Think Equity Greentech Introduction

Loading...

Flash Player 9 (or above) is needed to view presentations.
We have detected that you do not have it on your computer. To install it, go here.

0 comments

Post a comment

    Post a comment
    Embed Video
    Edit your comment Cancel

    Notes on slide 1

    4 Favorites

    Think Equity Greentech Introduction - Presentation Transcript

    1. December 2008 Introduction to ThinkEquity’s Greentech Practice
    2. Table of Contents 1. Introduction to ThinkEquity 2. ThinkEquity’s Greentech Practice
    3. 1. Introduction to ThinkEquity
    4. Introduction to ThinkEquity ThinkVision To be the preeminent global growth investment bank by focusing on the most innovative, fastest-growing companies and their investors 4
    5. Introduction to ThinkEquity Growth Focus, Global Reach Worldwide reach and capabilities €40,000,000 £62,500,000 $54,000,000 Over 250 people located in 8 offices in the U.S. and Europe Has Acquired Over 50 investment bankers Secondary Offering Secondary Offering Follow-on Offering Nominated Adviser Over 40 research analysts covering over 500 companies Co-Manager Sponsor Advisor to Ceradyne and Broker Over 75 sales professionals covering over 800 global accounts August 14, 2008 August 12, 2008 June 17, 2008 May 16, 2008 Since 2001, ThinkEquity and our global group have executed: Over 320 equity transactions ($23 billion) Over 130 M&A and advisory transactions ($30 billion) Liverpool Liverpool London Minneapolis Minneapolis Geneva Geneva* Publicly traded in London (PMR.L) San Francisco San Francisco Boston Tel Aviv* Chicago New York Well capitalized with a significant holding of cash and marketable Menlo Park securities; no debt or credit liabilities * Chennai Approximately 25% owned by employees (pro forma up to 38%) EFG-Hermes minority interest in the group provides access to Middle East investors $55,000,000 $56,160,000 £105,700,000 Has Acquired IPO PIPE IPO Nominated Adviser Sponsor & Broker Sole Bookrunner Sole Placement Agent and Broker December 17, 2007 May 8, 2008 May 15, 2008 October 10, 2007 5
    6. Introduction to ThinkEquity ThinkPeople Greg Wright Former Head of Corporate Finance for Merrill Lynch in Europe CEO Graduated cum laude from Princeton University Randy Mason Former Partner at Wessels, Arnold & Henderson and Bayview Partners; institutional sales at Lehman Brothers Head of Research Graduated from the University of Minnesota (BA and MBA) Phil Johnston Former Partner and Managing Director at H&Q; Managing Director at Chase H&Q and JP Morgan Head of Equities Graduated from Gordon College Jack Monopoli Former Managing Director at Thomas Weisel Partners and Piper Jaffray Graduated from Boston University Head of Trading Doug Gonsalves Former Managing Director at SVB Alliant; Merrill Lynch and BA Robertson Stephens Co-Head, Investment Banking Graduated with distinction from the Leavey School of Business at Santa Clara University (MBA) Co-Head, Mergers & Acquisitions Former Managing Director at Merriman Curhan Ford & Co., Trilogy Capital Partners and Volpe Brown Whelan & Co. Ted Mitchell Graduated from Menlo College Co-Head, Investment Banking Head of Private Placements Robin Graham Former Co-Founder of M&A Group with Needham & Company Co-Head, Mergers & Acquisitions Graduated from Harvard University John Fitzgibbons Formerly with Thomas Weisel Partners and Montgomery Securities Head of Wealth Management Graduated from Amherst College 6
    7. Introduction to ThinkEquity Unique Research-Centric Model Institutional Brokerage Institutional sales & sales trading Market making Aftermarket support Wealth & Investment Banking Asset Management Public equity offerings Wealth management services Private placements Full service brokerage Mergers & acquisitions advisory Technically driven investment strategy Corporate finance Long / short hedge fund Venture & Corporate Services Customized cash management Share repurchases Restricted securities expertise 7
    8. Introduction to ThinkEquity Research: The Most Innovative, Fastest-Growing Companies SECTORS Software & Internet & Media Semiconductors Greentech Healthcare Communications Semiconductor Healthcare Software Internet Alternative Energy Devices Services • Enterprise Applications • Consumer Internet • Analog & Power • Solar Energy • Infrastructure • Social Media Management • Wind Energy • Storage Networking • Advertising Tech/Services • Communications & • Alternative Fuels Pending • Security • Online Video Multimedia Networking • Consumer Advanced • Memory Devices & Modules Materials Communications Gaming • RF • IP Providers • New Materials • Mobile/Wireless • Online Gaming • Nanotechnology • Communications Services • Gaming Suppliers • Energy Storage Cap Equipment & • Communications • Sustainable Service Providers Infrastructure Chemicals/Materials • Water Resources e-Commerce • Materials • Metrology & Inspection • Wafer Processing Energy Efficiency • Foundries Education • Demand Management • Lighting Green Living 8
    9. Introduction to ThinkEquity Research: Recognized for Excellence 2007 study conducted by Integrity Research Associates, Analyst Awards vs. Number of Analysts ThinkEquity ranked among the best firms providing investors: Access to management High William Blair & Co. Broad coverage of small cap stocks Small cap expertise Thought leadership—recent white papers: Thomas Weisel Solar Energy Robert Baird & Co. Analyst Award Index Partners Nanotechnology FBR Capital Cowen & Company Markets Medium Green Living Pacific Crest Online Advertising Sidoti & Company, LLC Leerink Human Capital Management Swann & Co. Wireless Communications Canaccord Adams Merrill Lynch Alternative Fuels Jefferies Deutsche Bank Keefe, Bruyette & Woods Snapshot of research universe: Citi Goldman Piper Jaffray Credit Suisse Sachs Median market cap of $312 million Low Median long-term EPS growth rate of 23% High Low Medium # of Analysts 9
