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 includes
companies which develop wind farms, sell electricity from wind farms, handle operations and maintenance of wind farms and turbines. Also
covering companies which manufacture wind turbines, rotors, tunnels and all other wind turbine components. Apart from the mainstream
manufacturers, we also cover companies which are developing new technologies for improving wind power generation, and also develop software
and analytic insights to improve power generation as well as help forecast generation. Energy auditing companies, advisory and consultancy
companies and other related wind service providing companies are excluded. Also excludes research organization and research labs which carry
our laboratory research.
The companies which we cover directly impact the wind industry by providing product based solutions and on-ground services to help generate
wind 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 to
categorically state that any events and relevant developments after the said date will not reflect in the report.
Business Model Description
Hardware Developer
Companies 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
33
31
33
7
0
12
24
36
48
60
2010 2011 2012 2013 2014 2015 2016
NumberofCompanies
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 Model
Total
Funding
Example
20 Feb-2010 8
Hardware Developer > Turbines >
Airborne
$30M windlift.com
Windlift
2006, Raleigh
31 Sep-2008 16
Independent Power Producer >
Distributed
$709M unitedwind.com
United Wind
2013, Brooklyn
121 Feb-2006 46
Onshore > Small
$191M zephyrenergy.com
Zephyr Energy
2013, Boston
21 Jun-2005 12
Technology Enabler > Monitoring &
Analytics
$52M
Sereema
2015, Montpellier
102 Jun-2000 73
Independent Power Producer > Utility
> Onshore
$11.6B renewpower.in
ReNew Power Ventures
2011, Gurgaon
37 Nov-1999 21
Onshore > Regular > Horizontal Axis
$2.3B nordex-online.com
Nordex
1985, Hamburg

Niche Upcoming Sectors
No. of Companies
Founded
Average
Age
No. of Companies
Funded
Business Model
Total
Funding
Example
7 Apr-2010 5
Onshore > Bladeless
$11M vortexbladeless.com
Vortex bladeless
2013, Pozuelo De Alarcon
5 Feb-2010 3
Offshore > Horizontal Axis
$37M 2benergy.com
2-B Energy
2007, Hengelo
9 Apr-2008 8 Financing $406M leewardenergy.com
Leeward Renewable Energy
2015, Dallas
11 Jan-2008 5
Technology Enabler > Project
Development Tools
$32M powerhub.com
Powerhub
2013, Toronto
7 Aug-2007 4
Analytics > Horizontal
$12M romowind.com
ROMO Wind
2011, Aarhus
11 Jul-2006 3
Onshore > Regular > Vertical Axis
$6M windharvest.com
Wind Harvest International
1975, Point Reyes Station
11 Aug-2002 8
Analytics > Non-Electrical
$40M sereema.com
Sereema
2015, Montpellier
8 Jan-2000 5
Technology Enabler > Energy
Management
greenbyte.se
Greenbyte
2010, 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
NumberofRounds
FundingAmount(inBillions)
Funding Amount Number of Rounds

YoY – Number of Rounds by Stage
7
6
9
5
3 4
15
18
20
23
14 11
12
11
10
14
16
10
0
9
18
27
36
45
2011 2012 2013 2014 2015 2016
NumberofRounds
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
TotalFundingAmount(inMillions)
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
FundingAmount(inMillions)
Seed Series A Series B

Top investments in last one year
Company
Funding
Amount
Round
Name
Date Investors
greenkogroup.com
Greenko Group
(Hyderabad, 2004)
$230M PE Jun-2016 GIC, Abu Dhabi Investment Authority
unitedwind.com
United Wind
(Brooklyn, 2013)
$200M PE Jan-2016 Forum Equity Partners
sitacltd.com
SITAC Renewable energy
(Delhi, 2006)
$169M PE Jan-2016 EDF Energies Nouvelles
valorem-energie.com
Valorem
(Begles, 1994)
$63M PE Sep-2016 3i Infrastructure plc.
mainstreamrp.com
Mainstream Renewable
Power
(Dublin, 2008)
$16M PE Jul-2016 Undisclosed
gaelectric.ie
Gaelectric
(Ringsend, 2004)
$9M PE Aug-2016 European Union
unitedwind.com
United Wind
(Brooklyn, 2013)
$8M Series B Mar-2016 Statoil, Forum Equity Partners
prenav.com
PreNav
(San Carlos, 2014)
$7M Seed Aug-2016 Crosslink Capital, Liquid 2 Ventures, WI Harper Group

