €27.02 76.5% $1,329 $1,483 5.5x 4.6x 11.8x 9.7x NM NA

Primoris $18.98 79.1% $962 $1,401 6.3x 5.7x 10.6x 8.7x 2.1x 42.6%

Granite Construction $20.32 41.4% $932 $1,230 5.0x 4.3x 10.6x 8.6x 1.0x 37.4%

Aegion $18.01 76.2% $570 $873 7.8x 7.6x 13.1x 11.4x 2.8x 42.0%

Trevi-Finanziaria Industriale €16.27 47.0% $29 $834 NM NM NM NM NM 107.1%

Team $12.73 64.8% $387 $791 8.1x 7.1x NM 20.8x 4.1x 52.4%

Mistras Group $7.85 46.3% $221 $538 6.4x 5.7x 11.4x 8.7x 3.7x 60.4%

Willdan $30.75 75.6% $351 $466 9.3x 7.6x 11.9x 10.9x 2.4x 25.3%

Mean 7.5x 6.9x 12.6x 11.4x 2.1x 48.6%

Median 7.1x 6.6x 11.8x 10.9x 1.9x 42.3%

Oil & Gas Services

NexTier Oilfield Solutions $4.66 37.3% $950 $1,212 3.2x 2.7x NM NM 0.6x 32.1%

Pro Petro $8.76 34.5% $889 $906 2.4x 2.1x 7.8x 6.1x 0.1x 14.8%

Liberty Oilfield Services $6.69 37.9% $530 $869 3.8x 3.1x 25.4x 11.2x 0.4x 23.8%

Secure Energy C$4.01 45.3% $450 $860 6.4x 6.1x NM 46.7x 2.7x 43.6%

Select Energy Services $6.50 51.0% $562 $754 5.2x 4.5x 30.3x 15.9x 0.1x 12.2%

Mean 4.2x 3.7x 21.2x 20.0x 0.8x 25.3%

Median 3.8x 3.1x 25.4x 13.5x 0.4x 23.8%

Greentech / 13


Energy Technology



EV / EBITDA (2)


2020E Debt/


EV (5)

Energy Technology

Smart Grid Solutions

AMETEK $86.00 84.1% $20,626 $22,266 15.2x 14.6x 19.8x 18.7x 1.7x 13.3%

Terna €5.99 88.0% $13,406 $22,098 11.4x 11.0x 15.9x 15.5x 4.5x 48.5%

Keysight $94.76 86.1% $18,295 $18,057 13.6x 12.9x 17.4x 15.9x 0.2x 10.8%

Itron $75.84 85.9% $3,161 $3,922 12.3x 10.2x 21.3x 16.7x 2.7x 26.0%

Landis+Gyr CHF78.90 74.7% $2,395 $2,520 9.7x 9.2x 14.7x 13.4x 0.6x 7.4%

ESCO Technologies $90.92 84.9% $2,422 $2,468 16.5x NM 27.0x NM 0.7x 8.2%

S&T €19.85 75.8% $1,450 $1,494 10.2x 9.0x 19.6x 15.7x 0.4x 22.8%

Smart Metering Systems £4.82 74.7% $684 $937 11.1x 9.3x 34.0x 27.4x 2.9x 32.8%

Mean 12.5x 10.9x 21.2x 17.6x 1.7x 21.2%

Median 11.8x 10.2x 19.7x 15.9x 1.2x 18.0%

Energy Storage

Tesla $667.99 68.9% $137,115 $132,845 30.9x 22.2x NM 45.6x 1.9x 11.1%

Panasonic ¥1,031 81.5% $23,438 $33,662 6.0x 5.9x 12.0x 11.0x 1.6x 48.6%

BYD Co. HK$47.70 79.4% $22,557 $27,553 12.0x 10.6x NM 44.0x 4.4x 44.3%

Samsung SDI ₩295,000 84.0% $16,889 $18,424 12.3x 9.6x 22.4x 16.2x 1.3x 16.1%

EnerSys $61.58 78.0% $2,702 $3,539 8.2x 7.1x 11.0x 9.3x 2.2x 34.0%

Ballard C$12.06 64.2% $2,324 $1,967 NM NM NM NM NM NM

Plug Power $4.34 71.7% $1,339 $1,769 NM NM NM NM 24.0x 27.1%

FuelCell Energy $1.95 29.5% $407 $582 NM NM NM NM NM 31.5%

Ultralife $7.08 59.1% $111 $124 NM NM NM NM NM 15.3%

Mean 13.9x 11.1x 15.1x 25.2x 5.9x 30.4%

Median 12.0x 9.6x 12.0x 16.2x 2.0x 31.5%

LED Lighting

Hubbell $133.24 86.0% $7,626 $8,743 11.1x 10.5x 15.4x 14.3x 1.9x 19.1%

Universal Display Corporation $158.79 68.9% $7,516 $6,855 31.2x 21.0x 48.8x 31.9x (2.9x) NM

OSRAM €46.65 97.0% $4,963 $5,541 12.5x 10.6x NM 40.3x 1.5x 15.5%

Cree $44.73 64.6% $5,045 $4,382 NM 20.3x NM NM (4.4x) 11.3%

Acuity Brands $102.86 69.8% $4,065 $4,231 7.3x 6.8x 10.6x 9.9x 0.3x 10.0%

Fagerhult kr51.60 70.0% $891 $1,327 9.1x 8.7x 14.9x 13.9x 2.6x 37.9%

Epistar NT$29.20 81.1% $1,050 $1,047 10.1x 8.2x NM NM (0.6x) 15.5%

Veeco $13.39 69.7% $660 $725 14.5x 10.0x 18.8x 12.7x 1.4x 43.4%

Zumtobel €7.20 70.6% $344 $533 4.2x 4.0x 4.7x 4.4x 1.5x 45.8%

Dialight £2.14 37.2% $89 $114 5.3x 3.9x 9.2x 5.7x 1.2x 23.9%

Beghelli €0.19 60.3% $42 $113 NM NM NM NM NM 79.8%

Mean 11.7x 10.4x 17.5x 16.6x 0.2x 30.2%

Median 10.1x 9.3x 14.9x 13.3x 1.3x 21.5%







Greentech / 14


Advanced Transportation (1/2)



EV / EBITDA (2)


2020E Debt/


EV (5)

