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© 2014 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. LA-15-0023
About PwC’s Cleantech Practice
PwC’s Cleantech Practice provides services and advice in assurance, tax, transactions, market entry, and business performance improvement to companies across the cleantech sector and the breadth of industries it impacts. Our broad network of industry sector specialists combines a detailed knowledge of government policy and regulation with strong private enterprise experience, providing us with an in-depth understanding of key industry issues around strategy, operations, regulations, risk, technology, and finance. As the service provider of choice for emerging and established cleantech companies as well as organizations and utilities, we can help you to develop, commercialize, deploy, and maintain go-to-market strategies for your products and services across the cleantech ecosystem.
Contacts
Brian Carey US Cleantech Advisory Leader (408) 817 7807 brian.d.carey@us.pwc.com
Keith ParsonsUS Cleantech Assurance Leader(720) 931 7784keith.a.parsons@us.pwc.com
Matt HaskinsUS Cleantech Tax Leader (202) 414 1570 matthew.haskins@us.pwc.com
Debi GerstelUS Cleantech Practice Chief of Staff(408) 817 7430debi.gerstel@us.pwc.com
www.pwc.com/cleantech
www.pwcmoneytree.com
PwC Research&Analytics
Cleantech received $366 million in 32 venture deals in the third quarter of 2014. Funding dollars increased 25 percent year-over-year, while deal volume decreased 27 percent over the same period.
October 2014
Cleantech MoneyTreeTM Report: Q3 2014
Based on the MoneyTreeTM Report from PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters
Cleantech PwC
CleantechCleantech fundingThe Cleantech sector, which crosses traditional MoneyTree industries and is composed of agriculture and bioproducts,
transportation, water and waste management, wind and geothermal, and other renewables, saw a 25 percent increase in funding from the third quarter of 2013 to $366 million.
“More venture capital has been invested in the Cleantech industry in the first nine months of this year compared to all of last year”, said Brian Carey, US Cleantech Advisory Leader. “In particular, investment in solar is resurfacing, with strong momentum the past two quarters.”
Figure 1: Cleantech funding trends by quarter 2011-2014
Bill
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$
Q4Q3Q2Q1
2011 2013 20142012
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Figure 2: Growth in Cleantech funding compared with total venture funding
-100%
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% C
hang
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/Y)
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Cleantech Total Venture Capital
Cleantech deal volume
Compared to the third quarter of 2013, deal volume decreased by 27 percent in the third quarter to 32. Average deal size was $11.4 million, an increase of 57% percent year-over-year.
Figure 3: Cleantech deal volume by quarter 2011-2014
2011 2012 2013 2014
Num
ber
of
dea
ls
0
20
40
60
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First-time funding compared with follow-on funding
increased 122 percent to $46 million. First-time deals in the Cleantech sector averaged $9.1 million during the third quarter, an increase of 211 percent year-over-year, in 5 deals.
Year-over-year, follow-on funding increased 18 percent to $321 million in the third quarter. Follow-on funding average deal size was $11.9 million, a 44 percent increase from the same period in the previous year, in 27 deals.
Figure 4: Cleantech follow-on compared with initial investments 2011-2014
80%82%84%86%88%90%92%94%96%98%
100%
Follow-on investmentInitial investment
2014
Q3
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Cleantech funding by stage
Early-stage investment was $46 million during the quarter, a decrease of 25 percent compared to the third quarter of 2013.
Cleantech investment for late-stage opportunities increased year-over-year by 38% percent to $320 million.
Early-stage average deal size, at $9.2 million, increased 141 percent year-over-year in 5 deals, while late-stage average deal size, at $11.9 million, increased 23 percent over the same period in 27 deals.
Figure 5: Cleantech funding by stage each quarter 2011-2014
Third quarter sequential growth factors (Q/Q growth)
% Change in deal volume
% Change in avg deal size
% Change in investments
Early stage -50% 31% -18%
Late stage -21% -31% -44%
Cleantech funding by subsector
Cleantech subsectors receiving increased funding in the third quarter compared to the prior-year period were:
• Solar Energy, increased 51 percent to $172 million• Agriculture & Bioproducts, increased 22 percent
to $32 million• Smart Grid & Energy Storage, increased 52 percent
to $46 million• Other Cleantech, increased 140 percent to $97 million
Cleantech subsectors receiving less funding in the third quarter compared to the prior-year period were:
• Water & Waste Management, decreased 74 percent to $20 million
• Transportation, decreased 100 percent to $0 million
Figure 6: Cleantech funding by subsector 2011-2014
0.0
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Wind & GeothermalOther Cleantech
Water & Waste Management
Transportation
Energy Efficiency
Smart Grid & Energy Storage
Other CleantechSolar Energy
Solar Energy
Agriculture & Bioproducts
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Figure 7: Cleantech funding by subsector third quarter 2014
Smart Grid and Energy Storage
Solar Energy
Water & Waste Management
Other Cleantech
Agriculture & Bioproducts9%
13%
47%
5%
26%
Regional funding trends
Silicon Valley, the Midwest, South Central, LA/Orange County, and Texas received the most Cleantech venture capital funding in the third quarter. Silicon Valley received the most funding with $179 million.
0 50 100 150 200
Texas
LA/Orange County
South Central
The Midwest
Silicon Valley
Deal value ($ in Millions)
0%10%20%30%40%50%60%70%80%90%
100%
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Late Stage Early Stage
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1.4
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