    10. Introduction to ThinkEquity Investment Banking: Equity Capital Markets Full spectrum of equity capital markets services SECTORS IPOs Software & Internet & Semis Greentech Follow-on / secondary offerings Comms Media PIPEs Private placements $55,000,000 $55,200,000 £62,500,000 $105,656,250 Public Equity Secondary Offering Follow-on Offering IPO IPO Offerings Nominated Adviser Co-Manager Sole Bookrunner Co-Manager Strong lead manager capabilities and Broker Public December 6, 2007 March 8, 2007 May 8, 2008 63% of our equity offerings completed in 2007 were lead May 16, 2008 Equity managed or agented Offerings PRODUCTS £12,000,000 $600,000,000 $132,929,750 $73,312,500 Superior transaction returns to investors IPO IPO Follow-on Offering Follow-on Offering Co-Manager Co-Manager Nomad & Broker Since ThinkEquity’s founding in 2001, all equity offerings have Sole Bookrunner had an average 30-day post-deal performance of 11.8% March 7, 2007 February 13, 2008 September 20, 2005 October 26, 2007 Focus on clients, not just transactions $25,000,000 $37,000,000 $104,451,000 $14,950,000 Since ThinkEquity’s founding in 2001, 28% of our equity Private Private Placement Registered Direct PIPE PIPE transactions have been for repeat clients Placements Agent Sole Placement Agent1 Co-Placement Agent Lead Manager October 18, 2007 February 28, 2007 May 10, 2007 September 13, 2007 Senior-level client and transaction involvement 10
    11. Introduction to ThinkEquity Investment Banking: Advisory and Corporate Finance Full spectrum of advisory and corporate finance services for SECTORS public and private companies Software & Internet & Sell side Semis Greentech Comms Media Buy side MBOs/LBOs Sale to Fairness opinions Has Acquired has acquired Tender Offer Strategic Advisory Public Recapitalizations Advisor to Franklin Advisor to SigmaTel, Inc. Covey Advisor to Incuity PRODUCTS Equity Self-tender offers Advisory Offerings September 19, 2008 August 28, 2008 May 13, 2008 April 30, 2008 and Dual-exchange listings / exchange migrations Corporate Finance Has Acquired Has Acquired Sale to has acquired Extensive relationships with financial and strategic investors Sale to worldwide Advisor to Ceradyne Advisor to Kasenna July 24, 2007 July 10, 2008 August 12, 2008 April 18, 2008 Support from our leading growth research team Network capable of effectively communicating our client’s message with Wall Street Focus on clients, not just transactions Since ThinkEquity’s founding in 2001, 24% of our advisory and corporate finance transactions have been for repeat clients Senior-level client and transaction involvement 11
    12. Introduction to ThinkEquity Institutional Brokerage: Global Distribution Institutional sales presence in Boston, Chicago, Minneapolis, Institutional Brokerage Professionals New York, San Francisco, Geneva, Liverpool and London Boston Chicago Minneapolis New York We focus principally on small- and mid-cap growth companies 7 4 2 15 In-depth coverage relationships with growth fund managers and analysts San Geneva Liverpool London Francisco Our sales force is closely aligned with our research analysts 14 9 1 25 Offering coordinated advice and ideas to our institutional clients 3 sales / research meetings per day Leading market maker for our covered stocks Market maker in approximately 350 companies Liverpool Liverpool London Minneapolis Minneapolis Geneva* Geneva San Francisco San Francisco Boston Chicago New York 12
    13. Introduction to ThinkEquity Institutional Brokerage: Aftermarket Support Aftermarket support is core to our client commitment Non-Deal Marketing Management 1x1 Group Our team hosts corporate clients and research-covered Presentations to Meetings Events companies for non-deal roadshows Sales Force Includes institutional investor 1x1 meetings as well as group YTD events 2,404 65 80 2008 We also request that management teams present to our sales 2007 force 1,819 44 53 Allows sales teams to better articulate the company’s story to their accounts 2006 1,699 45 95 Our research analysts conduct their own roadshows To highlight their coverage names and discuss trends in their sectors 13
    14. Introduction to ThinkEquity Conferences ThinkGreen ThinkTomorrow ~ Today G6 Growth Conference 3rd Annual Clean Tech & Alternative Energy Forum 5th Annual Private Co. & Venture Capital Summit 6th Annual Growth Conference March 24 - 26, 2009 May 11 - 13, 2009 September 14 - 17, 2009 InterContinental; San Francisco, California The Ritz-Carlton; Half Moon Bay, California The St. Regis; San Francisco, California Highlights Highlights Highlights Presentations and panel discussions with 80 of the most innovative private A premier gathering of the leaders in the company CEOs, industry experts, investors companies in the world growth economy and key policy makers 20 panels featuring experts on the key Over 200 presentations from CEOs of Topics will include The Solar Value Chain, trends that are shaping the future of the premier growth companies The Future of Fuels, Wind Power, Grid 2.0, growth economy Approximately 1,200 attendees expected Resource Optimization, Advanced Lighting Over 400 attendees expected and many more Over 400 attendees expected 14
