tracxn research - wind energy landscape, january 2017

Wind Energy – January 2017 Copyright © 2016, Tracxn Technologies Private Limited. All rights reserved.

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Wind Energy – January 2017 Copyright © 2016, Tracxn Technologies Private Limited. All rights reserved.3

Contents

Topic Page No.

Scope of Report 04

Entrepreneur Activity 06

Investment Trend 10

Who is Investing 19

Exit Outlook - IPO, Acquisitions 23

Sub Sector Analysis 27

Interesting Companies 45

Useful Links 51

Company List 53

Team 138


Sector Overview

Scope of report:-

This report covers companies which are manufacturing and developing technologies to harness wind power to generate electricity. It includescompanies which develop wind farms, sell electricity from wind farms, handle operations and maintenance of wind farms and turbines. Alsocovering companies which manufacture wind turbines, rotors, tunnels and all other wind turbine components. Apart from the mainstreammanufacturers, we also cover companies which are developing new technologies for improving wind power generation, and also develop softwareand analytic insights to improve power generation as well as help forecast generation. Energy auditing companies, advisory and consultancycompanies and other related wind service providing companies are excluded. Also excludes research organization and research labs which carryour laboratory research.

The companies which we cover directly impact the wind industry by providing product based solutions and on-ground services to help generatewind power and improve wind generation.

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 12, 2016. This is tocategorically state that any events and relevant developments after the said date will not reflect in the report.

Business Model Description

Hardware DeveloperCompanies developing and manufacturing Hardware for the Wind Industry, includes wind turbines and its components

Independent Power Producers

Companies developing wind energy projects and selling the power to users on a regular basis

Service Provider Companies currently providing Operation and Maintenance support and EPC support for developing wind farms

Financing Innovative financing solutions for developing small and large wind farms

Technology Enabler Companies developing technology specific solutions for developing and maintaining wind power projects


Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

Team

5


55

37

28

3331

33

7

0

12

24

36

48

60

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

6

YoY – Number of companies founded

BluEarth Renewables ReNew Power Ventures SkySpecs United Wind Terraform Global Dare Technology Millennium Engineers

Bharat Light & Power InterEnergy Holdings windesco Hexagon Energy Zuma Energia Modvion Borealis Wind


Large Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

20 Feb-2010 8Hardware Developer > Turbines > Airborne

$30M windlift.com

Windlift2006, Raleigh

31 Sep-2008 16Independent Power Producer > Distributed

$709M unitedwind.com

United Wind2013, Brooklyn

121 Feb-2006 46Hardware Developer > Turbines > Onshore > Small

$191M zephyrenergy.com

Zephyr Energy2013, Boston

21 Jun-2005 12Technology Enabler > Monitoring & Analytics

$52MSereema

2015, Montpellier

102 Jun-2000 73Independent Power Producer > Utility > Onshore

$11.6B renewpower.in

ReNew Power Ventures2011, Gurgaon

37 Nov-1999 21Hardware Developer > Turbines > Onshore > Regular > Horizontal Axis

$2.3B nordex-online.com

Nordex1985, Hamburg


Niche Upcoming Sectors

No. of Companies Founded

Average Age

No. of Companies Funded

Business ModelTotal

FundingExample

7 Apr-2010 5Hardware Developer > Turbines > Onshore > Bladeless

$11M vortexbladeless.com

Vortex bladeless2013, Pozuelo De Alarcon

5 Feb-2010 3Hardware Developer > Turbines > Offshore > Horizontal Axis

$37M 2benergy.com

2-B Energy2007, Hengelo

9 Apr-2008 8 Financing $406M leewardenergy.com

Leeward Renewable Energy2015, Dallas

11 Jan-2008 5Technology Enabler > Project Development Tools

$32M powerhub.com

Powerhub2013, Toronto

7 Aug-2007 4Technology Enabler > Monitoring & Analytics > Horizontal

$12M romowind.com

ROMO Wind2011, Aarhus

11 Jul-2006 3Hardware Developer > Turbines > Onshore > Regular > Vertical Axis

$6M windharvest.com

Wind Harvest International1975, Point Reyes Station

11 Aug-2002 8Technology Enabler > Monitoring & Analytics > Non-Electrical

$40M sereema.com

Sereema2015, Montpellier

8 Jan-2000 5Technology Enabler > Energy Management

greenbyte.se

Greenbyte2010, Gothenburg


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

9


YoY – Number of Rounds and Total Funding

$0.6B

$1.0B

$3.1B

$1.3B

$1.6B$1.7B

$3.7B

$4.0B

$3.5B

38

30

50

47

43

50

66

48

43

0

14

28

42

56

70

0.0

0.9

1.8

2.7

3.6

4.5

2008 2009 2010 2011 2012 2013 2014 2015 2016

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Bill

ion

s)

