Baird's Energy Technology...

Baird’s Energy Technology Monthly December 2015

Robert W. Baird & Co. 1

Equity Market Performance

Performance

Index LTM YTD Dec-15

S&P 500 (0.7%) (0.7%) (1.8%)

Dow Jones (2.2%) (2.2%) (1.7%)

NASDAQ 5.7% 5.7% (2.0%)

Wilderhill

Clean Energy

Index

(10.7%) (10.7%) 10.7%

General Equity Market Update

U.S. stocks had their worst annual performance since 2008, closing out a rocky year that tempered investors’ expectations for

2016

― In the S&P 500, Consumer Discretionary and Healthcare stocks rose 8% and 5%, respectively, while Energy, Materials and Utilities were the biggest laggards declining 24%, 10% and 8%, respectively

The FOMC unanimously voted to set the fed funds target rate to 0.25% - 0.5% from 0.0% - 0.25%; the committee expects to make gradual, data-dependent adjustments going forward

Brent crude dropped to its lowest level in more than a decade, surpassing lows reached in the depths of the financial crisis

IPO activity slowed in 2015 with a total of 150 IPOs, the lowest volume since 2012; total capital raised plummeted to $32.3 billion, down 53% from 2014 (excluding Alibaba)

― Heightened volatility in Q3 dampened investors’ appetite for risk in the latter part of 2015 and a challenging pricing environment pushed many IPOs into 2016

27 follow-on offerings priced in December, raising $11.0 billion, bringing the total for 2015 to 632 offerings, down 5.4% from 2014

Energy Technology Market Update

Equity Capital Markets

There were three Energy Technology equity offerings in December; notable offerings included:

― BuildingIQ completed an initial public offering of $14 million

― Hydrogenics Corp. completed a follow-on offering of $17 million

― Gevo Inc. completed a follow-on offering of $10 million

2015 activity by number of deals was down compared to 2014, but aggregate deal value was up with 19 priced deals for $3,887 million in 2015 vs. 29 deals for $2,923 million in 2014

Private Placements

The number of Energy Technology private placements was up while aggregate deal value was down compared to November, with 41 deals for $507 million in December compared to 39 deals for $887 million in November; notable deals included:

― Cathay Industrial Biotech received $135 million from Shanxi Lu'an Mining Group

― Sungevity received $50 million from Apollo Global Management, Hercules Technology Growth Capital, GE Ventures, EFW Partners, Vision Ridge Partners, Brightpath Capital Partners, Firelake Capital Management, Jetstream Capital, Craton Equity Partners and E.ON Ventures

― Younicos received $50 million from First Solar and Grupo ECOS

2015 investment activity by transaction volume is down and aggregate disclosed value is up compared to 2014, with 446 deals for $5,540 million in 2015 compared to 564 deals for $5,029 million in 2014

M&A

Energy Technology M&A volume and aggregate deal value is down compared to November, with 6 deals for $60 million in December compared to 10 announced deals for $135 million in November

― Notable announced deals include Vestas’ $60 million acquisition of Upwind Solutions, General Electric’s acquisition of Blade Dynamics, Tri Global Energy’s acquisition of K12Solar and CleanSpark’s acquisition of Specialised Energy Solutions

2015 transaction volume is down while aggregate disclosed value is up compared to 2014 with 168 transactions for $27,345 million in 2015 compared to 183 transactions for $17,449 million in 2014

Robert W. Baird & Co. (“Baird”) is a leading middle market focused investment bank serving the M&A and equity financing needs of our clients throughout the U.S., Europe and Asia. Since 2010, we have advised on over 415 M&A transactions totaling more than $102 billion and have served as an underwriter on over 534 equity offerings totaling more than $147 billion in raised capital. For more information, contact:

Michael Horwitz

Managing Director [email protected]

415.627.3284

Jonathan Harrison

Managing Director, Baird Europe

[email protected]

+44.807.667.8414

Satoshi Matsumoto

Managing Director, Director of Japan M&A

[email protected]

646.557.3201

Anthony Siu

Managing Director, Head of China Investment

Banking

[email protected]

+86.21.6182.0980

Mathew Kessler

Director [email protected]

415.627.3223

(45.0%)

(35.0%)

(25.0%)

(15.0%)

(5.0%)

5.0%

15.0%

25.0%

12/31/14 1/30/15 3/1/15 4/1/15 5/1/15 6/1/15 7/1/15 7/31/15 8/31/15 9/30/15 10/31/15 11/30/15 12/31/15

S&P 500 Dow Jones NASDAQ Wilderhill NEX

(2.2%)(0.7%)

5.7%

(10.7%)



Energy Technology Equity Research Summary

Baird’s top-ranked* research department provides active equity research on several energy technology companies. Recently

published research reports are linked below, these reports may or may not be the most current. Click on the link to read the entire report and related disclosures.

Company Recent Research Reports

10/01/15: Q3 Results: Our Favorite Yield Play

12/04/15: Brief Thoughts from Travel with Management 11/05/15: Q3 Conference Call Highlights

11/06/15: Q3 Miss but Second Plant Site Selection Complete

11/05/15: Q3 Miss with Lower Market Demand

12/17/15: Brief Thoughts from Analyst Day

10/29/15: Q3: 15 Conference Call Highlights

10/23/15: Q3: 15 Preview

11/06/15: Selloff Unwarranted as Long-term Value Remains

12/10/15: Remain Buyers After 2016 Guide Beats on EPS

11/09/15: Q3 Shows Expense Control as Acquisition Opportunities Increase

10/23/15: Q3 Conference Call Highlights

10/20/15: Q3:15 Preview

11/05/15: In-line Results as Execution Continues

11/04/15: Moving in the Right Direction

11/11/15: Q3 Beats as Execution Continues

10/28/15: Q3 Shows Continued Strength in Color and Engineering Materials

10/23/15: Q3: 15 Preview

11/05/15: Another Beat Driven by Top-Line Growth

11/04/15: Another Beat on Record Margin

12/15/15: Stepping to Bright Thoughts from Analyst Day: No ITC, No Problem

12/28/15: Business Update Focused on Liquidity Position

12/10/15: VSLR Restructuring Positive but Not Best in Breed

11/10/15: Q3 Shows Execution toward New Business Strategy

11/13/15: Bright Thoughts from Analyst Day: No ITC, No Problem

11/10/15: In-line Q3 Although Long-term Growth Uncertainty Remains

11/04/15: Not as Bad as Feared

_____________________

Source: Baird Equity Research.

* Baird ranked No.1 for “overall research and analyst service quality” in the 2015 Greenwich Associates survey of small and mid-cap fund managers. Surveys conducted with U.S.

small-cap and mid-cap fund managers.

http://www.rwbaird.com/docs/yourreports/CAFD10115.pdf

http://www.rwbaird.com/docs/yourreports/ALB12415.pdf

http://www.rwbaird.com/docs/yourreports/ALB11515.pdf

http://www.rwbaird.com/docs/yourreports/ASPN11615.pdf

http://www.rwbaird.com/docs/yourreports/CCC11515.pdf

http://www.rwbaird.com/docs/yourreports/CHMT121715.pdf

http://www.rwbaird.com/docs/yourreports/CVA102915.pdf

http://www.rwbaird.com/docs/yourreports/CVA102315.pdf

http://www.rwbaird.com/docs/yourreports/ENOC11615.pdf

http://www.rwbaird.com/docs/yourreports/FSLR121015.pdf

http://www.rwbaird.com/docs/yourreports/GLRI11915.pdf

http://www.rwbaird.com/docs/yourreports/GRA102315.pdf

http://www.rwbaird.com/docs/yourreports/GRA102015.pdf

http://www.rwbaird.com/docs/yourreports/HASI11515.pdf

http://www.rwbaird.com/docs/yourreports/ITRI11415.pdf

http://www.rwbaird.com/docs/yourreports/OPWR111115.pdf

http://www.rwbaird.com/docs/yourreports/POL102815.pdf

http://www.rwbaird.com/docs/yourreports/POL102315.pdf

http://www.rwbaird.com/docs/yourreports/POWR11515.pdf

http://www.rwbaird.com/docs/yourreports/SSNI11415.pdf

http://www.rwbaird.com/docs/yourreports/SCTY121515.pdf

http://www.rwbaird.com/docs/yourreports/SUNE122815.pdf



http://www.rwbaird.com/docs/yourreports/SPWR111315.pdf

http://www.rwbaird.com/docs/yourreports/TERP111015.pdf

http://www.rwbaird.com/docs/yourreports/TSLA11415.pdf



Energy Technology Public Company Trading Trends

Subsector Companies

Monthly Δ

Stock Price 2015E Revenue Multiple

Amyris

Codexis Gevo

GPRE

Marrone Bio Innovations

Metabolix Novozymes

REGI

Rentech Solazyme

(3.2%)

