60.0% sustainable technology and infrastructure...scotland from 3r energy and mitchell energy for...

M&A

Transactions

Target Acquirer Transaction Description

Moovit Intel

Intel, a multinational technology company, acquired Moovit, a

provider of a mobility-as-a-service and journal planner app, for

$900mm

SunPower’s

O&M

Business

Clairvest

Group

Clairvest Group, an alternative asset manager, acquired

SunPower’s solar O&M Business for an undisclosed sum

VisTracks Omnitracs

Omnitracs, a global provider of fleet management solutions,

acquired VisTracks, a provider of logistics compliance solutions,

for an undisclosed sum

Capital

Raises

Company Transaction Description

Lime

Lime, a provider of electric scooters and micro-mobility solutions, raised a $170mm

round led by Uber, Bain Capital Ventures and Alphabet. As part of the raise, Uber will

transfer its electric bike and scooter subsidiary, Jump, to Lime

Samsara

Networks

Samsara Networks, a provider of fleet management and connectivity solutions, raised

a $400mm round led by Dragoneer Investment Group, Warburg Pincus and General

Atlantic, with participation from Andreessen Horowitz and General Catalyst

Waymo

Waymo, a developer of autonomous driving solutions, raised a $750mm round led by

T. Rowe Price, Perry Creek Capital and Fidelity Management and Research, on top of

the $2.25bn it had raised in early March

Sustainable Technology and Infrastructure

Monthly Market Update // May 2020

Performance of Key Market Indices(1)

Index Performance(1) May Ending Versus First Day of the

May YTD CY 2019 52 Wk High 52 Wk Low

Dow Jones Industrial Average 4.3% (11.1%) 22.3% (14.1%) 36.5%

NASDAQ Composite 6.8% 5.8% 35.2% (3.3%) 38.3%

S&P 500 4.5% (5.8%) 28.9% (10.1%) 36.1%

NASDAQ Clean Edge Green Energy 9.6% 7.8% 40.7% (13.4%) 58.5%

Notable Recent Transactions & Capital Raises

About Nomura Greentech

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

our clients in achieving 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 opportunities 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 65 professionals working seamlessly on our clients' behalf in New York, Zürich and San Francisco.

Source: FactSet, SEC filings and third-party providers.

(1) Performance does not include reinvestment of dividends.

1

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20

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

39.4%

1.0%

25.7%

9.4%

1

Transaction

Transaction

Multiple(1)

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

5/1/2020 Octopus Energy Origin Energy

Origin Energy, an integrated energy company,

acquired a 20% stake in Ocotopus Energy, an

electricty and gas supplier that sources only

renewable energy, for $134mm upfront, with an

additional $373mm over the next four years

Energy

Technology$507 ND ND

5/4/2020 Aereon Cimarron

Cimarron, a provider of environmental and

emissions control equipment and services,

acquired Aereon, a provider of emissions control

solutions, for an undisclosed sum

Environmental

ServicesND ND ND

5/4/2020 LifeGuard Solutions ComplianceQuest

ComplianceQuest, provider of an enterprise

quality management system, acquired LifeGuard

Solutions, a health and safety management

platform, for an undisclosed sum

Environmental

ServicesND ND ND

5/4/2020 Moovit Intel

Intel, a multinational technology company,

acquired Moovit, a provider of a mobility-as-a-

service and journal planner app, for $900mm

Advanced

Transportation$900 ND ND

5/6/2020 WaterSmart VertexOne

VertexOne, a leading provider of enhanced SaaS

solutions to the utility industry, acquired

WaterSmart, a behavioral customer engagement

and analytics platform, for an undisclosed sum

Water ND ND ND

5/7/2020 Simam Acea

Acea, an electricity and water utility company,

acquired a 70% stake in Simam, a provider of

environmental and industrial management

services, for $23mm

Energy

Technology$23 ND 4.3x

5/7/2020 VEÅ NIBE Industrier

NIBE Industrier, a manufacturer and seller of

energy-efficient products, acquired a 60% stake in

VEÅ, a designer of steam, hot water boilers and

pressure vessels, for an undisclosed sum

Water ND ND ND

5/8/2020 Eco BaltiaINVL Baltic Sea

Growth Fund

INVL Baltic Sea Growth, an asset management

firm specific to the Baltic region, acquired a

controlling stake in Eco Baltia, a provider of

plastic and waste collection services, for an

undisclosed sum

Environmental

ServicesND ND ND

5/10/2020

GES Global

Environmental

Solutions

Generation Capital

Generation Capital, an investment fund focused

on infrastructure, energy and transportation,

acquired Azireli's stake in GES Global

Environmental Solutions, an operator of seawater

desalination facilities, for $30mm

Water $30 ND ND

5/11/2020 VisTracks Omnitracs

Omnitracs, a global provider of fleet management

solutions, acquired VisTracks, a provider of

logistics compliance solutions, for an undisclosed

sum

Advanced

TransportationND ND ND

5/13/2020Compliance Testing

& TechnologyTanknology

Tanknology, a provider of tank testing and

environmental compliance services, acquired

Compliance Testing & Technology, a provider of

storage tank compliance services, for an

undisclosed sum

Environmental

ServicesND ND ND

5/14/2020SunPower's O&M

BusinessClairvest Group

Clairvest Group, an alternative asset manager,

acquired SunPower’s solar O&M Business for an

undisclosed sum

Solar ND ND ND

Corporate Transactions

Select Recent Sustainable Technology &

Infrastructure

M&A Transactions (1/4)

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

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

(2) Based on an implied $33mm enterprise value.

2

(2)

Transaction

Transaction

Multiple(1)