    15. Introduction to ThinkEquity Venture & Corporate Services, Wealth & Asset Management Venture & corporate services Venture & Wealth Asset Management Corporate Services Management Customized cash management Share repurchases Clients Restricted securities expertise (Rules 144, 145, 144k) • Venture capital firms • High net worth • Institutional investors Strategy and execution of risk management / derivative trades • LPs of VC firms individuals • High net worth • Corporate finance • Family offices individuals teams • Family offices Wealth management • Treasury teams • Risk teams Unconflicted, objective investment advice Strategic / tactical asset allocation and portfolio construction Supported By Domestic and international full-service trading capability • Investment banking • Research • Research • Institutional brokerage • Institutional brokerage • Institutional brokerage Asset management Long / short hedge fund managed by Stuart Pulvirent Technical investment strategy managed by Mike Kress 15
    16. 2. ThinkEquity’s Greentech Practice
    17. ThinkEquity’s Greentech Practice Green Megatrends Driving Interdependent Growth Factors Sustained historically high and volatile prices for conventional fossil fuels Energy Security Geopolitical risk highlighting importance of energy security The world’s most energy-intensive economy is dependent on foreign regimes for petroleum resources Political will to diversify sources of U.S. energy; subsidies and incentives still important to encourage Energy Dependence adoption of alternative technologies Long-term supply of fossil fuels Widespread acknowledgment of the man-made climate change issue Commitment to action necessary to reduce net carbon emissions Climate Change Costs of carbon emissions compliance will be passed on to end users in the form of higher power rates which will further narrow cost parity gaps Crude prices up over 500% since 1999; recent easing must be considered in light of longer term supply/demand economics Energy Prices Historically high coal and natural gas prices have also translated into continually increasing prices for electricity Electrical grid is at capacity which supports growth in distributed power and smart grid solutions Infrastructure 30 years of underinvestment has resulted in 40-50% of the U.S. electrical grid in need of replacement U.S. will need to add approx. 300 gigawatts of additional generation capacity by 2030 costing $15-20 billion 17
    18. ThinkEquity’s Greentech Practice Greentech Landscape Innovative Renewable Power Public Policy Hydrocarbons Generation • political will and public support • biofuels • solar • incentives and subsidies • advanced alt. fuels • wind • environmental regulations • gasification • marine • climate and public health policies • coal / gas to liquids • biomass • inter-jurisdictional cooperation Alternative • waste-to-energy • geothermal Energy Advanced Energy Environmental Markets Energy Efficiency Technologies • carbon credits / offsets • demand-side solutions • advanced batteries • RECs • supply-side solutions • fuel cells • tags / certifications • smart grid technology • EV / HEV / PHEV • trading / intermediary Nanotechnology • intelligent energy • hydrogen platforms Applications • efficient lighting • energy storage • power transmission • energy efficiency Preservation Advanced Materials • remediation • ‘clean’ carbon • carbon fiber • water purification • lifecycle management • advanced alloys and composites • pollution control • sequestration • sustainable / green • potable water chemicals, plastics and • pollution control other materials • remediation 18
    19. ThinkEquity’s Greentech Practice Dedicated Greentech Team Shez Bandukwala Former Founder and President of Hilco Enterprise Valuation Services; Partner at William Blair & Co. Partner, Co-Head Greentech Graduated from University of Illinois (BS) and Kellogg School of Management (MBA) Investment Banking Joe Dews Former Managing Director at Needham & Company, CIBC/Oppenheimer; Vice President at Versata, Inc. Partner, Co-Head Greentech Graduated from Cornell University Investment Banking Kelly Walters, CFA Former Associate at Lehman Brothers; Director at Morgan Joseph & Co.; Strategic Planning at Lexmark International Principal, Greentech and Graduated from University of Kentucky (BA, MA and MBA) Emerging Technologies Investment Banking Stephen Weiland Former Associate at Merrill Lynch; CPA at Deloitte Graduated from University of Illinois (BS) and Kellogg School of Management (MBA) Vice President, Greentech Investment Banking Jonathan Hoopes Former Associate Director at UBS; Associate at Salomon Smith Barney; Institutional sales at Goldman Sachs Partner, Greentech Analyst Graduated from Brigham Young University (BS) and University of Pennsylvania (MBA) Former Analyst at Prudential Equity Group; Business Development at Searle/Pharmacia and Baxter Healthcare David Woodburn Graduated from University of Illinois (BA) and University of Chicago (MBA) Principal, Biofuels and Water Analyst Michael Burton Former Analyst at Morgan Stanley, JP Morgan/H&Q Principal, Enabling Graduated from Washington & Lee University Technologies Analyst Michael Lew Former Senior Analyst with UBS; Engineer at IBM Vice President, Advanced Graduated from Carnegie Mellon University (BS), Columbia University (MS) and NYU (MBA) Materials Analyst 19
