tracxn research - solar energy landscape, february 2017

TracxnWorld’s Largest Startup Research Platform

Contents

Topic Page No.

Scope of Report 04

Entrepreneur Activity 06

Investment Trend 11

Who is Investing 22

Exit Outlook - IPO, Acquisitions 26

Sub Sector Analysis 30

Interesting Companies 48

Useful Links 56

Company List 59

Team 289

Solar Energy Sector Overview

Scope of reportThis report covers companies that manufactures or supplies products across the entire Solar Industry value chain and offers servicesrelated to the generation of solar power. It excludes solar consultancy companies and companies which offer solar services like sitesurvey, energy audit etc. and also excludes organization and labs which are purely research oriented. This report is focused on thosecompanies which are involved right since the beginning of the value chain, who manufacture solar wafers and ingots, right till them whomanufacture solar modules. Post this it covers those companies which provide solar solutions using these panels or thermal solutionsand also them who provide them on lease or any other innovative financing model. We have additionally included those companieswhich manufacture solar based heating, charging and lighting solutions.

The scope of this report includes equity as well as debt funding received by the companies.

Disclaimer: The information and data in the report is based on global developments tracked in the sector till December 28, 2016. This is to categorically state that any eventsand relevant developments after the said date will not reflect in the report.

Business Model Description

Hardware Developer Companies manufacturing or developing hardware which help in either generating power or other Balance of System components

Independent Power Producer

Companies which own power plants and generate power to be sold to either a Utility or a Commercial, Industrial or Residentialcustomer

Project DevelopersCompanies involved in providing Solar Plant Installation and Operation & Maintenance services, or both. Services are provided forUtility scale as well as distributed power plants

Solar-as-a-service Offers solar services like installation, financing and customer acquisition

Solar ProductsCompanies developing various products which use solar energy to provide lighting, heating/cooling or charging solutions to the enduser

Project Financing Offers financing needed for solar projects

Software SolutionsCompanies developing online/offline applications and software which assists in monitoring, analytic and project developmentpurpose

Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

108 108121

2010 2011 2012 2013 2014 2015 2016

YoY – Number of companies founded

Sunnova ReNew Power Ventures Soleq Nippon Renewable Energy Brite Energy Ezon Energy Solutions Sunfinity Solar

