Nov. 24 Manbang China, Permira and Fidelity with …...Ahlsell Norge ND Water Ahlsell Norge, a...

Date Target Acquiror Transaction Description

Nov. 16Compañía General de

Electricidad

State Grid

International

Development

State Grid International Development (SGID), a subsidiary of State Grid Corp. of China,

acquired a 96% stake in Compañía General de Electricidad, a Chilean electricity grids

business, from Naturgy Energy Group for $3.0bn

Nov. 24 WesTech Engineering John Swire & Sons

John Swire & Sons, a U.K. conglomerate, acquired WesTech Engineering, a Utah-

based process solutions and services provider for water and wastewater treatment, for

an undisclosed amount

Date Company

Nov. 24 Plug Power

Nov. 24 Manbang

Date Company

Nov. 16PureCycle

Technologies

Nov. 18 Arrival

SPAC Transactions

Capital Raises

Corporate M&A

Transactions

Manbang, a Chinese mobile truck-hailing platform, raised $1.7bn led by SoftBank Vision Fund, Sequoia Capital

China, Permira and Fidelity with participation from Hillhouse Capital, GGV Capital, Lightspeed China Partners,

Tencent and YF Capital

Transaction Description

PureCycle Technologies, a U.S. developer of proprietary polypropylene recycling technology, announced to go

public through a SPAC merger with Roth CH Acquisition I Co. at an implied valuation of $826mm

Plug Power, a New York-based provider of hydrogen engines and fueling solutions, raised approximately $1bn

in a bought equity transaction to accelerate on its green hydrogen strategy

Arrival, a U.K. maker of electric vans and buses, agreed to go public through a SPAC merger with CIIG Merger

Corp. at an implied valuation of $5.4bn. With this transaction, Arrival raised $400mm in PIPE from investors

including Fidelity Management & Research Company, Wellington Management and BNP Paribas Asset

Management Energy Transition Fund

Transaction Description

Index Performance1 November Ending Versus First Day of the

November YTD CY 2019 52 Wk High 52 Wk Low

MSCI World Index 12.7% 9.5% 25.2% (0.7%) 61.2%

NASDAQ Composite 11.8% 36.0% 35.2% (0.1%) 77.8%

S&P 500 10.8% 12.1% 28.9% (0.5%) 61.9%

NASDAQ Clean Edge Green Energy 33.8% 154.5% 40.7% (2.6%) 274.1%

(40.0%)

0.0%

40.0%

80.0%

120.0%

160.0%

200.0%

Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20

NASDAQ Clean Edge Green Energy MSCI World Index NASDAQ Composite S&P 500

176.9%

12.7%

40.8%

15.3%

Source: FactSet, SEC filings and third-party providers.1. Performance does not include reinvestment of dividends.

Sustainable Technology and Infrastructure

Monthly Market Update // November 2020

Performance of Key Market Indices1

Notable Recent Transactions & Capital Raises

About Nomura Greentech

Nomura Greentech is a fully integrated investment banking team within Nomura which provides M&A and strategic advisory services and raises capital for

sustainable technology and infrastructure clients, globally. The team focuses exclusively on clients which are using 21st century technologies to accelerate

the transformation of our core infrastructure systems – energy, transportation, food, water and waste – to be lower carbon, more efficient and digitally

networked. Nomura Greentech connects high-growth leading innovators with large global incumbents and capital providers, and since its founding in 2009

has closed over 135 transactions with sustainable technology and infrastructure companies and investors.

11

Denotes Nomura

Greentech Transaction

Corporate Transactions

Select Recent Sustainable Technology &

Infrastructure

M&A Transactions (1/6)

Source: FactSet, Press releases, SEC filings, Third-party providers and Nomura Greentech estimates.

1. Transaction multiples represent EV/LTM Revenue and EV/LTM Adj. EBITDA.

Transaction

Transaction

Multiple1

Date Target Acquirer Value ($mm) Subsector Transaction Description Revenue EBITDA

Nov. 1 Verdient Foods Ingredion ND AgTech

Ingredion, a U.S. provider of ingredient solutions

to the food and beverage manufacturing industry,

acquired Verdient Foods, a sustainable plant-

based protein food producer, for an undisclosed

amount

ND ND

Nov. 2Weels Betong &

PlastAhlsell Norge ND Water

Ahlsell Norge, a Nordic distributor of installation

products for the water sector, acquired Weels

Betong & Plast, a Nordic supplier of water and

sewage systems in both concrete and plastic

pipes, for an undisclosed amount

ND ND

Nov. 2 Newterra Group Frontenac Company ND Water

Frontenac Company, a private equity firm,

acquired Newterra Group, a Canadian water

treatment company, from XPV Water Partners

and Angeleno Group, for an undisclosed amount

ND ND

Nov. 2 Solarcentury Statkraft $152Power Infra /

Smart Grid

Statkraft, a Norwegian utility firm, acquired

Solarcentury, a U.K.-based renewable energy

developer, for $152mm

ND ND

Nov. 2 Waterite Franklin Electric ND Water

Franklin Electric, a U.S. manufacturer of water

and fuel equipment, acquired Waterite, a

Canadian provider of residential and commercial

water treatment products and services, for an

undisclosed amount

ND ND

Nov. 3 Inter Act Wienerberger ND Water

Wienerberger, an international supplier of building

materials and infrastructure solutions, acquired

Inter Act, a Dutch provider of cloud-based

solutions for smart city and water management

ND ND

Nov. 3 s::can Badger Meter $32 Water

Badger Meter, a U.S.-based global provider of

flow measurement and water quality solutions,

acquired s::can, an Austrian provider of water

quality monitoring systems, for $32mm

2.2x ND

Nov. 3 BlueInGreen Chart Industries $20 Water

Chart Industries, a U.S. manufacturer of cryogenic

equipment, acquired BlueInGreen, a U.S.