Advanced Mobility

Automotive Companies

Toyota Motor ¥7,127 88.8% $218,709 $335,954 9.7x 9.4x 8.5x 8.2x 4.0x 59.1%

Volkswagen €152.30 82.3% $83,391 $267,235 6.3x 6.1x 5.3x 5.0x 4.3x 88.4%

Daimler €37.54 62.6% $43,634 $194,064 12.1x 10.7x 7.9x 6.6x 9.3x 91.6%

BMW €58.93 75.3% $41,180 $156,825 10.3x 9.9x 6.3x 6.0x 7.4x 81.5%

Ford Motor Company $6.96 65.9% $28,037 $150,449 13.6x 12.6x 6.4x 5.4x 11.1x 104.2%

Tesla $667.99 68.9% $137,115 $132,845 30.9x 22.2x NM 45.6x 1.9x 11.1%

General Motors Company $30.50 72.8% $44,899 $125,728 7.9x 8.3x 5.1x 4.9x 4.9x 83.2%

Honda Motor ¥2,800 85.9% $47,013 $93,346 8.4x 7.9x 7.4x 6.7x 4.1x 72.9%

Hyundai ₩115,000 80.1% $23,943 $91,906 12.3x 11.6x 6.6x 6.0x NM 72.9%

Nissan Motor ¥463.60 47.8% $18,140 $80,652 12.7x 11.2x 10.4x 6.7x 9.5x 91.2%

Renault €26.50 41.3% $8,329 $56,201 9.7x 9.3x 6.2x 4.7x 8.1x 115.4%

SAIC Motor ¥22.21 73.3% $37,123 $54,836 10.8x 10.0x 8.5x 7.7x 2.1x 62.7%

BYD Co. HK$47.70 79.4% $22,557 $27,553 12.0x 10.6x NM 44.0x 4.4x 44.3%

Suzuki Motor ¥4,337 74.9% $19,745 $19,596 5.1x 4.6x 12.5x 11.2x (0.7x) 18.3%

KIA ₩36,250 77.3% $12,099 $17,290 4.6x 4.3x 6.3x 5.7x NM 30.8%

Fiat Chrysler Automobiles €11.24 76.1% $18,644 $16,452 1.2x 1.2x 4.2x 4.0x (0.0x) 101.6%

Tata Motors ₹129.00 53.9% $5,743 $15,070 3.1x 2.6x 11.3x 6.4x 1.8x 97.6%

Geely Auto HK$13.86 72.4% $16,369 $14,896 7.1x 6.3x 10.8x 9.6x (0.7x) 3.4%

Subaru ¥2,620 82.3% $18,679 $13,305 3.7x 3.5x 9.2x 8.6x (1.5x) 12.2%

Dongfeng Motor Group HK$6.16 70.0% $2,257 $11,941 NM 31.8x 3.4x 3.2x 12.4x 68.6%

Peugeot €17.51 64.7% $16,653 $11,919 1.3x 1.2x 4.5x 4.4x (0.9x) 107.7%

Guangzhou Automobile HK$8.69 82.0% $14,537 $9,110 23.2x 19.7x 8.2x 7.4x (6.8x) 22.1%

Mazda Motor ¥750.00 54.7% $4,393 $5,419 3.8x 3.4x 10.3x 8.6x 0.5x 111.4%

NIO $4.13 38.9% $3,181 $4,666 NM NM NM NM NM 33.2%

Mitsubishi Motors ¥359.00 55.3% $4,960 $3,968 3.8x 3.2x 18.8x 12.1x (1.1x) 58.0%

FAW Car Group ¥9.00 68.4% $2,095 $2,420 NM NM NM NM 5.2x 16.3%

Mean 9.3x 9.2x 8.1x 9.9x 3.4x 63.8%

Median 8.4x 8.8x 7.7x 6.6x 4.0x 70.7%

Truck Companies

Daimler €37.54 62.6% $43,634 $194,064 12.1x 10.7x 7.9x 6.6x 9.3x 91.6%

Volvo kr148.80 85.0% $32,731 $41,439 7.8x 7.6x 12.2x 11.6x 1.9x 39.3%

PACCAR $66.90 80.2% $24,137 $29,090 11.5x 11.0x 12.7x 12.3x 2.3x 38.7%

Isuzu ¥1,016 62.8% $7,991 $9,029 4.3x 4.1x 7.7x 7.1x 0.2x 33.0%

MAN SE €36.10 43.0% $7,244 $8,987 NM NM NM NM NM 47.6%

Navistar $36.31 91.9% $3,584 $7,294 10.0x 9.1x 14.2x 12.5x 5.0x 71.2%

Mean 9.2x 8.5x 11.0x 10.0x 3.7x 53.6%

Median 10.0x 9.1x 12.2x 11.6x 2.3x 43.4%

Tier 1 Suppliers

Denso ¥4,220 80.8% $30,827 $29,749 4.8x 4.4x 11.8x 10.4x (0.3x) 15.0%

Continental €101.62 64.6% $21,493 $28,889 4.7x 4.3x 9.9x 8.8x 1.0x 29.0%

Michelin €96.24 80.5% $18,774 $25,055 4.8x 4.7x 9.1x 8.5x 1.2x 31.0%

Aptiv $78.11 78.9% $20,977 $24,462 9.9x 9.0x 16.2x 13.7x 1.8x 19.6%

Bridgestone ¥3,606 76.2% $23,859 $22,612 4.3x 4.1x 10.6x 10.0x 0.0x 24.5%

Magna C$61.09 80.3% $14,337 $17,682 4.5x 4.3x 7.1x 6.2x 0.9x 27.3%

Valeo €22.78 61.5% $5,775 $10,241 3.6x 3.3x 10.7x 7.8x 1.2x 51.8%

Faurecia €40.88 77.1% $6,141 $9,278 3.5x 3.2x 7.4x 6.6x 1.0x 57.4%

Lear $111.20 69.9% $6,898 $8,337 4.5x 4.3x 7.7x 6.8x 0.7x 34.3%

Goodyear $9.69 46.8% $2,208 $8,003 4.8x 4.5x 8.9x 5.7x 3.3x 81.6%

BorgWarner $31.60 67.8% $6,673 $7,874 4.9x 4.5x 8.0x 7.2x 0.8x 26.0%

Delphi $14.12 52.6% $1,231 $2,774 5.4x 5.0x 7.1x 5.9x 2.8x 58.0%

Visteon $65.04 61.4% $1,888 $2,022 8.1x 6.5x 20.7x 13.0x 0.3x 27.4%

Automation Tooling Systems C$17.93 80.1% $1,238 $1,431 9.3x 8.5x 15.2x 13.6x 1.3x 20.1%