KDC Solar Mosaic World Panel CaptureSolar Energy SolarBao NexWafe Edisun

Large Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

24 Aug-2013 8 Solar Financing > Crowdfunding $32M sunfunder.com

SunFunder2012, San Francisco

40 Nov-2012 17Software Solutions > Project Development

$15M powerhub.com

Powerhub2013, Toronto

21 Jul-2011 9Software Solutions > Energy Management > Analytics

$17M kwhanalytics.com

kWh Analytics2012, Oakland

18 Jul-2011 5Project Developers > EPC > Distributed > Rural

$7M solarnow.eu

Solar Now2011, Kampala

21 Jun-2011 10Software Solutions > Energy Management > Monitoring

$37M evergen.com.au

Evergen2016, Sydney

15 Jun-2011 11Independent Power Producer > Distributed > Rural

$178M offgrid-electric.com

Off Grid Electric2011, Arusha

16 Jul-2010 5Solar Products > Lighting Solutions > Horizontal

$8M solargreen.us

SolarGreen2007, Whitby

Large Upcoming Sectors

Average Age

Business ModelTotal

FundingExample

26 Jun-2010 13Solar Products > Charging Solutions > C&I

$22M pythagoras-solar.com

Pythagoras Solar2007, Petah Tikva

15 Nov-2009 9Solar Products > Lighting Solutions > C&I

$53M petrasystems.com

Petra Systems2006, South Plainfield

56 Sep-2009 16Solar Products > Charging Solutions > Residential

$107M ftlsolar.com

FTL Solar1998, New York City

25 Nov-2008 12Hardware Developer > Generation Equipment > PV > Modules > Others

$120M sunpreme.com

Sunpreme2009, Sunnyvale

16 Sep-2008 11Software Solutions > Energy Management > Horizontal

$54M powerhive.com

Powerhive2011, Berkeley

22 Apr-2008 9Solar Products > Lighting Solutions > Residential

$99M dlight.com

D.light Design2007, San Francisco

60 Feb-2005 43Hardware Developer > Generation Equipment > PV > Modules > Thin Film

$4.3B heliatek.com

Heliatek2006, Dresden

16 Jul-2004 8Hardware Developer > Generation Equipment > PV-Thermal

$39M echofirst.com

EchoFirst2007, Fremont

Niche Upcoming Sectors

Average Age

Business ModelTotal

FundingExample

11 Feb-2012 6Solar-as-a-service > Financing > Horizontal

$430M renewfinancial.com

Renew Financial2008, Oakland

7 Jul-2010 4Solar-as-a-service > Integrated > Residential

$1.1B sunrun.com

Sunrun2007, San Francisco

8 Jun-2010 3Solar-as-a-service > Installation > Horizontal

$1.6B ingenero.com.au

Ingenero2009, Brisbane

14 Feb-2008 9Hardware Developer > Balance of Systems > Storage

$176M sonnenbatterie.de

Sonnen2010, Wildpoldsried

13 Sep-2000 10Hardware Developer > Generation Equipment > PV > Others

$140M plextronics.com

Plextronics2002, Pittsburgh

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

YoY – Number of Rounds and Total Funding

2008 2009 2010 2011 2012 2013 2014 2015 2016

er of R

Funding Amount Number of Rounds

YoY – Number of Rounds by Stage

14 1525 23

2011 2012 2013 2014 2015 2016

Seed Early Late

YoY – Funding by Stage

$6M $5M $6M $18M $11M $5M

$209M $262M

$318M $310M

2011 2012 2013 2014 2015 2016

Seed Early Late

Average Ticket Size – Early Stage

$0.6M $0.7M $0.3M$0.9M $0.8M $0.3M

$17.3M

$4.6M $4.2M

$11.6M

$5.0M $7.1M

$13.1M

$9.1M$9.0M

$26.8M

2011 2012 2013 2014 2015 2016

Seed Series A Series B

Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

sunpower.comSunPower

(Athens, 1985)$400M

Convertible Debt

Dec-2015 Total

sunnova.comSunnova

(Houston, 2010)$300M Series F Mar-2016 Energy Capital Partners, Triangle Peak Partners, Franklin Square

joinmosaic.comMosaic

(Oakland, 2011)$220M Series C Aug-2016 Warburg Pincus, Core VC, Obvious Ventures

beamreachsolar.comBeamReach Solar(Milpitas, 2007)

$101M Series D Feb-2016KPCB, Technology Partners, DAG Ventures, GSV Financial Group, Northgate, GSV Capital, Jasper Ridge, Spirox, GAF, SunPower, Riyadh Valley

origisenergy.comOrigis Energy(Miami, 2008)

$100M PE Nov-2016 Baltisse

siliconranchcorp.comSilicon Ranch

(Nashville, 2011)$100M PE Apr-2016 Partners Group

unitedpvgroup.comUnited Photovoltaics

(Hong Kong, 2013)$100M

Convertible Debt

Dec-2015 Undisclosed

sonnenbatterie.deSonnen

(Wildpoldsried, 2010)$85M Series D Oct-2016 Envision Energy

Round Name

Date Investors

renewfinancial.comRenew Financial(Oakland, 2008)

$78M Series D Mar-2016Angeleno Group, Apollo Investment Corporation, Claremont Creek Ventures, NGEN Partners, Prelude Ventures, Braemar Energy Ventures

soltage.comSoltage

(Jersey City, 2005)$70M Series D Nov-2016 Basalt Infrastructure Partners

sungevity.comSungevity

(Oakland, 2008)$50M Series E Dec-2015 Apollo Global Management, GE Ventures

heliatek.comHeliatek

(Dresden, 2006)$47M Series D Sep-2016

innogy, Engie, BNP Paribas, CEE Group, eCAPITAL, High-Tech Grunderfonds, Innogy Venture Capital, TUDAG, Wellington Partners, BASF Venture Capital

lumos-global.comLumos

(Amsterdam, 2013)$40M Series A Dec-2016 VLTCM, Pembani Remgro Group

sunverge.comSunverge Energy

(San Francisco, 2009)$37M Series C Feb-2016 AGL Energy, Australian Renewable Energy Agency, SBCVC, Siemens Financial Services

nexamp.comNexamp

(North Andover, 2007)$30M Series B Aug-2016 Undisclosed

figtreefinancing.comFigtree Financing(San Diego, 2010)