dissolved-gas expert that provides custom-

engineered solutions for water treatment, for

$20mm

ND ND

Nov. 3Compact Carbon

CaptureBaker Hughes ND

Environmental

Services

Baker Hughes, a U.S. energy services company,

acquired Compact Carbon Capture, a technology

development company specializing in carbon

capture solutions, for an undisclosed amount

ND ND

Nov. 3 Nevel Oy Ardian $656Industrial IoT &

Software

Ardian, a French private equity firm, acquired

Nevel Oy, a Finnish district heating and industrial

energy solutions company from Vapo Group, for


6.5x ND

Nov. 3 VeregyCourt Square

Capital ND Energy Efficiency

Court Square Capital Partners, a private equity

firm, acquired Veregy, a U.S. energy efficiency

services and smart building company, from Bow

River Capital for an undisclosed amount

ND ND

2



Infrastructure




Transaction

Transaction

Multiple1


Nov. 6 Telenav V99 $241Advanced

Transportation

V99, a corporation led by HP Jin, co-founder of

Telenav, acquired Telenav, a provider of

connected car and location-based services, for

$241mm

1.0x 24.6x

Nov. 6 ShipTrack Descartes Systems $19Advanced

Transportation

Descartes Systems, a Canadian developer of

shipping communication software, acquired

ShipTrack, a developer of Excel add-ins to track

shipments, for $19mm

ND ND

Nov. 7 Navistar Traton $3,700Advanced

Transportation

Traton, a Volkswagen subsidiary focused on

commercial vehicles, acquired the remaining

shares it did not previously own of Navistar, a

provider of trucks and vehicle engines, for $3.7bn

0.5x 6.5x

Nov. 9 PanelClaw Esdec NDRenewable

Energy

Esdec, a Dutch solar mounting and racking

company, acquired PanelClaw, a U.S. solar

mounting and racking company serving

commercial solar developers and installers, for an

undisclosed amount

ND ND

Nov. 9 Therma Holdings Blackstone ND Energy Efficiency

Blackstone acquired Therma Holdings, a U.S.

provider of mechanical, electrical and energy

efficiency services, from Gemspring Capital for an

undisclosed amount

ND ND

Nov. 9 RE Tech Advisors Blackstone ND Energy Efficiency

Blackstone acquired RE Tech Advisors, a U.S.