    20. ThinkEquity’s Greentech Practice Transaction Experience $15,651,750 $55,000,000 $174,800,000 $23,451,125 $54,000,000 Initial Public Offering Follow-on Offering Follow-on Offering Registered Direct Private Placement Acquisition by Strategic Advisory Co-Manager Hubbell Inc. Sole Bookrunner Co-Manager Sole Placement Agent Sole Placement Agent December 5, 2008 September 19, 2008 August 14, 2008 June 20, 2008 May 8, 2008 February 11, 2008 October 31, 2007 $73,312,500 $698,250,000 $155,040,000 £4,000,000 $104,451,000 $200,000,000 $458,850,000 Convertible Debenture Follow-on Offering Follow-on Offering Follow-on Offering PIPE Initial Public Offering Secondary Offering Sole Placement Agent Co-Manager Co-Manager Co-Manager Sole Bookrunner Co-Manager Broker February 28, 2007 February 1, 2007 November 16, 2006 August 9, 2007 July 2007 October 26, 2007 August 14, 2007 $39,459,375 £8,300,000 $38,812,500 $40,000,000 $78,856,650 $21,000,000 Acquisition of Nanoplex IPO Technologies Inc. Follow-on Offering Follow-on Offering Initial Public Offering Follow-on Offering Initial Public Offering Nominated Advisor & Nominated Advisor & Co-Manager Lead Manager Lead Manager Lead Manager Co-Manager Broker Broker August 17, 2005 July 20, 2005 June 30, 2004 June 22, 2004 October 31, 2006 June 2, 2006 February 8, 2006 20
    21. ThinkEquity’s Greentech Practice Case Study: Varon Lighting Group’s Sale to Hubbell, Inc. Retrofit Market Overview Company Overview Varon, a private company with headquarters in Chicago, is Multi-billion dollar industrial and commercial lighting retrofit a leading manufacturer of energy-saving lighting fixtures market opportunity Has Acquired and controls designed for indoor commercial and industrial Lighting accounts for 22% of U.S. electricity demand and lighting retrofits, as well as outdoor new and retrofit 65% of commercial electricity demand pedestrian-scale lighting applications Electricity consumption is expected to increase by 50% Advisor to Varon Varon’s four brands include: within the next 25 years December 5, 2008 Precision Lighting: lighting retrofits An estimated 455,000 buildings in the U.S. use inefficient Paragon Lighting: lighting retrofits lighting fixtures, representing 50 years worth of outdated systems Beacon Products: outdoor & LEDs The market for retrofits is still highly nascent, with only an Thomas Research: efficiency control products estimated $250 million in 2007 revenues With operations in CA, FL, WI and IL (R&D center), Retrofits reduce energy consumption, improve lighting and Varon’s national scale sets it apart from the competition generate ~50% ROI (2 year average payback) 30%+ historic revenue growth in core brands and at forefront of LED applications Result / ThinkEquity Role Transaction Rationale While terms were not disclosed, ThinkEqutiy achieved a Immediate access to the large and rapidly growing retrofit premium to common industry multiples for its client – market for industrial and commercial fluorescent lighting positioning is our core competency Complement to business model previously emphasizing Focused marketing on strategic acquirors to capitalize only new construction upon synergy value and our thesis of industry consolidation Access to Varon R&D prowess and LED expertise Tireless work on behalf of client: Monetization for Varon shareholders and access to greater Closest comp down 66% during process resources in face of double-digit growth opportunities Challenging economic environment Difficult equity and M&A markets 21
    22. ThinkEquity’s Greentech Practice Case Study: Real Goods Solar Situation Overview Transaction Highlights $55,000,000 Real Goods Solar is a leading solar energy integrator The Company completed its initial public offering on based in Hopland, California May 8, 2008 Initial Public Offering Real Goods’ strategy includes consolidation of the ThinkEquity introduced 145 institutional investors to Sole Bookrunner highly fragmented solar installation industry Real Goods throughout 13 cities over an 11-day roadshow throughout Europe, Canada and the United May 8, 2008 Real Goods had just acquired two solar integrators, States doubling the size of the Company, at the time of the transaction The offering was completed in 91 days after the initial filing with the SEC Prior to the transaction, Real Goods was a 100% owned subsidiary of Gaiam (Nasdaq:GAIA) Result Transaction Details ThinkEquity acted as lead manager and sole bookrunner Size of Offering: $55.0 million to successfully complete the $55 million initial public Market Cap at Offer: $155.0 million offering of Real Goods shares Primary / Secondary: 100.0% / 0.0% Final placement was with 33 institutional investors that Filing Range $10.00 - $12.00 were introduced during the roadshow Offer Price: $10.00 100% of shares offered were primary with all proceeds Exchange: Nasdaq Global Market going to the company Ticker: RSOL Shares offered was increased from 5.0 million to 5.5 Gaiam Ownership Pre-Deal 100.0% million upon pricing Gaiam Ownership Post-Deal 58.8% 22
    23. ThinkEquity’s Greentech Practice Case Study: DayStar Technologies Situation Overview Transaction Highlights $73,312,500 DayStar Technologies engages in the production of ThinkEquity introduced 94 institutional investors to CIGs thin-film solar PV modules DayStar throughout 10 cities over a 12 day roadshow Follow-on Offering Sole Bookrunner DayStar was in need of additional capital to enter into The offering was completed in only 45 days after commercial scale production with the development of engagement October 26, 2007 its first 25MW production line in Santa Clara, California The stock appreciated 9.8% during the roadshow The company completed its initial public offering on The 2.25 million share greenshoe was exercised fully in February 11, 2004, which was placed primarily with only 4 days retail investors Result Transaction Details ThinkEquity acted as lead manager and sole bookrunner Market Cap at Offer: $70.7 million to successfully complete a $73.3 million follow-on Size of Offering: $73.3 million offering Primary / Secondary: 100% / 0% As a result of high retail ownership, the company’s Offer Price: $4.25 offering was a “re-IPO” to institutional investors Discount to Close: (8.6%) Final placement was with 28 institutional investors (95% Discount to VWAP: (15.8%) institutional / 5% retail) Discount/Premium to Price at Filing: (19.5%) 100% of the shares offered were primary with all 1 Day Post-Pricing Performance: +12.7% proceeds going to the Company 60 Day Post-Pricing Performance: +29.4% 23
