This presentation by GTM Research discusses trends in the grid edge space including: - Global AMI meter installations will surpass 1 billion by 2022. - Voice assistant devices are supporting home automation and energy management functions in US homes. - Grid-interactive devices and demand response are bringing greater flexibility to reduce peak demand in the US. - Blockchain is unlocking new ways to transact energy and attributes through applications like transactive energy, asset tokenization, and accounting. - European energy giants like Enel and E.ON have been actively investing in distributed energy companies and building out their distributed energy practices.

1. GTM Research Presentation
Grid Edge Innovation Summit
Elta Kolo, Colleen Metelitsa, Paulina Tarrant, Fei Wang
Grid Edge Research Team
June 21, 2018

2. 1Grid Edge Innovation Summit - June, 21 2018
Networking - Meeting other professionals and influencers in the
grid edge space
Mentorship - Fostering interaction between accomplished energy
professionals with those looking to further develop their career
Skills Building - Interactive sessions to learn how to implement
specific skills relevant to professional development
Knowledge Sharing - Learning key industry content from the
experiences and knowledge of professionals
Learn more at:
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Introducing W.A.G.E.

3. 2Grid Edge Innovation Summit - June, 21 2018
-
200
400
600
800
1,000
1,200
-
10
20
30
40
50
60
70
80
90
100
2017 2018 2019 2020 2021 2022 2023
CumulativeAMIMetersInstalled(Millions)
AnnualAMIMetersInstalled(Millions)
Asia Europe North America Latin America Oceania Africa Cumulative
Global AMI Installations Will Surpass 1 Billion by 2022
Note: PPL and Salt River Project in the U.S., Enel in Italy, and Sweden are deployinga second generation of AMI meters. These AMI retrofits are not includedin the cumulative AMI installations, but are instead shown in the annualamountof AMI installed.
Source: GTM Research
AMI Meters Installed, 2017E-2023E

4. 3Grid Edge Innovation Summit - June, 21 2018
Voice Assistant Devices Support Home Automation Including Energy Management
Source: GTM Research
Cumulative Voice Assistant Device Deployment in the U.S., 2016-2023
0
50
100
150
0
50
100
150
2016 2017 2018 2019 2020 2021 2022 2023
#ofHouseholdsUsingDevicesasSmartHome
Platforms(Millions)
Deployment(Millions)
Cumulative Deployment Smart Home Platform Penetration

5. 4Grid Edge Innovation Summit - June, 21 2018
Grid-Interactive DERs and Connected Devices Bring Greater Demand Flexibility
Source: GTM Research
Residential Demand Flexibility in the U.S., 2016-2023
0
10
20
30
40
50
60
70
80
2016 2017 2018 2019 2020 2021 2022 2023
ImpactonPeakDemand(GW)
Smart Thermostats Residential Solar Residential Storage

6. 5Grid Edge Innovation Summit - June, 21 2018
Blockchain Unlocks New Ways to Transact Energy and Associated Attributes
57%29%
12%
Transactive Energy
Asset Tokenization
Accounting
Cybersecurity
94 Organizations
Source: GTM Research
Blockchain Organizations by Primary Use Case

7. 6Grid Edge Innovation Summit - June, 21 2018
Blockchain Serves as the Settlement and Data Transfer Layer
Data Analytics Platforms
Physical
Energy Generating Devices
72
Blockchain Data Stores
Digital
Physical
(Blockchain Nodes)
3:00
4:00
5:00
6:00
7:00
8:00
Digital

8. 7Grid Edge Innovation Summit - June, 21 2018
Source: GTM Research
Investments in Blockchain in Energy Organizations*
$447 Million Raised by Blockchain in Energy Companies Since Q2 2017
*ICOs often raise money in cryptocurrencies; dollar values use the conversion rate at the end of the ICO.
$-
$50
$100
$150
$200
$250
Q2 Q3 Q4 Q1 Q2
2017 2018
USD(Millions)
ICO VC Pre-ICO Public Offering Crowdfunding Private Placement

9. 8Grid Edge Innovation Summit - June, 21 2018
Utility Blockchain Companies
Utilities Have Been Part of This Investment Strategy
Utilities With Multiple Blockchain in Energy Investments (Q2 2017 – Q2 2018)

10. 9Grid Edge Innovation Summit - June, 21 2018
Grid Edge Venture Capital & Private Equity and Mergers & Acquisitions
Source: GTM Research
Venture Capital & Private Equity 2010 – 2018 YTD
Source: GTM Research
Mergers & Acquisitions 2010 – 2018 YTD
0
20
40
60
80
100
120
140
$0
$400
$800
$1,200
$1,600
2010 2011 2012 2013 2014 2015 2016 2017 2018
YTD
DealCount
DisclosedValue(MillionsUSD)
AMI Customer Energy Management
DER Services Distribution Automation
Electric Vehicle Infrastructure Energy Storage
Grid Edge Customer Analytics Grid Edge Network Analytics
Utility Back Office Utility Network Operations
0
10
20
30
40
50
60
$0
$5
$10
$15
$20
$25
2010 2011 2012 2013 2014 2015 2016 2017 2018
DealCount
DisclosedValue(BillionsUSD)
AMI Customer Energy Management
DER Services Distribution Automation
Electric Vehicle Infrastructure Energy Storage
Grid Edge Customer Analytics Grid Edge Network Analytics
Utility Back Office Utility Network Operations

11. 10Grid Edge Innovation Summit - June, 21 2018
Growth in Strategic Utility Investments
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
PercentageofVCdeals
Strategic Utility Strategic Vendor Strategic Oil & Gas Non-Stragetic Investors Undisclosed
Source: GTM Research
Percentage of Venture Capital and Private Equity Deal 2009 – 2018 YTD

12. 11Grid Edge Innovation Summit - June, 21 2018
2017 Grid Edge Investment by European Giants
January March June September September October October
InvestmentAcquisition
October November
Q1 2017 Q2 2017 Q3 2017 Q4 2017
Source: GTM Research Grid Edge Data Hub
December DecemberOctober

13. 12Grid Edge Innovation Summit - June, 21 2018
2018 Grid Edge Investment by European Giants
InvestmentAcquisition
Q1 2018
January January February March
Q2 2018
April
Source: GTM Research Grid Edge Data Hub
May May May
Q3 2018 Q4 2018
?

14. 13Grid Edge Innovation Summit - June, 21 2018
European Giants Are Building Out Distributed Practices
2017 and 2018 Investments
30%
20%
15%
10%
10%
5%
5%
5% E-mobility
Energy Storage
Demand Response
Connected Home
Residential Retailer
Blockchain
DER Developer
Energy Efficiency
Source: GTM Research Grid Edge Data Hub
20 deals*
Formally established distributed practices
*Inspire is counted twice because of the nature of its offerings

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Thank you!
June 21, 2018