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

5/22/2020Wright Total Indoor

ComfortAir Pros USA

Air Pros USA, a Colorado Springs-based provider

of residential and commercial air conditioning

services, acquired Wright Total Indoor Comfort, a

provider of HVAC and plumbing services, for an

undisclosed sum

Energy Efficiency ND ND ND

5/25/2020 Hiotlabs Polygon

Polygon, a provider of damage restoration

services, acquired Hiotlabs, a developer of

insurance technology solutions aimed at detecting

and preventing water damages, for an

undisclosed sum

Water ND ND ND



Infrastructure



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

3

Transaction Capacity

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

5/6/2020 WElink Group Capital Dynamics

Capital Dynamics, an investor in renewable

energy projects, acquired a 133 MW solar farm in

Spain from WElink Group for an undisclosed sum

Solar ND 133

5/11/2020 Enbridge CPPIB

CPPIB, a Canadian pension fund, acquired ~25%

stakes in three offshore wind farms totaling 1.4

GW in France from Enbridge for $89mm, with an

additional $133mm committed as follow-on

investment

Wind $222 1,428

5/13/20203R Energy and

Mitchell EnergyScottish Power

Scottish Power, a subsidiary of Iberdrola,

acquired a 165 MW wind project pipeline in

Scotland from 3R Energy and Mitchell Energy for

$211mm

Wind $211 165

5/14/2020 Clearway Energy Spruce Finance

Spruce Finance, a consumer finance company

specializing in the residential solar sector,

acquired a 53 MW residential solar asset portfolio

from Clearway Energy for an undisclosed sum

Solar ND 53

5/14/2020Clearway Energy

GroupClearway Energy

Clearway Energy, an investor in energy

infrastructure, acquired a 283 MW wind portfolio

in Texas from Clearway Energy Group under a

drop-down transaction for $70mm

Wind $70 283

5/14/2020

Etrion, Total Solar

Latin America,

Solventus Salvador

Innergex

Innergex, a developer and operator of renewable

energy, acquired a 68 MW solar facility in Chile

from a consortium of investors for $47mm

Solar $47 68

5/14/2020

Partners Group,

Infrared Capital

Partners, DEME

Concessions NV,

GE EFS, ADEME

APG Asset

Management, The

Renewables

Infrastructure Group

APG Asset Management and The Renewables

Infrastructure Group acquired a 396 MW offshore

wind farm in Germany from a consortium of

investors for an undisclosed sum

Wind ND 396

5/15/2020 Village of ShilohIllinois American

Water

Illinois American Water, a subsidiary of investor-

owned American Water, acquired wastewater

systems from the Village of Shiloh for $4mm

Water $4 NA

5/18/2020 Pattern Energy Vertuous Energy

Vertuous Energy, a subsidiary of Public Sector

Pension Fund, acquired a 49% stake in 2 wind

farms totaling 324 MW in New Mexico from

Pattern Energy for an undisclosed sum

Wind ND 324

5/20/2020 Imcopa Bunge

Bunge, an agribusiness and food company,

acquired two soy crushing plants in Brazil from

Imcopa for an undisclosed sum

AgTech ND NA

5/21/2020 Invenergy Southern Power

Southern Power, a gas and electric utility

company, acquired a 90% stake in a 56 MW wind

farm in West Virginia from Invenergy for an

undisclosed sum

Wind ND 56

5/26/2020 ABO Wind Capital Dynamics

Capital Dynamics, an investor in renewable

energy projects, acquired a 23 MW wind farm in

Northern Ireland from ABO Wind for an

undisclosed sum

Wind ND 23

Asset Transactions


Infrastructure



4

Asset Transactions


Infrastructure



5

Transaction Capacity

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

5/26/2020

BlackRock's Global

Energy and Power

Infrastructure Fund

Harrison Street Real

Estate Capital

Harrison Street, a real estate investment

management firm, acquired a stake in a district

energy system in Maryland from BlackRock's

Global Energy and Power Infrastructure Fund for

an undisclosed sum

Energy

TechnologyND NA

5/26/2020 Brockwell Energy BayWa

BayWa, a German company which operates in

the agriculture, building materials and energy

sectors, acquired a 45 MW wind farm in Scotland

from Brockwell Energy for an undisclosed sum

Wind ND 45

5/26/2020

NextEra Energy,

Ranger Power,

Savion, Geronimo

Energy

Alliant Energy

Alliant Energy, the parent company of two public

utilities, announced plans to acquire and advance

a 675 MW portfolio of six solar projects in

Wisconsin for $900mm

Solar $900 675

5/27/2020 UndisclosedEnergy Impact

Partners

Energy Impact Partners acquired a 102 MW

community solar portfolio in New York for an

undisclosed sum

Solar ND 102

5/27/2020 Village of AndalusiaIllinois American

Water

Illinois American Water, a subsidiary of investor-

owned American Water, acquired water and

wastewater systems from the Vilage of Andalusia

for $3mm

Water $3 NA

5/28/2020 PEC EnergiaEDF EN do Brasil

Participacoes

EDF EN do Brasil Participacoes, a subsidiary of

EDF Energies Nouvelles, obtained approval

without conditions from Brazil's Administrative

Council for Economic Defense to acquire a 600

MW wind power complex from PEC Energia for

an undisclosed sum

Wind ND 600

5/29/2020

Naturwärme

Montafon

Biomasseheizkraftw

erk

ENGIE

ENGIE acquired a biomass cogeneration plant

capable of supplying 24 GWh of heat per year

from Naturwärme Montafon

Biomasseheizkraftwerk for an undisclosed sum

Biofuel ND ND

Amount Selected Disclosed

Date Company Company Description Raised ($mm) Subsector Investors

5/1/2020 Josh.aiDeveloper of high-end smart home

sytems$11 Energy Efficiency Undisclosed

5/4/2020 Back MarketDeveloper of a refurbished electronics

marketplace platform$120

Environmental

Services

Goldman Sachs, Algaé Ventures, Eurazeo

Growth

5/5/2020 Finite State

Provider of supply chain security and

risk management services for IoT

devices

$13Industrial

Technology

Energy Impact Partners, Zetta Venture

Partners

5/5/2020 Ninja Van

Developer of a logistics platform serving

e-commerce deliveries in six Southeast

Asian countries

$279Advanced

Transportation

GeoPost, B Capital Group, Monk's Hill

Ventures, Carmenta, Golden Gate Ventures

Growth Fund, Intouch Holding, Grab

5/5/2020 RWDC IndustriesProducer of biodegradable alternatives

to single-use plastic$133

Environmental

Services

Vickers Venture Partners, Koch Industries'

Flint Hills Resources, CPV/CAP

Pensionskasse, International SA, Eversource

Retirement Plan Master Trust, WI Harper

Group

5/6/2020 SaveMoneyCutCarbonManufacturer of energy-efficient

productsND Energy Efficiency Barclays (Sustainable Impact Capital Initiative)

5/6/2020 Toposens Developer of 3D echolocation sensors NDAdvanced

Transportation

ALPANA Ventures, Basinghall Partners, In-Q-

Tel

5/7/2020 EcoinnoDeveloper of single-use plastics

alternatives$6

Environmental

Services

Alibaba Hong Kong Entrepreneurs Fund,

Alibaba Taiwan Entrepreneurs Fund

5/7/2020 LimeProvider of electric scooters and micro-

mobility solutions$170

Advanced

TransportationUber, Bain Capital Ventures, Alphabet, GV

5/8/2020 KurlyDeveloper of a Korean grocery delivery

app$164

Advanced

Transportation

DST Global, Hillhouse Capital, Sequoia

Capital China, Fuse Venture Partners, SK

Networks, Translink Capital, Aspex

Management

5/11/2020 Lehe Food

Developer of an online wholesale and

supply chain platform for agricultural

produce

$56 AgTechCDH Investments, Longzhu Capital,

Guanzhou Hezhi Investment Management

5/12/2020 Dingdong MaicaiDeveloper of a Chinese fresh food

delivery app$300

Advanced

TransportationGeneral Atlantic

5/12/2020 DispatchTrackDeveloper of a web-based delivery and

last mile logistics management platform$144

Advanced

TransportationSpectrum Equity



Infrastructure

Capital Raise Transactions (1/4)


6

Nomura Greentech’s

Take:

In part due to an

extended social

distancing period

associated with

COVID-19, there has

been an uptick of

investment in grocery

and food delivery

platforms



Infrastructure



7



5/12/2020 IRP Systems Provider of electric powertrain products $17Advanced

Transportation

Fosun RZ Capital, JAL Ventures, Entrée

Capital, Tal Capital, Union Tech Ventures,

Cendana Capital, Champion Motors

5/12/2020 SiMa.aiDeveloper of low-power software and

chip solutions$30

Advanced

Transportation

Dell Technologies Capital, Amplify Partners,

Wing Venture Capital, +ND Capital

5/12/2020 Span.IODeveloper of residential energy smart

home products$10 Energy Efficiency

Capricorn Investment Group, Incite Ventures,

ArcTern Ventures

5/12/2020 The YieldDeveloper of a data analytics platform

for farmers$7 AgTech Yamaha Motor Ventures

5/12/2020 VanMoof Developer of electric bikes $14Advanced

TransportationBalderton Capital, SINBON Electronics

5/12/2020 WaymoDeveloper of autonomous driving

solutions$750

Advanced

Transportation

T. Rowe Price, Fidelity Management &

Research, Perry Creek Capital

5/12/2020 Wynd Technologies Developer of portable smart air purifiers NDEnvironmental

ServicesGreenGen Ventures

5/13/2020 Intello LabsDeveloper of analytical tools used to

assess the quality of food$6 AgTech

Saama Capital, Omnivore, Nexus Venture

Partners, SVG Ventures Thrive, AgFunder's

GROW Asia Fund

5/13/2020 Wallbox Provider of EV charging products $13Advanced

TransportationSeaya Ventures, Endeavor Catalyst, Iberdrola

5/15/2020 Wolt Developer of a Finnish food delivery app $108Advanced

Transportation

EQT Ventures, 83North, Highland Europe,

ICONIQ Capital, Goldman Sachs Growth

Equity

5/18/2020 Nanotech EnergySupplier of graphene-powered energy

storage products$28

Renewable

EnergyND

5/19/2020 Sound AgricultureProvider of hydraulic enhancement

products for harvest yield improvement$22 AgTech

S2G Ventures, Syngesta Ventures, Cavallo

Ventures, Fall Line Capital, Cultivian Sandbox

Ventures

5/20/2020 Apollo Agriculture

Developer of a financing and products

platform geared toward small-scale

farmers in Kenya

$6 AgTech

Anthemis Exponential Ventures, Leaps by

Bayer, Flourish Ventures, Sage Hill Capital,

To Ventures Food, Breyer Labs, Accion

Venture Lab, Newid Capital



5/20/2020 Samsara NetworksProvider of fleet management and

connectivity solutions$400

Advanced

Transportation

Alliance Bernstein, Franklin Templeton,

General Atlantic, Sands Capital Management,

Warburg Pincus, Andreessen Horowitz,

Dragoneer Investment Group, General

Catalyst, Tiger Global

5/20/2020 XwingDeveloper of autonomous aviation

technology$10

Advanced

Transportation

R7 Partners, VC Alven, Eniac Ventures,

Thales Corporate Ventures

5/21/2020 Imperfect Foods Provider of a grocery delivery service $72Advanced

TransportationInsight Partners, Norwest Venture Partners

5/24/2020 Platform ScienceProvider of trucking and logistics

software$42

Advanced

TransportationPrologis, Daimler

5/26/2020 Apeel Sciences Developer of a food waste reduction app $250 AgTech

GIC, Viking Global Investors, Upfront

Ventures, Tao Capital Partners, Rock Greek

Group, Oprah Winfrey, Katy Perry, AgFunder

5/27/2020 BYD Semiconductor Manufacturer of semiconductors $266Advanced

Transportation

Shenzen Sequoia Hanchen Equity Investment

Partnership, Sequoia Capital China, CICC

Capital Management, SDIC Fund

Management, Himalaya Capital

5/27/2020 LactipsDeveloper of soluble and biodegradable

thermoplastics$14

Environmental

Services

Bpifrance's SPI Fund, Diamond Edge

Ventures

5/29/2020 DidiDeveloper of a China-based mobile ride-

hailing app$500

Advanced

TransportationSoftbank



Infrastructure



8

Nomura Greentech’s

Take:

Apeel Sciences’ latest

financing round

demonstrates how

investors are

increasingly focused

on tools and

technologies that

support a circular

economy

Date of Amount Selected Disclosed

Pricing Company Company Description Raised ($mm) Subsector Investors

5/13/2020 Allpark

Operator of parking lots, priced its initial

public offering on the B3 Brazilian Stock

Exchange for total proceeds of $59mm

$59Advanced

TransportationND

Initial Public Offerings


Infrastructure



9

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.

