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VOL 6 • March, 2016 EnerTech Capital
EnerTech Industry Review
“Thought Leadership in Energy Technology”
We are pleased to bring you our sixth
edition of the EnerTech Industry Review.
We have continued to be busy over the
past quarter both with our existing
portfolio and new deals in EnerTech IV.
To date we have invested $51.6 million
in 11 companies out of ECP IV with total
committed capital including reserves of
$83.2 million.
Major investment highlights in
ECP IV since our last report include:
Follow-on investments totaling $2.3 million USD in three
companies (Encycle, GeoDigital and Terralux)
New investment of $5 million CAD ($3.6 million USD) in
Quebec-based Power Survey (power quality company
offering power factor correction and harmonic filtering
solution – see page 11 for more details)
We have continued to see strong deal flow from Canada and
the US and saw over 550 deals in 2015.
Our investment landscape in ECP IV continues to be broad in
the Energy Technology sector and includes innovative
technologies from “The Well Head to the Wall Socket” (see
graph on next page). We are seeing interesting opportunities
such as:
Behind the Meter technologies including device control
and energy storage
Building automation, lighting and energy efficiency
technologies
Digital Oilfield and Oil & Gas technologies focused on
reducing the cost of oil production
EnerTech Update
Wally Hunter
Managing Director
EnerTech Capital
2
EnerTech Wins the Financial Investor of the Year Award
We are truly honored to have received the Financial Investor
of the Year Award which was presented at the 2015 Global
Cleantech 100 conference in San Francisco (See page 7 ).
We are also very proud that seven of our portfolio companies
made the 2015 Global Cleantech 100 list including Blue Pillar,
Enbala Power Networks, Encycle, EnergySavvy, FilterBoxx
Water & Environmental, The NanoSteel Company, and Space-
Time Insight. A recent addition to the EnerTech portfolio,
Terralux, an LED Lighting company, was also featured in the
“Ones to Watch” category of the awards.
The Annual EnerTech Forum and Limited Partners Meeting
The Annual EnerTech Forum and Limited Partners Meeting
was held from December 1st-3rd 2015 in Key Biscayne, Florida.
We had over 175 in attendance and the meeting included all of
our major Limited Partners, Portfolio CEOs, Strategic
Advisory Board members and Strategic Partners.
The event included three Keynote speakers: Etienne Veilleux -
Founder & CEO of Distech Controls, Chris Hartshorn – Chief
Research Officer at Lux Research and Levi Tillemann – Author
of the The Great Race and Fellow at the New America
Foundation. These speakers provided attendees with great
insight into a number of key investment areas within our
investment landscape.
New Strategic Partners Announced:
In December we were pleased to announce that we entered
into strategic partnerships with Southern California Gas
Company (SoCalGas) and Sacramento Municipal Utility
District (SMUD). They are both significant Strategic Partners
in the gas and electric utility sectors. They will be extremely
helpful to many of our portfolio companies while enhancing
our ability to find emerging technology companies that overlap
with their respective focus areas.
EnerTech Team updates:
At our Annual EnerTech Forum and Limited Partners Meeting,
we were very pleased to announce the promotion of Dean
Sciorillo to Managing Director (click here for the press
release). Dean has been with the firm over 11 years and has
done an exceptional job for us over the years. We are proud
to advance him to the Managing Director level.
In addition, we recently announced the addition of Chris
Buckman as a VP in our Calgary offices (click here for the
press release). Chris comes to us with a deep background in
the Oil and Gas sector and will provide strong representation
in Alberta and the Western Canadian market.
ECP IV Opportunity Landscape: From the Well Head to the Wall Socket
In the current fund we continue to focus on revenue producing companies or companies that are embarking on growth rounds
of financing with proven technologies and customer base.
EnerTech Industry Review
EnerTech News
3
Company Overview:
SMUD is a community-owned, not-for-profit electric service
governed by a seven-member Board of Directors. Serving
approximately 600,000 customers and a total population of
about 1.4 million people, SMUD is the sixth-largest public
utility in the country. SMUD generates, transmits and
distributes electricity to a 900-square-mile territory that
includes California’s capital city, Sacramento, all of Sacramento
County and small adjoining portions of Placer and Yolo
counties.
Some of SMUD’s recent initiatives and accomplishments
include:
In 2013, SMUD completed a $308 million
SmartSacramento project to help SMUD provide
customers with more energy options and responsive
service.