Ameresco

Aspen Aerogels

Digi International

Echelon

EnerNOC

ESCO Technologies

Hannon Armstrong

Sustainable

Infrastructure Capital

Itron

OPower

PowerSecure Silver Spring

Networks

(6.6%)

AeroVironment

Ballard Power Systems

BYD Company

EnerSys

FuelCell Energy

Hydrogenics

Maxwell Technologies

Plug Power

Tesla Motors

1.1%

Acuity Brands

Cree

Hubbell

LSI Industries

Rubicon Technology

Zumtobel Group AG

2.4%

Chart Industries Clean Energy Fuels

Fuel Systems Solutions

Power Solutions International

Westport Innovations

(15.8%)

Casella Waste Systems

Covanta Holding Corporation

Republic Services

US Ecology

Waste Connections

Waste Management

(2.2)%

Advanced Energy

Canadian Solar Daqo New Energy

Enphase

First Solar

GCL-Poly Energy

JA Solar

JinkoSolar

REC Silicon

ReneSola Sky Solar Holdings

SMA Solar Tech

SolarCity

SolarEdge Tech

Solargiga Energy

SolarWorld AG

SunEdison SunPower

SunRun

Trina Solar

Vivint Solar

Yingli Green Energy

12.7%

8point3 Energy Partners LP

Abengoa Yield

NextEra Energy Partners

NRG Yield

Pattern Energy

TerraForm Power

TerraForm Global

16.8%

American Water Works

Aqua America

Badger Meter

Calgon Carbon

Energy Recovery

Nuverra Environmental

Pure Technologies Veolia Environment

Xylem

(2.2)%

American Superconductor

Broadwind Energy

Capstone Turbine

China Ming Yang Wind Power

Gamesa

Nordex

Sinovel Wind Group

Vestas Wind Systems

5.5%

Abengoa Albermarle

Alterra Power

Areva

Chemtura Corporation

Enel Green Power Glori Energy

Iberdrola

McPherson’s Limited

Ormat Technologies

Otter Tail PolyOne

Synthesis Energy

Systems

W.R. Grace

(1.0%)

____________________

Source: Baird Equity Research, Capital IQ. As of December 31, 2015. Estimates are calendarized for comparison purposes.

Biofuels &

Biomaterials

2.4x 2.4x

November December

Efficiency /

Smart Grid

0.9x 0.9x

November December

Energy Storage /

Transportation

2.3x1.9x

November December

Lighting

1.5x1.1x

November December

Natural Gas

Technology

1.0x 0.8x

November December

Recycling &

Waste

2.5x 2.5x

November December

Solar

1.5x1.8x

November December

Yieldco

7.9x9.1x

November December

Water &

Wastewater

2.2x 2.2x

November December

Wind

0.7x0.8x

November December

Other

2.1x 2.0x

November December



Energy Technology Public Company 2015E Revenue Multiples

Biofuels & Biomaterials Efficiency / Smart Grid

Energy Storage / Transportation Lighting

Natural Gas Technology Recycling & Waste

Solar Yieldco

Water & Wastewater Wind Other

_____________________

Source: Baird Equity Research, Capital IQ. As of December 31, 2015.

Note: Estimates are calendarized for comparison purposes. Baird estimates used where available.

8.0

x

7.9

x

7.2

x

6.1

x

3.7

x

1.1

x

1.0

x

0.6

x

0.5

x

0.4

x

0.0x

3.0x

6.0x

9.0x

12.0x

15.0x

AM

RS

MB

LX

NZ

YM

B

SZ

YM

CD

XS

GE

VO

MB

II

RT

K

RE

GI

GP

RE

Median: 2.4x

3.2

x

2.1

x

1.7

x

0.9

x

0.9

x

0.9

x

0.8

x

0.8

x

0.3

x

0.0

x

N/M

0.0x

1.0x

2.0x

3.0x

4.0x

OP

WR

SS

NI

ES

E

DG

II

AS

PN

ITR

I

AM

RC

PO

WR

EN

OC

ELO

N

HA

SI

Median: 0.9x

6.2

x

3.5

x

3.3

x

3.0

x

1.9

x

1.8

x

1.2

x

1.2

x

1.0

x

0.0x

2.0x

4.0x

6.0x

8.0x

TS

LA

BLD

HY

GS

PLU

G

BY

D

AV

AV

MX

WL

EN

S

FC

EL

Median: 1.9x 3.6

x

1.4

x

0.9

x

0.3

x

N/A

N/M

0.0x

1.0x

2.0x

3.0x

4.0x

AY

I

CR

EE

ZA

G

HU

BB

LSI

RB

CN

Median: 1.1x

2.1

x

1.4

x

0.8

x

0.7

x

0.1

x

0.0x

1.0x

2.0x

3.0x

4.0x

CL

NE

WP

T

PS

IX

GTL

S

FS

YS

Median: 0.8x 4.2

x

2.7

x

2.5

x

2.5

x

2.1

x

1.4

x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

WC

N

CV

A

WM

RS

G

EC

OL

CW

ST

Median: 2.5x

20

.0x

7.8

x

6.1

x

5.8

x

2.3

x

2.3

x

1.9

x

1.9

x

1.9

x

1.9

x

1.8

x

1.6

x

1.5

x

1.1

x

0.9

x

0.8

x

0.7

x

0.6

x

0.5

x

0.4

x

N/A

N/M

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

24.0x

YG

E

JKS

SO

L

RU

N

SU

NE

CS

IQ

JAS

O

GC

L-P

oly

SC

TY

AE

IS

YG

E

SM

A S

ola

r

DQ

RE

C

TE

RP

TS

L

FS

LR

Sol

arW

orld

JAS

O

SE

DG

Sol

agig

a

VS

LR

Median: 1.8x

12

.1x

11

.0x

9.3

x

8.9

x

7.5

x

6.0

x

N/M

0.0x

4.0x

8.0x

12.0x

16.0x

PE

GI

AB

Y

GLB

L

TE

RP

NY

LD

NE

P

CA

FD

Median: 9.1x

8.6

x

5.4

x

3.1

x

2.5

x

2.2

x

2.0

x

1.8

x

1.4

x

0.9

x

0.0x

2.5x

5.0x

7.5x

10.0x

WTR

AW

K

ER

II

BM

I

PU

R

XY

L

CC

C

NE

S

VIE

Median: 2.2x

1.5

x

1.3

x

0.9

x

0.7

x

0.3

x

0.2

x

N/A

N/A

0.0x

1.0x

2.0x

VW

S

GA

M

ND

X1

AM

SC

CP

ST

BW

EN

MY

Sin

ovel

Median: 0.8x

9.3

x

8.3

x

6.1

x

4.6

x

2.9

x

2.8

x

2.1

x

2.0

x

1.5

x

1.3

x

1.2

x

1.1

x

1.1

x

0.4

x

0.0x

3.0x

6.0x

9.0x

12.0x

GLB

L

AX

Y

EG

PW

OR

A

GR

A

ALB IB

E

OTT

R

GLR

I

AB

G

CH

MT

AR

EV

A

PO

L

MC

P

Median: 2.0x



Energy Technology Public Equity Offerings (Since December 2014)

Energy Technology Private Placement Transactions (Since December 2014)

Energy Technology M&A Transactions (Since December 2014)

_____________________

Source: Press releases, Baird, Cleantech Group, Capital IQ, Dealogic.

