PitchBook-2022年四季度清洁能源报告英

Q4

2022

EMERGINGTECHRESEARCH

CleanEnergyReport

VCtrendsandemergingopportunities

REPORTPREVIEW

ThefullreportisavailablethroughthePitchBookPlatform.

Contents

Verticaloverview

Q42022timeline

Cleanenergylandscape

CleanenergyVCecosystemmarketmap

VCactivity

Emergingopportunities

Renewables-coupledbatteries

Greenhydrogen

Selectcompanyhighlights

Hithium

Swell

TreeEnergySolutions

Q42022CleanEnergyReport

3

4

5

6

7

13

14

15

16

17

19

21

InstitutionalResearchGroup

Analysis

JohnMacDonaghSeniorAnalyst,EmergingTechnologyjohn.macdonagh@pbinstitutionalresearch@

Data

AlyssaWilliamsDataAnalyst

Publishing

ReportdesignedbyChloeLadwigandJennaO’Malley

PublishedonMarch9,2023

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG2

VCdeal

VCdeal

News

Oct1

Nov1

VCdeal

Dec31

October18

Batteryenergystoragesystem(BESS)developerHithiumraises$280.5millioninSeriesBfundingtoexpanditscurrentproductioncapacityandfurtherdevelopitstechnology.

December7

ThewinnersofthefirstfloatingoffshorewindauctionsintheUSareannounced,foratotalof$757.1million.OfthefiveleasesavailableoffthecoastofCalifornia,fourarewonbydivisionsofEuropeanenergycompaniesthathavemoreexperiencethanUSdevelopersatimplementingfloatingoffshorewindhardware.

December13

TheUSDepartmentofEnergyandNationalNuclearSecurityAdministrationannouncethefirstinstanceofacontrolledfusionreactionproducingmoreenergythanwasusedtocreateit.

December19

EUcountrieshaveagreedonagaspricecaptomanagetheongoingenergycrisisandthehighfuelpricesacrossEurope.Inthelongerterm,cleanenergytechnologieswillbegintofillthefueldeficitcausedbysanctionsonRussia.

News

News

Dec1

Q42022timeline

October4

Grid-scalebatterydeveloperFormEnergyraises$450millioninSeriesEfundingtobuildmanufacturingcapabilitiesforitslong-durationiron-airbatteriesinadealledbyTPG.

October13

Estonia-basedsolarandwindenergydeveloperSunlyraises$196.4millioninearly-stageVCfunding,whichwillbeusedtodeveloprenewablepowerprojectsintheBalticStatesandPoland.

Q42022CleanEnergyReport

Q4VCdealcountsummary

119

totaldeals

-16.8%

QoQgrowth

-25.2%

YoYgrowth

-8.9%

YTDgrowth

Q4VCdealvaluesummary

$3.4B

totaldealvalue

-22.1%

QoQgrowth

-46.5%

YoYgrowth

1.4%

YTDgrowth

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG4

Cleanenergylandscape

1

2

3

4

IntermittentrenewableenergysourcesDispatchableenergysources

Cleanfuels

Gridinfrastructure

3

2

4

1

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG1

Q42022CleanEnergyReport

VCactivity

2022wasastrongyearforVCinvestmentincleanenergy—full-yearfiguresshowedarecord$16.2billioninVCdealvalueacross582deals.Incomparison,2021,whichwaspreviouslythehighestyearforbothdealcountanddealvalue,hadslightlylowerdealvalueat$16.0billionandaslightlyhigherdealcountat639.Withinthecleanenergyspace,2022wasarecordyearforinvestmentinbothcleanfuelsandintermittentrenewableenergysources,5withcleanfuelsVCinvestmentgrowing83.6%from2021to2022,andintermittentrenewableenergysourcesgrowing65.6%overthesameperiod.Thisstrong2022dealactivityissimilartothetrendseeninthecarbon&emissionstechvertical,butotherwisegoesagainsttrendsseenacrosstheVCspaceasawhole.Despitethestrong2022dealactivity,Q4representedthelowestquarterfordealvalueinthecleanfuelsandintermittentrenewableenergysegments.Thegridinfrastructureanddispatchableenergysegmentsshowedlower2022investmentmetricsrelativeto2021,6thoughstillreceivedhigherinvestmentthananyotheryearbefore2021.

Q4hadlowerdealactivitythanthefirstthreequartersof2022at$3.4billioninvestedacross119dealscomparedwithanaverageof$4.3billioninvestedacross154dealsperquarterforthefirstthreequartersof2022.ThelargestdealsinQ4includegrid-scalebatterydeveloperFormEnergy’s$450.0millionSeriesE,lithium-ionbatterydeveloperHithium’s$280.5billionSeriesB,andenergy-as-a-serviceproviderRedaptive’s$200.0millionSeriesE.

In2022,thehighestlevelsofVCinvestmentwereinsolarphotovoltaictechnologiesandchemicalbatteries,withinvestmentsinhydrogenandpowergridanalytics&managementattractingthenext-highestlevelofVCinvestment.

5:Includingsolarandwindtechnologies.

6:Includinghydropower.