$30M Series A Mar-2016 Undisclosed

Round Name

Date Investors

tenksolar.comtenKsolar

(Minneapolis, 2008)$25M PE Jan-2016 Goldman Sachs

tigoenergy.comTigo

(Sebastopol, 2007)$24M Series G Apr-2016 SMA Solar Technology

ezon.inEzon Energy Solutions

(Coimbatore, 2015)$21M PE Oct-2016 Undisclosed

posigen.comPosiGen

(New York City, 2011)$20M Series B Apr-2016 Newworld Capital Group, Constellation Technology Ventures

bboxx.co.ukBboxx

(London, 2010)$20M Series C Aug-2016 Engie, Khosla Impact, Bamboo Finance, Stichting DOEN, MacKinnon, Bennett & Company

powerhive.comPowerhive

(Berkeley, 2011)$20M Series A Jan-2016 Prelude Ventures, Caterpillar, Tao Capital Partners, piinvest.com

m-kopa.comM Kopa

(Nairobi, 2011)$19M Series C Dec-2015 Generation Investment Management

mainstreamrp.com

Mainstream Renewable Power

(Dublin, 2008)$16M PE Jul-2016 Undisclosed

Round Name

Date Investors

plugintheworld.comMobisol

(Berlin, 2010)$16M Series B Dec-2016 IFC, FMO, German Investment, Africa Enterprise Challenge Fund

1366tech.com1366 Technologies

(Bedford, 2007)$15M Series C Jun-2016 Wacker Chemie

bboxx.co.ukBboxx

(London, 2010)$15M Series C Dec-2015

Stichting DOEN, Bamboo Finance, Ceniarth LLC, Khosla Impact, Synergy Energy, Engie, MacKinnon, Bennett & Company

dlight.comD.light Design

(San Francisco, 2007)$15M Series D Sep-2016 Omidyar Network, Energy Access Ventures, Newquest Capital Partners

depcompower.comDepcom Power

(Scottsdale, 2013)$15M Series B Sep-2016 Undisclosed

nepsolar.comNational Energy Partners

(Clementon, 2008)$15M PE Nov-2016 Forum Equity Partners

solvoltaics.comSol Voltaics

(Lund, 2007)$13M Series C May-2016 Riyadh Valley, Umoe, Industrifonden, FAM

oxfordpv.comOxford Photovoltaics

(Oxford, )$11M Series C Oct-2016 Undisclosed

Round Name

Date Investors

oxfordpv.comOxford Photovoltaics

(Oxford, )$10M Series C Dec-2016 Statoil, Legal & General Capital

simpanetworks.comSimpa Networks

(Bangalore, 2010)$10M Series A Mar-2016 Undisclosed

1366tech.com1366 Technologies

(Bedford, 2007)$10M Series C May-2016 HANWHA INVESTMENT

canadiansolar.comCanadian Solar(Guelph, 2001)

$10M Series C Jan-2016 IFC

morgansolar.comMorgan Solar

(Toronto, 2007)$10M Series C Jul-2016 ArcTern Ventures

offgrid-electric.comOff Grid Electric(Arusha, 2011)

$10M Series C Aug-2016 Helios Investment

ascentsolar.comAscent Solar

(Thornton, 2005)$7M Series F Jan-2016 Undisclosed

geostellar.comGeostellar

(Reston, 2011)$7M Series B Oct-2016 Matador Capital, Select Venture Partners, Panacea Capital Advisors, valentis capital

Funnel view of Sector

Percent of Previous

0 400 800 1200 1600 2000

M&A & IPO

Series B

Series A

Funded

Founded

Number of Companies

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Most Active Investors in Sector

9 98 8

Departmentof Energy (US)

Climate-KIC IFC NEA KPCB Draper FisherJurvetson

AppliedMaterials

GoldmanSachs

Acumen DemeterPartners

SunPower Powervault Canadian Solar Suniva MiaSolÃ© SolarCity SunEdison Sunnova D.light Design Solairedirect

Solyndra SunthermNSL Renewable

PowerSolFocus

BeamReachSolar

BrightSourceEnergy

Enphase EnergyBrightSource

EnergyM Kopa SolFocus

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Top IPOs in last three years

IPO Date Company OverviewFunding Amount

Exch:Ticker

Jun-2016 anjitek.comAnji Technology(Tainan, 2007)

Solar panel manufacturer TPE:6477

Aug-2015 sunrun.comSunrun

(San Francisco, 2007)

Solar services for residentsAccel Partners, Sequoia Capital, Foundation Capital, Millennium Technology Value Partners, U.S. Bank, Investec, Idinvest Partners, Pacific Gas and Electric

$296.98M RUN

Jul-2015 nanoflexpower.comNanoFlex Power

(Scottsdale, 1994)Develops solar organic solar PV $3.42M OTCMKTS:OPVS

Mar-2015 solaredge.comSolarEdge

(Hod Hasharon, 2006)