Veoneer $12.31 39.9% $1,339 $906 NM NM NM NM NM 33.6%

Stoneridge $22.10 64.1% $598 $688 9.6x 7.5x 22.8x 15.1x 1.1x 22.0%

Mean 5.8x 5.2x 11.5x 9.3x 1.1x 34.9%

Median 4.8x 4.5x 9.9x 8.5x 1.0x 28.2%

Mobility-as-a-Service

Uber $33.87 71.9% $56,393 $55,151 NM NM NM NM NM 13.5%

Lyft $38.12 43.0% $10,844 $9,161 NM NM NM NM NM 5.2%

Mean NM NM NM NM NM 9.3%

Median NM NM NM NM NM 9.3%

Autonomous Driving Chip Makers

Intel $55.52 80.1% $248,836 $254,042 7.5x 7.4x 11.2x 11.1x 0.5x 11.7%

NVIDIA $270.07 85.4% $169,175 $157,029 29.3x 24.4x 35.1x 29.3x (1.5x) 1.7%

Qualcomm $78.30 81.4% $92,084 $94,397 12.4x 9.7x 16.8x 12.5x 0.6x 17.3%

Advanced Micro Devices $45.48 76.7% $55,512 $52,417 32.6x 24.3x 39.5x 28.6x (0.5x) 1.4%

Mean 20.5x 16.4x 25.6x 20.4x (0.2x) 8.0%

Median 20.9x 17.0x 25.9x 20.6x 0.0x 6.7%







Greentech / 15


Advanced Transportation (2/2)



EV / EBITDA (2)


2020E Debt/


EV (5)

Advanced Mobility

Intelligent Transport

Roper Technologies $351.70 89.0% $37,567 $41,454 20.0x 19.1x 25.8x 24.8x 2.3x 13.4%

Fortive $69.16 77.3% $23,738 $28,588 15.1x 14.3x 18.4x 17.0x 2.8x 22.9%

FLIR Systems $42.47 71.5% $5,856 $6,139 13.5x 12.4x 18.8x 16.8x 1.0x 11.7%

LS Corp ₩36,050 57.9% $956 $4,338 8.0x 7.6x 6.1x 5.3x NM NA

Cubic Corporation $54.44 72.4% $1,739 $2,215 12.0x NM 15.3x NM 2.6x 26.3%

Conduent $3.27 22.0% $665 $2,163 4.8x 4.9x 6.2x 6.3x 2.9x 91.4%

Vaisala €30.75 82.0% $1,008 $1,207 16.1x 15.2x 29.5x 27.3x (0.1x) 4.7%

Kapsch TrafficCom €21.00 57.5% $288 $487 6.6x 5.6x 15.3x 9.8x 1.1x 38.2%

INIT Innovation in Traffic Systems €22.00 90.2% $239 $259 10.6x 9.8x 24.2x 20.2x 0.7x 18.8%