10

Market Enterprise Net Debt/

Price as of % of 52 Wk Value Value (1)

EV/EBITDA (2)

P/E (3)

2020E Debt/

Company 5/31/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA (4)

EV (5)

Diversified Industrials

Danaher $166.61 98.3% $117,943 $141,158 26.7x 22.3x 33.6x 28.8x 4.1x 19.5%

Raytheon Technologies $64.52 41.1% $97,684 $140,747 14.7x 12.0x 19.3x 15.1x 4.2x 34.4%

Siemens €98.53 82.2% $89,461 $130,736 14.6x 12.6x 17.6x 14.3x 4.4x 37.2%

Honeywell $145.85 79.6% $104,574 $112,867 14.9x 13.6x 20.9x 18.8x 1.1x 14.9%

GE $6.57 49.9% $57,481 $100,467 17.4x 11.6x NM 17.2x 7.1x 87.8%

Caterpillar $120.13 79.8% $66,204 $95,784 16.2x 12.8x 24.0x 17.2x 5.1x 38.7%

Mitsubishi Corporation ¥2515 85.0% $35,942 $68,988 11.2x 10.4x 9.1x 8.7x 8.7x 97.7%

Schneider Electric €89.24 86.7% $55,318 $61,890 13.1x 11.4x 21.6x 17.7x 1.1x 15.2%

Hyundai W98,000 68.3% $20,638 $59,197 10.1x 8.4x 9.8x 6.1x 8.4x 118.0%

ABB CHF18.89 77.3% $42,039 $49,644 18.7x 13.7x 27.7x 18.5x 2.7x 27.6%

Roper Technologies $393.80 100.0% $41,467 $45,744 24.0x 22.7x 32.2x 30.2x 2.2x 11.5%

Eaton $84.90 80.8% $34,902 $43,291 15.3x 13.6x 23.3x 17.9x 3.0x 20.2%

Emerson Electric $61.02 78.4% $37,283 $42,948 12.8x 12.2x 20.0x 18.6x 1.7x 19.1%

Johnson Controls $31.41 70.6% $23,781 $31,060 10.6x 9.8x 16.0x 14.2x 2.4x 26.3%

Rockwell Automation $216.16 98.6% $25,204 $27,273 21.6x 19.6x 29.5x 27.1x 1.4x 8.8%

Legrand €61.30 79.2% $18,378 $21,561 15.0x 13.0x 23.1x 19.0x 2.2x 24.2%

Dover $97.25 81.1% $14,177 $17,131 15.1x 13.4x 19.8x 17.5x 2.6x 20.2%

OMRON ¥7,140 97.5% $13,589 $11,902 16.2x 14.7x 42.4x 32.5x (2.0x) 2.4%

Hitachi Construction Machinery ¥2,830 84.1% $5,586 $8,890 7.1x 6.7x 16.1x 12.4x 2.5x 41.7%

Alstom €37.84 75.2% $9,548 $8,237 9.1x 8.2x 19.3x 16.1x (1.5x) 14.1%

Woodward $68.58 53.6% $4,428 $5,404 13.4x 12.5x 19.8x 20.4x 2.4x 20.2%

Regal Beloit $79.54 88.6% $3,245 $4,108 10.6x 9.0x 20.4x 14.7x 2.2x 35.0%

Moog $54.29 56.5% $1,829 $2,879 10.1x 10.2x 13.8x 13.6x 3.7x 40.6%

Bharat Heavy Electricals ₹27.95 37.2% $1,287 $1,012 5.0x 4.1x 12.3x 9.5x (1.3x) 64.0%

CG Power & Industrial Solutions ₹5.97 16.4% $49 $337 5.6x 4.2x 3.0x 0.9x 4.7x 95.3%

Mean 73.8% 14.0x 12.1x 20.6x 17.1x 2.9x 37.4%

Median 79.6% 14.6x 12.2x 19.9x 17.2x 2.5x 26.3%

Energy Infrastructure

Primary Equipment and Power Electronics

TE Connectivity $81.25 81.0% $27,138 $31,268 13.2x 11.1x 20.2x 16.2x 1.7x 15.4%

Delta Electronics NT$138.00 86.0% $11,993 $12,707 10.7x 8.9x 19.5x 15.6x (0.3x) 10.6%

Yaskawa Electric ¥3,870 86.5% $9,414 $9,730 30.3x 22.2x NM 46.9x 0.9x 6.8%

Sensata Technologies Holding $35.65 65.8% $5,646 $8,099 13.7x 10.2x 20.3x 11.9x 4.2x 40.2%

NGK Insulators ¥1,579 79.5% $4,701 $5,935 6.7x 5.6x 15.1x 11.1x 1.3x 36.7%

Fuji Electric ¥2,879 74.0% $3,817 $5,605 8.0x 7.1x 11.3x 10.0x 2.0x 35.8%

LS Industrial Systems W45,550 83.1% $1,079 $1,133 5.2x 5.0x 11.2x 9.5x 0.2x 44.6%

Mean 79.4% 12.5x 10.0x 16.3x 17.3x 1.4x 27.2%

Median 81.0% 10.7x 8.9x 17.3x 11.9x 1.3x 35.8%

EPC and Services

Jacobs $84.02 80.9% $11,135 $13,482 13.0x 11.6x 16.3x 13.9x 2.3x 30.0%

Acciona €89.80 71.6% $5,449 $10,951 8.3x 7.4x 18.9x 15.0x 4.9x 71.8%

ACS Group €22.95 58.5% $7,659 $9,339 3.6x 2.8x 12.5x 8.6x 2.0x 163.5%

Skanska KR188.10 78.7% $8,272 $8,516 8.6x 7.9x 12.6x 12.8x 0.6x 22.1%

AECOM $38.77 74.7% $6,147 $7,927 10.8x 9.9x 17.4x 14.4x 2.6x 38.3%

Quanta $36.93 84.4% $5,421 $7,000 8.0x 6.9x 11.7x 9.7x 1.8x 27.9%

MasTec $39.15 53.8% $2,952 $4,528 5.8x 6.4x 8.5x 10.3x 2.0x 36.3%

Stantec C$41.60 97.3% $3,366 $4,415 10.8x 9.7x 21.1x 17.4x 2.6x 26.5%

EMCOR $63.55 68.3% $3,572 $3,980 9.1x 8.0x 14.3x 13.0x 0.9x 19.0%

Dycom Industries $42.10 70.2% $1,331 $2,144 7.0x 6.3x 21.5x 16.5x 2.6x 68.0%

Balfour Beatty £2.51 85.4% $2,136 $1,514 5.8x 4.6x 18.6x 9.6x 0.1x 66.6%

Primoris Services $16.69 70.7% $811 $1,318 7.0x 5.9x 13.8x 9.4x 2.7x 45.5%

STRABAG €26.90 83.3% $3,070 $1,125 1.1x 1.1x 8.5x 7.5x (1.4x) 140.7%

Granite Construction $17.60 36.5% $830 $1,028 4.8x 4.0x 12.7x 7.5x 1.1x 44.7%

Trevi Finanziaria Industriale €0.01 34.0% $155 $971 17.3x 12.0x NM 15.1x 14.6x 93.2%

Fluor $11.61 34.5% $1,627 $966 2.2x 2.1x 10.1x 9.0x 0.2x 203.0%

Bilfinger €17.14 49.6% $768 $954 8.7x 4.6x NM 16.0x 2.0x 68.8%

Aegion $15.01 63.6% $461 $765 8.8x 7.7x 17.4x 12.4x 3.4x 48.5%

Team $4.93 26.3% $150 $540 11.2x 5.6x NM 28.7x 8.1x 74.5%

Mistras $4.04 24.3% $117 $420 8.9x 6.3x NM 11.2x 6.4x 76.2%

Willdan $24.45 61.8% $281 $420 16.4x 9.7x 47.9x 11.6x 5.4x 35.9%

Mean 62.3% 8.4x 6.7x 16.7x 12.8x 3.1x 66.7%

Median 68.3% 8.6x 6.4x 14.3x 12.4x 2.3x 48.5%

Oil and Gas Services

Liberty Oilfield Services $5.15 31.8% $592 $966 19.7x 17.0x NM NM 3.0x 21.2%

NexTier Oilfield Solutions $2.90 38.2% $617 $699 21.4x 24.3x NM NM 2.5x 81.7%

Select Energy Services $5.94 48.1% $511 $613 NM 33.9x NM NM (2.1x) 14.1%

ProPetro Holding $4.95 23.5% $510 $529 5.2x 7.2x NM NM 0.2x 31.7%

Secure Energy Services C$1.16 15.8% $133 $509 6.3x 5.8x NM NM 4.4x 70.5%

Mean 31.5% 13.2x 17.6x NM NM 1.6x 43.8%

Median 31.8% 13.0x 17.0x NM NM 2.5x 31.7%

(4) Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for

companies with negative 2020E EBITDA.

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

(6) United Technologies merged with Raytheon Company on April 3 and renamed

to Raytheon Technologies Corporation.

(7) Pro forma for C&J and Keane acquisitions.


Energy Technology

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 2020E EBITDA.(5) (Debt + Preferred Stock)/EV.

