Investing Growth Capital in the German Cleantech Sector
-
Upload
tbli-conference -
Category
Economy & Finance
-
view
1.360 -
download
1
description
Transcript of Investing Growth Capital in the German Cleantech Sector
Confidential – Copyright 2009 11
Mountain Cleantech AG
13. April 11, 2023
Investing Growth Capital in the German Cleantech Sector
Confidential – Copyright 2009 22
Disclaimer and Confidentiality
The elements contained in this document have been prepared solely for the purpose of information and do not constitute an offer, in particular a prospectus or any invitation to treat, buy or sell any security or to participate in any investment strategy. This Document is not an offer to acquire shares nor is it a Prospectus, nor a Private Placement Memorandum. Investments may be suitable for private investors only if they are recommended by an authorized self-employed or a professional employed adviser acting on behalf of the investor on the basis of a written agreement. This document may contain unaudited third party information. While particular attention has been paid to the contents of this document, no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof. Any information given in this document may be subject to change or update without notice. Neither Mountain Cleantech AG, nor Cleantech Invest AG, nor Mountain Cleantech Fund, nor any of their officers, directors or employees can be held direct or indirect liable or responsible with respect to the information and/or recommendations of any kind expressed herein. This document and information contained herein is confidential and must not be copied, reproduced, distributed or passed to any person at any time without our prior written consent. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Swiss law.
Confidential – Copyright 2009 33
Mountain Cleantech AG
• Longest established dedicated Cleantech team in German-speaking region
• Fund #1 since 2007, Team is now launching its Fund #2
• 100% native German-speaking local investment team
• Existing high quality late stage portfolio of 6 investments with aggregate revenues
of EUR >320m in FY 2008
• Late stage focus allows for low technology risk, short exit windows,
high IRR potential
• Over 500 projects / deals reviewed by Mountain Cleantech team p.a.
• Germany #1 region for Cleantech world-wide
Mountain Cleantech AG – Overview
Confidential – Copyright 2009 44
Daniel G. Koppelkamm Investment Manager
Felix JanßenInvestment Manager
Alexander von HuttenManaging Director
Jürgen F. HabichlerManaging Director
Mountain Cleantech TeamOrganizational Chart
Dr. Arno StrehlerAdvisory Board
Gabriel J. MeurerVenture Partner
Markus P. SteblerAdvisory Board
Dr. Günter SchneiderAdvisory Board
Advisory Board
Back Office and Infrastructure supplied by Mountain Partners Family Office
Management
Research AnalystDeal Support
Research AnalystDeal Support
Investment Team
Team has been working together for several years
Confidential – Copyright 2009 55
Growth Capital in German Cleantech – The Opportunity
Cleantech Investing in Germany
Confidential – Copyright 2009 66
Cleantech Pioneer
Cleantech Investing in Germany
Confidential – Copyright 2009 77
Extract of German regulations:
Source: BMU
Cleantech Investing in GermanyGerman Clean Energy Political Framework
2001Promulgation to promote processing of waste oil into base oil
2004Renewable Energy Sources Act entered into force on 1. August 2004
2009Heating Energy Act, with renewed and widened support and broadened eligibility for programs
2009Revising the Renewable Energy Sources Act in the Electricity Sector and Amending Related Provisions
2005Waste Water Ordinance (AbwV), Oridnance on Requirements for the Discharge of Waste Water into Waters
2003Implementation of the Water Framework Directive
1961Founding of the Federal organisation for waste treatment to optimize waste sorting
1974Founding of the Federal Environment Agency
1999Production Tax Creditfor Renewable Energy
2000Act on Granting Priority to Renewable Energy Sources
1985Fourth Ordinance for Federal Immission Control Act (BImschV)
1971First environmental program toprotect environment
Germany’s Cleantech position is based on a longstanding favourable political framework
Confidential – Copyright 2009 88
Cleantech Investing in GermanyGermany #1 Region for Cleantech World-Wide
Germany has seen rapid growth in their Clean Energy business (CAGR from 2000– 2007)
Germany dominates wind and solar jobs among peers (2006)
Source: UNEP, “Green Jobs: Towards decent work In a sustainable, low-carbon world”; 2006.
Note: Figure is based on public market data only.
Confidential – Copyright 2009 99
Technology “Made in Germany“
Cleantech Investing in Germany
Confidential – Copyright 2009 1010
Cleantech Investing in Germany Cleantech “Made in Germany”
Germany USA Japan Italy UK German average share in Global Trade
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%16%
15%
9%
6%5 %
11%
Source: Umweltwirtschaftsbericht 2009; Ministry of Environmental, Natural and Reactor protection, Germany
Global Trade of enviromental protection productsShare in global trade with environmental protection products, 2006 by country
World market share of German Cleantech companies in selected sectors
German companies are global leaders in Cleantech
Germany Rest of World
12%
40%
11%10%
17%24%41%
Photovoltaic Wind EnergyDecentral Water ManagementSolar Heat
Thermal Insulation
Biogas Plants
Process Measuring & Control Technology
Waste Water Treatment
65%
!
Confidential – Copyright 2009 1111
Lack of Venture Capital
Cleantech Investing in Germany
Confidential – Copyright 2009 1212
The LOCUST-Mentality
VS.
The KRAUT-Mentality
Cleantech Investing in Germany
Why?
Germans are different….
Confidential – Copyright 2009 13
Source: 2009 EVCA Yearbook, European Private Equity & Venture Capital Association
Select German Cleantech Exits
Share of Venture Capital allocated to Cleantech Deals in % of total VC Investments per country of portfolio company in 2007
Germany UK Europe0%
2%
4%
6%
8%
10%
12%
14%
Cleantech Investing in Germany Less money chasing Cleantech Deals in Germany
Confidential – Copyright 2009 1414
Excellent…
Exit Track Record
Cleantech Investing in Germany
Confidential – Copyright 2009 15
Source: 2009 EVCA Yearbook, European Private Equity & Venture Capital Association
IPO
M&A
Select German Cleantech Exits
Cleantech Investing in GermanyFavourable Exit Potential
Confidential – Copyright 2009 1616
Cleantech Pioneer
Technology „Made in Germany“
Lack of Venture Capital
Excellent…
Exit Track Record
What makes Cleantech Venture CapitalInvesting in Germany special?
The KRAUT-Mentality
…
Confidential – Copyright 2009 1717
Fantastic Investment Potential!
Investment Opportunity
Confidential – Copyright 2009 18
Mountain Cleantech AG aims to raise EUR 100m for Fund # 2 – a Luxembourg SICAV-SIF structure
Investment OpportunityHow to participate…
Mountain Cleantech Fund SICAV-SIF – Key Terms
Target Size: EUR 100m
Investment Advisor: Mountain Cleantech AG, Switzerland
Investment Fund: Mountain Cleantech Fund SICAV-SIF, Luxembourg
Term: 8 yrs, 2 yrs extension
Fees: 2% Management Fee20% Carried Interest8% Hurdle Rate; Catch Up
First Closing: Q2 2010
Special Terms: Co-Investment rights for Cornerstone Investors
Administrator and Custodian Legal Advisor Auditor
External Partners