    24. ThinkEquity’s Greentech Practice Case Study: PICO Holdings, Inc. Situation Overview Transaction Highlights $104,451,000 PICO is a holding company focused on investing and The Company spoke with 45 institutional investors via developing unique value-based assets conference calls over the course of a ten-day roadshow PIPE Largest private sector owner/developer of water rights The offering was completed in just four weeks after Sole Placement Agent in the Southwest engagement February 28, 2007 Strong and experienced management team with a The offering was placed with 13 institutional investors proven record of building long-term value including: Required financing to continue developing existing Fidelity, Morgan Stanley, UBS O’Connor, Beck water assets and pursue new opportunities Mack and Mercury Real Estate Result Transaction Details A very unique story – a holding company with the bulk of Market Cap at Offer: $667.0 million its assets in a space not widely understood by the broad Size of Offering: $104.5 million investment community Offer Price: $37.00 Priced transaction during extremely turbulent market Discount to Close: (13.5%) conditions 1 Day Post-Pricing Performance: +5.1% Difficulties in valuation: 30 Day Post-Pricing Performance: +17.3% No comparable companies Traditional market multiples not relevant – transactional based business Value of Company not fully reflected in financials – water and land assets carried at historical cost 24
    25. ThinkEquity’s Greentech Practice ThinkResearch: Jonathan Hoopes Managing Director, Greentech and Energy Technology Equity Research Joined ThinkEquity in June 2005 Previously with WMSmith & Co. where he focused on Technology Prior to WMSmith & Co., Jonathan has worked as a research analyst at UBS and Smith Barney Began his career at Goldman, Sachs & Co. in Sales and later moved to Equity Capital Markets at Deutsche Bank, both in Hong Kong Jonathan holds an MBA from the Wharton School, an MA in International Studies from the School of Arts and Sciences of the University of Pennsylvania and a BS in Finance from Brigham Young University Companies Under Coverage 25
    26. ThinkEquity’s Greentech Practice ThinkResearch: David Woodburn Principal, Biofuels and Water Resources Equity Research Joined ThinkEquity in June 2007 as a Principal and senior research analyst Previously a Specialty Pharmaceutical Analyst at Prudential where he focused on large-cap pharmaceutical companies Prior to Prudential, David worked as a member of Pfizer’s commercial and risk evaluations group Began his career in various business development, marketing and product development positions at Baxter healthcare David holds an MBA from the University of Chicago and a BS in Mechanical Engineering the University of Illinois Companies Under Coverage 26
    27. ThinkEquity’s Greentech Practice ThinkResearch: Michael Burton Principal, Wireless Components and Enabling Technologies Equity Research Joined ThinkEquity in April 2004 as a Vice President Previously worked as an analyst for sales teams at Morgan Stanley and JPMorgan/Hambrecht & Quist Analyst Previously held positions in investment accounting with GT Global/AIM Funds and Phoenix Duff & Phelps Received a BS in Business Administration and Accounting from Washington & Lee University; holds the Chartered Financial Analyst (CFA) designation Companies Under Coverage 27
    28. ThinkEquity’s Greentech Practice ThinkResearch: Michael Lew Vice President, Advanced Materials and Nanotechnology Applications Equity Research Joined ThinkEquity in 2005 and now leads the Firm’s equity research effort in nanotechnology, energy storage technologies and advanced materials Previously with UBS Securities where he was the firm’s Senior Analyst for Enterprise and PC Hardware as well as Broad-Line Distribution Prior to entering the securities industry, Michael gained 11 years of engineering experience at IBM Michael has an MBA from NYU in Finance and Accounting, an MS in Materials Science from Columbia University and a BS in Chemical Engineering from Carnegie Mellon University Companies Under Coverage 28
    29. ThinkEquity’s Greentech Practice 3rd Annual ThinkGreen Conference 2009 Sector tracks include: Solar value chain Thin-film solar Wind power Smart grid solutions Batteries and energy storage Advanced lighting Next-generation fuels Resource optimization At our 2007 conference, over 540 attendees participated and heard presentations by more than 50 industry leaders At our 2006 conference, over 300 attendees participated and heard presentations by more than 20 industry leaders Historical presenters include: March 24th – 26th 2009 Vinod Khosla, Founder of Khosla Ventures InterContinental Hotel, San Francisco, California Tom Werner, CEO of Sunpower Nancy Floyd, Founder & Managing Director of Nth Power Martin Roscheisen, CEO of Nanosolar John Denniston, General Partner at Kleiner Perkins Caufield & Byers Tim Healey, CEO of EnerNOC Ira Ehrenpreis, General Partner at Technology Partners Dr. Alan Gotcher, CEO of Altair Nanotechnologies 29