11



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Energy Technology

Smart Grid Solutions

AMETEK $91.71 90.0% $21,173 $23,347 18.7x 16.8x 25.5x 22.9x 1.7x 14.7%

Terna €6.07 89.4% $13,571 $22,490 11.3x 11.1x 16.0x 16.0x 4.5x 47.6%

Keysight Technologies $108.13 99.1% $20,437 $20,546 19.0x 16.2x 25.6x 21.4x 0.1x 9.5%

Itron $64.42 72.9% $2,607 $3,477 17.9x 10.3x 48.4x 15.9x 4.3x 40.3%

ESCO Technologies $82.61 79.2% $2,155 $2,255 16.4x 13.6x 31.6x 24.4x 0.7x 8.9%

Landis+Gyr Group CHF63.20 60.1% $1,905 $1,986 10.2x 9.3x 19.4x 15.2x 0.5x 21.4%

S&T €23.60 91.1% $1,741 $1,745 13.7x 11.2x 32.0x 24.2x (0.1x) 17.1%

Smart Metering Systems £6.30 95.3% $881 $1,156 19.7x 17.0x NM NM 4.7x 29.2%

Mean 84.7% 15.9x 13.2x 28.4x 20.0x 2.1x 23.6%

Median 89.7% 17.1x 12.4x 25.6x 21.4x 1.2x 19.3%

Energy Storage

Tesla $835.00 91.0% $166,165 $174,591 NM 28.8x NM NM 1.8x 8.7%

BYD Company HK$43.50 81.2% $15,311 $25,145 11.7x 10.0x NM 36.1x 4.4x 45.2%

Panasonic ¥963.00 76.9% $20,853 $23,689 5.1x 4.8x 14.5x 12.4x 0.9x 57.7%

Samsung W359,000 92.5% $19,385 $16,260 12.1x 8.9x 47.4x 24.0x 1.5x 19.3%

EnerSys $63.30 81.2% $2,712 $3,645 10.0x 8.2x 14.1x 11.5x 2.6x 33.0%

Ballard Power Systems C$14.72 78.9% $2,506 $2,320 NM NM NM NM NM 0.8%

Plug Power $4.21 73.6% $2,222 $2,230 NM NM NM NM 0.5x 3.7%

FuelCell Energy $2.13 74.0% $431 $630 NM NM NM NM NM 39.0%

Ultralife $8.35 85.4% $134 $147 11.8x 9.7x NM NM 1.0x 12.6%

Mean 81.6% 10.1x 11.7x 25.3x 21.0x 1.8x 24.4%

Median 81.2% 11.7x 9.3x 14.5x 18.2x 1.5x 19.3%

LED Lighting

Hubbell Incorporated $122.42 81.9% $6,684 $8,187 12.6x 11.5x 18.2x 15.9x 2.3x 22.0%

Universal Display Corporation $146.60 65.2% $6,908 $6,276 33.9x 22.3x NM 34.0x (3.4x) 0.1%

Cree $52.69 83.6% $5,697 $5,351 NM 34.8x NM NM (5.1x) 9.4%

OSRAM €39.53 82.5% $4,141 $4,734 17.4x 11.1x NM NM 2.2x 26.2%

Acuity Brands $86.15 60.2% $3,420 $3,510 7.7x 7.2x 11.2x 10.8x 0.2x 13.4%

Epistar NT$36.00 89.4% $1,293 $1,284 16.7x 7.9x NM NM (0.7x) 14.1%

Fagerhult KR34.85 54.0% $652 $1,087 13.9x 8.1x 39.6x 12.0x 5.5x 50.5%

Veeco $11.74 64.9% $561 $636 13.7x 10.3x 17.5x 11.5x 1.6x 49.8%

Zumtobel €6.20 61.8% $298 $493 4.8x 4.4x 12.7x 10.6x 1.9x 49.3%

Dialight £2.35 41.2% $95 $131 10.3x 6.5x 41.9x 12.4x 2.8x 27.8%

Beghelli €0.17 62.2% $37 $109 10.3x 10.9x NM NM 6.8x 83.5%

Mean 67.9% 14.1x 12.3x 23.5x 15.3x 1.3x 31.5%

Median 64.9% 13.1x 10.3x 17.9x 12.0x 1.9x 26.2%



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Advanced Transportation

Automotive Companies

Toyota Motor ¥6,755 85.2% $178,446 $289,025 11.1x 10.6x 12.7x 10.8x 5.3x 67.6%

Volkswagen €142.40 77.8% $79,404 $257,803 8.3x 6.1x 14.1x 6.6x 6.0x 93.0%

Tesla $835.00 91.0% $166,165 $174,591 NM 28.8x NM NM 1.8x 8.7%

BMW €52.60 69.3% $38,550 $152,728 14.2x 11.5x 14.8x 8.2x 10.9x 86.8%

Ford Motor Company $5.71 54.3% $22,629 $141,525 NM 14.5x NM 19.0x 59.9x 119.2%

General Motors Company $25.88 63.3% $37,267 $112,149 12.8x 8.7x 33.3x 6.8x 8.9x 112.8%

Honda Motor ¥2,784 86.2% $45,274 $86,260 10.3x 8.8x 13.1x 9.3x 5.3x 80.4%

Nissan Motor ¥400.90 50.8% $14,561 $76,059 16.3x 16.8x NM 26.7x 12.4x 96.5%

Hyundai W98,000 68.3% $20,638 $59,197 10.1x 8.4x 9.8x 6.1x 8.4x 118.0%

IC Motor Y17.92 66.4% $29,300 $38,509 10.3x 7.8x 9.3x 7.5x 2.7x 90.4%

Renault €20.21 34.8% $6,544 $30,164 9.3x 5.7x NM 6.5x 14.6x 217.7%

BYD Company HK$43.50 81.2% $15,311 $25,145 11.7x 10.0x NM 36.1x 4.4x 45.2%

Suzuki Motor ¥3,746 70.1% $16,300 $17,282 6.1x 5.3x 17.1x 14.0x (0.7x) 21.7%

Fiat Chrysler Automobiles €7.94 54.1% $13,852 $12,859 2.0x 1.2x NM 5.8x 0.2x 122.9%

Tata Motors ₹86.90 43.4% $3,995 $11,594 3.5x 2.6x NM 14.6x 2.4x 108.9%

Subaru ¥2,379 75.8% $16,929 $11,152 4.5x 4.1x 16.9x 12.8x (2.3x) 19.9%

Geely Auto HK$10.60 64.9% $12,623 $9,818 5.7x 4.8x 10.8x 8.6x (1.0x) 10.9%

NIO $3.98 77.0% $4,129 $5,901 NM NM NM NM NM 32.2%

Mazda Motor ¥689.00 60.1% $4,029 $4,786 7.4x 4.8x NM 49.7x 0.7x 120.2%

Peugeot €12.81 49.2% $13,435 $4,384 0.7x 0.5x 10.7x 4.4x (1.3x) 296.7%

Mitsubishi Motors ¥304.00 57.0% $4,200 $3,412 7.6x 4.1x NM NM (2.1x) 81.4%

Guangzhou Automobile HK$6.37 63.9% $8,414 $1,408 NM 5.2x 8.2x 6.5x NM 126.4%

Dongfeng Motor Group HK$4.86 57.4% $5,402 $181 0.5x 0.4x 3.6x 3.0x 7.8x 3,510.2%

FAW Car Group Y10.07 85.7% $2,294 $142 0.4x 0.3x 17.1x 12.0x (4.4x) 1,055.5%

KIA Motors W34,250 73.8% $11,088 ($1,530) NM NM 9.9x 6.4x (0.5x) (379.1%)

Mean 66.4% 7.6x 7.4x 13.4x 12.8x 6.1x 250.6%

Median 66.4% 8.0x 5.7x 12.7x 8.4x 2.7x 93.0%

Truck Companies

Daimler €33.38 61.9% $39,722 $184,877 19.8x 11.2x 40.2x 8.7x 16.1x 95.3%

Volvo KR133.25 76.8% $28,769 $39,141 11.2x 8.0x 23.2x 12.7x 3.3x 46.9%

PACCAR $73.86 89.0% $25,652 $32,370 22.4x 15.9x 26.9x 17.4x 4.7x 34.4%

Nikola Motors $28.70 94.7% $11,974 $11,261 NM NM NM NM NM (6.3%)

MAN €44.00 65.9% $7,197 $9,084 5.7x 5.4x NM NM 1.8x 45.5%

Isuzu Motors ¥1009.50 72.4% $6,911 $8,728 5.7x 4.9x 13.4x 10.6x 0.1x 35.8%

Navistar $25.14 66.8% $2,501 $6,268 13.7x 10.0x NM 19.5x 8.3x 77.3%

Mean 75.4% 13.1x 9.2x 25.9x 13.8x 5.7x 47.0%

Median 72.4% 12.4x 9.0x 25.0x 12.7x 4.0x 45.5%

Tier 1 Suppliers

DENSO ¥4,131 80.2% $29,712 $29,013 7.1x 5.2x 28.0x 14.5x (0.3x) 14.9%

Bridgestone ¥3,577 77.0% $23,415 $27,964 5.4x 5.0x 12.7x 10.5x 0.9x 27.9%

Continental €88.44 66.7% $19,676 $24,334 6.3x 4.2x 37.7x 11.3x 1.2x 31.3%

Michelin €90.86 77.7% $18,174 $23,214 6.3x 4.9x 17.1x 10.2x 1.7x 33.9%

Aptiv $75.35 77.0% $19,277 $21,806 16.2x 9.8x NM 18.7x 3.4x 30.4%

Magna C$58.06 77.7% $12,715 $16,656 8.2x 5.1x 31.1x 9.1x 1.8x 29.5%

Valeo €22.15 60.6% $5,920 $10,065 5.1x 3.8x NM 14.1x 1.7x 53.4%

Faurecia €34.66 68.4% $5,300 $8,204 4.6x 3.5x 30.9x 7.9x 1.6x 65.7%

Lear $106.05 74.9% $6,435 $8,090 8.7x 5.1x 45.9x 9.2x 1.5x 47.6%

Goodyear $7.61 44.5% $1,781 $8,088 15.0x 5.5x NM 9.3x 11.8x 91.6%

BorgWarner $32.15 69.4% $6,629 $7,503 7.2x 5.2x 18.7x 9.8x 1.0x 26.0%

Delphi $12.88 64.4% $1,110 $2,659 8.7x 5.9x NM 9.1x 4.8x 78.7%

Visteon $72.00 75.1% $2,009 $2,197 17.4x 8.6x NM 21.8x 1.0x 43.4%

Automation Tooling Systems C$20.01 88.5% $1,334 $1,556 12.0x 10.2x 26.5x 18.3x 1.7x 30.9%