SmartSacramento featured more than 40 separate projects
in seven sectors:
Smart meters
Distribution automation
Smart pricing options
Demand response
Customer applications
Technology infrastructure
Cyber security
In 2010, SMUD received a $127.5 million smart grid
infrastructure grant from the US DOE.
Key Areas of Focus:
SMUD’s key focus areas include:
Customer Experience
Energy Efficiency and Energy Management
Distributed Generation and Micro Grids
Energy Storage
Smart Grid
Strategic Profile
EnerTech Industry Review
4
EnerTech Industry Review
Southern California Gas Company (SoCalGas) is the
nation's largest natural gas distribution utility, serving a
population of 20.9 million customers through 5.8 million
meters in more than 500 communities. The company’s service
territory encompasses approximately 20,000 square miles in
diverse terrain throughout Central and Southern California.
SoCalGas is a regulated subsidiary of Sempra Energy (NYSE:
SRE). Sempra Energy, based in San Diego, is a Fortune 500
energy services holding company.
SoCalGas’ RD&D Equity Investment program aims to
accelerate the development of key enabling technologies that
promote an energy secure and sustainable future, while
providing value to SoCalGas’ customers. The company’s focus
is on supporting development and deployment of technologies
that will help meet California’s goals for air quality, climate
change mitigation and that enhance the safe and reliable
operation of their distribution system. Key areas of focus
include low-emitting and energy-efficient gas combustion,
combined heat and power and distributed generation,
technologies supporting the use of natural gas for heavy-duty
transportation, solar thermal technology, renewable natural
gas and hydrogen, and advanced operations technologies.
SoCalGas is a strategic investor focused on technologies that
have reached the commercial prototype or initial market-entry
stage of development of any revenue size. Technologies must
provide benefit to SoCalGas ratepayers once deployed.
SoCalGas does not serve as funding lead and limits aggregate
investment to less than 5% equity stake for regulatory reasons.
In addition to equity investment, the company has a long
history of supporting development and introduction of new
and advanced technologies that benefit ratepayers through
operational and environmental advances. Along with years of
experience and insight into California market requirements,
SoCalGas offers through its state-of-the-art Engineering
Analysis Center, consulting, demonstration, testing, analysis
and other services in the fields of Applied Technologies, Air
Quality and Compressor Services, Chemical and
Environmental, and Material and Equipment.
SoCalGas’s Strategic Technology Priorities Include:
Renewable Energy Generation and Energy Distribution
Technologies
Biofuels: biogas, biomass, gas conditioning
Solar-thermal
DG/CHP
Waste heat recovery
Fuel-cells
Other low carbon fuels: hydrogen, etc.
Energy Storage Technologies
Thermal energy
Power-to-gas
Clean Alternative Transportation Technologies
Gas engines (gasoline, diesel, CNG, hydrogen)
Emphasis on heavy-duty transportation
NOx and Particulate Matter Emissions Reduction
Oxy-fuels combustion
Low NOx combustion
Carbon capture and sequestration
Catalytic converters
Pipeline Safety and Reliability
Pipeline integrity inspection
Advanced leak protection
Strategic
Profile
5
EnerTech Industry Review
by
Jarett Carson
Managing Director
EnerTech Capital
With oil & gas prices trading at levels last seen in the early 2000s and
much worse than during the global financial crisis, this down-cycle in
the O&G industry represents the fourth in the 20 year history of
EnerTech Capital. In this article, we seek to provide some context
to the current commodity price situation, highlight our view on the
medium term outlook, and express our thesis for investing in O&G
technologies in a “Lower for Longer” world.
Swimming in Supply
While consumers across the globe enjoy a windfall at the gas pump;
for producers, service companies, and investors, it seems there
actually can be “too much of a good thing”.
Figure 1 shows that U.S. oil production grew approximately 1MM+
bbl/d from 2012 through 2015. Many forces have been in play to
stimulate such dramatic growth: a technology revolution (horizontal
drilling, fracking, etc.) unlocking shale resources, industry price
signals for new supply based on consistently high commodity prices
from 2010 to the start of 2015 as well as external capital flows from
strong investor interest. Although we can see signs of production
growth starting to taper off in the latter part of 2015, probably the
most remarkable story has been the absolute growth in 2015, in the
face of a drilling rig count that declined ~60% over the course of the
year as shown in Figure 2. To put into perspective the magnitude of
the decline, the reduction in oil drilling rig count is 2.5x the entire
prior peak.