Iteris, Inc $4.83 72.2% $197 $183 NM 10.8x NM 17.6x (4.0x) 7.6%

Q-Free kr6.70 80.5% $60 $90 10.4x 8.6x NM 44.7x 3.1x 33.8%

Image Sensing Systems $5.55 92.5% $29 $25 NM NM NM NM NM NM

Mean 11.7x 10.8x 17.8x 19.0x 1.3x 26.9%

Median 11.3x 10.3x 18.4x 17.3x 1.7x 20.8%

ITS / Smart Tolling

Atlantia €19.39 77.7% $17,203 $70,842 8.7x 8.3x 10.5x 9.6x 5.5x 70.2%

Ferrovial €25.88 84.9% $21,692 $26,264 NM NM 45.1x 38.2x 6.7x 36.6%

Autostrada €22.42 70.3% $3,343 $6,402 6.7x 6.6x 11.0x 11.6x 2.0x 47.4%

Mean 7.7x 7.5x 22.2x 19.8x 4.7x 51.4%

Median 7.7x 7.5x 11.0x 11.6x 5.5x 47.4%

Telematics

Descartes Systems $41.32 87.1% $3,527 $3,488 25.6x 22.7x NM NM (0.0x) NM

TomTom €9.13 77.3% $1,319 $878 13.9x 8.1x NM NM (7.0x) 4.3%

Inseego $6.94 71.2% $579 $692 24.1x 13.4x NM 23.9x 4.7x 21.4%

Ituran $22.89 60.3% $537 $526 8.0x 6.7x 13.8x 11.1x 0.6x 18.4%

CalAmp $9.62 65.5% $337 $466 9.7x 8.4x 14.5x 12.7x 2.9x 51.7%

Orbcomm $3.31 39.2% $249 $453 6.6x 6.0x NM NM 2.8x 54.7%

MiX Telematics R8.00 72.1% $296 $269 6.5x 5.9x 23.0x 18.5x (0.2x) 4.1%

Quartix £3.70 82.2% $227 $218 24.8x 23.9x 31.6x 30.4x (0.9x) NM

TeleNav $5.97 51.1% $288 $167 17.5x NM NM NM (12.6x) 6.0%

Quarterhill (fka Wi-LAN) C$1.81 86.2% $159 $101 4.7x 3.6x NM 30.0x (2.8x) 6.6%

Mean 14.1x 11.0x 20.7x 21.1x (1.3x) 20.9%

Median 11.8x 8.1x 18.7x 21.2x (0.1x) 12.5%

Logistics

UPS $90.49 72.2% $65,119 $100,090 9.2x 8.6x 11.5x 10.6x 2.1x 28.1%

FedEx $141.17 70.8% $36,491 $68,048 8.9x 8.0x 12.0x 10.4x 4.1x 48.8%

Deutsche Post €27.12 77.5% $36,129 $53,541 5.7x 5.5x 11.0x 10.2x 1.8x 35.3%

XPO $73.97 73.8% $7,018 $14,159 7.9x 7.3x 15.4x 13.1x 4.0x 53.3%

J.B. Hunt $96.44 78.9% $10,256 $11,504 8.4x 7.6x 17.3x 15.0x 0.9x 11.3%

Werner $33.60 83.9% $2,317 $2,605 5.6x 5.2x 15.6x 13.7x 0.6x 12.0%

Mean 7.6x 7.0x 13.8x 12.2x 2.2x 31.5%

Median 8.1x 7.5x 13.7x 11.8x 1.9x 31.7%

Communications / Infrastructure

AT&T $35.22 88.7% $266,688 $446,491 7.5x 7.4x 9.8x 9.2x 3.0x 42.2%

Verizon $54.16 87.0% $237,068 $354,766 7.3x 7.2x 10.9x 10.5x 2.7x 37.5%

Cisco Systems $39.93 68.5% $174,597 $159,326 8.5x 8.4x 12.0x 11.5x (0.5x) 10.7%

T-Mobile $90.16 89.0% $79,943 $118,067 8.6x 8.0x 19.9x 16.6x 3.0x 35.9%

Sprint $9.19 90.5% $39,141 $79,213 7.4x 7.5x NM NM 3.9x 56.4%

Hitachi ¥3,637 77.5% $32,615 $51,130 4.9x 4.5x 7.0x 6.5x 0.8x 28.3%

Toshiba ¥2,925 72.6% $12,338 $13,135 5.8x 5.2x 24.2x 9.6x (0.6x) 30.0%

Xerox $32.20 81.6% $7,124 $8,962 5.9x 5.9x 8.8x 8.4x 1.2x 54.1%

Mean 7.0x 6.7x 13.2x 10.3x 1.7x 36.9%

Median 7.4x 7.3x 10.9x 9.6x 2.0x 36.7%







Greentech / 16


Renewables



EV / EBITDA (2)


2020E Debt/


EV (5)

Renewables

Integrated PV and PV Manufacturing

Hanwha ₩20,050 60.8% $1,245 $25,130 11.6x 10.7x 5.0x 4.0x NM NA

LONGi Green Energy Technology ¥30.70 86.7% $16,567 $16,485 12.8x 10.5x 18.5x 15.4x (0.1x) 13.3%

TBEA Solar ¥6.23 67.6% $3,310 $7,736 11.0x 8.9x 10.2x 10.0x 4.7x 74.7%

Enphase $48.97 82.8% $6,331 $5,854 28.9x 22.6x 36.5x 34.1x (0.9x) 2.0%

SolarEdge Technologies $124.72 86.8% $6,337 $5,809 16.0x 13.6x 25.7x 22.0x (0.8x) 1.0%