Funding Amount Number of Rounds


YoY – Number of Rounds by Stage

76

9

53 4

1518

20

23

14 11

1211

1014

16

10

0

9

18

27

36

45

2011 2012 2013 2014 2015 2016

Nu

mb

er o

f R

ou

nd

s

Seed Early Late


YoY – Funding by Stage

$2.5M $1.4M $8.5M $1.5M $1.3M $7.1M

$340.4M

$70.5M $110.9M

$325.2M

$34.8M $18.6M

$629M $1.2B$1.0B

$1.1B

$1.4B

$690M

0

320

640

960

1280

1600

2011 2012 2013 2014 2015 2016

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Seed Early Late


Average Ticket Size – Early Stage

$0.6M $0.3M $1.1M $0.4M $0.6M$2.4M

$28.2M

$6.1M

$3.5M

$11.7M

$3.2M

$2.2M

$19.6M

$4.9M

$12.8M

$43.9M

$5.5M$4.0M

0.0

10.0

20.0

30.0

40.0

50.0

2011 2012 2013 2014 2015 2016

Fun

din

g A

mo

un

t (i

n M

illio

ns)

Seed Series A Series B


Top investments in last one year

CompanyFunding Amount

Round Name

Date Investors

greenkogroup.comGreenko Group

(Hyderabad, 2004)$230M PE Jun-2016 GIC, Abu Dhabi Investment Authority

unitedwind.comUnited Wind

(Brooklyn, 2013)$200M PE Jan-2016 Forum Equity Partners

sitacltd.comSITAC Renewable energy

(Delhi, 2006)$169M PE Jan-2016 EDF Energies Nouvelles

valorem-energie.comValorem

(Begles, 1994)$63M PE Sep-2016 3i Infrastructure plc.

mainstreamrp.com

Mainstream Renewable Power

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

gaelectric.ieGaelectric

(Ringsend, 2004)$9M PE Aug-2016 European Union

unitedwind.comUnited Wind

(Brooklyn, 2013)$8M Series B Mar-2016 Statoil, Forum Equity Partners

prenav.comPreNav

(San Carlos, 2014)$7M Seed Aug-2016 Crosslink Capital, Liquid 2 Ventures, WI Harper Group




Round Name

Date Investors

ideol-offshore.comIdeol

(La Ciotat, 2010)$3M Series D May-2016 Paca Investment, Conseil Plus Gestion, Sofimac Partners, TERTIUM

hexicon.euHexicon

(Stockholm, 2009)$3M Series B Apr-2016 Undisclosed

pika-energy.comPika Energy

(Westbrook, 2010)$3M Series A Apr-2016 Undisclosed

windesco.comwindesco( , 2012)

$2M Series A Sep-2016 Undisclosed

hexagon-energy.comHexagon Energy

(Charlottesville, 2013)$2M Series A Jul-2016 Undisclosed

nnergix.comNnergix

(Sant Cugat, 2012)$831K Series B May-2016 Victoria Venture Capital, KIC InnoEnergy

gearboxexpress.comGearbox Express

(Milwaukee, 2010)$450K Seed Jul-2016 Undisclosed

windstream-inc.com

WindStreamTechnologies

(New Albany, 2008)$300K PE Jan-2016 Undisclosed




Round Name

Date Investors

americanwindinc.comAmerican Wind

(Huntsville, 2011)$100K Seed Oct-2016 Undisclosed

gaelectric.ieGaelectric

(Ringsend, 2004)Undisclosed PE Feb-2016 Lone Star Funds

greentech.dk

Greentech Energy Systems

(Copenhagen, 1924)Undisclosed PE Apr-2016 Intesa Sanpaolo, Pirelli

longroadenergy.comLongroad Energy

(San Francisco, 2016)Undisclosed Series A Oct-2016 Infratil, New Zealand Super Fund

seastate5.comSeaState5

(The Hague, 2015)Undisclosed Seed Oct-2016 Climate-KIC

seatwirl.comSeaTwirl

(Gothenburg, 2013)Undisclosed Series A Apr-2016 Undisclosed

windstax.comWindStax

(Pittsburgh, 2012)Undisclosed Series A Sep-2016 Undisclosed


Funnel view of Sector

Percent of Previous

52%

63%

45%

111

73

95

213

336

643

0 100 200 300 400 500 600 700

M&A & IPO

Late

Series B

Series A

Funded

Founded

Number of Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

18


Most Active Investors in Sector

7

6

5 5 5 5

4 4 4 4

0

2

3

5

6

8

Climate-KIC Actis DemeterPartners

Department ofEnergy (US)