Solar Photovoltaic Power ElectronicsLightspeed Venture Partners, Vertex Ventures Israel, Opus Capital, Norwest Venture Partners, Genesis Partners, GE, Walden International, Orr Partners, Jerusalem Global Ventures, GE Energy Financial Services, Vertex Ventures

$96.8M SEDG

Nov-2014 hanwha-qcells.comHanwha Q-Cells

(Seoul, 2012)Solar cell and PV module manufacturer NASDAQ:HQCL

Nov-2014 skysolarholdings.com

Sky Solar Holdings(Hong Kong, 2009)

Independent Power ProducerSino-Century China Private Equity Partners, LLC NASDAQ:SKYS

Jul-2014 terraform.comTerraForm Power(Beltsville, 2014)

Owns and operates clean energy assets NASDAQ:TERP

Major Acquisitions in last one year

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

January 2017Tracxn BlueBox: Solar Energy

1800+ companies in the sector, 427 funded in last 5 years, $15.3B invested in 2015/2016 (YTD)

Top Business Models by Funding

$12.8B

$5.9B $5.8B

$489M$103M $55M

HardwareDeveloper

Solar-as-a-service

IndependentPower Producer

ProjectDevelopers

SolarProducts

SoftwareSolutions

SolarFinancing

Avg. Age Aug-04 Jan-11 Jul-07 Jan-10 Aug-08 Jul-11 Jun-13

# Cos. 533 98 224 497 297 98 27

SunPower SolarCity ReNew Power Ventures Solairedirect D.Light Design Fat Spaniel SolarBao

BrightSource Energy Sunnova Acciona Energy Brite Energy Petra Systems Powerhive SunFunder

Hardware Developer – Business Model Description

Hardware Developer – Entrepreneur Activity and Investment Trend

Hardware Developer – Most Funded Companies

Solar-as-a-service – Business Model Description

Solar-as-a-service – Entrepreneur Activity and Investment Trend

Solar-as-a-service – Most Funded Companies

Independent Power Producer – Business Model Description

Independent Power Producer – Entrepreneur Activity and Investment Trend

Independent Power Producer – Most Funded Companies

Project Developers – Business Model Description

Project Developers – Entrepreneur Activity and Investment Trend

Project Developers – Most Funded Companies

Solar Products – Business Model Description

Solar Products – Entrepreneur Activity and Investment Trend

Solar Products – Most Funded Companies

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Interesting Unfunded Companies

Company OverviewBusiness Model

isal-solar.comISAL Solar

(2015, Hamburg)

Solar LED lightingSolar Products > Lighting Solutions

sunsure-energy.comSunSure

(2015, Delhi)

End to end solar project implementation services for Industrial, Commercial and Utility sectors Project Developers > Integrated > Horizontal

smashsolar.comSmash Solar

(2012, San Francisco)

Mounting structure for solar modules Hardware Developer > Balance of Systems > Mounting and Racking

powerhub.comPowerhub

(2013, Toronto)

Cloud-based SaaS asset management solution for renewable energy projects Software Solutions > Project Development

navocean.comNavocean

(2004, Seattle)

Sail and solar drones for marine data collectionSolar Products > Others

Curated list of companies by the sector analyst are defined as Interesting

Interesting Early Stage Companies

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Useful Links

Slide Title Content Platform Link

List of All Companies in readable format Companies Link

Large Upcoming Sectors Entrepreneur Activity Link

Top investments in last one year Investment Trend Link

Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link

Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link

Hardware Developer– Most Funded Companies Sub Sector Understand Link

Independent Power Producer – Most Funded companies Sub Sector Understand Link

Project Developers – Most Funded Companies Sub Sector Understand Link

Solar-as-a-service – Most Funded Companies Sub Sector Understand Link

Solar Products – Most Funded companies Sub Sector Understand Link

Software Solutions- Most Funded Companies Sub Sector Understand Link

Top Funded Deadpooled Companies Companies Link

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Solar Energy – Company List

Hardware Developer

Solar-as-a-service

Independent Power Producer

Project Developers

Solar Products Software Solutions

Solar Financing

814 FUNDED COMPANIES AND 1000 UNFUNDED COMPANIES

COVERS THE FOLLOWING SECTORS

Hardware Developer (1/68)Company Overview Business Model Total Funding

NEXTracker(2013, Fremont)

Manufacturer PV trackersXSeed Capital, Sigma Partners, Double Bottom Line Investors, SJF Ventures, Overture Advisors, Tennenbaum Capital Partners, Presidio Partners, DBL Partners

Balance of Systems > Measurement and Tracking

$42.62M

Exosun(2007, Martillac)