GCL ¥5.52 66.7% $4,013 $4,522 NM NM NM NM 5.1x 24.2%

First Solar $45.77 66.1% $4,740 $3,244 5.1x 4.2x 13.7x 11.9x (2.5x) 18.4%

Sungrow ¥11.42 80.0% $2,381 $2,945 13.1x 10.6x 13.3x 10.7x 2.4x 26.1%

Canadian Solar $20.40 78.8% $1,234 $2,652 5.9x 6.3x 6.8x 8.1x 3.1x 91.8%

Jinko Solar $22.84 79.2% $1,014 $2,553 5.3x 6.1x 5.3x 7.2x 2.5x 106.1%

SunPower $8.57 53.4% $1,468 $2,093 15.0x 10.6x NM 21.0x 4.6x 52.3%

Yingli Green Energy $0.16 62.0% $3 $1,765 NM NM NM NM NM 97.0%

Daqo New Energy $65.57 80.5% $862 $1,137 5.0x 4.3x 6.8x 5.8x 1.1x 27.4%

Foxconn NT$59.50 79.2% $2,780 $1,086 3.3x 3.1x 9.9x 9.6x (5.1x) 79.1%

SMA €30.64 76.6% $1,167 $947 12.4x 10.1x NM 44.9x (2.9x) 4.3%

Mersen €26.50 75.0% $613 $941 5.4x 5.3x 8.0x 8.0x 1.8x 42.0%

ReneSola $1.31 62.1% $50 $223 12.1x NM 16.4x NM 7.5x 66.5%

Manz €16.80 59.3% $145 $210 7.1x 4.7x 18.8x 8.2x 2.2x 44.6%

Mean 10.6x 8.8x 13.9x 14.7x 1.4x 45.3%

Median 11.3x 8.9x 11.7x 10.0x 2.0x 42.0%

Solar Development

BayWa €24.10 81.7% $1,015 $6,067 14.6x 14.0x 15.2x 12.0x 11.5x 81.5%

Sunrun $19.34 81.7% $2,311 $5,228 NM NM NM 32.5x NM 50.2%

Vivint Solar $11.24 86.5% $1,366 $2,762 NM NM NM NM NM 52.3%

Mean 14.6x 14.0x 15.2x 22.2x 11.5x 61.4%

Median 14.6x 14.0x 15.2x 22.2x 11.5x 52.3%

Wind Development

Energiekontor €20.00 87.0% $337 $495 6.1x 5.8x 11.6x 13.6x 2.2x 51.6%

PNE Wind €4.21 80.0% $383 $478 4.7x 13.3x 6.0x 21.9x 1.4x 62.7%

ABO Wind €19.60 89.9% $182 $249 6.9x 5.5x 12.3x 8.9x 1.8x 35.7%

Arise kr39.20 69.8% $140 $194 10.5x 6.5x 18.8x 9.5x 3.2x 49.7%

Mean 7.1x 7.7x 12.2x 13.5x 2.2x 49.9%

Median 6.5x 6.1x 12.0x 11.5x 2.0x 50.7%

IPPs

Enel €7.58 88.0% $85,320 $163,012 8.0x 7.7x 14.4x 13.5x 2.9x 41.3%

Iberdrola €10.32 91.0% $76,029 $121,937 10.4x 9.7x 18.1x 17.0x 3.6x 37.7%

ENGIE €15.03 89.5% $40,487 $80,675 7.0x 6.7x 13.2x 11.9x NM NA

Innogy €43.25 94.1% $26,497 $44,229 10.4x 10.1x 27.2x 24.4x 3.9x 43.7%

AES $16.73 78.8% $12,096 $32,914 8.5x 8.0x 11.6x 10.7x 4.8x 64.8%

EDPR €12.20 88.4% $11,786 $17,548 11.1x 10.3x 34.2x 29.8x NM NA

NRG $33.21 76.1% $8,462 $13,523 6.7x 7.1x 7.2x 7.9x 2.6x 47.7%

Northland Power C$29.84 90.0% $4,527 $9,299 10.6x 10.1x 17.0x 15.3x 5.4x 60.4%

Innergex C$19.68 88.3% $2,636 $6,096 14.9x 14.5x NM 48.3x 8.4x 60.4%

ERG €21.10 89.9% $3,444 $5,405 9.5x 9.1x 27.7x 24.9x 3.4x 47.5%

Neoen €33.05 90.7% $3,084 $4,684 13.4x 10.6x NM 40.9x 4.6x 42.0%

Boralex C$28.65 89.4% $2,114 $4,385 12.0x 11.8x NM NM 6.3x 55.6%

Scatec Solar kr161.20 86.7% $2,156 $3,369 13.3x 11.3x 47.6x 37.6x 4.6x 43.3%

Falck Renewables €5.86 93.0% $1,721 $2,682 11.5x 10.7x 37.0x 33.4x 3.3x 34.7%

Voltalia €15.25 91.9% $1,575 $2,223 13.6x 11.5x 39.9x 39.5x 3.5x 32.2%

Atlantic Power C$3.06 76.3% $238 $998 5.4x 5.3x 22.8x 13.4x 3.2x 83.2%

Solarpack €13.92 85.4% $511 $874 10.3x 8.9x 15.9x 14.1x 4.2x 51.1%

Alerion Clean Power €5.08 81.4% $273 $467 4.9x 4.4x 20.9x 16.2x 1.9x 47.2%

Etrion C$0.21 78.9% $55 $224 NM NM NM NM NM 139.1%

Mean 10.1x 9.3x 23.6x 23.5x 4.2x 54.8%

Median 10.4x 9.9x 20.9x 17.0x 3.7x 47.5%

Wind and Other

Vestas kr649.40 88.5% $19,209 $16,242 8.1x 7.9x 18.5x 17.6x (1.2x) 5.5%

Siemens Gamesa Renewable €14.53 85.6% $10,853 $10,655 9.8x 7.6x 24.8x 17.5x (0.2x) 15.3%

Xinjiang Goldwind HK$7.74 66.2% $5,963 $8,814 9.0x 8.3x 6.9x 6.2x 4.5x 59.1%

Ormat $69.68 80.0% $3,684 $4,793 11.7x 10.8x 37.5x 31.0x 2.7x 26.5%

Suzlon ₹2.69 32.0% $209 $1,632 NM NM NM NM NM 89.0%

Nordex €10.63 67.5% $1,239 $1,580 6.6x 5.7x 30.2x 18.1x 1.4x 48.1%

China High Speed Transmissions HK$4.95 62.0% $1,039 $1,578 NM NM NM NM NM 92.1%

Bonheur ASA kr183.00 81.0% $867 $1,230 8.1x 5.6x NM 14.2x 2.6x 84.8%

TPI Composites $23.74 75.6% $816 $1,033 9.6x 6.7x 41.4x 15.5x 1.9x 26.3%

Sinovel ¥1.01 61.2% $871 $1,014 NM NM NM NM NM 18.7%

Sif Holding €13.14 89.3% $369 $416 9.7x 5.7x 24.8x 9.8x 1.1x 11.8%

Senvion €0.01 0.5% $0 $275 NM NM NM NM NM 158.2%

Mean 9.1x 7.3x 26.3x 16.2x 1.6x 53.0%

Median 9.3x 7.1x 24.8x 16.5x 1.6x 37.3%







Greentech / 17


Yield Vehicles



EV / EBITDA (2)


2020E Debt/


EV (5)

Yield Vehicles

North American Yield Vehicles

Brookfield Renewables C$67.02 87.8% $9,624 $39,003 25.9x 24.1x NM NM 7.0x 29.6%

NextEra Energy Partners $57.67 93.2% $3,777 $12,856 9.7x 9.1x 38.2x 25.4x 3.0x 33.7%

TerraForm Power $18.79 87.1% $4,266 $11,178 13.4x 13.1x NM NM 7.5x 58.4%

Clearway Energy $21.04 90.5% $2,421 $9,388 8.7x 8.3x 18.7x 18.3x 6.1x 74.6%

Atlantica Yield $28.91 89.0% $2,936 $8,026 9.0x 8.3x 30.4x 22.5x 5.5x 70.6%

Pattern Energy $27.05 94.9% $2,668 $7,647 16.7x 15.9x NM NM 7.1x 47.5%

Innergex C$19.68 88.3% $2,636 $6,096 14.9x 14.5x NM 48.3x 8.4x 60.4%

TransAlta Renewables C$16.41 89.9% $3,434 $3,936 11.5x 11.4x 20.1x 18.5x 1.9x 18.2%

Hannon Armstrong $33.95 85.1% $2,278 $3,565 NM NM 23.1x 21.9x 16.2x 39.0%

Enviva $37.87 96.3% $1,257 $1,745 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%

Mean 13.4x 12.6x 25.2x 24.4x 6.7x 46.9%

Median 11.5x 11.4x 21.8x 21.9x 6.5x 43.3%

European Yield Vehicles

Greencoat UK Wind £1.40 90.5% $2,718 $3,453 NM NM NM NM NM 22.2%

Encavis AG €10.48 89.3% $1,584 $3,379 13.7x 12.3x 26.0x 22.2x 7.3x 63.0%

Renewables Infrastructure Group £1.34 96.3% $2,801 $2,638 NM NM NM NM NM NM

NextEnergy Solar Fund £1.18 92.9% $877 $1,123 NM NM NM NM NM 22.5%

Aventron CHF9.85 85.7% NA $867 11.1x 10.6x 36.5x 36.5x 5.3x 55.0%

John Laing Environmental £1.15 92.4% $730 $728 NM NM NM NM NM NM

Bluefield Solar Income £1.37 94.2% $648 $647 NM NM NM NM NM NM

Octopus Renewables £1.05 94.1% $471 $471 NM NM NM NM NM NM

Athena Investments kr4.31 90.5% $63 $99 NM NM NM NM NM 54.8%

Mean 12.4x 11.4x 31.2x 29.3x 6.3x 43.5%

Median 12.4x 11.4x 31.2x 29.3x 6.3x 54.8%

MLPs

Enviva $37.87 96.3% $1,257 $1,745 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%

Mean 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%

Median 10.7x 8.7x 20.6x 16.0x 3.8x 36.5%

(6)

(6)

(7)







(6) On January 13th, 2020, Brookfield proposed to acquire TerraForm Power in an all-stock transaction assuming a 0.36 BEP-to-TERP exchange ratio.

