��� �������� The financing of innovation Recent trends in US Cleantech Fuel Cells & Hydrogen Joint Undertaking October 2012, Paris
1. Investing in Technology: the US juggernaut 2. Cleantech financing: Lessons from last decade 3. Fuel cells: illustration with Bloom Energy ��� - 1 - -1- Quilvest Ventures Presentation ��������
Investing in Technology Value created is highly concentrated on few companies, with 4x more successes in the US than in Europe 2002-2010 22 Billion-dollar Winners 12,900 3,800 600 Winners start-ups exits (exits > $100M) 1:3 1:20 1:600 5 Billion-dollar Winners 9,000 2,000 126 Winners start-ups exits 1:4 1:70 1:1800 Note: The 214 other Winners mostly appeared in China; almost all after 2006 A winner is a VC-backed exits (IPO ou M&A) with an Enterprise Value of $100m and above ��� - 2 - -2- Quilvest Ventures Presentation ��������
Investing in Technology Better US returns are fueled by a greater availability of capital The US raise most of the VC money US start-ups are better financed Total amounts raised by VC funds since 2002 Average capital raised by each Winner $ 180B $ 76M $ 42M $ 36B Europe US Europe US ��� - 3 - -3- Quilvest Ventures Presentation ��������
1. Investing in Technology: the US juggernaut 2. Cleantech financing: Lessons from last decade • The Scale-up issue 3. Fuel cells: illustration with Bloom Energy ��� - 4 - -4- Quilvest Ventures Presentation ��������
The Scale-up issue Cleantech financing First successes have been financially rewarding Analysis of 2002-2009 Venture-backed “Winners” (exits valued above $100M) Venture-capital-backed “Winners” (2002-2009) 20x Return to 18x Investors 16x 2002-2009 Cleantech 14x 21 2002-2011 Bubble size: 12x Cleantech number of Internet / 130 10x Winners Consumer 29 exited IT in 2002-2009 8x 329 6x 236 4x Life Sciences 2x 0x 0 25 50 75 100 >$100M Average Capital raised per Winner ($M) Source: Quilvest Ventures analyses, as of end 2009 ��� - 5 - -5- Quilvest Ventures Presentation ��������
Cleantech financing The Scale-up issue Capital intensity has raised sharply and continuously Venture-capital-backed “Winners” in Cleantech 20x Return to 18x Investors 16x 15 14x 12x 10x 8x 6 6x 4x 8 2x 0x $270M 0 25 50 75 100 >$100M Average Capital raised per Winner ($M) 2002-2003: 2004-2008: 2009-2011: $30M – 15x $90M – 6x $270M – 3x Source: Quilvest Ventures analyses ��� - 6 - -6- Quilvest Ventures Presentation ��������
The Scale-up issue Cleantech financing Value crystallizes at industrial scale only, in particular for corporate groups Turning point in value creation Proven Companies • Roll-out of de-risked Technology Scale-ups technology & processes • Commercial risk • Demo prod. plant Technology Start-ups • Industrialisation risk • $100-1,000M need • R&D through pilots • Technology risk • $10-50M need ��� - 7 - -7- Quilvest Ventures Presentation ��������
The Scale-up issue Cleantech financing Companies scale-up are each time tough to finance, often amongst a combination of heterogeneous investors Turning point in value creation Proven Companies • Roll-out of de-risked Technology Scale-ups technology & processes • Commercial risk • Demo prod. plant Technology Start-ups • Industrialisation risk • $100-1,000M need • R&D through pilots • Technology risk • $10-50M need Quilvest Generalist Venture Capital funds Technologies $30-40B raised Cleantech scale-up funds Cleantech Venture funds each year Energy Private Equity funds Quilvest Energies Corporate Groups Federal and local Governments ��� - 8 - -8- Quilvest Ventures Presentation ��������
1. Investing in Technology: the US juggernaut 2. Cleantech financing: Lessons from last decade • The Financial investors’ contribution 3. Fuel cells: illustration with Bloom Energy ��� - 9 - -9- Quilvest Ventures Presentation ��������
Financial investors Cleantech financing 400 funds active in Cleantech are tracked by Quilvest Ventures, amongst 1,450 Technology and Energy funds overall Quilvest Ventures’ Funds universe # Funds ~1,450 ~400 ~400 ~400 ~400 managers Other Generalist 160 RoW 50 70 energy <$200m >90 Energy 70 Younger >140 ~400 funds Alternatives 140 Cleantech 30 active in scale-up Europe >100 Cleantech Generalist 420 Energy Tech 110 $200m >150 -$1B >6 yrs. >130 Life Sciences 200 North >230 Generalist America >180 Information Tech $1B+ >140 Technology 460 >12 yrs. >110 & Internet Industry focus Fund Focus Zone AuM Age ��� - 10 - -10- Quilvest Ventures Presentation ��������
Cleantech financing Financial investors Successes have been more often backed by generalist Venture Capital funds, than by specialized Cleantech funds Illustration: financing of 34 high-potential Solar companies Generalist VC funds Cleantech funds Energy PE funds Corporate Groups Governments Coverage ratio 82% Generalist Venture Capital funds 28 / 34 Cleantech scale-up funds 38% 13 / 34 Cleantech funds ��� - 11 - -11- Quilvest Ventures Presentation ��������
Financial investors Cleantech financing Solar is the first segment to mature financially, with debt financing now relaying pure equity 2011 financings, by segment and type ($B) Cleantech VC-backed financings, by quarter ($B) $0.7 $0.4 $1.3 $1.7 $1.4 $1.8 $1.2 $0.3 $4.7 $0.4 $1.6 $5.0B 8% 14% Debt-like 16% 19% 4.5 30% 4.0 43% 27% Debt 55% 3.5 Mature/ 35% 36% 3.0 Growth 47% 2.5 36% 2.0 28% 1.5 Equity 64% 28% 1.0 51% Early VC 48% 0.5 35% 34% 29% 0.0 17% 2000 Q1 2001 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 Other Air & Enviro Agric, Water, Waste Transportation Energy Efficiency Energy Storage Smart Grid Solar Wind Biofuels Materials Note: Includes non-VC financings (project finance, government grants…) only when done into a VC-backed company ��� - 12 - -12- Quilvest Ventures Presentation ��������
1. Investing in Technology: the US juggernaut 2. Cleantech financing: Lessons from last decade • The Corporate Groups’ contribution 3. Fuel cells: illustration with Bloom Energy ��� - 13 - -13- Quilvest Ventures Presentation ��������
Corporate investors Cleantech financing Corporate groups become a key component of the Cleantech financing ecosystem Corporates are present in 20% of all Cleantech financings, and Activity levels by Corporate group in 40% of the bigger ones tend to vary quickly Top 15 Energy-focused Corporate groups All Cleantech financing rounds since 2000 (by number of Cleantech financings) 4025 1546 244 2000-2005 2006-2010 2011 - 2012 #1 GE GE GE 15% #2 Siemens Siemens Mitsui 32% With 20% #3 BASF Applied Materials Waste Mgt Corporates 40% #4 Hydro-Quebec Dow Chemical Siemens #5 Chevron Chevron BP #6 Schneider / Aster Mitsui General Motors #7 Shell SOLON Total #8 Duke Energy BP BASF 85% #9 Dow Chemical BASF ABB 68% #10 Mitsui Schneider / Aster Shell Without 60% Corporates #11 ITOCHU ITOCHU 3M #12 Scottish & Southern Scottish & Southern Gamesa #13 Volvo Total Applied Materials #14 Samsung Volvo Dow Chemical #15 Sumitomo SNCF Schneider / Aster Round $0-10m $10-50 m > $50m size: ��� - 14 - -14- Quilvest Ventures Presentation ��������
1. Investing in Technology: the US juggernaut 2. Cleantech financing: Lessons from last decade 3. Fuel cells: illustration with Bloom Energy ��� - 15 - -15- Quilvest Ventures Presentation ��������
Corporate investors The evolution of Cleantech Fuel cell deals raised substantial money across the last decade, with Bloom Energy taking the lion’s share Fuel Cells Companies Fundraising since 2000 ($m) $536m $466m Bloom Energy Other Fuel Cells Companies 250 150 $269m $267m $221m $219m 75 104 $159m $149m $139m 316 286 $124m 12 192 $73m 165 $59m 5 127 $26m 68 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ��� - 16 - -16- Quilvest Ventures Presentation ��������
Recommend
More recommend