energy and sustainability consulting firm for an

undisclosed sum

ND ND

Nov. 10Walker Aero

EnterprisesAmerican Allwaste ND

Environmental

Services

American Allwaste, a Texas-based provider of

nonhazardous liquid waste transportation and

disposal, acquired Walker Aero Enterprises, a

Texas-based provider of composting services, for


ND ND

Nov. 10Distributed Solar

DevelopmentBlackRock ND

Renewable

Energy

BlackRock acquired the remaining 20% stake in

Distributed Solar Development, a U.S. company

focused on commercial and industrial markets,

from GE Renewable Energy for an undisclosed

amount

ND ND

Nov. 11Sunnybrook Water

CompanyQuench ND Water

Quench, a U.S. provider of filtered water

solutions, announced the acquisition of

Sunnybrook Water Company, a U.S. provider of

point-of-use drinking water systems for the

Portland metropolitan area, for an undisclosed

amount

ND ND

Nov. 11Rood Wit Blauw

HoldingMETAWATER ND Water

METAWATER, a Japanese provider of water and

wastewater treatment technologies and

equipment, acquired the remaining 75.3% stake in

Rood Wit Blauw Holding, a Dutch water treatment

engineering company, for an undisclosed amount

ND ND

Nov. 12 Ence Energía SLU Ancala Partners $430Renewable

Energy

Ancala Partners, an infrastructure investment

fund, acquired a 49% stake in Ence Energía SLU,

a renewable energy subsidiary of ENCE Energía y

Celulosa for $430mm

ND ND

3



Infrastructure




2. Nomura Greentech acted as financial advisor to John Swire & Sons.

Transaction

Transaction

Multiple1


Nov. 12 Charging Solutions Total NDAdvanced

Transportation

Total acquired Charging Solutions, a subsidiary of

Digital Energy Solutions and provider of EV

charging infrastructure, for an undisclosed amount

ND ND

Nov. 13 Phoenix Motorcars SPI Energy $27Advanced

Transportation

SPI Energy, a Hong Kong-based provider of EV

solutions, acquired Phoenix Motorcars, a

California-based provider of EVs for fleet and

transit markets, for $27mm

ND ND

Nov. 16Compañía General

de Electricidad

State Grid

International

Development

$3,040Power Infra /

Smart Grid

State Grid International Development (SGID), a

subsidiary of State Grid Corp. of China, acquired

a 96% stake in Compañía General de

Electricidad, a Chilean electricity grids business,

from Naturgy Energy Group for $3.0bn

ND ND

Nov. 16 Vesper Energy Magnetar Capital NDRenewable

Energy

Magnetar Capital, a U.S. alternative asset

manager, acquired Vesper Energy, Lendlease’s

renewable energy development business, for an

undisclosed amount

ND ND

Nov. 16 Vessco Gryphon Investors ND Water

Gryphon Investors, a middle-market private equity

firm, acquired Vessco, a U.S. distributor of

automation equipment and services to water and

wastewater treatment utilities, for an undisclosed

amount

ND ND

Nov. 17

ABK Restoration

Services / Norhaz

Solutions

Canstar

RestorationsND

Environmental

Services

Canstar Restorations, a Canadian full-service

provider of restoration services, acquired ABK

Restoration Services, a provider of property

restoration services, and NorHaz Solutions, a

provider of hazardous materials removal and

remediation services, for an undisclosed amount

ND ND

Nov. 17

Encino

Environmental

Services

BP Energy Partners NDEnvironmental

Services

BP Energy Partners, a U.S. private equity firm,

acquired Encino Environmental Services, an

environmental consulting company, for an

undisclosed amount

ND ND

Nov. 17 EnergenixVeolia North

AmericaND

Industrial IoT &

Software

Veolia North America, subsidiary of Veolia, a

water/waste management and energy services

provider, acquired Energenix, a U.S. utility meter

reading and billing service provider, for an

undisclosed amount

ND ND

Nov. 20Alar Water

TreatmentOvivo ND Water

Ovivo, a Canadian provider of water and

wastewater treatment systems, acquired Alar

Water Treatment, an Illinois-based manufacturer

of wastewater treatment systems, for an

undisclosed amount

ND ND

Nov. 24

Tonawanda

Environmental

Corporation

Chemtron

CorporationND

Environmental

Services

Chemtron Corporation, an Ohio-based provider of

waste services, acquired the assets of

Tonawanda Environmental Corporation, a

provider of hazardous and non-hazardous waste

management services, for an undisclosed amount

ND ND

Nov. 24WesTech

EngineeringJohn Swire & Sons ND Water

John Swire & Sons, a U.K. conglomerate,

acquired WesTech Engineering, a Utah-based

process solutions and services provider for water

and wastewater treatment, for an undisclosed

amount

ND ND

4

2



Infrastructure




Transaction

Transaction

Multiple1


Nov. 25 Ethical Power Group Hive Energy NDRenewable

Energy

Hive Energy, a U.K. developer of solar PV,

acquired a 50% stake in Ethical Power Group, a

U.K. sustainable energy generation company, for


ND ND

Nov. 30Vibrant Energy

HoldingsBlue Leaf Energy ND

Renewable

Energy

Blue Leaf Energy, a Singapore-based solar

developer company, acquired a majority stake in

Vibrant Energy Holdings, a solar power plant

developer with projects in India and Southeast

Asia, from ATN International, for an undisclosed

amount

ND ND

5

Asset Transactions


Infrastructure



Transaction Capacity

Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description

Nov. 2 NextEra Energy KKR $1,400 1,600 Wind

KKR acquired a majority stake in two renewable

energy portfolios in the U.S. representing 1.6 GW

from NextEra Energy, a U.S. energy company, for

$1.4bn

Nov. 3Bunge Loders

CroklaanNeste $307 ND Biomass

Neste, a Finnish producer of renewable diesel,

acquired a bio refinery plant in the Netherlands

from Bunge Loders Croklaan, a U.S. producer

and supplier of sustainable oils, for $307mm

Nov. 3 Nordex SE RWE $475 2,700 Wind

RWE, a German energy company, acquired a 2.7

GW wind and solar development platform from

Nordex, a German developer of renewable energy

projects, for $475mm

Nov. 3 Belectric Luxcara ND 172 Solar

Luxcara, a German asset manager, acquired a

development-phase 172 MW portfolio in Germany

from Belectric, a German renewable energy

developer, for an undisclosed amount

Nov. 4 Invenergy Southern Power ND 301 Wind

Southern Power, a Georgia-based renewable

energy provider, acquired an 80% stake in a 301

MW wind project in South Dakota from Invenergy

for an undisclosed amount

Nov. 9 Red Rock Power ESB ND 1,000 Wind

ESB, an Irish utility company, acquired a 50%

stake in a 1 GW Inch Cape offshore wind project

in the Scottish North Sea, from Red Rock Power,

a subsidiary of China state-owned SDIC Power

Holdings, for an undisclosed amount

Nov. 11

Macquarie Green

Investment Group

(GIG)

The Renewable

Infrastructure GroupND 714 Wind

The Renewables Infrastructure Group, a British

renewable asset investment trust, acquired a

14.3% stake in East Anglia One, a 714 MW wind

farm located off the coast of Suffolk in the North

Sea, from Macquarie GIG for an undisclosed sum

Nov. 11Rye Development

and National Grid JV

Copenhagen

Infrastructure

Partners

ND 1,593 Hydro

Copenhagen Infrastructure Partners, a Danish

fund manager, acquired two pumped storage

hydro projects in Oregon and Washington totaling

1,593 MW for an undisclosed amount

Nov. 16 Forestalia

Copenhagen

Infrastructure

Partners

ND 1,000 Wind

Copenhagen Infrastructure Partners, a Danish

fund manager, acquired an undisclosed stake in a

1 GW onshore wind project portfolio in Aragon,

Spain being developed by Forestalia, a Spanish

IPP for an undisclosed amount

Nov. 16 Broad Reach PowerGreenbacker

Renewable EnergyND 80 Solar

Greenbacker Renewable Energy, a manager of

income-generating renewable energy, acquired a

to-be-constructed 80 MW solar project in South

Dakota from Broad Reach Power, a Houston-

based IPP, for an undisclosed amount

Nov. 17 NRG Energy Spruce Finance ND 60 Solar

Spruce Finance, a residential solar operator,

acquired a 60 MW solar asset portfolio in U.S.

from NRG, a U.S. energy company, for an

undisclosed amount

6

Asset Transactions


Infrastructure



Transaction Capacity

Date Seller Acquirer Value ($mm) (MW) Subsector Transaction Description

Nov. 17 WEC Energy Group Spruce Finance ND ND Solar

Spruce Finance, a residential solar operator,

acquired a solar asset portfolio of 1,047 systems

in the U.S. from WEC Energy Group, a U.S.