    30. ThinkEquity’s Greentech Practice Greentech Industry Performance Year-to-Date Greentech Sector Performance: YTD Greentech Sector Performance Carbon Markets: (25.9%) 150 Water (27.9%) Powertech (42.7%) 125 Biofuels (48.9%) Energy Storage (50.8%) 100 Clean Carbon (54.3%) Efficiency (59.7%) 75 Wind (69.8%) Solar (73.7%) 50 Nasdaq (44.1%) Wilderhill Cleantech Index (71.1%) 25 0 10/08 11/08 01/08 02/08 03/08 04/08 05/08 06/08 07/08 08/08 09/08 Biofuels Carbon Mkts. Clean Carbon Efficiency Powertech Solar Storage Water Wind Nasdaq Wilderhill Clean 30
    31. ThinkEquity’s Greentech Practice Venture Capital Investment in Greentech North American VC Investment Levels Venture capital investment in Greentech has been growing steadily over the last several years, recently becoming the leading venture investment category in the U.S. for the first $2,000 100 time ever $1,800 90 Investment In $ Millions $1,600 80 Number of Investments Despite a decline in volume in Q1 2008, North American $1,400 70 investments ramped up again in 2008; a trend that is $1,200 60 anticipated to continue throughout the remainder of the $1,000 50 year and into 2009 $800 40 $600 30 On a global basis, the first three quarters of 2008 saw 417 $400 20 deals representing $6.7 billion in proceeds $200 10 $0 0 Solar received 22% of this capital; mostly going to thin-film Q2-00 Q2-01 Q2-02 Q2-03 Q2-04 Q2-05 Q2-06 Q2-07 Q2-08 solar and large scale solar thermal companies $ Invested # of Investments Investment in Q308 reached an all time high of $2.6 billion Global VC Investment Levels Q1 Q2 Q3 $0 - $20M 97 95 133 $20 - $40M 11 21 20 $40 - $60M 5 8 5 $60 - $80M 2 1 4 $80 - $100M+ 3 6 6 118 131 168 31
    32. ThinkEquity’s Greentech Practice Active Greentech Investors 32
    33. ThinkEquity’s Greentech Practice Recent Private Placement Activity Company Amount Primary Industry Stage Investors A123 Systems, Inc. $102.0 Lithium-Ion Batteries Follow-On General Electric CaliSolar $101.9 Solar Follow-On Advanced Technology Ventures, Globespan Capital, Hudson Silver Spring Networks, Inc. $75.0 Smart Grid Follow-On Kleiner Perkins, Foundation Capital, Northgate Capital Tesla Motors, Inc. $40.0 Electric Transportation Follow-On Undisclosed Ausra, Inc. $36.1 Solar Thermal Follow-On KERN Partners, Starfish Ventures, Khosla Ventures, Kleiner Perkins Jinko Solar Energy Co., Ltd $35.0 Solar Follow-On China Israel Ventures, Pitango Venture Capital, Shenzhen Capital Ice Energy, Inc. $33.0 Energy Efficiency Follow-On Energy Capital Partners, Second Avenue Partners Metallkraft $30.4 Recycling & Waste Follow-On Undisclosed SolarCity Corporation $30.0 Solar Integrator Follow-On First Solar, Inc., Draper Fisher Jurvetson Solaire Direct $25.0 Solar Integrator Follow-On Demeter Partners, Schneider Electric Ventures, TechFund Capital LSP BioVentures, Pinnacle Ventures, VantagePoint, @Ventures, Cobalt Biofuels, Inc. $25.0 Cellulosic Ethanol Follow-On Harris & Harris Group SiliconBlue $24.0 Efficient Appliances Follow-On New Enterprise Associates, Blue Run Ventures, Crosslink Capital Avantium $22.5 Biomass First Round Aescap Venture, Capricorn Venture Partners, ING, Navitas Capital Soliant Energy $21.0 Concentrated Solar Follow-On Convexa AS, GE, RockPort Capital Partners, Nth Power, Trinity Ventures Trony Solar Corporation $20.0 Thin-Film Solar First Round Intel Capital Solexant Corp. $18.0 Thin-Film Solar Follow-On Trident Capital, Firelake Capital, Medley Capital Management, X/Seed Cap. Siemens Ventures, Macquarie Group, DTE Energy Ventures, ISE Corp. $17.5 Electric & Hybrids Follow-On RockPort Capital Partners, NGP Energy Technology Partners Industrial Origami, Inc. $17.0 Process Efficiency Follow-On Environmental Technologies Fund ZeroG Wireless $17.0 Efficient Appliances Follow-On Battery Ventures, Morgenthaler Ventures, Greylock Partners Solix Biofuels, Inc. $15.5 Algae Biodiesel First Round I2BF Venture Capital, Infield Capital, Southern Ute Alternative Energy 33
    34. ThinkEquity’s Greentech Practice Recent IPO Activity Pricing Date and Company Name Offering Information Pricing Information Pricing Filing Share Gross Market Cap. % Change from Offer Price Current Price at Date Date Ticker Company Price Proceeds at Offering 1-day 30-days Current Mkt. Cap. 12/10/2008 NA NA NA NA NA NA - 08/08/08 AONE A123 Systems - $175.0 NA NA NA NA NA NA - 07/31/08 WNDY First Wind Holdings, Inc. - $450.0 NA NA NA NA NA NA - 05/13/08 GWRI Global Water Resources, Inc. - $50.0 NA NA NA NA NA NA - 05/08/08 NEPI Noble Environmental Power - $375.0 07/23/08 04/26/07 SOLR GT Solar $16.50 $500.0 $2,349.4 (13.1%) (16.0%) (83.7%) $440.0 $2.69 07/01/08 04/01/08 ERII Energy Recovery $8.50 $119.0 $407.3 13.5% 30.0% (29.5%) $299.6 $5.99 05/08/08 02/06/08 RSOL Real Goods Solar, Inc. $10.00 $55.0 $155.0 (13.1%) (36.0%) (48.0%) $93.0 $5.20 12/18/07 08/20/07 OESX Orion Energy Systems, Inc $13.00 $100.0 $345.2 39.3% 35.5% (71.2%) $99.0 $3.75 06/27/07 03/14/07 PPO Polypore International $19.00 $285.0 $765.8 (5.4%) (5.8%) (78.9%) $177.5 $4.00 06/14/07 12/08/06 BIOF Biofuel Energy Corp. $10.50 $196.7 $541.9 (0.9%) (0.6%) (96.2%) $6.1 $0.40 06/07/07 05/11/07 YGE Yingli Green Energy Holdings $11.00 $350.0 $1,396.3 (4.8%) 40.9% (69.5%) $425.2 $3.35 06/06/07 05/10/07 NA PV Crystalox Solar $2.60 $436.4 $1,075.1 3.3% 21.9% (41.9%) $630.6 $1.51 05/31/07 05/17/07 LDK LDK Solar $27.00 $400.0 $2,877.7 0.7% 