Q42022CleanEnergyReport

$16.0

465

393

381

328

$2.0

$3.2

$3.8

$5.1

CleanenergyVCdealactivity

639

582

$16.2

201720182019202020212022*

Dealvalue($B)Dealcount

Source:PitchBook|Geography:Global|*AsofDecember31,2022

CleanenergyVCexitactivity

46

36

18

13

5

$1.4

$6.2

201720182019202020212022*

Exitvalue($B)Exitcount

4$0.1

$9.4

$3.6

$1.0

Source:PitchBook|Geography:Global|*AsofDecember31,2022

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG7

VCACTIVITY

Keycleanenergyearly-stageVCdeals*

Post-moneyvaluation($M)

Valuationstep-up(posttopre)

Leadinvestor(s)

CompanyClosedate(2022)CategoryStageDealvalue($M)

ABCISecurities,CCBTPrivateEquity

HithiumOctober18BatterystorageSeriesB$280.5N/A

N/A

SunlyOctober13Solar-photovoltaicEarly-stageVC$196.4N/AN/AN/A

TreeEnergySolutionsOctober5HydrogenEarly-stageVC$128.7N/AN/AN/A

FTXTEnergyTechnologyNovember30HydrogenSeriesB$77.3N/AZhongjianCaixinN/A

GCLPerovskiteDecember14Solar-photovoltaicSeriesB1$70.6N/A

IDGCapital,SequoiaCapitalChina,TemasekHoldings

N/A

SinoHyKeyOctober20HydrogenSeriesB$42.0$461.9N/AN/A

GreenLab

December22

Analyticsand

gridmanagement

Early-stageVC

$35.3

N/AN/AN/A

FairmatOctober1WindSeriesA$35.0N/A

CompagnieNationaleÃPortefeuille,TemasekHoldings

N/A

ElementEnergyDecember14BatterystorageSeriesB$28.0$320.0CohortVentureCapital5.3x

NoonEnergy

November29BatterystorageSeriesA$27.7$77.7

CleanEnergyVentures,SaudiAramcoEnergyVentures

5.6x

Source:PitchBook|Geography:Global|*AsofDecember31,2022

Q42022CleanEnergyReport

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG10

VCACTIVITY

Keycleanenergylate-stageandventuregrowthVCdeals*

Post-moneyvaluation($M)

Valuationstep-up(posttopre)

Leadinvestor(s)

CompanyClosedate(2022)CategoryStageDealvalue($M)

FormEnergyOctober4BatterystorageSeriesE$450.0$1,950.0TPG1.3x

Redaptive

December19

Analyticsand

gridmanagement

SeriesE1

$200.0

$950.0

N/AN/A

Swell

November22

Analyticsand

gridmanagement

SeriesB$120.0N/AGreenbackerGroup,SoftBankGroupN/A

WATTFuelCellDecember7Non-batterystorageLate-stageVC$82.3$152.4N/AN/A

SyzygyPlasmonicsNovember16HydrogenSeriesC$76.7$246.7CarbonDirectCapitalManagement2.7x

Dabbsson

December16

Batterystorage,solar-photovoltaic

Late-stageVC

$75.0

N/AN/AN/A

NatronEnergyDecember20BatterystorageSeriesAA$57.7$106.5N/A0.4x

SunfoldingDecember16Solar-photovoltaicLate-stageVC$49.7N/AN/AN/A

TheMobilityHouseNovember3BatterystorageSeriesC$47.7N/A

MercuriaEnergyTrading,VenturaCapital,WermuthAssetManagement

N/A

5B

December15Solar-photovoltaicSeriesB$37.1N/AAES,ArtesianCapitalManagementN/A

Source:PitchBook|Geography:Global|*AsofDecember31,2022

Q42022CleanEnergyReport

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG11

CONFIDENTIAL.NOTFORREDISTRIBUTION.PG21

Q42022CleanEnergyReport

SELECTCOMPANYHIGHLIGHTS:TREEENERGYSOLUTIONS

Founded

2019

33employees

Lastfinancing:

$128.7Minearly-

stageVCfunding

Post-moneyvaluation:

Undisclosed

Firstinstitutionalround:

$67.0Mearly-stageVCfunding

Totalraised:

$195.6Movertwodeals

Overview

Leadership

TreeEnergySolutionsisaBelgium-basedproducerofgreenhydrogenandotherderivedgreen

•CEO:MarcoAlverà

chemicalsandfuels.Atitscore,itproducesgreenhydrogenthroughelectrolysisofwaterusing

•ChiefTechnologyOfficer:JensSchmidt

renewablepower,butitalsousesthishydrogentoproducegreennaturalgaswhichisusedto

•ChiefStrategyOfficerandAmericasCEO:CynthiaWalker

producepower.ItfocusesonEuropeanmarkets,butisalsodevelopingenergysupplyandimport

•ChiefCorporateOfficer:YvesVercammen

hubsinCanadaandtheUS.TreeEnergySolutions’firstgreenenergyhubwillbeinGermany.It

•ChiefPrivacyOfficer:AlexandraPieton

willproducegreenhydrogenandelectricalpower,anditwillincludea500MWelectrolyserforhydrogenproduction.Itsgreenhydrogenisalsoviableasatransportfuel,particularlyforlarger

•ChiefCommercialOfficer:OttoWaterlander

commercialvehicles.Thoughinearlystagesofdevelopment,TreeEnergySolutionsisaimingto

produce5.5millionmetrictonsofhydrogenperyearby2045andupto250TW-hoursofgreen

naturalgas.9

9:“WilhelmshavenGreenEnergyHub,”TreeEnergySolutions,n.d.,accessedFebruary27,2023.

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