energy company, for an undisclosed amount

Nov. 23 Enel Broad Reach Power ND 25 Storage

Broad Reach Power, a U.S. utility-scale energy

storage IPP, acquired the 25 MW Cascade

energy storage project in California from a

subsidiary of Enel, an Italian multinational energy

company, for an undisclosed amount

7



Infrastructure

Capital Raise Transactions (1/5)


Selected Disclosed Amount

Date Company Investors Raised ($mm) Subsector Company Description

Nov. 2Benson Hill

Biosystems

Wheatsheaf, GV, Argonautic Ventures,

Caisse de dépôt et placement du Québec

(CDPQ), Emart, GS Group, Louis Dreyfus

Company, iSelect Fund, Fall Line Capital,

Mercury Fund, Prelude Ventures, Prolog

Ventures, S2G Ventures

$150 AgTech

U.S. food technology company that

combines data science and machine

learning with biology and genetics

Nov. 2 WiTricityStage 1 Ventures, Air Waves Wireless

Electricity, Mitsubishi Corporation (Americas)$34

Power Infra /

Smart Grid

U.S. developer of wireless power

solutions using its patented magnetic

resonance technology

Nov. 2 Onfleet Flight Ventures, Kennet Partners $14Advanced

Transportation

U.S. developer of last mile delivery

management software

Nov. 3 The Protein BreweryNovo Growth, Roquette Ventures, Unovis

Asset Management$26 AgTech

Dutch developer of protein-rich, animal-

free food ingredients

Nov. 3 ApkudoHarbert Growth Partners, MissionOG, Grotech

Ventures, Lavrock Ventures$14

Industrial IoT &

Software

U.S. provider of supply chain automation

solutions for connected devices

Nov. 3 Meat-TechPsagot Provident and Pension Funds, More

Investment House$7

Food and

Consumer

Products

Israeli developer of industrial-scale

cultivated meat production technologies

based on advanced 3D bioprinting

Nov. 3 Logisly Monk's Hill Ventures $7Industrial IoT &

Software

Indonesian provider of logistics trucking

platform

Nov. 5 ProvizioBobby Hambrick, European Innovation

Council, ACT Venture Capital $6

Advanced

Transportation

Irish provider of sensor platforms for

preventing car accidents

Nov. 5 Pony.aiTIP, Fidelity China Special Situations PLC, 5Y

Capital, ClearVue Partners, Eight Roads $267

Advanced

TransportationChinese autonomous vehicle startup

Nov. 7 Ather Energy Hero MotoCorp, Sachin Bansal $35Advanced

TransportationIndian developer of electric two-wheelers

Nov. 9 Apeel Sciences

International Finance Corporation,

Andreessen Horowitz, Bill & Melinda Gates

Foundation, Rockefeller Foundation

$30 AgTechU.S. provider of edible coating to prolong

fruit shelf life

8



Infrastructure





Nov. 9 Nuro

T. Rowe Price, Fidelity Management &

Research Company, Baillie Gifford, SoftBank,

Greylock Partners

$500Advanced

Transportation

U.S. autonomous on-road delivery

company

Nov. 9 Inceptio Technology CATL, G7, GLP, NIO Capital $120Advanced

Transportation

Chinese developer of autonomous

trucks

Nov. 9 XpressbeesGaja Capital Partners, Investcorp Bank,

Norwest Venture Partners$30

Advanced

Transportation

Indian developer of a same-day delivery

e-commerce logistics platform

Nov. 10 Tier Mobility

SoftBank Vision Fund, Mubadala Capital,

Northzone, Goodwater Capital, White Star

Capital, Novator, RTP Global

$250Advanced

TransportationGerman shared micro-mobility operator

Nov. 10 Amarenco SolarTikehau Capital SCA, IDIA Capital

Investissement$178

Renewable

EnergyIrish solar developer

Nov. 12 Envoy Technologies

Shell Ventures, Building Ventures, DENSO,

Goodyear Ventures, GroundBreak Ventures,

Los Angeles Cleantech Incubator Impact Fund

$11Advanced

Transportation

U.S. provider of electric vehicle-sharing

services

Nov. 12 Kate Farms Goldman Sachs, Kaiser Permanente Ventures $51 AgTech U.S. provider of plant-based nutrition

Nov. 12 Zero Egg

Powerplant Ventures, Unovis Asset

Management-New Crop Capital, Strauss

Group-The Kitchen Hub

$5 AgTechU.S. provider of plant-based egg

alternative

Nov. 16 XAG

Baidu Ventures, Softbank Vision Fund II,

Sinovation Ventures, Guangzhou Yuexiu

Industrial Investment Fund Management,

Guangzhou Emerging Industry Development

Fund, Chengwei Capital, Mingtai Capital

$182 AgTechChinese provider of agriculture drone

services

Nov. 16 Form Energy

Coatue Management, Energy Impact

Partners, Temasek, NGP Energy Technology

Partners, Breakthrough Energy Ventures,

Prelude Ventures, MIT’s The Engine,

Capricorn, Eni Next, Macquarie Capital

$76Renewable

Energy

U.S. developer of battery systems for

wind and solar energy

Nov. 16 Harbr

Dawn Capital, Tiger Global Management,

Boldstart Ventures, Crane Venture Partners,

Seedcamp

$39Data

Management

U.K. developer of a collaborative data

exchange platform designed to support

full-lifecycle data sharing and

collaboration

9



Infrastructure





Nov. 17 Adnavem Volvo Group Venture Capital NDAdvanced

Transportation

Swedish developer of an online

marketplace for freight services

Nov. 17 Gojek Telkomsel $150Advanced

Transportation

Indonesian developer of an on-demand

ride-hailing operator

Nov. 17 Wayve

Balderton Capital, Compound Ventures,

Eclipse Ventures, First Minute Capital, Fly

Ventures

$20Advanced

TransportationU.K. developer of AV technology

Nov. 17 DataRobotAltimeter Capital, T. Rowe Price, BlackRock,

Silver Lake, NEA, Tiger$270

AI / Analytics

SoftwareU.S. provider of enterprise A.I. platform

Nov. 17 TibberEight Roads Ventures, Balderton Capital,

Founders Fund$65 Energy Efficiency

Swedish provider of real-time analytics

on energy usage

Nov. 17 MycoWorks

WTT Investment, DCVC Bio, AgFunder, Novo

Holdings, 8VC, SOSV, Wireframe Ventures,

Valor Equity Partners, Humboldt Fund, Gruss

& Co.