15.9% (54.9%) $1,376.5 $12.17 05/25/07 09/06/06 CLNE Clean Energy Fuels Corp. $12.00 $287.5 $530.3 0.3% 4.7% (63.2%) $221.9 $4.42 05/18/07 03/28/07 ENOC Enernoc Inc. $26.00 $97.5 $541.9 16.5% 62.7% (76.5%) $0.0 $6.10 05/17/07 04/25/07 CSUN China Sunergy $11.00 $93.5 $560.9 22.4% 14.6% (79.5%) $89.1 $2.25 05/02/07 11/13/06 OPTT Ocean Power Technologies $20.00 $100.0 $172.8 (17.8%) (24.1%) (72.0%) $57.3 $5.61 04/12/07 10/05/06 COMV Comverge, Inc. $18.00 $95.4 $315.3 19.3% 22.9% (80.0%) $79.1 $3.60 02/06/07 01/16/07 JASO JA Solar Holdings $5.00 $225.0 $820.4 15.7% 32.0% (36.4%) $533.9 $3.18 12/19/06 12/11/06 SOLF Solarufn Power Holdings Co. Ltd. $12.50 $150.0 $478.1 (25.5%) (5.6%) (68.4%) $191.1 $3.95 12/18/06 12/06/06 TSL Trina Solar $18.50 $98.1 $430.2 8.8% 7.0% (57.0%) $203.4 $7.96 12/14/06 08/03/06 USBE U.S. Bioenergy $14.00 $140.0 $808.3 7.3% 10.5% NM NM NM 11/16/06 06/30/06 FSLR First Solar, Inc. $20.00 $400.0 $1,446.6 19.2% 45.3% 463.1% $9,132.4 $112.62 11/10/06 07/14/06 MBLX Metabolix, Inc. $14.00 $95.2 $183.1 9.8% 33.9% (55.1%) $144.4 $6.29 11/08/06 10/23/06 CSIQ Canadian Solar Inc. $15.00 $115.5 $426.2 4.0% (27.1%) (68.9%) $166.0 $4.66 07/10/06 01/23/06 ASTI Ascent Solar Technologies Inc. $5.50 $16.5 $29.1 0.5% (0.4%) (17.8%) $67.6 $4.52 06/28/06 03/30/06 AVR Aventine Renewable Energy Holdings $43.00 $389.5 $1,604.8 (12.1%) (31.9%) (98.7%) $24.1 $0.56 06/13/06 03/30/06 VSE Verasun Energy, Corp. $23.00 $419.8 $2,242.1 (17.0%) (16.0%) (35.4%) $0.0 $14.86 05/11/06 02/13/06 BWTR Basin Water Inc. $12.00 $72.0 $311.0 27.9% 15.5% (93.2%) $18.0 $0.82 12/13/05 11/01/05 STP Suntech Power Holdings Co. Ltd. $15.00 $395.7 $559.3 29.2% 126.8% (55.4%) $1,033.2 $6.69 11/16/05 08/25/05 SPWR SunPower Corporation $18.00 $138.6 $1,522.2 29.3% 71.0% 57.0% $2,424.3 $28.26 Mean $220.1 $848.0 5.8% 15.8% (38.9%) $689.7 $9.8 Median $150.0 $541.9 4.0% 14.6% (65.8%) $171.8 $4.5 34
    35. ThinkEquity’s Greentech Practice Recent Follow-On Activity Pricing Date and Company Name Offering Information Pricing Information Pricing Filing Share Gross Market Cap % Change from Offer Price Current Price at Date Date Ticker Company Price Proceeds at Offering 1-day 30-days Current Mkt. Cap. 12/10/2008 09/19/08 09/19/08 LDK LDK Solar $41.75 $200.4 $4,488.3 (0.7%) (51.9%) (71.8%) $1,333.6 $11.79 07/16/08 07/14/08 CSIQ Canadian Solar, Inc. $34.00 $119.0 $1,145.4 (7.7%) (16.9%) (84.4%) $189.6 $5.32 06/18/08 06/12/08 ENER Energy Conversion Devices, Inc. $72.00 $91.4 $3,004.7 8.3% (6.9%) (69.7%) $997.7 $21.83 06/17/08 05/30/08 SOLA ReneSola Ltd. $20.50 $184.5 $1,254.6 4.8% (22.5%) (92.3%) $216.5 $1.57 05/22/08 05/08/08 PPO Polypore International Inc. $24.00 $180.0 $989.3 (2.0%) 5.6% (69.0%) $329.7 $7.43 05/09/08 05/08/08 ORA Ormat Technologies Inc. $49.44 $153.3 $2,099.4 0.6% 6.2% (35.6%) $1,443.7 $31.84 04/23/08 04/17/08 CLHB Clean Harbors Inc. $63.75 $159.4 $1,321.9 0.1% 3.5% (0.4%) $1,506.8 $63.51 05/15/08 03/14/08 ASTI Ascent Solar Technologies Inc. $14.00 $53.2 $223.3 5.1% (21.9%) (71.4%) $83.8 $4.00 02/11/08 02/01/08 ESLR Evergreen Solar Inc. $9.50 $152.0 $1,024.6 6.4% (10.4%) (73.1%) $422.1 $2.56 01/28/08 01/09/08 SOLA ReneSola Ltd. $13.00 $130.0 $721.1 (0.1%) (16.1%) (87.9%) $216.5 $1.57 12/04/07 12/03/07 STKL SunOpta Inc. $14.26 $72.5 $847.8 (4.8%) (11.1%) (87.0%) $119.7 $1.86 01/23/08 11/26/07 SOLF Solarfun Power Holdings Co. Ltd. $15.00 $117.7 $807.0 7.7% (7.7%) (67.3%) $237.1 $4.90 12/11/07 11/07/07 YGE Yingli Green Energy Holding Co. Ltd. $31.00 $173.6 $3,825.5 2.2% 3.2% (83.3%) $657.5 $5.18 11/13/07 10/29/07 ENOC EnerNOC $43.00 $107.5 $814.3 0.0% 12.2% (81.3%) $162.4 $8.02 12/06/07 10/22/07 COMV Comverge, Inc. $29.00 $116.0 $569.4 3.0% 6.2% (82.0%) $114.4 $5.21 10/23/07 10/22/07 ORA Ormat Technologies Inc. $46.80 $140.4 $2,028.8 5.2% 0.0% (32.0%) $1,443.7 $31.84 10/10/07 09/20/07 JASO JA Solar Holdings Co., Ltd. $14.00 $265.9 $1,978.6 8.0% 29.8% (79.6%) $478.5 $2.85 10/09/07 09/20/07 LAYN Layne Christensen Co. $54.50 $147.2 $908.2 (0.4%) (4.2%) (70.4%) $313.3 $16.15 11/08/07 08/18/07 ULBI Ultralife Batteries $13.50 $13.5 $213.6 2.8% (0.1%) (24.3%) $178.4 $10.22 10/26/07 08/06/07 BCON Beacon Power Corp. $2.10 $25.0 $152.4 (4.8%) (20.5%) (71.9%) $57.6 $0.59 10/26/07 08/03/07 DSTI DayStar Technologies $4.25 $63.8 $144.7 12.7% (5.4%) (76.5%) $33.4 $1.00 08/09/07 07/19/07 FSLR First Solar $95.00 $617.5 $7,517.8 (0.6%) 5.2% 26.0% $9,704.9 $119.68 07/19/07 06/20/07 AMSC American Superconductor Corp. $21.25 $100.0 $797.0 0.1% 0.2% (27.1%) $670.8 $15.50 05/15/07 05/31/07 TSL Trina Solar Ltd. $45.00 $243.3 $1,165.9 21.4% (5.8%) (82.0%) $207.0 $8.10 07/13/07 05/30/07 ADES ADA-ES Inc. $21.75 $65.3 $114.2 (6.9%) (43.9%) (84.1%) $23.3 $3.46 04/16/07 04/06/07 AKNS Akeena Solar, Inc. $3.19 $8.2 $58.8 (2.8%) 0.3% (38.9%) $57.2 $1.95 07/25/07 01/29/07 SPWR.A SunPower $64.50 $158.0 $4,943.5 4.3% (1.5%) (50.4%) $2,746.0 $32.01 06/01/07 01/10/07 PDAE Panda Ethanol $11.00 $328.5 $279.6 (18.2%) (56.8%) (97.5%) $10.3 $0.27 01/18/07 12/21/06 DIL Dyadic International Inc. $5.15 $28.7 $2.6 3.5% 22.1% (97.9%) $158.6 $0.11 04/09/07 11/29/06 EPG Environmental Power Corp. $7.31 $32.1 $70.6 (5.3%) (5.3%) (93.3%) $7.7 $0.49 05/08/07 11/24/06 MXWL Maxwell Technologies Inc. $10.40 $10.4 $196.6 10.1% 41.0% (52.2%) $108.5 $4.97 Mean $28.8 $137.4 $1,410.0 1.7% (5.6%) (64.8%) $781.6 $13.7 Median $21.3 $119.0 $847.8 0.6% (4.2%) (71.9%) $216.5 $5.2 35