(7) On November 4th, 2019, CPPIB announced a definitive agreement for an all-cash transaction for $26.75/share, implying an enterprise value of $6.1bn, including net debt.

Greentech / 18


Environmental Services and Technologies



EV / EBITDA (2)


2020E Debt/


EV (5)

Environmental Services and Technologies

Solid Waste

Waste Management $110.81 87.4% $49,704 $57,431 12.2x 11.6x 24.1x 22.2x 2.2x 24.3%

Republic Services $90.26 89.4% $30,017 $37,707 12.3x 11.7x 25.7x 23.6x 2.9x 23.7%

Waste Connections $96.49 91.7% $26,038 $29,626 16.5x 15.4x 32.9x 29.9x 2.4x 15.4%

Advanced Disposal Services $33.06 99.7% $2,964 $4,854 10.8x 10.5x NM NM 4.2x 39.0%

Covanta $13.36 72.7% $1,857 $4,269 9.9x 9.5x NM NM 5.8x 60.2%

Casella $48.45 86.3% $2,313 $2,917 16.8x 15.2x NM 45.3x 3.5x 20.9%

Biffa £2.61 83.1% $873 $1,444 6.2x 5.9x 11.3x 10.9x 2.6x 48.0%

Seche Environmental €39.50 83.2% $345 $733 4.6x 4.4x 13.1x 11.7x 2.4x 62.5%

Mean 12.1x 11.4x 23.5x 26.4x 3.4x 33.1%

Median 12.2x 11.6x 24.9x 23.6x 2.9x 24.3%

Specialty Waste

Stericycle $57.43 84.5% $5,796 $8,322 14.4x 12.9x 21.1x 18.2x 5.3x 37.4%

Darling Ingredients $25.70 86.9% $4,321 $5,996 12.5x 12.2x 19.3x 16.0x 3.6x 29.7%

Clean Harbors $69.52 78.6% $4,058 $5,191 9.2x 8.8x 31.0x 27.3x 2.3x 33.2%

US Ecology $42.06 62.6% $1,399 $1,754 7.4x 6.9x 23.5x 19.2x 1.5x 21.4%

Heritage-Crystal Clean $26.33 80.8% $648 $661 10.3x 8.5x 20.3x NM 0.8x 16.5%

Charah Solutions $2.21 27.7% $77 $258 6.0x 5.7x 17.0x NM 4.4x 77.2%

Mean 9.9x 9.1x 22.0x 20.2x 3.0x 35.9%

Median 9.7x 8.6x 20.7x 18.7x 2.9x 31.4%

Pollution Control

Donaldson $45.08 77.3% $5,853 $6,298 12.5x 11.7x 19.1x 17.3x 1.1x 12.5%

CECO $6.75 68.6% $238 $297 8.1x 6.2x 11.3x 8.2x 1.6x 30.1%

Advanced Emissions Solutions $8.89 58.0% $177 $206 NM NM 2.2x 1.8x NM 27.3%

Mean 10.3x 9.0x 10.9x 9.1x 1.4x 23.3%

Median 10.3x 9.0x 11.3x 8.2x 1.4x 27.3%







Greentech / 19


Water



EV / EBITDA (2)


2020E Debt/


EV (5)

Water

Efficiency / Process

Pentair $39.39 83.0% $6,913 $7,656 12.8x 12.1x 15.5x 14.4x 1.7x 14.5%

Flowserve $40.19 74.2% $5,452 $6,180 10.4x 9.5x 16.6x 14.7x 1.5x 25.3%

Rexnord $29.16 81.8% $3,659 $4,474 9.4x 9.0x 14.0x 13.0x 1.9x 26.7%

Evoqua $20.97 83.1% $2,538 $3,287 13.5x 12.6x 34.6x 29.0x 3.5x 32.0%

Kemira €11.47 76.5% $1,937 $2,829 6.2x 6.1x 12.5x 12.0x 2.0x 37.1%

Badger Meter $60.21 85.0% $1,860 $1,719 18.6x 17.4x 34.6x 31.9x (0.4x) NM

AquaVenture Holdings $27.04 97.3% $863 $1,084 12.7x 12.1x NM NM 2.6x 30.4%

Thermon Group $17.57 63.4% $613 $732 9.7x 9.2x 15.0x 12.9x 2.0x 26.4%

Wabag ₹187.80 52.1% $139 $187 4.7x 4.2x 8.1x 7.0x 1.5x 45.6%

Mean 10.9x 10.2x 18.9x 16.9x 1.8x 29.7%

Median 10.4x 9.5x 15.3x 13.7x 1.9x 28.6%

Infrastructure, Monitoring & Compliance

Ecolab $180.45 85.4% $55,118 $58,776 17.1x 16.2x 28.5x 25.8x 1.9x 11.8%

Xylem $77.34 86.6% $14,829 $15,785 15.6x 14.3x 25.1x 22.2x 1.8x 16.2%

Advanced Drainage Systems $41.86 81.1% $3,005 $4,164 11.6x 10.6x 32.8x 18.5x 2.8x 32.9%

Watts Water $93.91 82.1% $2,638 $3,311 12.5x 11.8x 21.7x 20.0x 0.5x 10.6%

Mueller Water Products $10.95 86.2% $1,795 $2,069 9.5x 8.8x 17.2x 15.5x 1.6x 23.0%