Manufactures solar trackersOmnes Capital, Grand Sud Ouest Capital

Hadrian Electrical Engineering(2010, Northumberland)

Solar PV trackers and wind turbinesNorthstar Ventures

Nevados(2014, San Francisco)

Developers of solar tracking systemsBalance of Systems > Measurement and Tracking

Sinevel(2015, )

Renewable energy data monitoring solution providerBalance of Systems > Measurement and Tracking

Matalon Energy Sources(2009, Tel Aviv)

Patented solar tracker developerBalance of Systems > Measurement and Tracking

Versol Solar(2013, Hangzhou)

Solar panel mounting and tracking infrastructure developerShanghai race linking Venture Capital Management Co., Ltd.

Kipp & Zonen(1830, Delft)

Solar radiation monitoring systemBalance of Systems > Measurement and Tracking

Go to BM List >> Solar-as-a-service

Sulas Industries(2011, Silverthorne)

Develops sun trackers which are powered by the sun Balance of Systems > Measurement and Tracking

Tera Semicon(2002, Suwon-si)

Offers manufacturing equipment for solar cells and semiconductorKTB Ventures, Samsung Venture Investment

Sedona Solar Technology(2009, Flagstaff)

Manufactures tracking systemsBalance of Systems > Measurement and Tracking

Exosun(2007, Martillac)

Manufactures tracking systemsBalance of Systems > Measurement and Tracking

Array Technologies(1992, Albuquerque)

Solar Tracker ManufacturersOaktree Capital

Renoair(2015, Curitiba)

Services for wind industryBalance of Systems > Measurement and Tracking

SunCarrier Omega(2009, Bhopal)

Manufactures sun tracking systemsBalance of Systems > Measurement and Tracking

SmartTrak Solar Systems(2011, Hyderabad)

Installation of rooftop plants and solar tracking systemsBalance of Systems > Measurement and Tracking

Kisan Solar(2013, Ahmedabad)

Solar irrigation products Balance of Systems > Measurement and Tracking

Startak(2015, Roskilde)

Makes control system for sun trackerBalance of Systems > Measurement and Tracking

Sunlink(2004, San Rafael)

Offers solar mounting systemSilicon Valley Bank, Angeleno Group, Clean Pacific Ventures, Summit Capital, Columbia Pacific Advisors, Streamlined Ventures, Murano Group

Balance of Systems > Mounting and Racking

$12.47M

Zep Solar(2009, San Rafael)

Offers integrated PV mounting systemsCostella Kirsch, Aquillian Investments, Ecosystem Integrity

$10.6M

Pegasus Solar(2012, Richardson)

Rail-less solar mounting structuresOkapi Venture Capital

$2.66M

Midisolaire(2008, Beauzelle)

Makes PV installation equipmentsXAnge

PanelClaw(2007, North Andover)

Makes mounting systems for flat roof and ground mount applications.Balance of Systems > Mounting and Racking

$1.33M

Ecolibrium Solar(2010, Athens)

Makes solar mounting structuresQueen City Angels, East Central Ohio Tech Angel Funds, Rev1 Ventures

Hardware Developer (4/68)

Solar-as-a-service (1/13)Company Overview Business Model Total Funding

EnergySage(2009, Boston)

Marketplace for solar installerDepartment of Energy (US), Launchpad Venture Group, New York Angels, Clean Energy Venture Group, NYSERDA

Customer Acquisition $3.56M

I and C-Cruise.(2008, Tokyo)

Offers customer acquisition services and among other businessesFenox Venture Capital, Samurai Incubate, Energy and Environment Investment, IMJ Investment Partners

Customer Acquisition $2.04M

Powur(2014, San Diego)

Customer acquisition company for SolarCityTech Coast Angels Customer Acquisition $1.1M

SolarWaale(2013, Gurgaon)

Online closed marketplace for solar panels and accessoriesCustomer Acquisition

American Solar Connection(2013, Walnut Creek)

Aggregates of solar installersCustomer Acquisition

EnerWise(2016, Oakland)

Aggregator of different segment of solar industryCustomer Acquisition

Cooler Planet(2007, Seattle)

Solar customer acquisition companyLighter Capital Customer Acquisition

Pretty Visible(2014, Berkeley)

Connects solar customers with installersCustomer Acquisition

Hardware

Developer << Go to BM List >>

Independent Power

Producer

Solar-as-a-service (2/13)Company Overview Business Model Total Funding

Renooble(2014, London)

Solar customer acquisition companySURGE Ventures Customer Acquisition

SolarLinker(2015, Nottingham)