An important question is why, in the face of such headwinds did
production growth continue. While there are many factors at play a
key one we feel is the dramatic acceleration in drilling efficiency
shown in Figure 3.
As representative examples of a broader trend, drilling productivity
increased approximately 60% in the Permian and 44% in the Bakken
regions, respectively. To be fair this acceleration is only partly a
technology issue and is more characteristic of the natural near term
industry reaction to declining commodity prices. We now see the
absolute best (and most motivated) drilling crews, working on the
highest efficiency rigs, drilling the sweetest of the sweet spots in
almost every company’s asset base. But to quote a phrase
attributed to a Persian fable, “this too shall pass”, as there is a finite
limit to productivity growth from this type of industry behavior.
O&G Technology Investing in a “Lower for Longer” World
Figure 1: US Oil Production, Source: 2016 OECD/IEA
Figure 2: Source: Baker Hughes and EIA
Figure 3: US Drilling Productivity, Source: EIA 2016
6
EnerTech Industry Review
Lower for Longer
As shown in Figure 4, based on the EIA estimates, the view seems to
be for supply and demand to come back more into line late in 2016,
which could slip into 2017, if demand growth wanes a bit further.
We will then be faced with an inventory overhang, which the IEA
recently suggested has added as much as 1 billion barrels just in
2015. In a supply constrained environment, as we’ve seen over the
last number of years, the tendency is for price and volatility spikes
upward, but with a supply/demand imbalance and growing inventory
overhang the bias in this market is to the downside with the
potential for even deeper, short-term phases.
If global demand is able to begin working down inventories in 2017,
we see the lower for longer scenario playing out and a return to
higher, mid-cycle pricing.
O&G Technology Investing in a Down Cycle
Prior to 2015, our view had been the venture investment industry
was focused primarily on technologies to pull forward production or
expand the size of a reservoir/asset base to capture lofty investment
returns given high commodity prices. These technologies however
usually came with a significant level of underlying commodity price
exposure as they were typically quite expensive to deploy. We have
historically been more focused on identifying technologies to reduce
drilling and completion cost or increase operational efficiency and
effectiveness. The industry is now squarely focused on these themes
as it is a race to the bottom to reduce capital and lease operating
expenditures.
Our sub-segment priorities continue to be primarily focused on
unconventional resources, enhanced oil recovery, and infrastructure
areas. The technology adoption cycle and production cost profile
for ultra-deepwater continue to make it the least attractive sub-
segment with conventional onshore and offshore falling in between
the previously mentioned areas, on a priority basis.
Digital Oilfield – Riding the Wave
Arguably the term digital oilfield has been around for a number of
years, but the surge of innovation across a range of broader
technology trends such as big data, industrial internet of things (IIoT),
advanced sensors and artificial intelligence has enabled the
opportunity for a wave of new, applied solutions that are more
technically feasible and cost effective. While the phrase, “never let a
good crisis go to waste” is most often employed in political circles, it
could easily be applied to the current state of the O&G industry. We
feel through deliberate forethought, further accelerated by real and
increasing concern over the current commodity price outlook,
operators will be more anxious to identify and deploy new cost
effective solutions. With the likely intersection of the
aforementioned trends, we believe unique opportunities to invest in
secular growth stories inside of this down-cycle will be more than
likely found in technology companies focused on the digital oilfield of
the present and the future.
Figure 4: EIA - World Liquid Fuels Production and Consumption Balance
Source: Redline Communications
7
EnerTech Industry Review
EnerTech Wins Financial Investor of the Year Award!
Several EnerTech Capital Portfolio Companies Made the 2015 Global Cleantech 100
List and Ones to Watch List:
(One to Watch Category)
8
EnerTech Industry Review
Q4 2015 and Q1 2016 EnerTech Portfolio Company News If you are viewing a digital version, please click on the news item for more information.
Jan 26, 2016 Blue Pillar Recognized by Global Cleantech
100
Jan 21, 2016 Blue Pillar Receives 2015 IoT Evolution
Smart Machines Innovation Award
Dec 1, 2015 Blue Pillar’s Aurora® Named Top Product of
the Year
Jan 26, 2016 Encycle Wins a Global Cleantech 100
Award
Jan 7, 2016 Ayla Networks & Encycle Enable New IoT
Thermostat from UTEC
Nov 12, 2015 Encycle Corporation Launches Strategic
Alliance with Major Japanese Licensee
Nov 6, 2015 Encycle Corporation Names Robert M.
