Entreprendre et Investir dans les Energies Renouvelables et le Développement Durable AGRION, Mai 2008 Titre de la conférence
Summary Context Finance and Renewable Energy Financing entrepreneurs in Cleantech Titre de la conférence
The Context Titre de la conférence
The clean industrial revolution Titre de la conférence
The context Global warming Technology readiness Energy security New markets for clean energy Environmental pressure China/India Regulatory drivers Limited natural resources POLITICS INDUSTRY PUBLIC OPINION Titre de la conférence
An accelerating path •German Renewable Energy Act is copied in several EU countries •Stern publishes his report •California votes the Million solar roof bill •France holds its Grenelle de l’Environnement •Al Gore receives the Nobel Prize for peace •China will invest 1.35% of its GDP in environmental protection during 2006-2010. •Kevin Rudd defeats John Howard in Australia •The Bali conference shows the path for the post-Kyoto area Titre de la conférence
Defining Cleantech * ENERGY Generation Storage Distribution Solar, biofuels, wind, Fuel cells, high Direct coupling tidal, geothermal, capacity batteries, systems, pipeline gasification, ultracapacitors … technology, thermoelectrics … superconducting wire … SUSTAINABILITY Products Services Markets Biopolymers, solid- Demand response services, Emissions trading, state lighting, high- environmental management energy trading … efficiency insulation … services … AIR WATER WASTE Monitoring, Monitoring, filtration, Soil remediation, purification, desalination, waste-to-fuel, gas- conditioning … mapping … exhaust purification … * Source: Lux Research Titre de la conférence
Large, growing, and liquid opportunities • The Stern report: Support for energy R&D should at least double and support for the development of new low carbon technologies should increse up to five-fold. • Roland Berger: In Germany, the environmental technolgy field will employ more people than mechanical engineering or the automotive industry by 2020. Germany should reach a turnover of one trillion euros for green industries by the year 2030. • The wind industry grew from a $5.5Bn to a $23Bn industry from 2000 to 2006. • The solar industry grew from 427MW to 1,744 MW from 2002 to 2006. • The desalination market is expected to grow from $2.5Bn in 2002 to nearly $30Bn by 2015. • 4 of the top ten venture-backed IPOs in 2005 around the globe were of cleantech companies. • From 2003 to 2006, 45 venture capital backed clean energy companies based in Europe raised over €2.5Bn from the quoted markets. Titre de la conférence
Finance and Renewable Energy Titre de la conférence
Global New Investment in Clean Energy $94.5bn $75.4bn $54.2bn $28.3bn 2004 2005 2006 2007 Grossed-up estimate based on disclosed deals. New investment only. * 2007 estimate based on YTD Sept. Source: New Energy Finance, November 2007 Titre de la conférence
Global Asset Financing by Sector $46,000m* (504) $38,601m (423) $26,009m (438) $11,763m (249) 2004 2005 2006 2007 Wind Biomass & Waste Biofuels Geothermal & Mini-Hydro Marine & Solar Grossed-up estimate based on disclosed deals. Numbers in brackets refer to total deals. Includes new build & refinancings, excludes project acquisitions. *2007 = annualised YTD Source: New Energy Finance, November 2007 Titre de la conférence
Global VC/PE Investment by Sector $21,138m (197/262) $18,067m (425/513) $10,789m (341/389) $3,489m (194/233) $1,772m $1,107m (120/150) $896m (78/93) (51/74) 2001 2002 2003 2004 2005 2006 2007 Wind Biofuels, Biomass and Waste Solar Fuel Cells and Hydrogen Geothermal, Mini-Hydro and Marine Carbon Markets, Services & Support Efficiency, carbon and power storage, Smart Distribution Grossed-up estimate based on disclosed deals. Includes PE – Buyouts. *2007 = annualised YTD Source: New Energy Finance, November 2007 Titre de la conférence
Financing Entrepreneurs in Cleantech Titre de la conférence
Cleantech VC: Global Overview Source: Cleantech Group, May 2008 Titre de la conférence
Cleantech growth Source: Cleantech Group, May 2008 Titre de la conférence
Investments by secors Source: Cleantech Group, May 2008 Titre de la conférence
Opportunities and Challenges Challenges Opportunities • 800-pound gorilla game • VC market in place • Long development cycles for • Big and new industries companies • Proven and successful exits • Subsidized industries • Diversified opportunities • Risk of speculation • Regulatory incentives • Capital intensive • Many untapped opportunities investments • Incomplete management • Positive imbalance of VC teams funding in Europe • VC vs. Project Finance • 3000 start-ups around the world, 1000 in Europe, 100 in France Titre de la conférence
Questions to the audience How will start-ups get their products to market? What is the role of corporations? How will supply chain ecosystem be created to accelerate market creation for cleantech solutions? Will the incumbent players be the leaders of tomorrow? How can entrepreneurs and corporations work together? Titre de la conférence
ALLIANZ AGF Private Equity in Cleantech Venture Capital Titre de la conférence
ALLIANZ AGF PE: Investor in Cleantech ALLIANZ AGF PE Key Milestones Learning phase Market positioning Active player 2002 2003 2004 2005 2006 2007 2008 2009 2010 Assessment of One of the few VCs More than 100 First investments the first to participate to the investment investment first Cleantech opportunities Join the Cleantech opportunities Forum in Europe evaluated Network ALLIANZ AGF PE today • 2 senior people dedicated to cleantech investments • Investment Portfolio started • Strong connections with the ecosystem • Proprietary network of experts • Global brand name • 2008 focus on Solar, Energy Efficiency, Biomass and Carbon Finance Titre de la conférence
AGF Private Equity www.agfpe.com contact: Nicolas Chaudron, nicolas.chaudron@agfpe.com Titre de la conférence
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