$45 AgTechU.S. developer of animal-free leather

alternative

Nov. 18 Fenix

Balderton Capital, Compound Ventures,

Eclipse Ventures, First Minute Capital, Fly

Ventures

$20Advanced

TransportationU.K. developer of AV technology

Nov. 18 Deep Isolation NAC International Inc. $20Environmental

Services

U.S. developer of a nuclear waste

disposal platform designed for safe

waste treatment

Nov. 19 Aclima

Clearvision Ventures, Splunk, GingerBread

Capital, KTB Network, ACVC Partners,

Womens VC Fund II

$40Analytics

Software

U.S. cloud-based data visualization and

analytics software company

Nov. 19 Abacus.ai Decibel Ventures, Index Partners $22AI / Analytics

SoftwareU.S. provider of AI platform

Nov. 20 LoadsmartBlackRock, TFI International, Maersk, Perry

Capital, Bramalea Partners$90

AI / Industrial

SoftwareU.S. digital freight technology company

10



Infrastructure





Nov. 23 Gatik

Wittington Ventures, Innovation Endeavors,

FM Capital, Intact Ventures, Dynamo,

Fontinalis Partners, AngelPad

$25Advanced

Transportation

U.S. provider of autonomous vehicles for

business-to-business short-haul logistics

Nov. 23 Carbice Downing Ventures, Toyota AI Ventures $15 Energy Efficiency

U.S. advanced nano-materials developer

for devices such as LEDs, computers

and mobile devices

Nov. 23 CricketOne Corecam Capital Partners, Masik Enterprises ND AgTech Vietnamese insect protein startup

Nov. 24 Percepto

Koch Disruptive Technologies, State of Mind

Ventures, Atento Capital, Summit Peak

Investments, Delek-US, U.S. Venture

Partners, Spider Capital, Arkin Holdings

$45AI / Analytics

Software

Israeli drone maker for industrial site and

physical work area analysis

Nov. 24 Plug Power Public market offering $1,000Renewable

Energy

U.S. provider of hydrogen fuel cell

technology and fueling solutions

Nov. 24 Manbang

SoftBank Vision Fund, Sequoia Capital China,

Permira, Fidelity, Hillhouse Capital, GGV

Capital, Lightspeed China Partners, Tencent,

YF Capital

$1,700Advanced

TransportationChinese mobile truck-hailing platform

Nov. 24 Dija Blossom Capital $20Advanced

Transportation

U.K. developer of a fresh food delivery

services platform

Nov. 25 Mother RawForage Capital Partners, Export Development

Canada, Whitecap Venture Partners$6 AgTech

Canadian producer of plant-powered

condiments

Nov. 25 TuSimpleVectoIQ, Navistar, Volkswagen’s Traton

Group$350

Advanced

Transportation

U.S. autonomous driving technology

developer for trucks

Nov. 25 Cars 24DST Global, EXOR Seeds, Moore Strategic

Ventures, Unbound$200

Advanced

TransportationIndian car buying platform

Nov. 25 Clean TeQ Private Placement $14 WaterAustralian provider of metals recovery

and industrial water treatment

11



Infrastructure





Nov. 30 Aurora SolarICONIQ Capital, Energize Ventures, Fifth

Wall, Pear VC$50 Energy Services

U.S. 3D modeling developer for solar

panel installation automation

Public Trading Debuts

Date of Amount Selected Disclosed

Pricing Company Company Description Raised ($mm) Subsector Investors

Nov. 16 C3.aiU.S. provider of enterprise AI software for

accelerating digital transformation$504

Industrial IoT &

Software

Baker Hughes, BlackRock, Shell Ventures,

The Rise Fund

12

Special Purpose Acquisition Company (SPAC) Transactions


Infrastructure

SPAC Transactions (1/1)

TransactionImplied EV EV /

Date Company SPAC Value ($mm) Subsector Company Description ($mm) Revenue EBITDA

Nov. 2 AevaInterPrivate

Acquisition Corp.ND

Advanced

Transportation

U.S. provider of comprehensive

perception solutions on Silicon

Photonics for mass scale

application

$2,100 2.4x 6.1x

Nov. 13 NuvveNewborn Acquisition

Corp.ND

Advanced

Transportation

U.S. electric-vehicle-to-grid (V2G)

company$132 1.4x ND

Nov. 16PureCycle

Technologies

Roth CH

Acquisition I Co.ND

Environmental

Services

U.S. developer of proprietary

polypropylene recycling technology$826 1.0x ND

Nov. 18 Arrival CIIG Merger Corp. NDAdvanced

Transportation

U.K. developer of electric vans and

buses$5,400 0.4x 1.7x

Nov. 24 MetroMileINSU Acquisition

Corp. IIND

Advanced

Transportation

Canadian manufacturer of electric

buses and trucks$956 28.4x ND

Nov. 30 Lion ElectricNorthern Genesis

Acquisition Corp.ND

Advanced

Transportation

U.S. provider of a digital platform

for pay-per-mile insurance $1,505 0.9x 5.1x

Nov. 30 ViewCF Finance

Acquisition Corp.ND

Industrial

TechnologyU.S. smart glass window producer $1,600 0.8x 2.2x


1. Transaction multiples based off 2025E revenue and EBITDA.




1 1

3

2

1 1

3 3

4

4 4

13

Comparable Companies Trading Analysis

Diversified Industrials and Energy

Infrastructure

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.