Chiste as President and CEO
ECP IV
9
EnerTech Industry Review
Feb 8, 2016 GeoDigital launches 3D virtual decision-
making platform for transmission and
distribution utilities
Dec 9, 2015 Bonneville Power Administration Adopts
GeoDigital Technology to Protect Grid
Against Vegetation Growth
Nov 16, 2015 Geodigital Names Auto Industry Veteran to
Lead 3D Mapping and Self-Driving Vehicles
Business Unit
March 1, 2016 N-Dimension Adds Mihir Kapadia to
Management Team to Lead Engineering and
Operations
Feb 23, 2016 N-Dimension Provides Critical Information
To Harrison REA Helping Keep Cyber
Threats at Bay
Jan 12, 2016 N-Dimension Appoints Gabe Nill as CFO as
Company Prepares for Growth
Nov 2, 2015 N-Dimension Helps Improve Cybersecurity
Posture at Boone Electric Cooperative
Oct 22, 2015 N-Dimension Helps Ontario Secure Smart
Grid Apps
Oct 19, 2015 N-Dimension Proves Cybersecurity
Technology at Burlington Hydro with Funding
from Ontario Smart Grid Project
Jan 26, 2016 TERRALUX featured in EnergyWatch
Dec 16, 2015 New LED Light Engine Series for OEM and
Retrofit Wall Sconces
Nov 22, 2015 TERRALUX featured in Commercial
Construction & Renovation - Terralux
Partners with ENERGY STAR
Nov 3, 2015 Terralux Named Company of the Year by
Colorado Cleantech Industries Association
Jan 25, 2016 Space-Time Insight Named To The 2015
Global Cleantech 100 For Third Consecutive
Year
Jan 8, 2016 Intelligent Utility: Space-Time Insight, SMUD
And NEC Enter Into Agreement On Smart
Energy Solutions
Nov 24, 2015 Space-Time Insight Executive To Share
Perspectives On Big Data And Governance At
CPUC Thought Leaders Session
Oct 26, 2015 Next Generation Approach To Outage
Management Can Save Millions
Oct 20, 2015 Space-Time Insight Delivers Real-Time
Streaming Analytics For The Internet Of
Things
Jan 18, 2016 Power Survey Investor Meeting With
Employees (FAQ) Q&A
Jan 15, 2016 EnerTech Capital And Investissement Québec
Invest In Power Quality Company Power
Survey
10
EnerTech Industry Review
ECP III
Feb 29, 2016 FilterBoxx Announces Pharmaceutical
Wastewater Recycle Project Award
Nov 16, 2015 FilterBoxx Announces Supply of Water
Treatment/Recycle Plants to Client in
Quebec
ECP II
Feb 25, 2016 Product Design And Development Catches
Up With NanoSteel’s Parsons
Jan 25, 2016 NanoSteel Named to 2015 Cleantech 100
List for 3rd Consecutive Year
Dec 22, 2015 Design World Recognizes NanoSteel’s New
Binder Jet Powders for 3D Printing
Dec 11, 2015 Automotive Megatrends Interviews Paratore
Nov 24, 2015 Dave Paratore on the Automotive Metals
Race in Design Fax
Nov 19, 2015 NanoSteel Featured at Fabtech
Nov 02, 2015 Metal Additive Manufacturing Features
NanoSteel's Powder for 3D Printing
Feb 9, 2016 Enbala Unveils Symphony by Enbala, the First
All-inclusive Platform for DER Optimization
and Control
Feb 9, 2016 Enbala Welcomes Dr. Cheryl Martin,
Former Head of ARPA-E, to its Board of
Directors
Jan 25, 2016 ENBALA Joins Top Green Innovators by
Earning a Place on the Global Cleantech 100
List
NanoSteel Featured at Fabtech 2015 - Click on the image
above for the video link
Symphony by Enbala - Leveraging distributed energy
resources to keep the grid in balance - Click on the above
image to access the video link
11
EnerTech Industry Review
Summary: Power Survey (PS) is an
established leader in the field of power
quality in North America. The company
is recognized for its power factor,
f i l ter ing technologies, and unique
customized solutions.