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

Sep-

15

Oct-

15

Nov-

15

Dec-

15

Total 1 1 2 1 2 2 3 2 2 - 1 - 3

# o f IPOs - - - 1 - - 2 1 1 - - - 1

# o f Follow-ons 1 1 2 - 2 2 1 1 1 - 1 - 2

Deal Value $36 $405 $49 $145 $109 $52 $1,281 $701 $1,001 $- $104 $- $41

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

0

1

2

3

4

5

6

Deal V

alue ($M

)

# o

f D

eals

# o f Follow-ons # o f IPOs Deal Value

'14

YTD

'15

YTD

Total 29 19

# o f IPOs 7 6

# o f Follow-ons 22 13

Deal Value $2,923 $3,887

$0

$1,000

$2,000

$3,000

$4,000

0

5

10

15

20

25

30

Deal V

alue ($M

)

# o

f D

eals

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

Sept-

15

Oct-

15

Nov-

15

Dec-

15

Total 61 44 45 40 41 36 37 30 40 31 22 39 41

# of Deals – Undisclosed 13 5 9 1 4 3 6 3 6 9 3 5 4

# of Deals – Disclosed 48 39 36 39 37 33 31 27 34 22 19 34 37

Deal Value $470 $353 $172 $278 $245 $280 $438 $345 $696 $440 $899 $887 $507

$0

$200

$400

$600

$800

$1,000

$1,200

0

20

40

60

80

100

Deal V

alue ($M

)

# o

f D

eals

# of Deals – Disclosed # of Deals – Undisclosed Deal Value

'14

YTD

'15

YTD

Total 564 446

# of Deals – Undisclosed 59 58

# of Deals – Disclosed 505 388

Deal Value $5,029 $5,540

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

0

100

200

300

400

500

600

Deal V

alue ($M

)# o

f D

eals

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

Sept-

15

Oct-

15

Nov-

15

Dec-

15

Total 10 14 21 18 14 13 15 20 17 10 10 10 6

# of Deals – VC Backed 1 2 4 2 2 3 1 6 4 2 1 3 2

# o f Deals 9 12 17 16 12 10 14 14 13 8 9 7 4

Deal Value $2,413 $1,283 $3,181 $346 $92 $649 $2,006 $15,855 $375 $2,344 $1,020 $135 $60

$0

$4,000

$8,000

$12,000

$16,000

0

10

20

30

Deal V

alue ($M

)

# o

f D

eals

# o f Deals # of Deals – VC Backed Deal Value

'14

YTD

'15

YTD

Total 183 168

# of Deals – VC Backed 30 32

# o f Deals 153 136

Deal Value $17,449 $27,345

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

0

25

50

75

100

125

150

175

200

Deal V

alue ($M

)

# o

f D

eals



Recent Energy Technology IPO Offerings & Registrations

($ in millions, except per share amounts)

Pricing/

Filing Date Ticker Company Subsector

Offering

Amount (1) Filing Range

Offer

Price

Offer to

Current (2)

12/17/15 BIQ BuildingIQ Energy Efficiency $14.3 N/A $0.73 27.2%

08/04/15 RUN SunRun Inc Solar 250.6 $13.00 - 15.00 14.00 (15.9%)

07/31/15 GLBL TerraForm Global Inc Solar 675.0 19.00 - 21.00 15.00 (62.7%)

06/25/15 GPP Green Plains Partners LP Biofuels 172.5 19.00 - 21.00 15.00 8.3%

06/18/15 CAFD 8point3 Energy Partners LP Solar 420.0 19.00 - 21.00 21.00 (23.1%)

03/25/15 SEDG SolarEdge Technologies Inc Solar 144.9 16.00 - 18.00 18.00 56.5%

11/13/14 SKYS Sky Solar Holdings Ltd Solar 50.8 7.00 - 8.00 8.00 (6.9%)

09/30/14 VSLR Vivint Solar, Inc. Solar 329.6 16.00 - 18.00 16.00 (40.3%)

07/28/14 SPKE Spark Energy Inc Energy 54.0 19.00 - 21.00 18.00 15.1%

07/17/14 TERP TerraForm Power, Inc. Solar 576.9 19.00 - 21.00 25.00 (49.7%)

06/26/14 NEP NextEra Energy Partners LP Energy 467.2 19.00 - 21.00 25.00 19.4%

06/12/14 ASPN Aspen Aerogels Inc. Energy Efficiency 82.5 14.00 - 16.00 11.00 (44.8%)

04/03/14 OPWR Opower Inc. Energy Efficiency 133.3 17.00 - 19.00 20.00 (44.4%)

08/01/13 MBII Marrone Bio Innovations Chemicals 57.0 14.00 - 17.00 12.00 (90.8%)

05/10/13 BIOA BioAmber Inc Biofuels 80.0 15.00 - 17.00 10.00 (38.2%)

04/17/13 HASI Hannon Armstrong Sustainable

Infrastructure Capital Inc

Energy Efficiency 176.9 14.00 - 16.00 12.50 51.4%

Recent Energy Technology Follow-On Offerings

($ in millions)

Pricing

Date Ticker Company Subsector

Offering

Amount (1) File to Offer

Last Trade to

Offer

Offer to

Current (2)

12/11/15 HYGS Hydrogenics Corp Energy Efficiency $16.5 (27.2%) 0.4% 13.2%

12/08/15 GEVO Gevo Inc Biofuels 10.0 (20.0%) 16.3% (38.0%)



Energy Efficiency 103.4 (4.4%) (4.4%) 5.1%

08/13/15 TSLA Tesla Motors Inc Transportation 750.0 1.6% (0.2%) (0.8%)

07/09/15 ESES Eco-Stim Energy Solutions Inc Energy Efficiency 26.1 (36.5%) (23.4%) (34.1%)

06/18/15 TERP TerraForm Power Inc Solar 688.3 (5.6%) (0.6%) (66.9%)

05/14/15 GEVO Gevo Inc Biofuels 17.2 (10.3%) (10.5%) (84.5%)

05/01/15 BIOA BioAmber Inc Biofuels 35.1 (14.4%) (14.4%) (31.3%)



Energy Efficiency 85.1 (4.3%) (4.3%) (2.3%)

04/24/15 AMSC American Superconductor Corp Wind 24.0 (39.4%) (40.0%) 6.2%

02/20/15 OESX Orion Energy Systems Inc Energy Efficiency 19.1 (25.7%) (12.7%) (38.0%)

02/05/15 DQ Daqo New Energy Corp Solar 30.0 (10.8%) (10.8%) (14.6%)

01/15/15 TERP TerraForm Power Inc Solar 404.8 (4.0%) 0.0% (57.1%)

12/11/14 HCCI Heritage-Crystal Clean Inc Business Services 35.7 (26.4%) (8.3%) 6.0%



Energy Efficiency 62.6 (4.8%) (4.8%) 39.1%

09/29/14 TSL Trina Solar Ltd Solar 88.1 (11.0%) (2.7%) (6.2%)

09/18/14 QRHC Quest Resource Holding Corp Energy Efficiency 17.9 (43.1%) (43.1%) (65.2%)

08/14/14 ENPH Enphase Energy Inc Solar 33.8 (9.1%) (9.1%) (66.6%)

07/31/14 GEVO Gevo Inc Biofuels 18.0 (17.1%) (17.1%) 3.3%

07/16/14 BIOA BioAmber Inc Biofuels 38.6 (15.6%) (15.6%) (48.5%)

06/05/14 MBII Marrone Bio Innovations Inc Chemicals 49.2 1.7% (1.0%) (88.4%)

06/05/14 TSL Trina Solar Ltd Solar 96.8 (11.2%) (5.2%) 0.2%

05/14/14 DQ Daqo New Energy Corp Solar 58.0 (23.2%) (0.3%) (42.6%)

05/13/14 HYGS Hydrogenics Corp Energy Efficiency 22.5 (23.4%) (23.4%) (41.5%)

05/01/14 CPST Capstone Turbine Corp Energy Storage 32.0 (17.5%) (17.5%) (17.6%)

_____________________

Source: Press releases, Baird, Cleantech Group, Capital IQ, Dealogic.

Note: Italics indicates registration has been filed but offering has not yet taken place. Shading indicates transactions with Baird involvement.

(1) For deals that have not yet taken place, offering amount is based on deal size listed on S-1 cover and is subject to change.

(2) As of December 31, 2015.



