11
° °Disrupting Energy Building the leading European Energy Platform January 2017
°
°Disrupting Energy Building the leading European Energy Platform
January 2017
2
A distributed and digital energy
world
requires a distributed and digital solution
provider
PLANT
OPERATOR:
Few large
utilities
PLANT OPERATOR:
Millions of
homeowners
Valuation
driven by
On track of becoming the platform and solution provider
in a changing energy ecosystem
Year
A tech enabled
Heating System
Installer
Growth Growth, Unit Economics,
CLTV Growth, EBITDA
A digitally enabled
European residential
Energy Services Platform
2013-2015 2016-2017 >2018
German Energy
Market Disrupter with
Focus on Heat
current phase
3
-10
40
90
140
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Thermondo: Capital raised at end of period SolarCity: Capital raised at end of period
Thermondo is outpacing the leading disruptive brand in the
energy sector while being more capital efficient.
Units installed
huge opportunity for further growth
Thermondo other
Solar City
MARKET SHARE
-
1,000
2,000
3,000
4,000
5,000
6,000
Year 1 Year 2 Year 3 Year 4 Year 5
GROWTH OF DISRUPTIVE ENERGY BRANDS
CAPITAL INVESTED (CUMULATIVE)*
Source: Solarcity’s S-1, financial reports, Crunchbase, Generation Investment presentation
Always at the end of the period. EUR/Dollar converted at 1,10 EUR/USD.
Thermondo Year 1 = 2013 | SolarCity Year 1 = 2006
MUSD
4
Scalable processes along four distinct value creation
steps - all supported by our proprietary software
platform.
Proprietary software
2 3 4
Dig
itiz
ing
th
e
va
lue
ch
ain
Sales, engineering &
financing
Fulfillment manage-
ment, & installation After sales
1 Lead generation
End-to-end ownership –
seamless
5
We establish new and unique technology standards in the procurement, planning and
installation process of heating retrofits and are developing game changing tech tools
to create a simpler, better and more precise customer experience.
Diego
Manfred
Heizungs-
Hero App
Digitizing the value chain
Heat Lease: 10 year contracts driving our ability to cross-sell adjacent
services • Contractually guaranteed customer relationships of
10 years – no churn
• Guaranteed physical visit of Thermondo service
technician once a year
• Guaranteed ~3,000 € additional lifetime revenue per
Thermondo 365 customer
• Opportunity to cross sell value-added-services onto
that relationship
• 9.5 MEUR debt facility based on KfW funds with 0%
interest
• Cash flow neutral for Thermondo
7
DEGREE OF FRAGMENTATION
Retrofit heating systems
private HH
Residential PV
€25 bn
Gas residential
Power residential
Residential Storage
MA
RG
IN
S
H1 2017
2013
H2 2017
2017/18
€2.5 bn
€11.8 bn
Low high
€0.2 bn
€0.2 bn
Low
H
igh
LEGEND:
• Year: Year when
Thermondo tapped/ will
tap into market
• All net sales are 2015
numbers
Source: BDH, Bundesamt für Statistik, Thermondo Research
We started with the most attractive segment and now add adjacent
services
H2 2017 H2 2017
€30bn
Retrofit heating
systems
B2B
Three waves of future growth and value creation Therm
ondo‘s
ma
rke
t o
pp
ort
unitie
s
Time
Today
WAVE OF
EXECUTION
and market-share gain
in core heating market
WAVE OF CROSS-
SELLING
adjacent energy
products and services
WAVE OF
INTERNATION
A-LIZATION
MILESTONES
Run-rate financial performance and outlook
Product release milestones
Commercial and customer milestones
Demonstrate platform cross-selling potential
Demonstrate platform internationalization potential
?
?
Q1/18
9
Market leader in massive addressable market: Fragmented, lack of consumer
centricity, under tremendous change
Market up for grabs: No top of mind provider out there
Technology leadership: Software platform that industrializes formerly non-
scalable services can be adapted for adjacent services
Operational leadership: Running this deep vertical integration is complex. No
circumvention for learning curve
Close to 20% of customers already chose 10year leasing contracts:
Important building block for becoming a multi-purchase-per-customer platform
Capital efficiency: Asset light and low working capital business model
Key business characteristics
10
Contact.
Philipp Pausder +49 157 73 750 748
Thermondo GmbH
Brunnenstrasse 153
10115 Berlin, Germany
Founder & CEO