Mean 11.3x 10.6x 24.1x 18.5x 1.6x 21.2%

Median 11.6x 10.6x 25.1x 18.5x 1.8x 16.2%

Heating & Cooling

Lennox $228.13 76.4% $9,267 $10,120 14.8x 13.9x 19.8x 18.0x 1.9x 13.4%

A.O. Smith $39.55 69.8% $5,573 $6,189 10.9x 10.1x 17.0x 15.3x (0.4x) 5.4%

AAON $55.01 93.5% $3,016 $2,827 21.9x 19.7x 36.7x 32.4x (0.3x) NM

SPX Corporation $41.93 78.0% $1,982 $2,219 9.9x 9.3x 14.0x 13.0x 1.6x 18.9%

Comfort Systems USA $42.22 72.5% $1,581 $1,810 7.8x 7.6x 12.7x 11.8x 1.1x 17.3%

Mean 14.4x 13.3x 21.9x 19.7x 0.7x 12.6%

Median 12.9x 12.0x 18.4x 16.6x 0.7x 13.4%

Distribution

Veolia $28.48 91.3% $16,444 $31,824 7.1x 6.8x 18.6x 17.0x 3.3x 60.2%

American Water Works $123.66 87.5% $23,653 $31,815 16.3x 15.3x 32.1x 29.3x 4.8x 30.0%

SUEZ €14.28 89.1% $10,039 $26,078 7.7x 7.4x 22.2x 18.7x 3.9x 66.2%

Severn Trent £24.65 90.8% $7,741 $15,341 12.9x 12.7x 19.9x 20.1x 6.6x 51.4%

Essential Utilities $43.01 78.9% $9,805 $12,355 16.0x 17.0x 27.2x 26.1x NM 24.9%

American States Water $76.59 79.8% $2,967 $3,322 20.1x 19.0x 34.6x 32.7x 3.0x 15.1%

SJW $61.18 81.6% $1,796 $3,145 20.3x 19.5x 26.2x 24.8x 9.1x 45.2%

Middlesex Water Company $59.47 85.1% $1,123 $1,423 NM NM 29.5x 27.2x NM 21.3%

York Water $42.29 84.8% $593 $650 NM NM 35.5x 33.0x NM 15.5%

Artesian $34.33 85.0% $321 $467 NM NM NM NM NM 31.8%

Global Water Resources $11.95 79.7% $280 $373 19.9x 18.7x NM NM 5.5x 30.8%

Consolidated Water $16.16 85.8% $259 $214 12.5x NM 23.6x 22.1x (2.3x) 2.1%

Mean 14.8x 14.6x 27.0x 25.1x 4.2x 32.9%

Median 16.0x 16.2x 26.7x 25.4x 4.4x 30.4%







Greentech / 20


AgTech, Industrial Biotechnology and

Building Materials



EV / EBITDA (2)


2020E Debt/


EV (5)

AgTech

Large Crop / Life Science

Bayer €65.21 83.2% $70,274 $107,440 7.8x 7.2x 9.0x 8.0x 2.7x 39.8%

BASF €53.08 71.1% $53,532 $74,084 7.8x 7.1x 13.2x 11.7x NM NA

DuPont de Nemours $42.90 51.2% $33,235 $48,713 8.9x 8.4x 11.4x 10.1x 3.0x 37.0%

Archer-Daniels-Midland $37.65 79.8% $21,668 $30,104 8.6x 8.2x 11.4x 10.5x 2.6x 32.8%

Bunge Limited $46.95 78.7% $6,955 $12,898 9.0x 8.5x 12.3x 10.8x 3.5x 49.9%

Mosaic $17.03 53.1% $6,689 $10,914 7.9x 6.2x 36.1x 14.2x 3.1x 44.1%

Mean 8.3x 7.6x 15.6x 10.9x 3.0x 40.4%

Median 8.2x 7.7x 11.8x 10.6x 3.0x 39.4%

Irrigation / Equipment

Deere $156.48 86.0% $51,603 $90,142 19.7x 16.5x 15.9x 13.5x 9.0x 50.2%

CNH Industrial $9.30 77.6% $12,811 $31,683 11.6x 10.6x 11.5x 10.1x 7.0x 78.4%

Kubota ¥1,523 83.7% $17,234 $24,620 9.9x 9.3x 12.3x 11.6x 2.6x 34.0%

Mahindra & Mahindra ₹456.40 64.8% $7,902 $15,380 16.9x 15.4x 12.8x 11.7x 8.5x 63.8%

Toro $71.43 84.8% $8,071 $8,229 14.0x 13.1x 20.9x 18.9x 0.9x 8.5%

AGCO $60.43 74.2% $4,803 $5,734 6.7x 6.2x 12.0x 10.5x 1.3x 27.1%

Valmont $116.22 75.0% $2,554 $3,084 9.0x 8.2x 15.4x 13.4x 1.6x 28.8%

Lindsay $99.03 88.6% $1,074 $1,095 16.7x 14.6x 36.0x 28.4x 0.4x 13.3%

Raven Industries $28.71 70.9% $1,044 $953 14.9x 12.1x 38.2x 29.9x (1.1x) NM

Jain ₹5.32 8.2% $36 $880 NM NM NM NM NM 82.7%

Mean 13.3x 11.8x 19.4x 16.5x 3.4x 43.0%

Median 14.0x 12.1x 15.4x 13.4x 1.6x 34.0%

5

Industrial Biotechnology

Neste €35.66 89.8% $29,835 $29,864 12.0x 10.8x 18.7x 16.6x (0.1x) 4.9%

Cosan R$73.17 85.6% $6,601 $7,911 5.3x 4.9x 13.7x 12.1x 1.0x 39.3%

Renewable Energy Group $26.45 84.0% $1,052 $1,225 9.5x 8.4x 5.8x 5.3x 1.5x 21.4%

Green Plains Renewable Energy $11.99 67.6% $446 $884 18.3x 9.1x NM NM 7.2x 70.0%

Amyris $3.19 55.4% $533 $595 NM 8.7x NM NM 57.5x 39.1%

MGP Ingredients $28.76 32.3% $510 $535 8.9x 8.6x 14.1x 13.3x 0.7x 8.9%

REX American Resources $70.01 70.9% $449 $313 NM NM 27.0x NM NM 5.4%

Pacific Ethanol $0.44 30.6% $23 $311 7.5x NM NM NM 6.6x 93.1%

FutureFuel $10.17 53.9% $457 $135 NM NM NM NM NM 1.3%

Mean 10.8x 8.4x 15.8x 11.8x 11.3x 27.0%

Median 9.5x 8.6x 14.1x 12.7x 1.2x 21.4%

Building Materials

Multi-Industry

CRH $33.88 82.9% $27,238 $34,653 7.4x 7.0x 13.3x 12.1x 1.6x 34.1%

Saint-Gobain €31.60 79.9% $19,098 $32,946 5.8x 5.6x 8.8x 8.2x NM NA

Masco $41.32 82.5% $12,040 $13,931 11.2x 10.6x 16.5x 14.5x 1.8x 21.3%

Owens Corning $56.49 82.2% $6,326 $9,175 6.8x 6.4x 11.0x 9.8x 2.2x 34.8%

Beacon Roofing Supply $29.70 74.3% $2,147 $5,583 11.0x 10.3x 11.3x 9.8x 6.2x 64.2%