Stoneridge $20.58 60.6% $568 $655 29.9x 10.1x NM 21.9x 4.5x 27.6%

Veoneer $10.78 58.7% $1,202 $437 NM NM NM NM NM 65.0%

Mean 70.1% 10.5x 6.1x 27.6x 13.0x 2.6x 43.6%

Median 72.2% 8.2x 5.2x 28.0x 10.5x 1.7x 32.6%

Mobility-as-a-Service

Uber $36.32 78.3% $62,629 $62,441 NM NM NM NM NM 14.9%

Lyft $31.26 46.3% $9,519 $7,380 NM NM NM NM NM 7.2%

Mean 62.3% NM NM NM NM NM 11.1%

Median 62.3% NM NM NM NM NM 11.1%


Advanced Transportation (1/2)

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 2020E EBITDA.(5) (Debt + Preferred Stock)/EV.(6) Signifcant cash and investments in affiliates balances. (7) On March 2, 2020, Nikola and VectoIQ, a special purpose acquisition company, agreed to enter into a business combination funded by VectoIQ cash held in a trust account

($237mm), VectoIQ common stock, and proceeds from VectoIQ PIPE ($525mm).

12


Advanced Transportation (2/2)

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 2020E EBITDA.(5) (Debt + Preferred Stock)/EV.(6) Allpark priced its initial public offering on 5/13/2020.

13



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Autonomous Driving Chip Makers

Intel $62.93 91.9% $271,354 $286,920 8.2x 8.4x 13.2x 12.8x 0.5x 13.9%

NVIDIA $355.02 98.3% $220,822 $212,046 NM 30.7x 45.7x 36.9x (1.5x) 3.6%

QUALCOMM $80.88 84.3% $93,093 $99,273 14.5x 10.9x 19.1x 13.7x 1.0x 16.6%

Advanced Micro Devices $53.80 91.3% $65,851 $65,103 NM 30.1x NM 37.4x (0.5x) 1.1%

Mean 91.5% 11.3x 20.0x 26.0x 25.2x (0.1x) 8.8%

Median 91.6% 11.3x 20.5x 19.1x 25.3x 0.0x 8.7%

Intelligent Transport

Roper Technologies $393.80 100.0% $41,467 $45,744 24.0x 22.7x 32.2x 30.2x 2.2x 11.5%

Fortive $60.98 73.8% $20,733 $25,988 17.6x 15.0x 21.2x 17.8x 3.6x 24.2%

FLIR Systems $46.20 78.6% $6,234 $6,800 15.7x 14.4x 22.1x 20.1x 1.3x 12.9%

LS Corporation W37,400 73.8% $839 $3,385 6.6x 5.9x 9.2x 6.0x 5.1x 106.5%

Conduent $2.39 24.2% $505 $2,201 6.1x 5.5x 10.4x 6.1x 4.3x 95.8%

Cubic $41.21 55.0% $1,290 $2,100 13.3x 11.0x 13.3x 11.0x 5.1x 45.3%

Vaisala €35.65 96.6% $1,433 $1,431 21.2x 18.7x 40.5x 34.8x (0.0x) 4.0%

Kapsch TrafficCom €17.50 48.7% $253 $442 10.6x 8.1x NM 12.9x 4.5x 63.2%

INIT Innovation in Traffic Systems €27.60 99.3% $307 $318 10.7x 9.1x 21.5x 17.6x 0.4x 13.4%