1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.

2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.

3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.

5. (Debt + Preferred Stock)/EV.

Market Enterprise Net Debt/

Price as of % of 52 Wk Value Value 1

EV/EBITDA 2

P/E 3

2020E Debt/

Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2020E 2021E EBITDA 4

EV 5

Diversified Industrials

Danaher $224.63 91.5% $162,700 $182,117 28.9x 24.1x 37.2x 31.2x 2.6x 13.8%

Honeywell $203.92 97.4% $144,702 $152,938 20.0x 18.1x 29.0x 26.0x 1.0x 15.0%

Siemens €112.00 93.3% $108,538 $139,755 14.2x 12.7x 21.4x 17.9x 3.7x 38.1%

Raytheon Technologies $71.72 45.7% $108,584 $134,746 14.8x 13.2x 23.2x 20.6x 2.7x 25.6%

GE $10.18 77.4% $89,136 $134,408 22.9x 15.7x NM 28.3x 7.4x 61.3%

Caterpillar $173.59 98.1% $94,850 $123,213 18.6x 15.9x 32.1x 23.5x 4.3x 30.9%

Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9%

Schneider Electric €116.65 96.8% $77,799 $84,585 16.6x 14.3x 28.5x 22.8x 1.1x 14.9%

Mitsubishi Corporation ¥2433 82.5% $34,509 $67,565 9.5x 8.8x 12.3x 10.4x 7.6x 103.9%

Eaton $121.11 98.3% $48,723 $56,526 19.2x 17.4x 29.2x 24.6x 2.6x 15.1%

ABB CHF23.97 94.7% $56,106 $54,941 16.4x 13.2x 32.9x 21.8x 0.1x 17.6%

Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8%

Emerson Electric $76.82 96.1% $46,177 $50,911 13.9x 13.3x 23.3x 21.6x 1.3x 15.7%

Johnson Controls $46.04 98.7% $33,982 $41,220 14.9x 12.2x 36.7x 17.8x 2.6x 21.9%

Rockwell Automation $255.56 99.5% $29,875 $31,852 24.4x 21.7x 29.2x 28.8x 1.3x 7.4%

Legrand €70.98 91.7% $22,845 $26,098 15.9x 14.8x 25.6x 22.3x 2.0x 24.9%

Dover $122.03 96.6% $17,730 $20,440 16.4x 14.8x 22.2x 19.9x 2.2x 15.4%

OMRON ¥9,430 99.7% $18,238 $16,255 21.6x 20.0x NM 41.9x NM 1.7%

Alstom €44.70 95.8% $13,152 $12,074 12.3x 10.4x 25.0x 21.3x NM 16.9%

Hitachi Construction Machinery ¥2,891 76.1% $5,896 $9,243 10.1x 9.3x 23.5x 18.0x 3.5x 41.1%

Woodward $111.83 87.5% $7,157 $7,852 18.5x 17.8x 30.7x 31.8x 1.7x 10.9%

Regal Beloit $119.04 96.4% $4,857 $5,547 12.1x 10.7x 21.3x 17.6x 1.4x 20.7%

Moog $77.36 81.0% $2,517 $3,452 10.3x 10.9x NM 17.8x 2.8x 29.5%

Bharat Heavy Electricals ₹32.85 60.6% $1,545 $1,361 NM 11.2x NM 25.1x NM 48.1%

CG Power & Industrial Solutions ₹41.15 100.0% $348 $425 NM NM NM NM NM 27.5%

Mean 89.9% 17.1x 14.7x 27.0x 22.8x 3.1x 29.3%

Median 95.8% 16.4x 13.8x 27.0x 22.1x 2.6x 20.7%

Energy Infrastructure

Primary Equipment and Power Electronics

TE Connectivity $113.97 97.5% $37,838 $41,614 16.1x 14.0x NM 21.1x 1.4x 11.1%

Delta Electronics NT$224.50 100.0% $20,531 $21,484 13.3x 11.7x 23.0x 20.1x NM 8.0%

Yaskawa Electric ¥5,030 99.2% $12,615 $12,956 33.1x 25.4x NM NM 0.8x 5.8%

Sensata Technologies Holding $48.83 90.1% $7,714 $10,102 15.3x 12.0x 23.8x 15.4x 3.6x 39.6%

Fuji Electric ¥3,710 100.0% $5,082 $6,485 9.1x 8.0x 18.8x 15.6x 1.7x 41.6%

NGK Insulators ¥1,659 83.6% $5,044 $6,259 7.4x 6.3x 19.3x 14.3x 1.5x 40.7%

LS Industrial Systems W55,100 78.5% $1,460 $1,474 6.8x 6.0x 16.6x 12.6x 0.1x 41.1%