    36. ThinkEquity’s Greentech Practice Recent PIPE Activity Pricing Date and Company Name Offering Information Pricing Information Pricing Announcment Share Gross Mkt. Cap. % Change from Offerign Price Current Price at Date Date Ticker Company Price Proceeds at Offering 1-Day 30-Days Current Mkt. Cap. 12/10/2008 11/13/08 11/18/08 LIME Lime Energy $3.51 $3.0 $35.6 15.7% NA (1.4%) $33.1 $3.46 10/28/08 10/29/08 CLNE Clean Energy Fuels Corp. $7.92 $35.0 $398.8 (12.2%) NA (35.7%) $255.5 $5.09 10/27/08 10/27/08 CWSI China Wind Systems $0.40 $1.3 $22.2 25.0% NA 40.0% $25.0 $0.56 10/15/08 05/07/08 GPRE Green Plains Renewable Energy $10.00 $60.0 $0.0 (43.1%) (72.5%) (73.9%) $0.0 $2.61 10/09/08 10/10/08 BCON Beacon Power Corp. $0.91 $7.9 $94.1 9.9% (3.3%) (35.2%) $57.6 $0.59 10/06/08 10/08/08 ASTI Ascent Solar Technologies $6.19 $15.0 $93.4 (27.6%) (8.9%) (35.4%) $83.8 $4.00 09/24/08 09/25/08 CLNE Clean Energy Fuels Corp. $15.65 $5.0 $693.5 6.4% (33.0%) (67.5%) $255.5 $5.09 09/23/08 09/18/08 CPST Capstone Turbine $1.49 $32.0 $205.4 (12.8%) (15.4%) (41.6%) $151.2 $0.87 09/09/08 08/19/08 ARWR Arrowhead Research Corp. $1.80 $6.6 $66.1 (15.0%) (54.4%) (21.1%) $61.0 $1.42 09/04/08 08/22/08 CBAK ChinaBAK Battery $3.90 $16.0 $233.6 2.6% (11.5%) (43.1%) $128.0 $2.22 08/28/08 08/28/08 ADES ADA-ES $7.70 $7.0 $50.5 5.2% 5.3% (55.1%) $23.3 $3.46 08/19/08 08/20/08 QTWW Quantum Fuel Systems $2.12 $19.1 $153.2 (15.1%) (41.0%) (56.1%) $89.7 $0.93 08/08/08 08/08/08 ABAT Advanced Battery Technologies $4.25 $12.0 $254.9 20.7% (5.6%) (43.3%) $132.0 $2.41 08/13/08 08/14/08 PBOF Pure Biofuels Corp. $0.35 $5.5 $48.3 0.0% (28.6%) (77.1%) $13.8 $0.08 07/10/08 07/10/08 GRH GreenHunter Energy $16.39 $20.0 $247.6 (24.2%) (0.1%) (64.6%) $121.7 $5.81 07/09/08 07/03/08 RVBF Raven Biofuels $1.00 $10.0 $36.6 (34.0%) (69.0%) (74.0%) $13.7 $0.26 06/23/08 06/23/08 TMG Thermal Energy International $0.22 $14.7 $25.5 20.2% 24.8% (76.9%) $8.7 $0.05 06/17/08 06/17/08 TINY Harris & Harris Group, Inc. $6.15 $15.7 $156.9 5.7% (8.5%) (31.7%) $108.6 $4.20 05/29/08 05/23/08 PEIX Pacific Ethanol $4.75 $28.5 $175.5 (25.5%) (57.9%) (87.4%) $34.7 $0.60 05/21/08 05/16/08 AEBF AE Biofuels $3.00 $5.0 $466.9 66.7% 63.3% 23.3% $316.5 $3.70 04/24/08 04/22/08 LSCG Lighting Science Group $4.80 $10.0 $110.4 4.2% 45.8% (85.4%) $20.3 $0.70 04/25/08 04/22/08 BWEN Broadwind Energy $7.96 $100.5 $1,039.2 63.3% 168.2% (25.9%) $569.2 $5.90 03/17/08 03/10/08 LTSC Lightscape Technologies $0.80 $58.8 $52.1 12.5% 95.0% (43.8%) $25.1 $0.45 03/14/08 03/14/08 EFOI Energy Focus $3.21 $10.2 $30.5 (17.9%) (16.7%) (65.7%) $16.3 $1.10 02/25/08 02/25/08 HOKU Hoku Scientific $8.64 $25.0 $174.0 15.9% (4.5%) (67.6%) $59.0 $2.80 02/22/08 02/22/08 VLNC Valence Technology $3.00 $1.0 $342.2 0.3% 50.0% (23.0%) $277.5 $2.31 01/09/08 01/16/08 SUNV Sunovia Energy Tech. $0.10 $13.1 $2,518.2 NM NM NM $208.6 $0.39 11/01/07 11/01/07 AKNS Akeena Solar, Inc. $7.00 $26.1 $171.3 5.7% (25.3%) (72.1%) $57.2 $1.95 10/26/07 10/26/07 BCON Beacon Power Corporation $2.97 $25.0 $152.4 (32.7%) (43.8%) (80.1%) $57.6 $0.59 Mean $20.3 $277.5 0.7% (1.9%) (47.2%) $110.5 $2.2 Mediian $14.7 $153.2 3.4% (8.9%) (49.4%) $59.0 $2.0 36
    37. 37
    38. Important Notice ThinkEquity LLC (“ThinkEquity”) is a FINRA member and member of SIPC. The information contained herein is not a complete analysis of every material fact respecting any company, industry or security. Although opinions and estimates expressed herein reflect the current judgment of ThinkEquity, the information upon which such opinions and estimates are based is not necessarily updated on a regular basis; when it is, the date of the change in estimate will be noted. In addition, opinions and estimates are subject to change without notice. ThinkEquity from time to time may perform corporate finance or other services for some companies described herein. While the information contained in this Report and the opinions contained herein are based on sources believed to be reliable, ThinkEquity has not independently verified the facts, and assumptions and estimates contained in this Report. Accordingly, no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions contained in this Report. ThinkEquity, its managing directors, its affiliates and/or its employees may have an interest in the securities of the issuer(s) described and may make purchases or sales in the securities of the same issuer(s). This material is not an offer to sell or the solicitation of an offer to purchase any security. Panmure Gordon Co. plc is the owner of both ThinkEquity LLC and of Panmure Gordon (UK) Limited. Panmure Gordon (UK) Limited is authorized and regulated by the Financial Services Authority in the United Kingdom. Information contained in this report reflects combined statistics for both firms. The office locations and numbers of employees reflect combined totals for both firms. This publication is not meant for private customers. Copyright © 2008 ThinkEquity LLC 38
    SlideShare Zeitgeist 2009

    + stephenweilandstephenweiland Nominate

    custom

    1370 views, 4 favs, 0 embeds more stats

    Overview/introduction to ThinkEquity Greentech Inve more

    More info about this document

    © All Rights Reserved

    Go to text version

    • Total Views 1370
      • 1370 on SlideShare
      • 0 from embeds
    • Comments 0
    • Favorites 4
    • Downloads 0
    Most viewed embeds

    more

    All embeds

    less

    Flagged as inappropriate Flag as inappropriate
    Flag as inappropriate

    Select your reason for flagging this presentation as inappropriate. If needed, use the feedback form to let us know more details.

    Cancel
    File a copyright complaint
    Having problems? Go to our helpdesk?

    Categories

    Tags

    -->
    What's New

    © 2009 SlideShare Inc. All rights reserved.