Iteris $4.81 73.5% $195 $182 NM 22.3x NM 43.7x (4.2x) 7.7%

Q-Free NOK3.80 48.7% $35 $58 7.6x 7.1x NM NM 3.0x 47.4%

Image Sensing Systems $3.66 61.9% $19 $14 5.3x 5.2x NM NM (2.0x) 0.8%

Mean 69.5% 12.6x 12.1x 21.3x 20.0x 1.9x 36.1%

Median 73.7% 10.7x 10.1x 21.3x 17.7x 2.6x 18.8%

ITS / Smart Tolling

Atlantia €14.60 59.1% $13,280 $61,615 11.0x 8.4x 36.7x 12.2x 7.9x 82.0%

Ferrovial €24.42 80.2% $19,817 $22,639 NM 33.4x NM 48.8x 10.0x 45.9%

ASTM €18.50 58.5% $2,687 $3,498 5.1x 4.1x 15.7x 10.1x 2.0x 81.1%

Allpark R$9.50 95.9% $282 $346 NM NM NM NM NM 25.4%

Mean 73.4% 8.1x 15.3x 26.2x 23.7x 6.7x 58.6%

Median 69.6% 8.1x 8.4x 26.2x 12.2x 7.9x 63.5%

Telematics

Descartes Systems $47.59 100.0% $4,067 $4,033 30.0x 26.3x NM NM (0.3x) 0.5%

Inseego $10.62 75.5% $965 $1,032 NM 19.3x NM 37.9x 3.6x 9.5%

TomTom €7.63 66.1% $1,117 $680 NM NM NM NM NM 7.0%

ORBCOMM $2.74 33.8% $215 $428 8.4x 6.2x NM NM 4.2x 65.9%

Ituran $17.11 52.3% $356 $395 7.0x 6.3x 15.6x 11.9x 0.6x 21.2%

CalAmp $7.70 64.7% $261 $393 14.0x 9.6x NM 18.8x 4.7x 60.9%

Quartix £3.85 87.3% $230 $222 26.8x 26.4x 33.8x 33.5x (1.0x) 0.2%

MiX Telematics R5.90 56.7% $183 $173 7.4x 6.8x NM 24.9x (0.4x) 5.2%

TeleNav $4.95 42.8% $237 $121 23.5x NM NM NM (22.7x) 7.4%

Quarterhill C$2.01 96.2% $173 $99 7.0x 3.9x NM 12.6x (4.9x) 5.2%

Mean 67.5% 15.5x 13.1x 24.7x 23.3x (1.8x) 18.3%

Median 65.4% 11.2x 8.2x 24.7x 21.9x (0.3x) 7.2%

Logistics

UPS $99.71 80.2% $86,648 $108,822 13.0x 10.6x 17.8x 14.2x 2.6x 29.1%

FedEx $130.56 74.2% $34,207 $65,883 9.3x 8.5x 13.0x 11.2x 4.5x 50.8%

Deutsche Post €27.98 80.2% $39,109 $55,264 6.6x 5.8x 14.5x 11.3x 1.9x 34.9%

XPO Logistics $78.81 79.5% $8,117 $15,352 12.2x 9.5x NM 21.0x 5.6x 53.5%

J.B. Hunt $119.67 99.2% $12,799 $14,053 12.0x 10.6x 28.8x 22.0x 1.1x 9.3%

Werner $46.22 100.0% $3,217 $3,407 7.8x 7.0x 24.7x 19.8x 0.4x 7.7%

Mean 85.5% 10.1x 8.7x 19.8x 16.6x 2.7x 30.9%

Median 80.2% 10.6x 9.0x 17.8x 17.0x 2.3x 32.0%

Communications / Infrastructure

AT&T $30.86 77.9% $222,624 $415,943 7.4x 7.2x 9.5x 9.3x 3.2x 45.5%

Verizon $57.38 92.4% $237,611 $369,494 7.9x 7.7x 12.0x 11.7x 2.8x 37.7%

Cisco Systems $47.82 82.4% $202,900 $190,153 10.6x 10.6x 15.1x 14.7x (0.6x) 9.0%

T-Mobile $100.04 98.2% $86,634 $127,543 6.1x 5.7x NM 45.1x 2.0x 32.9%

Hitachi ¥3,455 73.9% $31,007 $43,065 4.4x 4.1x 6.9x 6.4x 0.6x 32.0%

Toshiba ¥2,944 74.0% $12,536 $9,364 4.4x 3.9x 41.6x 11.8x (0.7x) 42.1%

Xerox $15.88 40.4% $3,378 $5,567 6.0x 4.6x 9.1x 5.7x 2.2x 87.1%

Mean 77.0% 6.7x 6.3x 15.7x 15.0x 1.3x 40.9%

Median 77.9% 6.1x 5.7x 10.8x 11.7x 2.0x 37.7%


Renewables


14



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Renewables

Integrated PV and PV Manufacturing

Hanwha W20,100 73.4% $1,128 $22,263 11.0x 10.3x 5.6x 4.5x 6.0x 79.3%

TBEA Solar Y6.87 82.8% $3,571 $7,714 9.6x 8.8x 11.7x 10.9x 4.1x 81.9%

Enphase $58.19 86.8% $7,819 $7,636 NM 27.4x NM 39.7x (1.1x) 5.4%

SolarEdge $141.90 99.8% $7,403 $6,994 24.5x 19.1x 47.9x 30.1x (1.4x) 0.6%

First Solar $46.62 69.3% $4,960 $4,010 7.8x 5.5x 15.6x 13.0x (1.8x) 15.2%

Sungrow Y11.25 81.8% $2,296 $2,401 12.0x 9.6x 14.0x 11.1x 0.5x 33.3%

Canadian Solar $18.80 76.3% $1,130 $2,363 5.9x 5.2x 7.8x 7.1x 3.1x 100.4%

GCL Y2.55 37.0% $1,807 $2,110 33.8x 16.4x NM NM 8.2x 37.0%

JinkoSolar $15.81 55.2% $678 $2,076 4.6x 4.7x 3.3x 3.4x 2.1x 134.9%

SunPower $7.22 47.8% $1,219 $1,777 20.4x 10.1x NM 26.7x 8.9x 57.3%

Daqo New Energy $51.17 65.9% $751 $986 5.1x 4.1x 6.4x 4.6x 1.2x 36.1%

Mersen €20.55 58.5% $486 $822 6.0x 5.3x 10.2x 7.9x 2.3x 44.4%

SMA €26.72 67.6% $1,031 $777 11.4x 8.6x NM 45.3x (3.7x) 5.8%

Foxconn NT$53.90 77.8% $2,552 $567 2.1x 1.6x 11.4x 10.6x (6.6x) 84.1%

Manz €18.80 67.4% $162 $194 7.8x 4.6x NM 9.4x 2.4x 49.7%

ReneSola $1.02 53.7% $49 $188 20.7x 14.5x NM 25.5x 10.6x 64.4%

Mean 68.8% 12.2x 9.7x 13.4x 16.6x 2.2x 51.9%

Median 68.4% 9.6x 8.7x 10.8x 10.9x 2.2x 47.0%

Solar Development

BayWa €27.75 94.4% $1,088 $6,263 15.1x 14.1x 44.0x 27.5x 12.2x 83.3%

Sunrun $16.70 71.4% $1,991 $5,208 NM NM NM 28.0x 49.1x 54.6%

Vivint Solar $7.52 58.5% $932 $2,590 NM NM NM NM NM 61.6%

Mean 74.8% 15.1x 14.1x 44.0x 27.8x 30.6x 66.5%

Median 71.4% 15.1x 14.1x 44.0x 27.8x 30.6x 61.6%

Wind Development

Energiekontor €20.50 89.5% $320 $549 8.2x 6.6x 19.3x 13.9x 3.4x 55.2%

PNE Wind €4.88 93.1% $414 $547 22.0x 13.3x NM NM 6.0x 52.2%

ABO Wind €21.00 97.2% $179 $246 6.7x 5.4x 13.2x 9.5x 1.8x 36.6%

Arise KR40.00 75.8% $143 $177 8.1x 6.1x 21.4x 9.6x 1.6x 32.8%

Mean 88.9% 11.3x 7.8x 18.0x 11.0x 3.2x 44.2%

Median 91.3% 8.2x 6.3x 19.3x 9.6x 2.6x 44.4%

IPPs

Enel €6.90 80.6% $78,007 $154,295 7.7x 7.3x 13.7x 12.7x 3.1x 45.4%

Iberdrola €9.69 86.3% $67,245 $117,619 10.0x 9.4x 17.6x 16.4x 3.8x 41.1%

ENGIE €10.64 63.9% $28,547 $56,249 5.4x 4.8x 12.8x 9.9x 3.3x 84.0%

Innogy €43.60 95.2% $26,944 $44,978 10.4x 10.1x 29.1x 28.1x 4.3x 44.3%

AES $12.49 59.4% $8,343 $29,248 7.7x 7.1x 9.1x 8.1x 5.0x 75.1%

EDP Renovaveis €11.92 90.6% $11,566 $15,578 9.7x 9.0x 33.1x 27.1x 1.9x 24.4%

NRG $36.05 88.3% $8,976 $13,966 7.1x 7.2x 8.9x 7.6x 2.7x 50.1%

Northland Power C$31.84 96.6% $4,596 $10,465 12.1x 11.9x 16.4x 17.1x 6.1x 59.1%

Neoen €33.50 91.2% $3,332 $5,414 17.2x 13.1x NM NM 6.6x 47.7%

Innergex C$18.94 86.0% $2,102 $4,712 11.7x 10.9x NM 45.1x 7.1x 67.7%

ERG €19.85 85.5% $3,287 $5,018 9.2x 8.6x 29.0x 24.4x 3.2x 49.0%

Boralex C$28.65 89.9% $2,002 $4,092 11.1x 11.5x NM NM 6.1x 59.9%

Scatec Solar NOK164.30 89.9% $2,175 $3,408 13.3x 10.9x 49.6x 42.9x 4.8x 45.6%

Falck Renewables €5.39 87.1% $1,739 $2,597 11.8x 11.0x 38.4x 34.7x 3.7x 37.2%

Voltalia €15.12 85.4% $1,181 $1,662 10.8x 8.6x NM 29.1x 2.8x 43.9%

Solarpack €13.60 85.1% $503 $912 10.9x 11.1x 13.5x 14.9x 4.9x 50.5%

Atlantic Power C$2.91 84.3% $196 $808 4.3x 4.3x 11.7x 11.7x 2.9x 94.6%

Alerion Clean Power €5.78 96.0% $324 $747 10.4x 8.3x NM NM 6.1x 94.5%

Etrion C$0.23 86.8% $56 $257 19.6x 16.1x NM NM 15.4x 120.7%

Mean 85.7% 10.5x 9.5x 21.8x 22.0x 4.9x 59.7%

Median 86.8% 10.4x 9.4x 16.4x 17.1x 4.3x 50.1%

Wind and Other

Vestas DKK683.80 94.6% $19,981 $18,392 10.5x 9.1x 26.4x 19.2x (0.8x) 5.2%

Siemens Gamesa €15.14 90.8% $11,438 $11,689 12.8x 8.9x 37.7x 22.2x 0.4x 16.3%

Xinjiang Goldwind HK$6.98 67.4% $3,805 $7,010 8.0x 7.9x 7.5x 6.7x 4.1x 66.9%

Ormat $72.81 84.3% $3,752 $4,932 12.1x 11.0x 41.9x 32.9x 2.7x 29.2%

Suzlon ₹2.83 47.8% $199 $1,565 NM NM NM NM 89.1x 88.6%

Bonheur NOK222.50 98.9% $974 $1,428 31.4x 7.3x NM 12.7x 9.6x 78.3%

Nordex €8.69 59.4% $1,031 $1,321 7.4x 5.1x NM 37.9x 1.6x 58.4%

TPI Composites $20.75 76.1% $731 $1,007 12.5x 7.0x NM 14.7x 3.4x 38.4%

China High Speed Transmission HK$4.20 73.0% $886 $957 5.3x 5.1x 11.2x 15.0x 0.5x 133.4%

Sif Holding €10.14 69.6% $288 $377 12.8x 6.3x NM 10.2x 3.0x 24.2%

Sinovel Y0.19 14.3% $160 $246 NM NM NM NM NM 70.9%

Mean 70.6% 12.5x 7.5x 24.9x 19.1x 11.4x 55.4%

Median 73.0% 12.1x 7.3x 26.4x 15.0x 2.9x 58.4%


Yield Vehicles

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 2020E EBITDA.(5) (Debt + Preferred Stock)/EV.(6) On January 13, 2020, Brookfield proposed to acquire TerraForm Power in an all-stock transaction assuming a 0.36 BEP-to-TERP exchange ratio.

15



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Yield Vehicles

North American Yield Vehicles

Brookfield Renewable Partners C$67.40 89.2% $15,181 $36,718 24.7x 22.3x NM NM 6.6x 31.8%

TerraForm Power $18.38 86.1% $4,163 $11,495 14.6x 13.5x NM NM 8.6x 61.3%

NextEra Energy Partners $51.11 83.5% $3,348 $10,304 7.9x 7.2x NM 33.7x 3.1x 42.5%

Clearway Energy $21.91 94.8% $4,369 $10,093 9.0x 8.9x 20.7x 20.8x 5.7x 67.3%

Atlantica Yield $26.20 81.3% $2,662 $7,491 8.7x 7.9x 28.8x 17.4x 5.6x 75.2%

Hannon Armstrong $29.01 74.0% $2,122 $2,776 30.2x 25.2x 20.0x 19.3x 13.4x 51.6%

TransAlta Renewables C$14.33 79.0% $2,758 $2,290 6.9x 6.9x 23.9x 17.7x 1.8x 27.1%

Enviva $34.98 89.7% $1,240 $1,794 10.7x 8.5x 23.8x 14.2x 4.2x 39.6%

Mean 84.7% 14.1x 12.6x 23.4x 20.5x 6.1x 49.5%

Median 84.8% 9.8x 8.7x 23.8x 18.5x 5.6x 47.0%

European Yield Vehicles

Encavis €12.24 94.6% $1,866 $3,584 14.6x 12.7x 29.1x 24.5x 7.4x 57.9%

Greencoat UK Wind £1.41 92.1% $2,584 $3,295 30.8x 23.6x NM NM 6.6x 22.5%

Renewables Infrastructure Group £1.22 87.6% $2,146 $1,988 6.1x 3.8x NM NM (0.5x) 0.0%

NextEnergy Solar Fund £1.07 84.7% $923 $1,161 7.5x 5.5x NM NM 1.5x 21.1%

John Laing Environmental £1.21 97.2% $744 $741 2.5x 1.1x NM NM (0.0x) 0.0%

Bluefield Solar Income £1.32 90.7% $604 $602 10.4x 10.1x NM NM (0.0x) 0.0%

Octopus Renewables £1.03 92.8% $446 $446 NM NM NM NM NM 0.0%

Athena Investments DKK3.15 42.6% $48 $16 NM NM NM NM NM 0.0%

Mean 85.3% 12.0x 9.5x 29.1x 24.5x 2.5x 12.7%

Median 91.4% 8.9x 7.8x 29.1x 24.5x 0.8x 0.0%

MLPs

Enviva $34.98 89.7% $1,240 $1,794 10.7x 8.5x 23.8x 14.2x 4.2x 39.6%

Mean 89.7% 10.7x 8.5x 23.8x 14.2x 4.2x 39.6%

Median 89.7% 10.7x 8.5x 23.8x 14.2x 4.2x 39.6%


Environmental Services and Technologies


16



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Environmental Services and Technologies