Company
Funding
Amount
Round
Name
Date Investors
ideol-offshore.com
Ideol
(La Ciotat, 2010)
$3M Series D May-2016 Paca Investment, Conseil Plus Gestion, Sofimac Partners, TERTIUM
hexicon.eu
Hexicon
(Stockholm, 2009)
$3M Series B Apr-2016 Undisclosed
pika-energy.com
Pika Energy
(Westbrook, 2010)
$3M Series A Apr-2016 Undisclosed
windesco.com
windesco
( , 2012)
$2M Series A Sep-2016 Undisclosed
hexagon-energy.com
Hexagon Energy
(Charlottesville, 2013)
$2M Series A Jul-2016 Undisclosed
nnergix.com
Nnergix
(Sant Cugat, 2012)
$831K Series B May-2016 Victoria Venture Capital, KIC InnoEnergy
gearboxexpress.com
Gearbox Express
(Milwaukee, 2010)
$450K Seed Jul-2016 Undisclosed
windstream-inc.com
WindStream
Technologies
(New Albany, 2008)
$300K PE Jan-2016 Undisclosed

Company
Funding
Amount
Round
Name
Date Investors
americanwindinc.com
American Wind
(Huntsville, 2011)
$100K Seed Oct-2016 Undisclosed
gaelectric.ie
Gaelectric
(Ringsend, 2004)
Undisclosed PE Feb-2016 Lone Star Funds
greentech.dk
Greentech Energy
Systems
(Copenhagen, 1924)
Undisclosed PE Apr-2016 Intesa Sanpaolo, Pirelli
longroadenergy.com
Longroad Energy
(San Francisco, 2016)
Undisclosed Series A Oct-2016 Infratil, New Zealand Super Fund
seastate5.com
SeaState5
(The Hague, 2015)
Undisclosed Seed Oct-2016 Climate-KIC
seatwirl.com
SeaTwirl
(Gothenburg, 2013)
Undisclosed Series A Apr-2016 Undisclosed
windstax.com
WindStax
(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 Demeter
Partners
Department of
Energy (US)
GE Omnes Capital Global
Environment
Fund
Goldman Sachs IFC Rabobank
TotalNumberofRounds
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
InterEnergy
Holdings
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 Overview
Funding
Amount
Exch:Ticker
Jun-2016 dongenergy.com
DONG Energy
(Fredericia, 2006)
Thermal power, oil and gas exploration and wind power.
$1.6M DENERG
Mar-2016 senvion.com
Senvion
(Hamburg, 2001)
Manufactures wind turbines
- FRA:SEN
Feb-2016 kpenergy.in
K P Energy
(Surat, 1994)
Wind Energy EPC provider
- BOM:539686
Aug-2015 terraformglobal.co
m
Terraform Global
(Bethesda, 2014)
Renewable Energy developer
GE, Capricorn, Kingdon Capital, Baron Funds, EverStream, Zimmer $577.5M NASDAQ:GLBL
Jun-2015 eolusvind.com
Eolus Vind
(Hassleholm, 1999)
Wind power developer
- STO:EOLU-B
Apr-2015 windarphotonics.co
m
Windar Photonics
(Taastrup, 2008)
LIDAR systems for wind turbines
Seed Capital $10.7M LON:WPHO
Mar-2015 inoxwind.com
Inoxwind
(Noida, 2009)
Manufactures wind turbine components
- INOXWIND
Jul-2014 terraform.com
TerraForm Power
(Beltsville, 2014)
Owns and operates clean energy assets
- NASDAQ:TERP
Apr-2014 northernpower.co
m
Northern Power
(Barre, 1974)
Manufacturer of Permanent Magnet Direct-Drive wind turbines
Allen & 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
TotalFundingAmount(inMillions)
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 Overview
Business
Model
zephyrenergy.com
Zephyr Energy
(2013, Boston)
Non rotating micro wind turbine Hardware Developer > Turbines > Onshore >
Small
vortexbladeless.com
Vortex bladeless
(2013, Pozuelo De Alarcon)
Bladeless wind turbine technology Hardware Developer > Turbines > Onshore >
Bladeless
borealiswind.com
Borealis Wind
(2016, Kitchener)
Patent pending wind rotor blade reheating technology
Hardware Developer > Other Components
powerhub.com
Powerhub
(2013, Toronto)
Cloud-based SaaS asset management solution for renewable energy
projects
Technology Enabler > Project Development
Tools
hoverenergy.com
Hover 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