Listing of solar installers and comprising siteCustomer Acquisition

The Solar Xchange(2015, Phoenix)

A customer acquisition platformCustomer Acquisition

Sun Number(2012, Santa Fe)

Customer acquisition and solar ratingDepartment of Energy (US) Customer Acquisition

Renew Financial(2008, Oakland)

Financing solutions for renewable energy projectsBraemar Energy Ventures, NGEN Partners, Angeleno Group, Apollo Investment Corporation, Claremont Creek Ventures, Prelude Ventures

Financing > Horizontal $125M

PosiGen(2011, New York City)

Offers financing solutions for solar installationGoldman Sachs, Newworld Capital Group, Constellation Technology Ventures

Financing > Horizontal $75M

Figtree Financing(2010, San Diego)

PACE financing provider for property owners.Financing > Horizontal $30M

Demeter Power(2011, West Palm Beach)

Solar financing companyFinancing > Horizontal $500k

Hardware

Independent Power

Producer

Solar-as-a-service (3/13)

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Hardware

Independent Power

Producer

Independent Power Producer (1/29)Company Overview Business Model Total Funding

Soleq(2012, Singapore)

Solar power project developerEquis, German Investment Distributed $185M

NRG Solar(2006, Mill Valley)

Independent solar power producerSilicon Valley Product Group, Globespan Capital Partners, U.S. Bank, Dry Creek Ventures, Energy Investors Fund

Distributed $153M

Soltage(2005, Jersey City)

Develops and owns solar power plants and sell solar powerNewworld Capital Group, Tenaska, Basalt Infrastructure Partners Distributed $82M

BluEarth Renewables(2010, Calgary)

IPP in wind, solar and hydro-electric segmentsOntario Teachers' Pension Plan, ARC Financial Distributed $81M

Focal Energy(2008, Delhi)

Invests and manages clean energy portfolioPitango Venture Capital, Granite Hacarmel Investments, Ronin Investment Management

Distributed $35M

Tioga Energy(2007, San Mateo)

Solar Independent Power ProducerDraper Fisher Jurvetson, Frontier Venture Capital, Nth Power, RockPort Capital, NGEN Partners, MEMC Corp Comm, Kirlan Venture Capital

Distributed $35M

AllGreen Energy(2008, Newark)

Produces and sells solar electrical, thermal and biomass energyEmergo Partners, Reliance Venture Asset Management, www.relianceventure.com/

Distributed $15 M

Standard Solar(2004, Rockville)

Independent power producer for distributed generationDistributed $12M

Solar-as-a-

service << Go to BM List >> Project Developers

Independent Power Producer (2/29)Company Overview Business Model Total Funding

Zynergy Group(2007, Chennai)

Solar IPP and EPC firmKohli Ventures Distributed $10M

Sunwind Energy(2009, Nevada)

Renewable Energy development companyDistributed $8.5M

SkyBuilt Power(2002, Arlington)

Off-grid power solutions for off-road terrainGamesa, In-Q-Tel Distributed $5.9M

Main Street Power Company(2009, Boulder)

Financier developer owner of solar projectsDistributed $2.97M

Unutility Electric(2010, Orleans)

IPP player in solar spaceDistributed $300k

NextStep Electric(2011, Niwot)

Thin-film solar panel based project developerDistributed $270k

Visolaris(2012, Manchester)

Renewable energy based Independent Power ProducerDistributed

Prosumergy(2015, Kassel)

Distributed energy generationClimate-KIC Distributed

Solar-as-a-

Independent Power Producer (3/29)

Solar-as-a-

Project Developers (1/63)Company Overview Business Model Total Funding

Solairedirect(2006, Paris)

Solar IPP and EPC companySBI, BlackRock, AGPM, Demeter Partners, TechFund, Capital Stage, Inter-American Development Bank, KGAL GmbH & Co. KG (KGAL), MACIF, OFI Asset Management, Rand Merchant Bank, HSH Nordbank, Corem, Schneider Electric Ventures, DIF

EPC > Horizontal $340.95M

Borrego Solar(1980, El Cajon)

Solar EPCU.S. Bank, Walsin Technology Corp (2492), East West Bank, National Cooperative Bank

EPC > Horizontal $61M

Kiran Energy(2010, Mumbai)

Develops and operates solar farmsBessemer Venture Partners, NSR Partners, Argonaut Ventures, InnoVen Capital

Solel Solar Systems(1992, Beit Shemesh)

Solar EPC services providerKhosla Ventures, KPCB EPC > Horizontal $40M

Petra Solar(2006, South Plainfield)