Selected Recent Energy Technology Private Placement Transactions

($ in millions)

Date Company Description Subsector Value Investors

12/23/15 PsiKick Developer of ultra-low power sensors enabling

IoT

Electronic

Components

$16.5 New Enterprise Associates; Osage

Partners; University of Michigan

12/22/15 Lightsource

Wind

Investor, developer and operator of

renewable energy projects

Solar 0.3 Undisclosed Investor(s)

12/22/15 UniEnergy

Technologies

Produces large-scale energy storage systems

for utility, commercial and industrial sectors

Energy Storage N/A ORIX Capital

12/21/15 BBOXX Provider of plug & play solar systems from 3W

to 5kW for off-grid and on-grid solutions

Solar 15.0 Bamboo Finance; DOEN Foundation;

Khosla Impact; MacKinnon, Bennett &

Co; Synergy Growth

12/21/15 Scotrenewables Renewable energy R&D business involved in

the development of wind and marine energy

Hydro & Marine

Power

5.7 ABB Technology Ventures

12/21/15 Flux Factory Developer of collaborative efficient building

design software

Energy

Efficiency

29.0 South Park Ventures; Surbana Jurong;

Obvious Ventures; Borealis Ventures; Far East Organization; Draper Fisher

Jurvetson; Temasek Holdings

12/18/15 Micromem

Technologies

Developer of sensor technology for use across

oil and gas, auto and energy industries

Energy

Efficiency

0.1 Undisclosed Investor(s)

12/18/15 Sapphire Energy Developer of algae biofuels Biofuels &

Biochemicals


12/17/15 Clear Blue

Technologies

Developer of a cloud platform that supports

Off-Grid renewable generation

Other Cleantech 1.9 Haywood Securities

12/16/15 Adama

Materials

Developer of nanotechnology to improve

composite materials

Advanced

Materials


12/16/15 Senseye Developer of equipment monitoring systems Energy

Efficiency


12/16/15 Sungevity Full-service provider of and platform for

residential solar systems

Solar 50.0 Apollo Global Management; Hercules

Technology Growth Capital; GE

Ventures; EFW Partners; Vision Ridge

Partners; Brightpath Capital Partners;

Firelake Capital Management; Jetstream

Capital; Craton Equity Partners; E.ON

Ventures

12/16/15 Blue River

Technology

Developer and provider of computer vision

based robotics for agricultural use

Agriculture &

Food

17.0 Pontifax; Syngenta Ventures; Monsanto;

Data Collective; Khosla Ventures; Innovation Endeavors

12/16/15 CircuitMeter Provides an integrated electrical submetering solution and cloud computing enterprise

energy management software

Energy Efficiency

1.3 Various Angel Investors

12/15/15 PointGrab Developer of a computer vision technology

that provides control around the house

Energy

Efficiency

5.0 ABB Technology Ventures; Saar Wilf;

EcoMachines Ventures

12/15/15 Elcomax Provider of high efficiency energy solutions

based on state-of-the-art fuel cell technology

Fuel Cells

Hydrogen

13.2 Emerald Technology Ventures; Kleiner

Perkins Caufield & Byers; Manfred

Stefener

12/15/15 SBA Materials Maker of nano-structured dielectrics and other

materials for energy storage and efficiency

Advanced

Materials

N/A Air Liquide Investissements d'Avenir et

de Démonstration (ALIAD); Tokyo

Electron Venture Capital Inc; Intel

Capital; Samsung Ventures; Sun

Mountain Capital

12/14/15 Atmotube Developer of a sensor that accurately

measures air pollution

Air 0.1 Indiegogo

12/14/15 Cathay

Industrial

Biotech

Developer of specialty chemicals, biopolymers

and biobutanol utilizing biotechnology

processes that reduce materials and energy

Biofuels &

Biochemicals

135.0 Shanxi Lu'an Mining Group

12/11/15 Verengo Solar Developer of residential solar arrays Solar 3.4 Undisclosed Investor(s)

12/11/15 Terrestrial

Energy

Developer of a proprietary reactor system,

the Integral Molten Salt Reactor

Nuclear 0.9 Undisclosed Investor(s)

12/11/15 Calico Energy Provides a software platform for smart-grid

data management for energy providers

Smart Grid 6.7 Undisclosed Investor(s)

12/09/15 Greensmith Provider of grid-scale energy storage software and integration solutions

Energy Storage 18.3 E.ON Ventures; American Electric Power

12/09/15 Prieto Battery Developer of proprietary Li-ion battery technology using a 3-dimensional solid-state

architecture comprised of non-toxic materials

Energy Storage 0.1 Undisclosed Investor(s)

12/09/15 Magna Imperio

Systems

Developer of generation assets powered by

salt water

Hydro & Marine

Power


12/08/15 Younicos Provider of intelligent energy storage and

electrical grid solutions

Energy Storage 50.0 First Solar; Grupo ECOS

__________________

Source: Press releases, Baird, Cleantech Group, Capital IQ.



Selected Recent Energy Technology M&A Transactions

($ in millions)

Date Target Target Description Subsector Acquiror Value

Revenue

Multiple (1)

12/23/15 Elvi System

Integration Division

Installs hybrid power plants and offers

storage, energy and system integration

services

Electrical

Components and

Equipment

Electro Power

Systems

N/A N/A

12/16/15 Specialised Energy

Solutions

Provides civil infrastructure solutions and

clean energy technologies

Clean Energy CleanSpark N/A N/A

12/09/15 Oxford Technologies Develops remote handling systems for

fission decommissioning and nuclear fusion

Industrial

Machinery

Kurion N/A N/A

12/09/15 Upwind Solutions Provides operations and maintenance

services for utility-scale wind projects

Wind Vestas $60.0 1.1x

12/04/15 Blade Dynamics Designs and manufactures high-performance wind turbine blades and coatings

Wind General Electric N/A N/A

12/02/15 K12Solar Provides solar electricity to schools and homeowners in the United States

Solar Tri Global Energy

N/A N/A

11/27/15 Smart Grid Application Business of Ingenu

Develops smart grid monitoring devices Energy Efficiency Trilliant N/A N/A

11/16/15 Solaire Generation Designs, manufactures and installs solar

parking structures

Solar SunPower N/A N/A

11/12/15 Cogenra Solar Provider of distributed PV and solar hot

water cogeneration solutions

Solar SunPower N/A N/A

11/12/15 Panoramic Power Provider of a cloud-based energy

management software platform

Energy Efficiency Direct Energy 60.0 N/A

11/12/15 Red Rock Biofuels Developer of advanced biofuel refinery

project

Biofuels &

Biochemicals

Joule N/A N/A

11/12/15 GridPoint Provider of smart energy solutions that

maintain sustainable energy management

Energy Efficiency TFC Utilities N/A N/A

11/11/15 dcFusion Provides independent DC power system

consulting services

Other Power Analytics N/A N/A

11/10/15 Dyadic Developer of enzyme and protein products

for the bioenergy

Biofuels &

Biochemicals

DuPont 75.0 N/A

11/09/15 GE Meters Manufacturer of electricity meters Smart Grid Aclara N/A N/A

11/04/15 Sentec Developer of hardware and software

solutions for smart metering

Smart Grid Sensus N/A N/A

10/27/15 Envirogen

Technologies

A provider of solutions for water treatment,

waste reduction and process improvement

Water &

Wastewater

Promethean

Investments

50.0 1.0

10/23/15 Infinis Developer of UK renewable projects Renewable

Energy

Terra Firma

Capital Partners

N/A N/A

10/22/15 Phoenix Energy

Technologies

Provider of enterprise energy management

software and services

Energy Efficiency Duke Energy N/A N/A

10/20/15 GeoLOGIC Systems Provider of data and integrated software

solutions for oil and gas exploration

Conventional

Fuels

BV Investment

Partners

N/A N/A

10/19/15 Hemisphere GPS Developer of precision agriculture

technologies

Agriculture &

Food

Novariant N/A N/A

10/16/15 Ag Connections Develops crop management software

solutions for farmers

Application

Software

Syngenta N/A N/A

10/15/15 Sakti3 Developer of advanced solid state lithium ion

battery technology

Energy Storage Dyson 90.0 N/A

10/14/15 Retroficiency Building efficiency audit software for utilities

and energy service providers

Energy Efficiency Ecova N/A N/A

10/08/15 Nautilus Solar Developer of distributed generation and

utility-scale solar PV systems

Solar Virgo

Investment

Group

N/A N/A

10/04/15 Acciona Windpower Provider of 1500kw and 3000kw rated power

wind turbines

Wind Nordex 880.0 N/A

09/30/15 New Energy Risk Developer of proprietary analytics, data and

computational models for renewables

Other XL Innovate N/A N/A

09/29/15 Akros Silicon Provider of integrated circuits for network-

based energy management

Energy Efficiency Kinetic

Technologies

N/A N/A

09/28/15 Arizona Chemical Provider and refiner of natural pine-based

chemicals using paper products

Biofuels &

Biochemicals

Kraton

Performance Polymers

1,370.0 1.6

09/24/15 Clearlogx Developer of control technology for water

treatment chemical dispensing systems

Water &

Wastewater

H2O Innovation N/A N/A

09/21/15 Pinova Holdings Provider of chemicals manufactured from

natural and renewable feedstocks

Biofuels &

Biochemicals

Symrise 417.0 N/A

____________

Source: Press releases, Baird, Cleantech Group, Capital IQ.

(1) Revenue multiple is LTM.



Energy Technology Public Company Trading & Operating Statistics


Biofuels & Biomaterials

Efficiency / Smart Grid

Energy Storage / Transportation

_____________________

Source: Baird Equity Research, Capital IQ. As of December 31, 2015. Estimates calendarized for comparison purposes.

Note: Names in bold font are covered by Baird Equity Research. Baird estimates used where available.