Mean 92.7% 14.4x 11.9x 20.3x 16.5x 1.5x 26.8%

Median 97.5% 13.3x 11.7x 19.3x 15.5x 1.5x 39.6%

EPC and Services

Jacobs $107.84 100.0% $14,175 $15,582 13.9x 13.5x 30.0x 18.2x 1.2x 16.5%

Acciona €106.70 85.0% $6,961 $12,748 9.4x 8.1x 32.5x 18.1x 5.0x 68.4%

ACS Group €26.49 74.2% $9,204 $12,051 3.8x 3.5x 13.2x 9.9x 2.2x 135.8%

Quanta $68.34 96.8% $9,866 $11,136 11.2x 10.2x 19.0x 16.3x 1.3x 13.3%

Skanska KR203.80 85.3% $9,870 $9,767 7.2x 9.3x 11.6x 15.5x 0.1x 19.9%

AECOM $51.89 99.3% $8,303 $9,294 12.7x 11.4x NM 19.1x 1.5x 30.2%

MasTec $56.71 87.3% $4,145 $5,414 6.8x 6.7x 11.2x 12.0x 1.6x 27.8%

EMCOR $86.18 96.1% $4,757 $4,612 8.1x 8.3x 14.4x 14.8x NM 11.6%

Stantec C$39.14 88.4% $3,395 $4,228 9.6x 9.5x 19.1x 18.1x 1.9x 24.0%

Dycom Industries $62.86 80.4% $2,038 $2,659 8.4x 7.6x 24.1x 18.8x 2.0x 23.9%

Ameresco $44.55 98.9% $2,187 $2,540 22.3x 18.9x 44.6x 37.0x 2.8x 14.9%

Fluor $17.27 83.1% $2,427 $1,717 33.4x 4.0x NM 13.6x NM 99.4%

Balfour Beatty £2.55 87.0% $2,346 $1,550 8.9x 4.8x 34.5x 13.0x NM 68.6%

Primoris Services $24.25 94.2% $1,178 $1,506 6.6x 6.6x 12.7x 12.4x 1.4x 37.0%

Granite Construction $24.62 86.4% $1,161 $1,359 5.4x 4.8x NM NM 0.9x 33.8%

STRABAG €26.60 83.1% $3,265 $1,172 1.0x 0.9x 8.8x 8.1x NM 145.1%

Bilfinger €23.16 67.0% $1,116 $1,158 12.0x 5.0x NM 21.4x 0.8x 59.1%

Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1%

Team $8.71 53.5% $267 $659 14.6x 8.8x NM NM 8.7x 62.5%

Willdan $38.88 98.8% $483 $610 20.0x 14.6x 31.1x 17.7x 4.2x 22.7%

Mistras $5.22 35.7% $153 $429 9.1x 6.8x NM 24.9x 5.9x 69.5%

Mean 83.5% 11.1x 8.1x 21.7x 17.0x 2.6x 48.7%

Median 86.4% 9.1x 7.6x 19.0x 16.3x 1.9x 33.8%

Oil and Gas Services

Liberty Oilfield Services $9.30 81.8% $790 $1,082 27.1x 8.8x NM NM 3.1x 19.2%

NexTier Oilfield Solutions $2.80 39.9% $600 $682 9.9x 8.4x NM NM 1.2x 56.8%

Secure Energy Services C$2.17 42.3% $266 $643 6.3x 6.1x NM NM 3.5x 56.1%

ProPetro Holding $5.77 48.2% $582 $529 3.9x 4.8x NM NM NM 0.2%

Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM

Mean 51.3% 12.6x 6.8x NM NM 2.6x 33.1%

Median 44.2% 9.9x 6.1x NM NM 3.1x 37.7%

14


Energy Technology


1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.

2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.

3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.




EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Energy Technology

Smart Grid Solutions

AMETEK $118.53 97.8% $27,435 $29,103 22.2x 20.1x 30.4x 28.0x 1.3x 10.2%

Terna €6.27 92.4% $15,079 $25,336 11.8x 11.5x 16.4x 16.1x 4.8x 49.0%

Keysight Technologies $120.04 100.0% $22,568 $22,793 20.8x 16.8x 32.6x 21.3x 0.2x 8.7%

Generac $215.60 92.5% $13,747 $14,186 25.4x 22.3x 34.1x 30.1x 0.7x 6.3%

Itron $78.61 89.0% $3,171 $4,014 24.0x 16.8x NM 32.0x 4.9x 35.0%

ESCO Technologies $98.90 94.8% $2,588 $2,614 18.6x 16.2x NM 30.9x 0.2x 3.0%

Landis+Gyr Group CHF65.40 62.2% $2,082 $2,161 14.3x 12.2x 26.8x 20.8x 0.7x 21.9%

S&T €19.18 74.1% $1,524 $1,542 10.5x 8.5x 24.2x 17.8x 0.1x 20.4%

Smart Metering Systems £6.44 97.0% $976 $915 14.0x 13.1x NM NM NM 2.4%

Mean 88.9% 18.0x 15.3x 27.4x 24.6x 1.6x 17.4%

Median 92.5% 18.6x 16.2x 28.6x 24.7x 0.7x 10.2%

Energy Storage

Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4%

BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5%

Samsung W533,000 96.6% $32,211 $28,540 17.7x 13.2x NM 33.8x 1.4x 12.5%

Panasonic ¥1112.50 88.9% $24,905 $26,170 5.2x 5.2x 18.7x 16.0x 0.8x 61.2%

Plug Power $26.39 98.2% $15,130 $15,171 NM NM NM NM 1.5x 11.3%

Ballard Power Systems C$26.76 94.8% $5,081 $4,707 NM NM NM NM NM 0.4%

EnerSys $81.81 97.7% $3,525 $4,255 11.8x 10.1x 20.0x 15.6x 2.0x 26.8%

Bloom Energy $24.52 89.3% $3,407 $4,132 NM NM NM NM 17.3x 25.0%

FuelCell Energy $10.20 100.0% $2,223 $2,406 NM NM NM NM NM 10.6%

Ultralife $6.75 79.0% $109 $101 8.2x 6.7x NM NM NM 6.0%

Mean 93.3% 13.6x 11.8x 19.4x 21.8x 3.8x 17.3%

Median 95.7% 11.8x 10.1x 19.4x 16.0x 1.5x 11.9%

LED Lighting

Universal Display Corporation $229.04 100.0% $10,825 $10,158 NM NM NM NM NM 0.1%

Hubbell Incorporated $161.59 98.4% $8,807 $10,096 14.5x 13.6x 21.4x 19.9x 1.8x 15.4%