Armstrong World Industries $100.15 89.9% $4,989 $5,407 12.3x 11.4x 19.0x 16.9x 1.4x 11.9%

Simpson Manufacturing $79.43 90.0% $3,679 $3,331 13.5x 12.4x 23.3x 20.7x (0.8x) 1.1%

Griffon Corporation $17.40 68.2% $860 $2,057 9.4x NM 12.3x NM 5.7x 63.5%

Gibraltar $50.67 89.6% $1,688 $1,473 9.5x 9.0x 17.2x 16.0x (1.1x) 1.9%

Mean 9.7x 9.1x 14.7x 13.5x 2.1x 29.1%

Median 9.5x 9.6x 13.3x 13.3x 1.7x 27.7%

Sustainable Products/Materials

Kingspan €57.05 87.4% $11,638 $12,254 17.3x 16.4x 25.4x 23.8x 1.2x 8.7%

Trex $95.65 87.7% $6,111 $5,463 22.1x 19.0x 32.5x 28.1x (0.4x) NM

Cabot Corporation $37.38 73.9% $2,188 $3,285 6.2x 5.8x 9.8x 8.5x 2.0x 37.0%

Quanex $16.80 82.3% $575 $682 6.5x NM 15.2x NM 1.2x 23.0%

Aspen Aerogels $7.95 74.2% $212 $218 29.7x 14.2x NM NM 0.7x 4.0%

DIRTT Environmental Solutions C$2.42 26.0% $155 $128 10.1x 6.3x NM NM (2.0x) 16.2%

Mean 15.3x 12.3x 20.7x 20.1x 0.5x 17.8%

Median 13.7x 14.2x 20.3x 23.8x 1.0x 16.2%







Greentech / 21

San Francisco

New York

Zürich

Highly Experienced Partners Supported by 65 Professionals

Global Experts in Sustainable

Technology and Infrastructure

Diego

Pignatelli

Partner

Zürich

+41 44 578 3941

diego@

greentechcapital.com

> 30+ years of

experience

> >60 completed

transactions

> European coverage

> Industrials and

energy companies

> Utilities

Laurent

Dallet

Partner

Zürich

+41 44 578 3917

laurent@


> 15+ years of

experience

> >30 completed

transactions

> Renewable energy

assets

> Distributed energy

production

> Energy efficiency

and services

Jeff

McDermott

Managing

Partner

New York

+1 212 946 3940

jeff@


> 30+ years of

experience

> >150 completed

transactions

> Founder and head

of advisory

business

> Large industrials

and energy

companies

> Broad coverage of

senior leaders

Derek

Bentley

Partner

New York

+1 212 946 3948

dbentley@


> 20+ years of

experience

> >35 completed

transactions

> Renewable energy

assets

> Energy storage

> Distributed

generation

> Water

PJ

Deschenes

Partner

New York

+1 212 946 3362

pjdeschenes@


> 15+ years of

experience

> >30 completed

transactions

> Renewable energy

assets

> Power infrastructure

services

> Renewable energy

value chain

> Environmental

services

Duncan

Williams

Partner

San Francisco

+1 415 697 1560

duncan@


> 25+ years of

experience

> >40 completed

transactions

> Sustainable Food &

AgTech

> Advanced

transportation

> Industrial IoT &

software

> Environmental

services

> Water

Michael

Horwitz

Partner

San Francisco

+1 415 697 1561

mhorwitz@


> 20+ years of

experience

> >40 completed

transactions

> Energy efficiency

> Energy software and

services

> Energy storage

> Renewable energy

> Smart grid

> Blockchain

Damien

Sauer

Partner

Zürich

+41 44 578 3914

damien@


> 20+ years of

experience

> >50 completed

transactions

> Energy efficiency


> Renewable energy

value chain

> Smart grid

Rob

Schultz

Partner

New York

+1 212 946 3950

robert@


> 25+ years of

experience

> Chief Operating

Officer, Chief Legal

Officer, and Chief

Compliance Officer

Olav

Junttila

Partner

San Francisco

+1 415 697 1552

olav@


> 20+ years of

experience

> >30 completed

transactions

> Energy software

and services

> Energy efficiency

> Renewable energy

> Utilities

Frank

Nicklaus

Partner

New York

+1 212 946 3372

fnicklaus@


> 15+ years of

experience

> >25 completed

transactions

> Renewable energy

assets


services

> Renewable energy

value chain

Steve

Megyery

Partner

New York

+1 212 946 3949

steve@


> 15+ years of

experience

> >30 completed

transactions

> Head of Private

Placements

> Cleantech


John

McClure

Partner

San Francisco

+1 415 697 1568

john@


> 25+ years of

experience

> >20 completed

transactions

> Advanced

transportation

> Edge computing

> Semi-conductors

> Industrial sensors

Capital

Raising

• Equity private placements

• Debt private placements

• Project finance advisory

• Co-managed public

offerings

Mergers &

Acquisitions

• Corporate sales

• Acquisitions

• Minority investments

• Joint ventures

• Fairness opinions

Strategic

Advisory

• Strategic consulting

• IPO preparation

• Financial restructuring

• Specialized opinions

• Independent capital

markets advice

>20

assignments

Asset

Transactions

• Acquisitions

• Divestitures

• Passive equity

• Development capital

formation

$22bn

$4bn

Development

50GW

Operating

23GW

Note: As of February 29th

, 2020.

Alex

Stein

Partner

Zürich

+41 44 578 3911

alex@


> 10+ years of

experience

> >20 completed

transactions

> Energy transition

> Industry 4.0

> Environmental

technology and

services

mailto:[email protected]










Greentech / 22

Disclaimer

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