PS will serve as a platform for organic
growth and acquisitions, building on the
basis of a solid cash flow-generating
business with a strong brand, well -
established sales network, and loyal
customer base. The company’s product
offering will be expanded to include a
broader range of solutions/services
around customer premise equipment at
t he ‘ g r i d edge ’ ( i . e . d i s t r i bu t ed
generation, storage, variable speed
drives, etc.) with minimal disruption (and
potential enhancement) to electric grid
operations.
Value Proposition: Power Survey’s
products allow large industrial energy
consumers to significantly lower their
energy bills, and avoid the degradation of
valuable equipment. The company’s
capacitor banks correct electrical current
before it re-enters the grid to avoid out-
of-phase current penalties charged by
utilities, and provide significant energy
efficiency gains. Harmonic filters avoid
‘dirty power’ distortions that can disrupt
operat ions and possib ly the grid .
Payback for the end customer is typically
less than two years.
Poor power quality also results in losses
during transmission and distribution,
which sometimes violate the energy
efficiency norms stipulated by federal and
state regulations. This puts pressure on
utilities to ensure improved power
quality of customer operations, resulting
in higher demand for harmonic filters.
Market: Power quality is increasingly
becoming a major issue for large
industrial power users and others at the
grid edge; such as wind and solar power
producers. Utilities in many geographic
jur isd ict ions levy h igh rate -based
surcharges for industrial power users
that create power factors issues. The
global power factor correction market
has been estimated in billions of dollars
and major areas of growth are expected
in power T&D, industrial power factor
correction, and motor run applications.
The increase in non-linear loads in
industrial and commercial establishments,
variable frequency drives (VFD) and
uninterruptible power supply (UPS)
systems are major sources of harmonics
entering the electrical system. These
represent a growing market driver for
harmonic filtering. Transparency Market
Research estimates that the harmonic
filter market will grow to $1 billion by
2020.
EnerTech Investment: EnerTech
Capital and Investissement Québec
invested $10 million CAD in December
2015. EnerTech’s portion was $5 million
CAD ($3.6 million USD).
“Our investment in Power Survey aligns
perfectly with our investment strategy,
particularly within the province of
Québec. This transaction leverages our
long history in the Power Technology
Space and the deep expertise that exists
in the Power space within the province.
We are p leased to be jo ined by
Investissement Québec, who is a great
partner for this transaction,” said Wally
Hunter, Managing Director, EnerTech
Capital.
EnerTech’s Newest Investment - Power Survey
Co-Presidents Luc Morency
Sylvain Lanoue
Initial Investment
Date
December 2015
Cash Invested $3.6 million USD
EnerTech
Director
Scott Ungerer
Power Survey Project Portfolio - Tennessee Valley Authority : 18 MVAR @ 13.8kV Harmonic Filter
http://powersurvey.com/
12
EnerTech Industry Review
The EnerTech Forum and Limited Partners Meeting was held in Miami in December 2015. The complete event agenda is
below, followed by photos from the event. EnerTech’s next Limited Partners Meeting will again be held in Miami in December,
2016.
2015 EnerTech Forum and Limited Partners Meeting
Keynote Speakers
Chris Hartshorn - Lux Research Levi Tillemann - Author
13
EnerTech Industry Review
2015 EnerTech Forum and Limited Partners Meeting
Wally Hunter (EnerTech Capital), Bobby Hobbs (Hobbs & Towne), Joe Mowery
(Stephens Inc.)