GE Omnes Capital GlobalEnvironment

Fund

Goldman Sachs IFC Rabobank

Tota

l Nu

mb

er o

f R

ou

nd

s

Flipflower Zuma Energia Electrawinds Ogin Energy Terraform Global Valorem ReNew Power Ventures Nordex INOX Renewables Terra-Gen

NewGreenTec Ostro Energy Vergnet Nordic WindPower Welspun Renewables

Elettrostudio Energy Greenko Group ReNew Power Ventures

InterEnergyHoldings

Emergya Wind Technologies


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

Team

22


Top IPOs in last three years

IPO Date Company OverviewFunding Amount

Exch:Ticker

Jun-2016 dongenergy.comDONG Energy

(Fredericia, 2006)

Thermal power, oil and gas exploration and wind power.$1.6M DENERG

Mar-2016 senvion.comSenvion

(Hamburg, 2001)

Manufactures wind turbines- FRA:SEN

Feb-2016 kpenergy.inK P Energy

(Surat, 1994)

Wind Energy EPC provider- BOM:539686

Aug-2015 terraformglobal.com

Terraform Global(Bethesda, 2014)

Renewable Energy developerGE, Capricorn, Kingdon Capital, Baron Funds, EverStream, Zimmer $577.5M NASDAQ:GLBL

Jun-2015 eolusvind.comEolus Vind

(Hassleholm, 1999)

Wind power developer- STO:EOLU-B

Apr-2015 windarphotonics.com

Windar Photonics(Taastrup, 2008)

LIDAR systems for wind turbinesSeed Capital $10.7M LON:WPHO

Mar-2015 inoxwind.comInoxwind

(Noida, 2009)

Manufactures wind turbine components- INOXWIND

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

Owns and operates clean energy assets- NASDAQ:TERP

Apr-2014 northernpower.com

Northern Power(Barre, 1974)

Manufacturer of Permanent Magnet Direct-Drive wind turbinesAllen & Company, Nth Power, RockPort Capital $37M NPS


Major Acquisitions in last one year


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

26


640+ companies in the sector, 140 funded in last 5 years, $7.5B invested in 2015/16 (YTD)

December 2016Tracxn BlueBox: Wind Energy


Top Business Models by Funding

$8.3B

$2.0B

$538M$84M $51M

0

1800

3600

5400

7200

9000

Independent Power Producer Hardware Developer Service Providers Technology Enabler Financing

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Avg. Age Apr-02 Feb-04 Sep-04 Jan-05 Apr-08

# Cos. 154 283 156 40 9

ReNew Power Ventures Nordex SITAC Renewable energy Pentalum UrbanWind

Greenko Group Clipper Wind Valorem 3tier Abundance


Independent Power Producer – Business Model Description


Independent Power Producer – Entrepreneur Activity and Investment Trend


Independent Power Producer – Most Funded Companies


Hardware Developer – Business Model Description


Hardware Developer – Entrepreneur Activity and Investment Trend


Hardware Developer – Most Funded Companies


Service Providers – Business Model Description


Service Providers – Entrepreneur Activity and Investment Trend


Service Providers – Most Funded Companies


Technology Enabler – Business Model Description


Technology Enabler – Entrepreneur Activity and Investment Trend


Technology Enabler – Most Funded Companies


Financing – Business Model Description


Financing – Entrepreneur Activity and Investment Trend


Financing – Most Funded Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

44


Interesting Unfunded Companies

Company OverviewBusiness Model

zephyrenergy.comZephyr Energy(2013, Boston)

Non rotating micro wind turbine Hardware Developer > Turbines > Onshore > Small

vortexbladeless.comVortex bladeless

(2013, Pozuelo De Alarcon)

Bladeless wind turbine technology Hardware Developer > Turbines > Onshore > Bladeless

borealiswind.comBorealis Wind

(2016, Kitchener)

Patent pending wind rotor blade reheating technologyHardware Developer > Other Components

powerhub.comPowerhub

(2013, Toronto)

Cloud-based SaaS asset management solution for renewable energy projects

Technology Enabler > Project Development Tools

hoverenergy.comHover Energy

(2015, Carrollton)