Share Share Performance EV / Revenue EV / EBITDA Price / Earnings Revenue Growth Balance Sheet

Company Price Market Cap Net Debt Ent. Value Dec-15 LTM 2015E 2016P 2015E 2016P 2015E 2016P 2015E 2016P

Amy ris, Inc. $1.62 $311.3 $147.7 $458.7 (3.0%) (21.4%) 8.0 x 4.0 x N/M N/M N/M N/M 32.2% 98.4%

Codex is, Inc. 4.23 170.5 (17.0) 153.5 10.7% 67.9% 3.7 3.2 N/M N/M N/M N/M 18.5% 13.5%

Gev o, Inc. 0.62 11.8 21.6 33.4 (57.5%) (87.1%) 1.1 0.8 N/A N/M N/M N/M 9.3% 37.5%

Green Plains Inc. 22.90 867.7 151.8 1,180.8 (3.3%) (7.6%) 0.4 0.4 8.6 x 6.1 x 46.6 x 19.5 x (8.3%) 10.7%

Marrone Bio Innov ations, Inc. 1.10 26.9 30.8 57.7 (40.9%) (69.5%) 1.0 0.5 N/M N/M N/M N/M 556.7% 100.0%

Metabolix , Inc. 1.54 42.1 (17.9) 24.2 (25.6%) (37.6%) 7.9 5.9 N/M N/A N/M N/M 9.3% 34.0%

Nov ozy mes A/S 47.79 14,491.8 31.0 14,524.4 (2.6%) 27.3% 7.2 6.7 20.7 19.6 35.8 31.9 12.7% 6.4%

Renew able Energy Group, Inc. 9.29 430.7 201.6 635.7 3.1% (4.3%) 0.5 0.5 N/M 7.1 N/M 10.6 2.9% 6.7%

Rentech, Inc. 3.52 81.0 129.0 249.9 23.1% (72.1%) 0.6 1.1 N/A N/A N/M N/M (11.8%) (43.1%)

Solazy me, Inc. 2.48 199.7 84.6 284.3 (24.8%) (3.9%) 6.1 3.1 N/M N/M N/M N/M (22.6%) 95.9%

Mean (12.1%) (20.8%) 3.6 x 2.6 x 14.7 x 10.9 x 41.2 x 20.6 x 59.9% 36.0%

Median (3.2%) (14.5%) 2.4 2.1 14.7 7.1 41.2 19.5 9.3% 23.8%



Ameresco, Inc. $6.25 $290.7 $186.6 $477.3 (8.5%) (10.7%) 0.8 x 0.7 x 10.8 x 8.9 x 41.7 x 21.6 x 7.0% 4.3%

Aspen Aerogels, Inc. 6.07 140.3 (29.8) 110.4 (6.6%) (23.9%) 0.9 0.9 13.0 9.2 N/M N/M 18.2% (0.7%)

Digi International Inc. 11.38 290.9 (92.2) 198.7 (9.0%) 22.5% 0.9 0.9 12.3 9.4 37.2 30.1 10.7% 2.2%

Echelon Corporation 5.64 24.9 (25.1) 0.1 (11.5%) (66.8%) 0.0 N/A N/M N/A N/M N/A (0.9%) N/A

EnerNOC, Inc. 3.85 118.6 0.0 118.8 (9.6%) (75.1%) 0.3 0.3 N/M N/M N/M N/M (16.3%) (9.9%)

ESCO Technologies Inc. 36.14 933.1 10.6 943.7 (7.9%) (2.1%) 1.7 1.6 11.5 9.3 23.4 18.2 3.5% 5.9%

Hannon Armstrong Sustainable Infrastructure Capital, Inc. 18.92 724.1 740.5 1,464.5 8.4% 33.0% N/M N/M N/A N/A N/M 30.0 17.5% 46.4%

Itron, Inc. 36.18 1,371.1 281.7 1,672.2 0.6% (14.4%) 0.9 0.8 12.0 8.6 N/M 24.8 (4.4%) 7.9%

OPOWER, Inc. 10.56 547.2 (69.6) 477.6 12.5% (25.8%) 3.2 2.7 N/M N/M N/M N/M 15.2% 19.2%

PowerSecure International, Inc. 15.05 338.4 (7.0) 331.4 7.7% 29.2% 0.8 0.7 14.5 8.3 N/M 23.2 64.6% 20.3%

Silver Spring Networks, Inc. 14.41 725.4 (121.5) 604.0 8.1% 70.9% 2.1 1.9 N/M 19.6 N/M N/M 2.1% 9.7%

Mean (1.4%) (5.8%) 1.2 x 1.2 x 12.3 x 10.5 x 34.1 x 24.7 x 10.6% 10.5%

Median (6.6%) (10.7%) 0.9 0.9 12.1 9.2 37.2 24.0 7.0% 6.9%



AeroVironment, Inc. $29.47 $687.1 ($206.0) $481.1 15.2% 8.1% 1.8 x 1.7 x N/M 29.3 x N/M N/M 9.0% 7.7%

Ballard Pow er Sy stems Inc. 1.54 241.1 (40.4) 199.5 29.5% (9.3%) 3.5 2.1 N/M N/M N/M N/M (16.0%) 61.4%

BYD Company Ltd. 5.50 13,623.5 5,254.5 19,596.8 1.8% 40.5% 1.9 1.6 14.7 x 12.5 39.6 x 40.6 x 20.0% 21.5%

EnerSy s 55.93 2,483.1 347.1 2,841.1 (5.0%) (9.4%) 1.2 1.2 8.7 8.4 13.8 13.1 (8.1%) 2.0%

Hy drogenics Corporation 8.77 110.0 5.2 115.2 (20.8%) (34.0%) 3.3 2.0 N/M N/M N/M N/M (22.9%) 62.3%

FuelCell Energy Inc. 4.96 128.8 (36.7) 162.5 (52.2%) (73.2%) 1.0 0.7 N/M N/M N/M N/M (11.8%) 39.3%

Max w ell Technologies, Inc. 7.14 227.0 (24.7) 202.3 1.1% (21.7%) 1.2 1.2 N/M 23.0 N/M N/M (12.1%) (0.8%)

Plug Pow er Inc. 2.11 379.8 (75.4) 305.6 (4.1%) (29.7%) 3.0 2.0 N/M N/M N/M N/M 56.7% 49.7%

Tesla Motors, Inc. 240.01 31,429.5 1,419.7 32,849.3 4.2% 7.9% 6.2 4.0 N/M N/M N/M N/M 47.7% 53.7%

Mean (3.4%) (13.4%) 2.6 x 1.8 x 11.7 x 18.3 x 26.7 x 26.9 x 6.9% 33.0%

Median 1.1% (9.4%) 1.9 1.7 11.7 17.7 26.7 26.9 (8.1%) 39.3%





Lighting

Natural Gas Technology

Recycling & Waste

_____________________





Acuity Brands, Inc. $233.80 $10,236.2 ($404.4) $9,831.8 1.3% 66.9% 3.6 x 3.0 x 22.5 x 17.6 x 43.4 x 34.1 x 13.1% 20.9%

Cree, Inc. 26.67 2,748.2 (425.1) 2,323.1 (3.5%) (17.2%) 1.4 1.3 10.5 7.8 N/M 23.2 (1.8%) 11.8%

Hubbell Inc. 101.04 918.7 154.6 1,083.0 1.8% (5.4%) 0.3 0.3 2.0 1.8 N/A N/A 1.4% 3.1%

LSI Industries Inc. 12.19 299.4 (28.4) 271.0 3.1% 79.5% N/A N/A N/A N/A N/A N/A N/A N/A

Rubicon Technology , Inc. 1.14 29.9 (34.1) (4.2) 14.0% (75.1%) N/M N/M N/A N/A N/A N/M (48.2%) 10.7%

Zumtobel Group AG 25.11 1,083.5 201.6 1,290.2 12.8% 24.5% 0.9 0.8 9.2 7.4 32.5 14.0 6.6% 4.4%

Mean 4.9% 12.2% 1.6 x 1.4 x 11.0 x 8.7 x 37.9 x 23.8 x (5.8%) 10.2%

Median 2.4% 9.5% 1.1 1.0 9.9 7.6 37.9 23.2 1.4% 10.7%



Chart Industries Inc. $17.96 $548.6 $136.4 $691.3 (15.8%) (47.5%) 0.7 x 0.8 x 6.8 x 7.3 x 16.9 x 24.9 x (15.6%) (10.8%)

Clean Energy Fuels Corp. 3.60 326.1 408.2 761.1 (23.6%) (27.9%) 2.1 1.9 N/M N/M N/M N/M (14.7%) 10.9%