Sharon Allan (SGIP), Craig King (NBF)
Brenda Slauko (BDC), MJ Maloof (Saudi Aramco Energy Ventures), Michelle
Scarborough (Kensington Capital)
Gary Lake (Gencom), Anne-Marie Bourgeois (EnerTech Capital), David Milenthal
(The Milenthal Group), Nancy Laird (Board Director, FilterBoxx)
Robyn Weber (Hub International), Maximo Blandon (Stephens Inc.), Eileen Green
(Hub International)
Dave Paratore (NanoSteel), James Goldinger (Fairhaven Capital), Gary Vollen
(Deukalion Advisors), Matt Klinger (Bridge Bank), Scott Ungerer (EnerTech Capital),
Tom Willie (Blue Pillar)
14
EnerTech Industry Review
2015 EnerTech Forum and Limited Partners Meeting
Wally Hunter (EnerTech Capital). Dean Sciorillo (EnerTech Capital) Wally Hunter (EnerTech Capital), Gian Vergnetti (EnerTech Capital)
Etienne Veilleux - Distech Controls Bud Vos - Enbala Power Networks
Dean Musser - Tangent Energy Solutions Tom Ayers - N-Dimension Solutions
15
EnerTech Industry Review
2015 EnerTech Forum and Limited Partners Meeting
Tom Willie
Blue Pillar
Robert Chiste
Encycle
Steve Hane
Terralux
Rob Schilling
Space-Time Insight Aaron Goldfeder
EnergySavvy
Larry Novachis
FilterBoxx
Tyler Armstrong
HPC Energy Services
Dave Paratore
The NanoSteel Company
Chris Warrington
GeoDigital International
16
EnerTech Industry Review
2015 EnerTech Forum and Limited Partners Meeting
Wally Hunter (EnerTech Capital), Michelle Scarborough (Kensington
Capital), Heath Sampson (AES), Mike Harris (Fasken Martineau)
Victor Scutaru (BDC), Julien Guimond (Teralys Capital), Scott Ungerer (EnerTech
Capital), Pat Ramm (Waste Management), Chris Warrington (GeoDigital), Tony
Gioia (Aird & Berlis)
.
17
EnerTech Industry Review
Venture Capital Update – Q4 2015 – VC Investments in Canada
A total of $574 million was deployed in 125 financing deals by Canadian VCs in Q4 2015 according to final data released
by Thomson Reuters bringing the total amount invested in 2015 to $2.3 billion into 536 deals.
Select deals from Q4 2015 are outlined below.
Source: Thomson Reuters
Venture Capital Investment in Canadian Companies
Company Name Description Major Investors Investment
Amount (CAD)
Manufacturer of small unmanned aerial sys-
tems (sUAS) and mission control software Summit Partners $60 million
An established leader in the field of
power quality in North America. The
company is recognized for its power
factor, filtering technologies, and
unique customized solutions
EnerTech Capital,
Investissement
Québec
$10 million
A developer of smart manufacturing soft-
ware and sensor technology
W Investments, Fonds
de solidarite FTQ $2 million
Select Canadian VC Investments from Q4 2015
18
EnerTech Industry Review
Venture Capital Update – Q242015 – VC Investments in the US
The venture capital ecosystem deployed $58.8 billion into 4380 deals across the United States in 2015, marking the second
highest full year total in the last 20 years.
For the fourth quarter of 2015, venture capitalists invested $11.3 billion into 962 deals, down 32 percent in dollars and 16
percent in deals compared with the third quarter when $16.6 billion was invested in 1,149 deals. The fourth quarter also
marks the eighth consecutive quarter of more than $10 billion of venture capital invested in a single quarter, but also
represents the smallest amount invested since the third quarter of 2014.
Select deals from Q4 2015 are listed on the next page.
Source: PwC and the NVCA based on data provided by Thomson Reuters
Total US Equity Investments into Venture-backed Companies
19
EnerTech Industry Review
Select US VC Investments from Q4 2015
Venture Capital Update – Q4 2015 – VC Investments in the US
Company Name Description Major Investors
Investment
Amount
(USD)
A developer of data protection and
cybersecurity products
GE Pension Trust, FairHaven,
Brookline Venture, LLR,
MassMutual, Siemens Venture Capi-
tal, Special Situations Funds
$66 million
Developer of a peer-to-peer car sharing
platform that connects car owners
willing to rent their cars that are not in
use, with drivers who need short-term
vehicle access
Kleiner Perkins Caufield & Byers
(KPCB) $47 million
A developer of big-data analytics
software
Allegis, Andreessen Horowitz,
Battery Ventures, Citi Ventures,
Cisco, Sutter Hill, Tenaya, HSBC,
Harmony Partners
$30 million
A developer of collaborative efficient
building design software
Temasek, Surbana Jurong, Far East
Ventures, DFJ, South Park
Ventures, Borealis Ventures, Obvi-
ous Ventures