Solid Waste

Waste Management $106.75 84.6% $45,518 $55,356 13.8x 12.5x 29.0x 26.0x 2.6x 24.3%

Republic Services $85.46 85.1% $27,367 $36,298 13.4x 12.3x 31.6x 26.5x 3.3x 25.4%

Waste Connections C$129.58 93.4% $24,783 $28,953 18.8x 16.6x 40.2x 32.9x 2.7x 18.5%

GFL Environmental $19.17 100.0% $6,257 $10,307 13.8x 12.1x NM NM 5.4x 39.9%

Advanced Disposal Services $31.18 94.2% $2,808 $4,644 12.4x 11.5x NM NM 4.9x 40.2%

Covanta Holding $9.00 49.1% $1,179 $3,717 9.2x 8.7x NM NM 6.4x 70.2%

Casella Waste Systems $50.95 92.4% $2,459 $3,066 20.0x 18.0x NM NM 4.0x 20.7%

Biffa £2.50 81.4% $773 $1,364 8.4x 7.4x 22.9x 17.0x 3.6x 49.2%

Seche Environnement €33.15 70.8% $288 $804 5.4x 5.0x 16.7x 15.2x 3.4x 75.9%

Mean 83.4% 12.8x 11.6x 28.1x 23.5x 4.0x 40.5%

Median 85.1% 13.4x 12.1x 29.0x 26.0x 3.6x 39.9%

Specialty Waste

Stericycle $54.83 83.0% $5,006 $7,999 17.1x 15.8x 28.8x 24.2x 6.4x 37.8%

Darling Ingredients $23.31 79.1% $3,914 $4,981 11.2x 10.0x 16.5x 14.1x 4.0x 37.7%

Clean Harbors $59.39 67.2% $3,329 $4,706 10.6x 9.1x NM 34.1x 3.1x 39.8%

US Ecology $33.67 50.6% $1,054 $1,882 10.4x 8.8x NM 30.6x 4.6x 49.8%

Heritage-Crystal Clean $16.96 52.3% $397 $459 17.5x 8.4x NM 21.9x 2.3x 25.9%

Charah Solutions $1.85 32.1% $55 $271 7.3x 6.7x 46.3x 10.3x 5.3x 91.5%

Mean 60.7% 12.3x 9.8x 30.5x 22.5x 4.3x 47.1%

Median 59.7% 10.9x 8.9x 28.8x 23.0x 4.3x 38.8%

Pollution Control

Donaldson Company $47.45 81.6% $6,116 $6,655 16.8x 15.9x 26.4x 24.0x 1.4x 11.4%

CECO Environmental $5.31 55.3% $188 $225 8.1x 6.5x 12.3x 8.9x 1.3x 53.9%

Advanced Emissions Solutions $5.04 34.0% $90 $91 NM NM NM NM NM 47.3%

Mean 56.9% 12.4x 11.2x 19.4x 16.4x 1.4x 37.5%

Median 55.3% 12.4x 11.2x 19.4x 16.4x 1.4x 47.3%


Water


17



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

Water

Efficiency / Process

Pentair $39.14 82.8% $6,603 $7,967 16.0x 14.4x 19.1x 16.7x 2.7x 19.2%

Rexnord $30.10 84.9% $3,743 $4,724 11.5x 11.2x 19.8x 16.8x 2.4x 32.9%

Flowserve $26.10 48.8% $3,412 $4,366 10.5x 10.5x 18.0x 17.4x 2.2x 35.5%

Evoqua $18.81 74.9% $2,273 $3,120 14.3x 13.3x 39.4x 33.8x 3.9x 30.6%

Kemira €11.50 77.3% $1,962 $2,880 6.7x 6.6x 14.9x 14.4x 2.1x 38.1%

Badger Meter $61.19 86.6% $1,788 $1,730 21.1x 19.1x 40.8x 35.5x (0.7x) 0.7%

Thermon Group $16.03 58.7% $533 $687 10.8x 9.6x 20.1x 18.3x 2.4x 28.1%

Wabag ₹91.20 26.4% $66 $107 2.8x 2.4x 4.1x 3.7x 1.1x 70.7%

Mean 67.5% 11.7x 10.9x 22.0x 19.6x 2.0x 32.0%

Median 76.1% 11.2x 10.8x 19.4x 17.1x 2.3x 31.7%

Infrastructure, Monitoring and Compliance

Ecolab $212.58 100.0% $62,201 $68,919 23.7x 21.4x 44.8x 36.7x 2.3x 12.1%

Xylem $66.34 74.4% $12,027 $13,843 21.7x 15.7x 44.1x 25.5x 2.8x 18.4%

Watts Water $83.16 76.8% $2,836 $2,970 15.2x 12.7x 28.6x 23.2x 0.7x 12.8%

Mueller Water Products $9.34 73.9% $1,482 $1,847 10.6x 9.4x 21.7x 16.8x 2.1x 25.8%

Aegion $15.01 63.6% $461 $765 8.8x 7.7x 17.4x 12.4x 3.4x 48.5%

Select Energy Services $5.94 48.1% $511 $613 NM 33.9x NM NM (2.1x) 14.1%

Mean 72.8% 16.0x 16.8x 31.3x 22.9x 1.5x 21.9%

Median 74.2% 15.2x 14.2x 28.6x 23.2x 2.2x 16.2%

Heating and Cooling

Lennox $213.84 73.1% $8,276 $9,860 20.0x 17.9x 27.1x 22.9x 3.2x 16.5%

A. O. Smith $47.50 91.2% $7,738 $7,577 16.8x 14.2x 27.1x 21.6x (0.4x) 5.2%

AAON $54.17 90.6% $2,864 $2,818 21.6x 23.2x 36.4x 39.0x (0.4x) 0.2%

SPX $39.98 75.0% $1,820 $2,169 10.8x 10.3x 15.7x 14.3x 1.7x 23.6%

Comfort Systems USA $37.00 69.6% $1,365 $1,651 9.0x 9.4x 16.5x 18.5x 1.6x 25.4%

Mean 79.9% 15.7x 15.0x 24.6x 23.2x 1.2x 14.2%

Median 75.0% 16.8x 14.2x 27.1x 21.6x 1.6x 16.5%

Distribution

American Water Works Company $127.00 90.1% $22,987 $32,800 17.1x 15.8x 33.0x 30.1x 5.1x 31.7%

Veolia €19.69 68.1% $12,686 $24,120 5.7x 5.3x 20.9x 14.9x 2.9x 78.4%

SUEZ €10.21 64.2% $7,237 $21,463 6.7x 6.3x 26.2x 15.7x 4.2x 81.5%

Essential Utilities $43.76 80.9% $11,161 $16,410 20.6x 17.8x 28.2x 26.4x 6.6x 32.2%

Severn Trent £24.41 90.5% $7,225 $15,118 13.3x 13.1x 23.8x 19.8x 7.0x 52.6%

American States Water $82.01 86.2% $3,032 $3,558 21.0x 19.9x 36.0x 33.8x 3.1x 14.8%

SJW $62.84 84.1% $1,802 $3,244 15.4x 14.0x 29.3x 25.4x 6.9x 45.3%

Middlesex Water Company $67.86 97.7% $1,191 $1,459 26.8x 25.9x 32.5x 31.0x 4.9x 19.4%

York Water Company $44.40 89.5% $578 $679 20.7x 20.1x 36.5x 34.8x 3.1x 14.9%

Artesian Resources $35.11 89.1% $328 $482 13.1x 12.7x 20.9x 20.1x 4.2x 32.0%

Global Water Resources $10.75 76.8% $241 $338 19.4x 19.4x NM NM 5.6x 33.9%

Consolidated Water $14.83 79.6% $226 $205 13.5x 12.5x 27.5x 24.3x (1.9x) 2.0%

Mean 83.1% 16.1x 15.2x 28.6x 25.1x 4.3x 36.6%

Median 85.1% 16.3x 14.9x 28.2x 25.4x 4.5x 32.1%


AgTech, Industrial Biotechnology and

Building Materials


18



EV/EBITDA (2)

P/E (3)

2020E Debt/


EV (5)

AgTech

Large Crop / Life Science

Bayer €60.72 77.6% $66,355 $107,924 8.0x 7.4x 8.7x 7.7x 3.1x 41.2%

DuPont $50.73 54.3% $37,469 $53,156 11.4x 10.3x 17.8x 14.7x 3.5x 34.1%

BASF €48.65 68.1% $49,699 $55,122 7.0x 5.9x 19.6x 13.6x 2.7x 46.3%

Archer-Daniels-Midland $39.31 84.8% $22,171 $25,879 8.7x 7.4x 13.9x 11.9x 3.0x 52.1%