Fuel Sy stems Solutions, Inc. 4.89 88.5 (60.9) 27.5 (11.1%) (55.3%) 0.1 0.1 5.4 2.1 N/M N/M (22.7%) 9.0%

Pow er Solutions International, Inc. 18.25 196.2 140.5 336.7 (22.5%) (64.6%) 0.8 0.7 16.2 10.6 39.0 18.4 14.1% 13.2%

Westport Innov ations Inc. 1.99 127.7 24.1 150.8 (12.3%) (36.7%) 1.4 1.1 N/M N/M N/M N/M (16.0%) 22.8%

Mean (17.0%) (46.4%) 1.0 x 0.9 x 9.5 x 6.7 x 28.0 x 21.7 x (11.0%) 9.0%

Median (15.8%) (47.5%) 0.8 0.8 6.8 7.3 28.0 21.7 (15.6%) 10.9%



Casella Waste Sy stems Inc. $5.98 $245.0 $529.7 $774.6 (11.8%) 48.0% 1.4 x 1.4 x 7.3 x 6.8 x N/M N/M (2.7%) 2.9%

Covanta Holding Corporation 15.49 2,062.8 2,381.0 4,445.8 (4.1%) (29.6%) 2.7 2.7 10.6 10.2 N/M N/M (3.7%) 3.0%

Republic Serv ices, Inc. 43.99 15,275.0 7,458.5 22,735.9 0.1% 9.3% 2.5 2.4 8.8 8.5 21.5 x 20.4 x 3.9% 3.3%

US Ecology , Inc. 36.44 792.0 356.8 1,148.8 (3.7%) (9.2%) 2.1 2.2 9.3 9.1 21.3 19.6 22.7% (6.9%)

Waste Connections Inc. 56.32 6,891.8 1,953.9 8,852.0 3.3% 28.0% 4.2 4.0 12.5 11.7 28.7 26.0 1.4% 5.8%

Waste Management, Inc. 53.37 23,829.5 8,937.0 32,788.5 (0.7%) 4.0% 2.5 2.4 9.6 9.1 20.8 19.3 (6.9%) 3.2%

Mean (2.8%) 8.4% 2.6 x 2.5 x 9.7 x 9.2 x 23.1 x 21.3 x 2.4% 1.9%

Median (2.2%) 6.6% 2.5 2.4 9.4 9.1 21.4 20.0 (0.6%) 3.1%





Solar

Yieldco

Water & Wastewater

_____________________





Adv anced Energy Industries, Inc. $28.23 $1,158.6 ($199.0) $959.6 (3.2%) 19.1% 1.9 x 2.4 x 13.9 x 7.7 x 15.8 x 13.6 x (13.3%) (19.8%)

Canadian Solar Inc. 28.96 1,618.7 460.3 3,013.4 25.7% 19.7% 0.9 0.9 9.7 6.1 11.4 10.1 11.3% 0.2%

Daqo New Energy Corp. 16.65 174.9 231.2 408.6 5.2% (36.8%) 2.3 1.8 7.6 5.1 19.3 6.3 (2.7%) 30.2%

Enphase Energy , Inc. 3.51 159.1 (5.5) 153.6 110.2% (75.4%) 0.4 0.4 N/M N/M N/M N/M 4.1% 6.1%

First Solar, Inc. 65.99 6,659.7 (1,501.0) 5,158.7 16.8% 48.0% 1.5 1.3 7.2 8.9 15.0 15.9 4.5% 12.1%

GCL-Poly Energy Holdings Ltd. 0.15 2,781.6 5,940.7 9,127.0 (21.1%) (35.6%) 1.9 2.0 7.2 6.2 8.8 6.8 (0.8%) (6.0%)

JA Solar Holdings Co., Ltd. 9.70 489.6 459.3 978.4 11.1% 18.5% 0.5 0.4 3.8 3.7 6.2 5.3 18.6% 13.9%

JinkoSolar Holding Co., Ltd. 27.67 863.1 1,436.2 2,589.9 8.5% 40.4% 1.1 1.0 8.8 6.2 7.7 6.7 54.1% 10.4%

REC Silicon ASA 0.20 510.4 90.1 596.5 (10.8%) 0.5% 1.9 1.4 N/M 7.5 N/M N/M (35.7%) 33.1%

ReneSola Ltd. 1.70 173.9 664.0 837.9 31.8% 20.6% 0.7 0.7 8.0 7.0 N/M N/M (18.7%) (1.7%)

Sky Solar Holdings, Ltd. 7.45 363.2 (2.0) 398.3 7.9% (18.6%) 7.8 3.1 18.5 5.8 N/A 10.6 54.5% 157.0%

SMA Solar Technology AG 55.79 1,935.9 (268.6) 1,667.2 9.5% 238.0% 1.6 1.5 14.3 9.3 N/M 25.5 20.6% 2.9%

SolarCity Corporation 51.02 4,979.0 2,032.3 7,818.0 77.4% (4.6%) 20.0 12.5 N/M N/M N/M N/M 53.6% 59.7%

SolarEdge Technologies, Inc. 28.17 1,107.2 (146.7) 960.5 43.5% 56.5% 2.3 1.8 17.7 10.2 22.7 14.8 95.0% 29.7%

Solargiga Energy Holdings Limited 0.02 77.9 291.3 397.3 (4.6%) (32.9%) N/A N/A N/A N/A N/A N/A N/A N/A

SolarWorld AG 9.85 146.7 277.0 505.9 (3.9%) (29.8%) 0.6 0.5 11.8 5.2 N/M 13.3 22.7% 19.1%

SunEdison, Inc. 5.09 1,612.1 9,343.0 14,126.1 59.6% (73.9%) 6.1 4.1 N/M 16.7 N/M N/M (6.2%) 49.3%

SunPower Corporation 30.01 4,099.2 636.1 4,852.2 25.3% 16.2% 1.9 1.4 11.1 10.6 15.4 21.1 (3.6%) 36.2%

Sunrun Inc. 11.77 1,189.7 353.4 1,804.4 77.0% N/A 5.8 4.2 N/M N/M N/M N/M 56.8% 39.5%

Trina Solar Limited 11.02 1,015.7 1,182.1 2,239.6 14.2% 19.0% 0.8 0.7 7.3 5.5 9.9 8.3 27.0% 15.2%

Viv int Solar, Inc. 9.56 1,018.9 186.2 1,455.8 18.2% (40.3%) N/M 11.8 N/M N/M N/M N/M 168.7% 81.3%

Yingli Green Energy Holding Co. Ltd. 4.53 823.4 1,740.1 2,812.1 (30.8%) (80.7%) 1.8 1.7 13.5 9.3 N/M N/M (19.0%) 2.4%

Mean 21.2% 3.2% 3.1 x 2.6 x 10.7 x 7.7 x 13.2 x 12.2 x 23.4% 27.2%

Median 12.7% 0.5% 1.8 1.5 9.7 7.0 13.2 10.6 11.3% 15.2%



8point3 Energy Partners LP $16.14 $322.8 $259.1 $867.4 (23.1%) (23.1%) N/M 10.1 x N/M 9.1 x N/M 14.7 x 20.0% 494.4%

Abengoa Yield plc 19.29 1,933.2 6,469.4 8,544.4 33.2% (29.4%) 11.0 x 9.2 13.7 x 11.2 18.1 x 10.6 91.0% 18.9%

Nex tEra Energy Partners, LP 29.85 885.6 1,243.0 2,919.6 15.4% (11.6%) 6.0 3.6 7.2 4.5 42.9 23.5 61.7% 66.9%

NRG Yield, Inc. 13.91 1,407.8 4,494.0 6,249.8 2.4% (41.0%) 7.5 6.1 9.2 7.4 25.6 13.2 42.3% 24.2%

Pattern Energy Group Inc. 20.91 1,561.4 1,795.0 4,167.1 16.8% (15.2%) 12.1 8.7 17.1 11.7 N/M N/M 39.1% 38.7%

TerraForm Power, Inc. 12.58 1,006.8 1,910.6 4,235.9 82.3% (49.7%) 8.9 6.1 12.6 7.2 N/M 14.8 276.6% 45.4%

TerraForm Global, Inc. 5.59 652.4 131.4 1,341.7 38.7% (77.6%) 9.3 3.0 12.1 3.9 N/M 10.7 266.2% 213.8%

Mean 23.7% (35.4%) 9.1 x 6.7 x 12.0 x 7.9 x 28.8 x 14.6 x 113.9% 128.9%

Median 16.8% (29.4%) 9.1 6.1 12.4 7.4 25.6 13.9 61.7% 45.4%



American Water Works Company, Inc. $59.75 $10,723.3 $6,281.6 $17,004.9 3.4% 12.1% 5.4 x 5.1 x 11.1 x 10.5 x 22.5 x 21.3 x 4.6% 5.4%