$29 million
Developer of methane conversion tech-
nology for creating fuels and chemicals
from natural gas
NatPet, Alujain Corporation $25 million
Developer of quantum dot technology
that will deliver increased color and
brightness and require less power than
current LED technologies
Tsing Capital, BASF Venture
Capital $22 million
Designer and manufacturer of versatile
UAV quadcopters
Bessemer,, Draper Nexus, General
Catalyst, Lux Capital, Motorola
Solutions Venture, UPS SEF
$22 million
Developer of systems that maximize the
value of organic materials through the
production of renewable energy and
soils, mulches and natural fertilizers
True North Venture Partners,
Industry Ventures, Generation
Investment Management
$20 million
Developer of a proprietary power con-
version technology
Arsenal Venture Partners,
Northwater Capital Management $19 million
A leading provider of grid-scale energy
storage software and integration
solutions
E.ON Ventures, American Electric
Power $18 million
20
EnerTech Industry Review
The EnerTech Team
A Seasoned, Diversified, and Experienced Group
Wally Hunter
Managing Director
Lyndsy MacArthur
Executive Assistant Angelica Mengana
Analyst
Scott Ungerer
Managing Director
Bill Kingsley
Managing Director
Dean Sciorillo
Managing Director
Colleen Pale
Director of Finance
and Administration
Donna Smith
Executive Assistant Gian Vergnetti
Associate
Jarett Carson
Managing Director Dr. Dominic Geraghty
Executive in Residence
Hoon Chung,
Executive in Residence
Philadelphia
Toronto
San
Francisco Boston
Robert M. Chiste
Executive in Residence
Orange County Houston
Montreal
Anne-Marie Bourgeois
Vice President
Investments
West Palm
Beach
Calgary
Chris Buckman
Vice President
21
EnerTech Industry Review
The EnerTech Strategic Advisory Board
Our Network is an Extended Family of Deal Sourcing, Due Diligence and Exits
The EnerTech Strategic Advisory Board is made up of a diverse and experienced group of visionaries, industry
leaders and experts in various disciplines. They bring unparalleled expertise and a wide network in the areas of
energy services and policy, information technology, Oil & Gas, and clean energy innovation. We are proud and
grateful to have them as members of our Advisory Board.
Independent Board Members
Dr. Bill Madia
SLAC National
Accelerator
Laboratory,
Stanford University
Dr. Jim de Wilde
President, JdW Strategic Ventures
Michael Harris
Former Premier of
Ontario
Sharon Allan
President & CEO,
SGIP
Mike Babcock
Coach of the
Toronto Maple
Leafs
J. Scott Magrane
Managing Director,
Coady Diemar
Partners
David Milenthal
CEO, The Milenthal
Group
Governor George
Pataki
Former Governor
of New York
Vicky Sharpe
Founding President
of SDTC
Rob Soni
Independent Board
Member
Gordon Pridham
Principal,
Edgewater Capital
and Newalta Board
Member
Etienne
Veilleux
Founder, Distech
Controls
22
EnerTech Industry Review
Rebecca Kauffman
President and COO, Southern Ute
Alternative Energy
Eric Legault
Managing Partner, Teralys Capital
John Morris
Sr. Vice President of Field
Operations Waste Management
Nils Voermann - Global
Managing Director -
Technologies, Hatch
Marty Toomajian
President of Energy, Health &
Environment, Battelle
Victor Scutaru
Director, Fund Investments, BDC
Venture Capital
Scott Pinizzotto
Senior Director, ENGIE New
Ventures
Rebecca Giffen
Director of Investments, Alberta
Enterprise Corporation
Basil El-Borno
VP Innovation & Process
Development, Newalta
Corporation
Alex Beliaev
Investment Manager, EDC
LP and Strategic Partner Board Members
23
EnerTech Industry Review
The EnerTech Ecosystem
Strategic Partners
Limited Partners
24
EnerTech Industry Review
March 14-15, 2016 – Calgary, AB
Canadian Energy Research Institute (CERI) 2016 Oil &
Gas Symposium
April 6-8, 2016 – Santa Barbara, CA
The Wall Street Journal ECO:nomics 2016
April 14-16, 2016 – Houston, TX
Rice Business Plan Competition
May 24-26, 2016 – Toronto, ON
CVCA Annual Conference
May 26, 2016 – Toronto, ON
EnerTech Capital Advisory Board Meeting
(For EnerTech portfolio company CEOs and Strategic
Advisory board members)
June 7-9, 2016 – Calgary, AB
Global Petroleum Show
June 21-23, 2016 – San Jose, CA
Grid Edge World Forum
Upcoming
Industry Events
www.EnerTechCapital.com
Philadelphia ● Toronto ● Montreal ● San Francisco ● Calgary
For questions or comments, please contact:
Wally Hunter
Managing Director, EnerTech Capital
tel #416-363-8563
Contact: Lyndsy MacArthur: 416-515-2759 or