Offers grid interactive solar systemES Ventures, OnPoint Technologies, Craton Equity Partners EPC > Horizontal $40M

Clean Energy Collective(2009, Boulder)

Developer of community-owned solar.Black Coral Capital, First Solar, New Energy Capital EPC > Horizontal $36.23M

Annex Power(2008, Bangkok)

EPC company in solar, wind and biomass segmentArmstrong Asset Management, Asia Cleantech Capital EPC > Horizontal $30M

Independent

Power Producer << Go to BM List >> Solar Products

FLS Energy(2006, Asheville)

A solar EPC companyCapricorn, Novus Energy Partners, New Energy Capital, Vision Ridge Partners, ncscitech.com

groSolar(1998, White River)

Solar Distribution and InstallationGreenhouse Capital Partners, Calvert Investments, SJF Ventures, Big Sky Partners, CDVCA, NGP Energy Technology Partners

Vergnet(1989, Ormes)

Renewable Energy developersDemeter Partners, Compagnie Financiere du Lion, nassetwind.com EPC > Horizontal $26M

SunBorne Energy(2008, Gurgaon)

Solar PV and solar thermal energy producer in IndiaIFC, Export-Import Bank of India, Khosla Ventures, General Catalyst Partners, STATE BANK OF PATIALA, Canara Bank, State Bank of Travancore, InnoVen Capital

Cool Earth Solar(2006, Livermore)

Solar Plants and develops solar baloonEPC > Horizontal $22.8M

Depcom Power(2013, Scottsdale)

Solar design, EPC and O&M company E-Engineering; P-Procurement; C-Construction; O-Operation; M-MaintenanceCapricorn

Building Energy(2010, Milano)

Independent power producer in wind and solar segmentSynergo, Three Hills Capital Partners EPC > Horizontal $15M

Lincoln Clean Energy(2009, Chicago)

Develops clean energy projectsAustin Ventures, Willis Stein & Partners Management, Macquarie Group EPC > Horizontal $14M

Independent

Abakus Solar(1995, Gelsenkirchen)

Solar PV plant developersOmnes Capital EPC > Horizontal $12.9M

OneEnergy Renewables(2009, Seattle)

Develops solar projectsNorthwest Energy Angels, Element 8, Ecosystem Integrity EPC > Horizontal $7.86M

Empower Energies(2010, Rochester)

Solar EPC companyGM Ventures EPC > Horizontal $7.5M

PsomasFMG(2009, Huntington Beach)

solar energy developer and EPCEPC > Horizontal $7M

Redavia(2010, Munich)

Offers small sized deploy able solar farms on rentInfraco Africa, Factor[e] Ventures EPC > Horizontal $5M

Yeloha Solar(2012, Boston)

Solar sharingViola Group EPC > Horizontal $4.5M

JIT Solaire(2007, Poitiers)

Offers EPC services in solar spaceArdian EPC > Horizontal $3.4 M

Ardenham Energy(2007, Glastonbury)

Installer of commercial solar PV and heat pumpsBridges Ventures, CDVCA EPC > Horizontal $3.2M

Independent

Project Developers (4/63)

Independent

Solar Products (1/38)Company Overview Business Model Total Funding

Pythagoras Solar(2007, Petah Tikva)

Solar energy technologyPitango Venture Capital, Israel Cleantech Ventures, Evergreen Venture Partners

Charging Solutions > C&I $10M

Envision Solar(2006, San Diego)

Offers solar trees for parking lots and solar EV charging solutionsSilicon Valley Bank Charging Solutions > C&I $4.6M

Clear Blue Technologies(2011, Toronto)

Develops smart off-grid controllersOntario Centres of Excellence, National Research Council Canada, SOFII, Haywood, Grenville Strategic Royalty Corp

Charging Solutions > C&I $1.3M

Ecozen(2009, Nagpur)

Solar pumps and solar powered cold storageOmnivore Capital, Villgro Innovations Foundation Charging Solutions > C&I $1M

Surya Power Magic(2013, Coimbatore)

Solar irrigation modulesInfuse Ventures, Intellecap Impact Investment Network Charging Solutions > C&I $500k

Solaire Generation(2009, New York City)

Offers solarized parking solutionsCharging Solutions > C&I $35k

Ampersand(2014, Berlin)

Electric bikes and off-grid solar charging solutionsStartupbootcamp Charging Solutions > C&I $20.3k

InnoVentum(2010, Malmo)