Aqua America Inc. 29.80 5,257.6 1,752.7 7,010.2 1.5% 11.6% 8.6 8.0 15.4 13.7 23.5 22.1 4.2% 7.6%

Badger Meter Inc. 58.59 850.3 63.3 913.6 (3.7%) (1.3%) 2.5 2.4 14.8 13.4 31.3 27.9 2.0% 4.1%

Calgon Carbon Corporation 17.25 887.6 47.5 935.1 2.0% (17.0%) 1.8 1.6 9.2 7.8 20.8 17.1 (3.9%) 8.2%

Energy Recov ery , Inc. 7.07 387.7 (22.8) 364.9 (3.7%) 34.2% 3.1 4.4 5.1 8.4 6.9 19.4 284.0% (29.0%)

Nuv erra Env ironmental Solutions, Inc. 0.51 14.4 472.4 486.9 (37.7%) (90.8%) 1.4 1.6 11.1 12.1 N/M N/M (33.1%) (13.5%)

Pure Technologies Ltd. 3.34 177.5 (7.0) 170.5 (1.9%) (36.8%) 2.2 1.8 19.4 8.7 N/M 20.1 41.2% 23.9%

Veolia Env ironnement S.A. 23.59 12,936.8 9,811.1 24,027.8 (3.6%) 48.2% 0.9 0.9 7.9 7.4 24.7 20.8 5.4% 2.1%

Xylem Inc. 36.50 6,546.9 664.0 7,210.9 (2.2%) (4.1%) 2.0 1.9 11.9 11.3 19.7 17.6 (6.7%) 3.5%

Mean (5.1%) (4.9%) 3.1 x 3.1 x 11.8 x 10.4 x 21.4 x 20.8 x 33.1% 1.4%

Median (2.2%) (1.3%) 2.2 1.9 11.1 10.5 22.5 20.4 4.2% 4.1%





Wind

Other

_____________________





American Superconductor Corporation $6.37 $89.2 ($26.7) $62.5 35.2% (14.0%) 0.7 x 0.7 x N/M N/M N/M N/M 47.4% (1.0%)

Broadw ind Energy , Inc. 2.08 30.7 3.4 34.1 7.2% (61.4%) 0.2 0.1 8.4 x 3.6 x N/M N/M (12.9%) 8.7%

Capstone Turbine Corp. 1.40 24.0 4.8 28.8 (11.4%) (90.5%) 0.3 0.3 N/M N/M N/M N/M (19.5%) 14.2%

China Ming Yang Wind Pow er Group Limited 2.32 367.8 (48.0) 332.0 11.0% 5.9% N/A N/A N/A N/A N/A N/A N/A N/A

Gamesa Corporación Tecnológica S.A. 17.06 4,712.3 (80.7) 4,745.1 (4.5%) 109.3% 1.3 1.1 10.0 9.0 25.4 x 20.4 x 23.4% 9.0%

Nordex SE 35.33 2,857.3 (479.1) 2,378.2 3.0% 118.3% 0.9 0.7 11.8 8.0 34.1 23.4 36.6% 31.6%

Sinov el Wind Group Co., Ltd. 0.65 3,940.8 (171.4) 3,769.4 6.0% 37.7% N/A N/A N/A N/A N/A N/A N/A N/A

Vestas Wind Sy stems A/S 69.94 15,262.4 (1,951.4) 13,311.3 5.0% 113.6% 1.5 1.4 10.5 9.9 22.3 21.4 19.1% 4.2%

Mean 6.4% 27.4% 0.8 x 0.7 x 10.2 x 7.6 x 27.2 x 21.7 x 15.7% 11.1%

Median 5.5% 21.8% 0.8 0.7 10.2 8.5 25.4 21.4 21.3% 8.9%



Abengoa SA $0.44 $214.9 $8,278.9 $10,227.8 (43.8%) (80.7%) 1.3 x 1.3 x 7.6 x 7.4 x 1.3 x 3.2 x (2.7%) 2.4%

Albemarle Corporation 56.01 6,284.5 3,608.8 10,023.4 4.6% (6.9%) 2.8 2.7 10.6 10.6 15.3 15.1 47.5% 1.1%

Alterra Pow er Corp. 0.33 154.2 247.6 464.4 4.5% 41.5% 8.3 7.8 11.9 9.7 N/M 10.6 (21.6%) 7.6%

AREVA SA 5.85 2,236.7 6,594.0 9,246.1 (16.7%) (40.5%) 1.1 1.1 13.5 10.3 N/M 7.9 (2.7%) (6.6%)

Chemtura Corporation 27.27 1,831.8 200.0 2,032.8 (11.2%) 10.3% 1.2 1.2 8.2 6.8 19.8 16.1 (19.8%) (0.8%)

Enel Green Pow er S.p.A. 2.03 10,155.9 8,095.6 19,830.6 (5.8%) 8.6% 6.1 5.7 10.0 9.3 22.8 21.5 40.0% 7.9%

Glori Energy Inc. 0.35 11.2 2.7 13.8 (55.7%) (95.6%) 1.5 0.4 N/M 0.8 N/M 3.5 (41.4%) 271.0%

Iberdrola, S.A. 7.07 44,293.4 27,364.2 71,877.7 (1.2%) 17.0% 2.1 2.0 9.0 8.5 17.6 16.1 7.4% 3.6%

McPherson's Limited 0.53 51.8 56.7 108.5 6.5% (40.3%) 0.4 0.4 6.3 6.2 6.6 6.8 (0.1%) 1.9%

Ormat Technologies Inc. 36.47 1,788.3 780.2 2,663.9 (0.8%) 34.2% 4.6 4.3 9.3 8.9 15.1 20.9 3.6% 6.1%

Otter Tail Corporation 26.63 1,005.1 585.0 1,590.1 0.0% (14.0%) 2.0 1.9 9.5 8.7 16.6 15.7 (15.7%) 6.6%

PolyOne Corporation 31.76 2,740.5 864.1 3,605.7 (11.7%) (16.2%) 1.1 1.0 8.3 8.0 16.0 14.4 (11.0%) 3.1%

Sy nthesis Energy Sy stems, Inc. 0.96 83.3 (15.2) 66.8 7.8% 1.3% N/A N/A N/A N/A N/A N/A N/A N/A

W.R. Grace & Co. 99.59 7,034.8 1,890.9 8,930.1 1.4% 4.4% 2.9 2.8 11.9 11.2 21.4 20.1 (4.2%) 4.1%

Mean (8.7%) (12.6%) 2.7 x 2.5 x 9.7 x 8.2 x 15.3 x 13.2 x (1.6%) 23.7%

Median (1.0%) (2.8%) 2.0 1.9 9.4 8.7 16.3 15.1 (2.7%) 3.6%

Baird Energy Technology Investment Banking Franchise


Baird’s Energy Technology investment banking team has established a track record of providing clients with comprehensive strategic advisory and capital markets services. Our transaction experience, ongoing projects and frequent dialogue with industry participants provide us with unique insight into the industries we serve. In addition to in-depth knowledge of the energy technology sector, Baird offers:

Unique insights on M&A environment and dynamics, company market positioning, M&A process strategy and potential buyers’ areas of interest

Tailored, objective solutions designed to achieve the greatest outcomes

A full-service capital markets team with extensive private and public equity expertise

Selected Baird 2014 - 2015 Transactions

Selected Energy Technology transactions shown. Please visit rwbaird.com/investment-banking for a list of all transactions.