Bunge $39.02 66.8% $5,537 $11,275 8.9x 7.6x 14.5x 9.4x 4.1x 56.8%

Mosaic $12.09 47.8% $4,580 $8,694 7.2x 5.6x NM 16.8x 3.9x 66.3%

Mean 66.5% 8.5x 7.4x 14.9x 12.4x 3.4x 49.5%

Median 67.4% 8.4x 7.4x 14.5x 12.8x 3.3x 49.2%

Irrigation / Equipment

Deere $152.12 84.6% $48,100 $88,845 26.1x 19.4x 23.7x 17.2x 12.0x 56.8%

CNH Industrial $6.15 52.9% $8,304 $26,561 21.4x 13.0x NM 13.4x 15.1x 88.5%

Kubota ¥1,450 80.0% $16,413 $23,973 10.8x 9.4x 12.8x 11.5x 3.2x 35.2%

Mahindra & Mahindra ₹436.40 65.0% $6,446 $12,949 17.4x 15.5x 15.9x 14.2x 9.3x 65.5%

Toro Company $71.07 84.9% $7,722 $8,405 14.4x 13.3x 21.0x 19.0x 1.2x 9.4%

AGCO $55.23 68.5% $4,192 $5,517 9.9x 7.7x 23.8x 14.2x 3.0x 36.9%

Valmont $114.00 73.9% $2,457 $3,060 9.8x 8.9x 18.3x 15.0x 1.9x 28.6%

Lindsay $93.92 85.6% $1,020 $1,046 16.0x 16.6x 33.0x 30.9x 0.4x 14.0%

Jain ₹7.58 14.0% $52 $844 5.2x 4.7x NM NM 4.8x 95.5%

Raven Industries $21.45 58.9% $774 $759 21.7x 15.4x NM 44.7x (0.4x) 7.8%

Mean 66.8% 15.3x 12.4x 21.2x 20.0x 5.0x 43.8%

Median 71.2% 15.2x 13.2x 21.0x 15.0x 3.1x 36.1%

Industrial Biotechnology

Neste €36.32 91.9% $31,016 $30,922 14.1x 12.9x 22.6x 20.5x (0.0x) 4.6%

Cosan R$65.85 78.2% $4,746 $4,991 4.9x 4.2x 18.8x 12.6x 1.6x 52.5%

Renewable Energy Group $28.45 92.2% $1,243 $1,335 6.1x 4.5x 7.0x 5.2x 0.4x 21.3%

Amyris $3.73 77.5% $578 $802 NM 12.1x NM NM NM 28.7%

MGP Ingredients $37.51 54.0% $638 $694 10.3x 10.6x 16.9x 16.7x 0.8x 14.2%

Green Plains $8.55 52.8% $296 $675 NM 9.6x NM NM NM 89.1%

FutureFuel $13.08 98.7% $572 $265 4.8x 6.8x NM NM (5.5x) 0.2%

Pacific Ethanol $0.67 64.1% $36 $264 NM 10.6x NM NM NM 94.6%

REX American Resources $58.65 62.7% $370 $210 11.9x 13.8x NM NM (10.3x) 7.7%

Mean 74.7% 8.7x 9.4x 16.3x 13.7x (2.2x) 34.8%

Median 77.5% 8.2x 10.6x 17.8x 14.6x 0.2x 21.3%

Building Materials

Multi-Industry

CRH $32.16 78.7% $25,976 $33,341 9.2x 8.2x 19.7x 16.1x 2.1x 35.1%

Saint-Gobain €29.07 75.1% $17,630 $29,102 6.3x 5.6x 13.7x 10.4x 2.5x 58.8%

Masco $46.65 93.5% $12,735 $15,073 14.4x 12.8x 23.6x 19.3x 2.1x 19.5%

Owens Corning $52.50 76.6% $5,712 $8,852 9.5x 8.0x 21.5x 14.7x 3.3x 37.8%

Beacon Roofing Supply $24.62 65.0% $1,694 $5,271 14.3x 12.1x 18.7x 13.0x 8.6x 82.7%

Armstrong World Industries $75.39 67.8% $3,619 $4,168 11.6x 10.7x 18.4x 16.4x 1.7x 18.1%

Simpson Manufacturing $80.06 92.0% $3,546 $3,426 19.2x 16.8x 35.9x 30.0x (0.7x) 5.4%

Griffon $16.80 67.3% $735 $2,053 10.6x 10.4x 17.0x NM 6.8x 67.6%

Gibraltar $44.01 78.3% $1,447 $1,386 11.2x 8.8x 18.5x 14.9x (0.5x) 1.8%

Mean 77.2% 11.8x 10.4x 20.8x 16.9x 2.9x 36.3%

Median 76.6% 11.2x 10.4x 18.7x 15.5x 2.1x 35.1%

Sustainable Products / Materials

Kingspan €55.55 86.8% $11,282 $12,208 22.2x 19.2x 35.1x 29.6x 1.6x 8.9%

Trex $120.12 93.8% $7,006 $7,069 33.7x 29.1x 48.1x 41.7x 0.3x 1.0%

Cabot Corporation $35.72 71.1% $2,022 $3,220 7.8x 6.9x 16.3x 12.4x 2.7x 40.4%

Quanex $12.40 62.8% $410 $597 6.8x 6.1x 20.2x 15.3x 2.1x 35.1%

Aspen Aerogels $6.20 58.4% $156 $150 NM 16.3x NM NM (1.8x) 3.5%

DIRTT Environmental Solutions C$1.57 19.0% $96 $72 NM 7.6x NM NM NM 27.0%

Mean 65.3% 17.6x 14.2x 30.0x 24.7x 1.0x 19.3%

Median 66.9% 15.0x 11.9x 27.7x 22.4x 1.6x 17.9%

San FranciscoNew York

Zürich

Highly Experienced Senior Leadership Supported by 65 Professionals

Laurent

Dallet

Managing

Director

Zürich

laurent.dallet@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Distributed energy

production

Energy efficiency and

services

Jeff

McDermott

Managing

Director,

Group Head

New York

jeff.mcdermott@nomura

greentech.com

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

Managing

Director

New York

derek.bentley@nomura

greentech.com

20+ years of

experience

>35 completed

transactions

Renewable energy

assets

Energy storage

Distributed

generation

Water

PJ

Deschenes

Managing

Director

New York

pj.deschenes@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Power infrastructure

services

Renewable energy

value chain

Environmental

services

Michael

Horwitz

Managing

Director

San Francisco

michael.horwitz@nomura

greentech.com

20+ years of

experience

>40 completed

transactions

Energy efficiency

Energy software and

services

Energy storage

Renewable energy

Smart grid

Blockchain

Olav

Junttila

Managing

Director

Chicago

olav.junttila@nomura

greentech.com

20+ years of

experience

>30 completed

transactions

Energy software

and services

Energy efficiency

Renewable energy

Utilities

John

McClure

Managing

Director

San Francisco

john.mcclure@nomura

greentech.com

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

>25 assignments

Asset

Transactions

Acquisitions

Divestitures

Passive equity

Development capital

formation

$33bn $4bnDevelopment

50GWOperating

27GW

Note: As of May 31, 2020.

Diego

Pignatelli

Managing

Director

Zürich

diego.pignatelli@nomura

greentech.com

30+ years of

experience

>60 completed

transactions

European coverage

Industrials and energy

companies

Utilities

Duncan

Williams

Managing

Director

San Francisco

duncan.williams@nomura

greentech.com

25+ years of experience

>40 completed

transactions

Sustainable Food &

AgTech

Advanced

transportation

Industrial IoT &

software

Environmental services

Water

Damien

Sauer

Managing

Director

Zürich

damien.sauer@nomura

greentech.com

20+ years of

experience

>50 completed

transactions

Energy efficiency


Renewable energy

value chain

Smart grid

Frank

Nicklaus

Managing

Director

New York

frank.nicklaus@nomura

greentech.com

15+ years of

experience

>25 completed

transactions

Renewable energy

assets


services

Renewable energy

value chain

Steve

MegyeryAlex

Stein

Managing

Director

Zürich

alex.stein@nomura

greentech.com

10+ years of

experience

>20 completed

transactions

Energy transition

Industry 4.0

Environmental

technology and

services

Global Experts in Sustainable

Technology and Infrastructure

Nomura Greentech Offices

Nomura Greentech Transactions

Chicago

19

Managing

Director

New York

steve.megyery@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Head of Private

Placements

Cleantech


mailto:[email protected]





mailto:olav.junttila@nomura

mailto:john.mcclure@nomura

mailto:diego.pignatelli@nomura

mailto:diego.pignatelli@nomura




mailto:alex.stein@nomura


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further investigation of the ideas and concepts presented herein. This presentation is not intended to form the basis of a

decision to purchase or sell securities or enter into an investment banking transaction, and does not constitute (i) an offer,

invitation or recommendation to purchase or sell securities or to dispose or acquire assets, (ii) an opinion as to the potential

market price of any security, (iii) an opinion, invitation or recommendation to enter into a financial or capital markets

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complete, nor have we made any independent investigation in connection therewith. The recipient of this presentation must

make its own investigation and assessment of the ideas and concepts presented herein. No representation, warranty or

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“Nomura Greentech” is the marketing name that refers to the division in Nomura’s investment banking department that

provides products and services to clients in the sustainable technology and infrastructure sectors. All activities of Nomura

Greentech in the U.S. are conducted by Nomura Securities International, Inc. (“NSI”), a broker-dealer registered with the

SEC and member SIPC. All services of Nomura Greentech conducted outside of the U.S. are provided by Nomura

Greentech Capital Advisors, AG (“NGCA”) unless notified otherwise. NGCA, located in Switzerland, does not provide

services that requires it to be licensed in Switzerland or any other jurisdiction. NSI has policies and guidelines designed to

preserve the independence of research analysts. Such policies prohibit, among other things, investment banking

employees from offering research coverage, a favorable research rating or a specific price target, or offering to change a

research rating or price target, as consideration or inducement to obtain investment banking business.

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