Wooden tower-based wind turbines and hybrid solutionsCharging Solutions > C&I

Project

Developers << Go to BM List >> Software Solutions

Solar Products (2/38)Company Overview Business Model Total Funding

Creteq(2012, Eindhoven)

BIPV architectural systemsCharging Solutions > C&I

SunCulture(2012, Nairobi)

Solar powered smart irrigation systemsCharging Solutions > C&I

Tecambyot(2011, Granada)

Cleantech solutions developerCaixa Capital Risc Charging Solutions > C&I

Venetian Solar(2011, Hoersholm)

Solar Shading solutionsSyddansk Innovation Charging Solutions > C&I

WATTable(2014, Yverdon-les-bains)

Solar powered tableCharging Solutions > C&I

Sol Nrg(2014, Hadar Ramatayim)

Solar tables for portable device chargingCharging Solutions > C&I

Solifi(2016, Dusseldorf)

Solar powered charging and wi-fi services providerE.ON agile Charging Solutions > C&I

Prodengin(2015, Brisbane)

Makes solar powered recreational equipmentCharging Solutions > C&I

Project

Solar Products (3/38)

Project

Software Solutions (1/13)Company Overview Business Model Total Funding

kWh Analytics(2012, Oakland)

Offers risk management and analytics for solar investorsAnthemis Group, Department of Energy (US)

Energy Management > Analytics

$5.58M

Enercast(2011, Kassel)

Renewable Energy forecastingHigh-Tech Grunderfonds, Innogy Venture Capital

Locus Energy(2007, Hoboken)

Renewable Energy Monitoring & AnalyticsZelkova Ventures, PeakChange

Nnergix(2012, Sant Cugat)

Data analytics forecasting SaaS platformKIC InnoEnergy, INCENSe Accelerator, Victoria Venture Capital

$830.98k

SteadySun(2013, Le Bourget Du Lac)

Solar generation forecastingKIC InnoEnergy

Green Power Labs(2003, Halifax)

Predictive solar analytics companyInnovacorp, ACOA - APECA, Inerjys

Enfor(2006, Hoersholm)

Renewable Energy forecastingEnergy Management > Analytics

Reuniwatt(2010, Sainte-clotilde)

Solar photovoltaic power production forecasting specialistEnergy Management > Analytics

Solar Products << Go to BM List >> Solar Financing

Software Solutions (2/13)Company Overview Business Model Total Funding

Raycatch(2015, Yokneam Illit)

Solar data analytics solution developerExplore

BrightBox Technologies(2013, Berkeley)

Developers of predictive modeling software and machine-learning technologies

Mega Zing Solutions(2015, Gurgaon)

Solar analytics, solar thermal and waste management solutionsEnergy Management > Analytics

MySolarToolkit(2015, Bangalore)

Online platform that highlights benefits from using solar energyEnergy Management > Analytics

NeoSilica(2007, Hyderabad)

Smart grid Meter data management systems, solar plant monitoringEnergy Management > Analytics

SolView(2012, Tel Aviv)

Offers solar data analytics platformEnergy Management > Analytics

SolarNetwork(2008, Auckland)

Open source data analytics platformEnergy Management > Analytics

Everon Energy(2014, Manchester)

Predictive data analysis for energy managementEnergy Management > Analytics

Software Solutions (3/13)

Solar Financing (1/4)Company Overview Business Model Total Funding

SunFunder(2012, San Francisco)

Crowdfunding for solar projectsSchneider Electric, OPIC, Khosla Impact, New Ground Ventures, Better Ventures, Treehouse Investments, Radicle Capital

Crowdfunding $6.3M

Wunder(2013, Boulder)

Financing for commercial solar PV systemsTechstars, Fenway Summer, FinTech Collective Crowdfunding $4.45M

Trillion Fund(2010, London)

Renewable Energy InvestmentVivienne Westwood Crowdfunding $3.05M

CoPower(2013, Montreal)

Equity investment platform.RBC Capital Markets Crowdfunding $850k

WeShareSolar(2016, Berkeley)

Solar Crowdfunding platformStichting DOEN, ifund Crowdfunding $569k

Enerfip(2014, Montpellier)

P2P lending platform for renewable energy projectsCrowdfunding

Lytyfy(2015, Mumbai)

P2P social crowdfunding platformCrowdfunding

Ecoligo(2015, Berlin)

Project crowdfunding platform for solar developersCrowdfunding

Software

Solutions << Go to BM List >> Retail

Solar Financing (2/4)

Software

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Pratik Kundu

Senior Analyst, Energy

Abhyudai Gupta

Lead Analyst, Energy

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