$400,000,000

4.00%

Senior ConvertibleDebentures

Undisclosed Value

Sale of majority stake to$103,500,000

Common Stock

Follow-on Offering Initial Public Offering

$172,500,000

Common Unit

Initial Public Offering

$420,000,000

Common Stock$85,100,000

Common Stock

Follow-on Offering

Sale to$35,650,000

Common Stock

Follow-on Offering

$62,600,000

Common Stock

Follow-on Offering

Sale to

$158,000,000

A Div ision of

Acquisition of

$160,000,000

2.25%

Convertible Senior Secured Notes

$335,000,000

Sale of

to

$54,000,000

Common Stock


$467,187,500

Common Stock


$82,500,000

Common Stock


http://www.rwbaird.com/ci/investment-banking/investment-bankinga.aspx

Investment Banking Contact List


Brian S. Doyal

Co-Head of Global

Investment Banking

+1.312.609.4916

[email protected]

Brian P. McDonagh

Co-Head of Global

Investment Banking

+1.704.553.6611

[email protected]

Rodney L. Jones-Tyson

Managing Director

Chief Operating Officer

+1.312.609.4984

[email protected]

Richard F. Waid

Vice Chairman

+1.404.264.2210

[email protected]

C.H. Randolph Lyon

Vice Chairman

+1.312.609.4931

[email protected]

Technology & Services

Peter S. Kies

Managing Director Head of Technology &

Services Investment

Banking

+1.414.765.7262 [email protected]

Daniel M. Alfe Managing Director

+1.312.609.4922

[email protected]

Stephen B. Guy

Managing Director

+1.414.765.7247

[email protected] Christopher W. Hildreth

Managing Director +1.312.609.4937

[email protected]

Michael Horwitz Managing Director

+1.415.627.3284

[email protected]

John R. Lanza

Managing Director


Mike Magluilo


[email protected]

Kiran Paruchuru Managing Director

+1.414.298.7642

[email protected] Breton A. Schoch

Managing Director


Andrew K. Snow


[email protected]

Ross W. Williams Managing Director

+1.414.298.6235

[email protected]

Jordan Klein

Director


Mathew Kessler Director

+1.415.627.3223

[email protected] Brian Cole

Director


Tim Shea

Director


.

Industrial

Paul T. Rogalski

Managing Director Head of Industrial

Investment Banking

+1.312.609.4912

[email protected] Christopher C. McMahon

Managing Director Head of Global M&A

+1.312.609.4983

[email protected]

Adam W. Czaia

Managing Director

+1.414.298.7358

[email protected] Justin T. Albert


[email protected]

Joel A. Cohen Managing Director

+1.312.609.4924

[email protected]

Christopher R. Cooper

Managing Director


Stephen B. Guy Managing Director

+1.414.765.7247

[email protected]

Jason P. Kliewer

Managing Director


Thomas E. Lange


[email protected]

Michael Lindemann Managing Director

+1.414.298.7408

[email protected] Joseph T. Packee

Managing Director

+1.414.298.7644

[email protected]

Trisha K. Renner Managing Director

+1.303.270.6347

[email protected]

Christian Colucci

Director


Alex Ballantine

Director +44.207.667.8242

[email protected]

Jon Fitzsimmons

Director +1.414.298.2460

[email protected]

David Schreiter Director

+44.207.667.8221

[email protected]

David Steinkeler Director

+312.609.7019

[email protected]

Consumer

Brian P. McDonagh

Managing Director Head of Consumer

Investment Banking

+1.704.553.6611

[email protected] Andrew Martin

Managing Director

+1.704.553.6615

[email protected]

Nicholas Pavlidis

Managing Director

+1.312.609.4977

[email protected] Joe Pellegrini

Managing Director


Robert Rosenfeld

Managing Director


Kurt Roth Managing Director

+1.312.609.4689

[email protected]

Christopher J. Sciortino


[email protected]

Katie J. Melzer Director

+1.415.627.3272

[email protected] Matt Tingler

Director


Maria Watts

Director +1.312.609.4743

[email protected]

Matt Karns Director

+1.312.609.7045

[email protected]

Real Estate

Steven Goldberg

Managing Director


Jim O’Brien


[email protected]

Jeff Rogatz Managing Director

+1.703.918.7823

[email protected] Adam Lefkowitz

Director


Thomas O’Hare

Director


Healthcare

Brian S. Doyal

Managing Director Head of Healthcare

Investment Banking

+1.312.609.4916

[email protected] Rob Andrews


[email protected]

David S. Schechner Managing Director

+1.617.426.5424

[email protected]

Bill Suddath

Managing Director


Benjamin A. Brown

Director +1.414.298.7013

[email protected]

Manish Gupta Director

+1.414.765.3802

[email protected] Ryan Mausehund

Director


Chad W. Moore, CPA, CFA

Director +1.312.609.5475

[email protected]

James Weck Director

+1.312.609.4675

[email protected]

Energy

Curtis Goot

Managing Director


Kjell Lundal


[email protected]

Frank Murphy Managing Director

+1.314.445.6532

[email protected] Nicholas Alfermann

Director


Financial Services

Mark C. Micklem


[email protected]

Paul Egge Director

+1.202.303.1816

[email protected]

Financial Sponsors

C. Christopher Coetzee


[email protected]

Leslie Cheek IV


[email protected]

Vinay Ghai Managing Director

+44.207.667.8225

[email protected] Thomas W. Lacy

Managing Director


John Moriarty


[email protected]

Jeffrey M. Seaman Managing Director

+1.312.609.4687

[email protected]

David M. Wierman

Managing Director

+1.404.264.2211

[email protected] Mergers & Acquisitions

Christopher C. McMahon

Managing Director Head of Global M&A

+1.312.609.4983

[email protected]

Brian P. McDonagh Managing Director

Co-Head of Global M&A


Owen L. Hart


[email protected]

Howard P. Lanser


[email protected]

Satoshi Matsumoto Managing Director

Director of Japan M&A

+1.646.557.3201

[email protected] J. David Cumberland, CFA

Director, M&A Research


Equity Capital Markets

Peter Kies

Managing Director Head of Equity Capital

Markets


Lance R. Lange

Managing Director

+1.414.765.7079

[email protected]

Gary R. Placek


[email protected]

Debt Advisory

Howard P. Lanser


[email protected]

Paul Bail


[email protected]

Europe

London†

David M. Silver Managing Director

Head of European

Investment Banking +44.207.667.8216

[email protected]

John A. Fordham Chairman of Baird

International

+44.207.667.8438

[email protected] Nicholas R. Sealy

Managing Director


Paul Bail


[email protected]

Jonathan Harrison


[email protected]

Peter Augar Director

+44.207.667.8263

[email protected]

Martin Luen Director

+44.207.667.8381

[email protected]

John Sun

Director

+44.207.667.8224

[email protected]

Alex Ballantine

Director


David Schreiter

Director


Frankfurt

Joachim Beickler

Managing Director

+49.69.13.01.49.51 [email protected]

Michael Wolff

Managing Director

+49.69.13.01.49.49 [email protected]

Sven Harmsen

Managing Director +49.69.13.01.49.56

[email protected]

Asia

Shanghai

Anthony Siu

Managing Director

Head of Asia Investment Banking

+86.21.6182.0980

[email protected]

† Robert W. Baird Limited is authorized and regulated by the Financial Conduct Authority.

mailto:[email protected]














Appendix – Disclaimers and Other Disclosures


DISCLAIMERS

This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our judgment at this date and are subject to change. The information has been obtained from

sources we consider to be reliable, but we cannot guarantee the accuracy.

ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST

The Dow Jones Industrial Average, NASDAQ Composite, Russell 2000, S&P 500, S&P 400 and WilderHill NEX are unmanaged common stock indices used to measure and report performance of various sectors of the stock market; direct investment in indices is not available.

Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the United States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations and those laws

and regulations may differ from Australian laws. This report has been prepared in accordance with the laws and regulations governing United States broker-dealers and not Australian laws.

Copyright 2015 Robert W. Baird & Co. Incorporated. No part of this publication may be reproduced or distributed in any form or by any means without our prior written approval. However, you may download one copy of the information for your personal, non-commercial viewing only, provided that you do not remove or alter any trade mark, copyright or other proprietary notice.

OTHER DISCLOSURES

UK disclosure requirements for the purpose of distributing this report into the UK and other countries for which Robert W Baird Limited holds an ISD passport.

This report is for distribution into the United Kingdom only to persons who fall within Article 19 or Article 49(2) of the Financial Services and Markets Act 2000 (financial promotion) order 2001 being persons who are investment

professionals and may not be distributed to private clients. Issued in the United Kingdom by Robert W Baird Limited, which has offices at Finsbury Circus House 15 Finsbury Circus, London, EC2M 7EB, and is a company authorized and regulated by the Financial Conduct Authority.

Robert W Baird Limited ("RWBL") is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the Financial Conduct Authority ("FCA") under UK laws and those laws may differ from Australian laws. This document has been prepared in accordance with FCA requirements and not Australian laws.

Robert W. Baird & Co. www.rwbaird.com 800.RW.BAIRD

Equity Capital Markets and Private Equity Office Locations

Atlanta

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Suite 1815

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Boston

One Post Office Square

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Germany

London*

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*Baird and its operating affiliates have offices in the United States, Europe and Asia.

Robert W. Baird & Co. Incorporated. Member SIPC. Robert W. Baird Ltd. and Baird Capital Partners Europe are authorized and regulated in the UK by the Financial Conduct Authority.

©2015 Robert W. Baird & Co. Incorporated.

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