Maglev Wind Turbine developer Hardware Developer > Turbines > Onshore > Regular

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


Interesting Funded Companies


Top Funded Deadpooled Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

50


Useful Links

Type Content Platform Link

List of All Companies in readable format Companies Link

Large Upcoming Sectors Entrepreneur Activity Link

Niche 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

Independent Power Producer– Most Funded Companies Sub Sector Understand Link

Hardware Developer– Most Funded companies Sub Sector Understand Link

Service Providers– Most Funded Companies Sub Sector Understand Link

Technology Enabler– Most Funded Companies Sub Sector Understand Link

Financing – Most Funded companies Sub Sector Understand Link

Top Funded Deadpooled Companies Companies Link

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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

52


Wind Energy – Company List

Independent Power Producer

HardwareDeveloper

Service Providers

Technology Enabler

Financing

337 FUNDED COMPANIES AND 305 UNFUNDED COMPANIES

COVERS THE FOLLOWING SECTORS


Independent Power Producer (1/20)Company Overview Business Model Total Funding

Continuum Wind Energy(2009, Mumbai)

Wind Farm developerMorgan Stanley Distributed $210M

United Wind(2013, Brooklyn)

Leasing wind turbinesU.S. Bank, Forum Equity Partners, GSG Energy Finance, Pacific Rim Capital, Statoil, The Phoenix Fund, greenbank.ny.gov

Distributed $209M

BluEarth Renewables(2010, Calgary)

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

Bharat Light & Power(2010, Delhi)

Wind and solar power generating companyVentureast, UTI Ventures, Draper Fisher Jurvetson, Enel Distributed $70.43M

Your Energy(2001, London)

Wind power developer in UKPlatina Partners Distributed $53M

Wind Energy Direct(2006, Limerick)

Develops wind farmsNovusmodus Distributed $22.2M

Sunwind Energy(2009, Nevada)

Renewable Energy development companyDistributed $8.5M

Tri Global Energy(2009, Dallas)

Wind, solar, and hybrid power IPPDistributed $3.17M

Go to BM List >>Hardware

Developer



Clean Currents(2005, Silver Spring)

Wind and Solar energy providerDistributed $2.53M

SM WindSol(2009, Mumbai)

Manufacturer of wind turbines and hydro turbines.First Light Ventures Distributed $100k

Visolaris(2012, Manchester)

Renewable energy based Independent Power ProducerDistributed

Millennium Engineers(2016, Dar Es Salaam)

Rural microgrid developerDistributed

Flipflower(2014, Berlin)

Organic photovoltaic foil based public lighting systemClimate-KIC Distributed

Fintel Energia(1999, Pollenza)

Utility involved in power generation and energy distributionDistributed

PowerGen Renewable Energy(2011, Nairobi)

Micro-girds in off-grid areasTomorrowVentures Distributed

Diamond Energy(2004, Camberwell)

Renewable energy producerSunPower Distributed


Developer



Venti Energy(2014, Austin)

Community and Utlity-scale wind and solar projectsDistributed

ASC Renewables(2010, Manchester)

Wind power developerDistributed

Bora Wind(2012, Madrid)

Independent wind energy portfolio management companyDistributed

Wind Direct(2003, Bridgend)

Wind power developers for IndustriesDistributed

eenergys.com(2006, Patan)

Renewable Energy developersDistributed

MicroGen Wind(2012, East Grinstead)

Wind turbine manufacturer and operatorDistributed

Ecovane(2011, Somerset)

Ecovane - Wind Turbines - HomeDistributed

Windpower Technology(2012, Edinburgh)

Small scale wind project developerDistributed


Developer


Independent Power Producer (4/20)


Developer




Developer


Hardware Developer (1/36)

Independent

Power Producer << Go to BM List >> Service Providers



Independent



Service Providers (1/20)

Hardware

Developer << Go to BM List >>

Technology

Enabler



Hardware


Technology

Enabler


Technology Enabler (1/5)

Service

Providers << Go to BM List >> Financing



Service



Financing (1/2)

Technology

Enabler << Go to BM List >>


Financing (2/2)

Technology

Enabler << Go to BM List >>


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

137


Team

Abhyudai Gupta

Lead Analyst, Energy

Pratik Kundu

Senior Analyst, Energy

https://in.linkedin.com/in/abhyudai-gupta-66451814

https://twitter.com/abhyudaigupta

https://in.linkedin.com/in/pratikkundu

https://twitter.com/whoispratik

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tracxn research - wind energy landscape, january 2017

Data & Analytics