Scope of Report
Investment Trend
Who is Investing
Sub Sector Analysis
Useful Links
Company List
Team
52

Wind Energy – Company List
Independent
Power Producer
Hardware
Developer
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 developer
Morgan Stanley Distributed $210M
United Wind
(2013, Brooklyn)
Leasing wind turbines
U.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 segments
Ontario Teachers' Pension Plan, ARC Financial Distributed $81M
Bharat Light & Power
(2010, Delhi)
Wind and solar power generating company
Ventureast, UTI Ventures, Draper Fisher Jurvetson, Enel Distributed $70.43M
Your Energy
(2001, London)
Wind power developer in UK
Platina Partners Distributed $53M
Wind Energy Direct
(2006, Limerick)
Develops wind farms
Novusmodus Distributed $22.2M
Sunwind Energy
(2009, Nevada)
Renewable Energy development company
Distributed $8.5M
Tri Global Energy
(2009, Dallas)
Wind, solar, and hybrid power IPP
Distributed $3.17M
Go to BM List >>
Hardware
Developer

Clean Currents
(2005, Silver Spring)
Wind and Solar energy provider
Distributed $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 Producer
Distributed
Millennium Engineers
(2016, Dar Es Salaam)
Rural microgrid developer
Distributed
Flipflower
(2014, Berlin)
Organic photovoltaic foil based public lighting system
Climate-KIC Distributed
Fintel Energia
(1999, Pollenza)
Utility involved in power generation and energy distribution
Distributed
PowerGen Renewable Energy
(2011, Nairobi)
Micro-girds in off-grid areas
TomorrowVentures Distributed
Diamond Energy
(2004, Camberwell)
Renewable energy producer
SunPower Distributed
Go to BM List >>
Hardware
Developer

Venti Energy
(2014, Austin)
Community and Utlity-scale wind and solar projects
Distributed
ASC Renewables
(2010, Manchester)
Wind power developer
Distributed
Bora Wind
(2012, Madrid)
Independent wind energy portfolio management company
Distributed
Wind Direct
(2003, Bridgend)
Wind power developers for Industries
Distributed
eenergys.com
(2006, Patan)
Renewable Energy developers
Distributed
MicroGen Wind
(2012, East Grinstead)
Wind turbine manufacturer and operator
Distributed
Ecovane
(2011, Somerset)
Ecovane - Wind Turbines - Home
Distributed
Windpower Technology
(2012, Edinburgh)
Small scale wind project developer
Distributed
Go to BM List >>
Hardware
Developer

Go to BM List >>
Hardware
Developer

Hardware Developer (1/36)
Independent
Power Producer
<< Go to BM List >> Service Providers

Independent
Power Producer

Service Providers (1/20)
Hardware
Developer
<< Go to BM List >>
Technology
Enabler

Hardware
Developer
<< Go to BM List >>
Technology
Enabler

Technology Enabler (1/5)
Service
Providers
<< Go to BM List >> Financing

Service
Providers

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

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Tracxn Research - Wind Energy Landscape, January 2017

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Tracxn Research - Wind Energy Landscape, January 2017