Cree $90.39 98.1% $9,916 $9,603 NM NM NM NM NM 8.5%

OSRAM €51.80 98.5% $5,836 $6,410 NM 16.1x NM NM 3.7x 16.1%

Acuity Brands $118.72 83.0% $4,689 $4,598 9.7x 9.5x 17.5x 14.6x NM 10.3%

Epistar NT$38.00 82.6% $1,438 $1,455 NM 11.3x NM NM NM 17.0%

Fagerhult KR44.00 71.1% $907 $1,299 11.7x 8.8x 26.3x 14.9x 3.5x 43.3%

Veeco $16.62 91.9% $817 $839 13.3x 10.5x 19.0x 14.9x 0.3x 39.5%

Zumtobel €6.25 62.3% $323 $519 4.3x 3.9x 18.5x 11.4x 1.7x 54.7%

Dialight £2.50 73.5% $109 $149 10.9x 12.3x NM NM 2.9x 41.1%

Beghelli €0.22 86.0% $51 $123 10.7x 11.4x NM NM 6.3x 73.7%

Mean 85.9% 10.7x 10.8x 20.6x 15.1x 2.9x 29.1%

Median 86.0% 10.9x 11.3x 19.0x 14.9x 2.9x 17.0%

15



EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Advanced Transportation

Automotive Companies

Tesla $567.60 96.9% $627,198 $629,125 NM NM NM NM 0.1x 2.4%

Toyota Motor ¥6,999 88.4% $190,826 $334,084 12.8x 12.1x 12.8x 11.0x 6.6x 67.6%

Volkswagen €155.50 84.9% $93,245 $274,768 7.7x 6.5x 16.7x 6.9x 5.4x 98.6%

Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8%

BMW €73.04 95.3% $57,565 $166,879 13.1x 10.6x 13.6x 8.7x 8.9x 80.3%

Ford Motor Company $9.08 95.2% $36,365 $143,690 24.8x 12.1x NM 8.3x 19.6x 110.3%

General Motors Company $43.84 94.4% $63,086 $138,904 11.0x 9.2x 9.2x 7.2x 6.3x 85.3%

Honda Motor ¥2,872 89.1% $47,548 $87,667 8.1x 8.9x 11.6x 9.3x 4.1x 83.6%

Hyundai W181,500 97.1% $42,688 $86,409 13.8x 8.7x 23.3x 8.2x 8.9x 95.9%

BYD Company HK$182.10 91.1% $64,082 $74,758 25.3x 23.6x NM NM 3.5x 16.5%

Nissan Motor ¥492.50 71.6% $18,482 $67,154 31.6x 22.7x NM NM 26.3x 118.5%

NIO $50.53 91.2% $61,172 $60,208 NM NM NM NM NM 2.5%

SAIC Motor Y26.51 93.3% $46,951 $56,794 14.3x 10.9x 13.4x 10.7x 2.7x 69.2%

Renault €33.36 75.9% $10,812 $46,006 14.4x 7.4x NM 24.6x 16.9x 157.1%

Li Auto $35.99 81.9% $30,100 $27,548 NM NM NM NM NM 1.2%

Suzuki Motor ¥5,604 98.5% $26,087 $26,341 8.5x 7.4x 23.7x 19.3x NM 28.9%

Geely Auto HK$21.55 90.0% $25,843 $22,625 12.6x 9.6x 24.4x 17.6x NM 5.2%

Fiat Chrysler Automobiles €13.07 95.7% $24,687 $21,744 2.3x 1.6x 38.2x 5.9x NM 145.3%

XPeng $58.76 81.4% $23,485 $20,805 NM NM NM NM NM 1.7%

Tata Motors ₹180.25 90.0% $8,818 $18,692 5.7x 4.3x NM NM 3.2x 83.3%

Peugeot €19.77 88.2% $22,310 $18,357 2.5x 1.9x 11.1x 5.6x NM 91.8%

KIA W57,800 96.7% $20,942 $17,244 4.6x 3.2x 16.1x 6.9x NM 61.7%

Dongfeng Motor HK$7.98 90.7% $8,869 $12,877 NM NM 6.2x 5.0x 45.8x 103.9%

Arrival $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM

Subaru ¥2,073 70.9% $15,245 $9,927 3.8x 3.5x 15.6x 11.7x NM 32.4%

FAW Car Group Y12.83 84.6% $8,985 $5,920 7.1x 5.5x 13.4x 11.7x NM 49.4%

Guangzhou Automobile HK$8.34 83.7% $11,014 $4,942 31.8x 15.8x 11.0x 8.2x NM 39.1%

Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM

Mazda Motor ¥617.00 60.7% $3,726 $3,686 4.8x 3.6x NM NM 1.5x 249.5%

Lordstown $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM

Canoo $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM

Mitsubishi Motors ¥188.00 37.9% $2,683 $2,306 NM 5.5x NM NM NM 224.0%

XL Fleet $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM

Mean 86.6% 12.5x 8.9x 16.6x 10.3x 10.6x 78.2%

Median 90.0% 11.8x 8.7x 13.6x 8.7x 6.5x 81.8%

Truck Companies

Daimler €56.45 97.4% $72,239 $212,234 13.6x 10.1x 22.5x 9.2x 9.3x 85.8%

Volvo KR194.80 95.8% $46,331 $55,087 11.2x 8.7x 22.3x 14.7x 2.0x 36.4%

PACCAR $87.06 94.0% $30,262 $36,116 21.8x 14.8x 23.3x 15.9x 3.5x 28.8%

Traton €21.95 86.6% $13,125 $22,236 14.1x 6.8x NM 11.5x 6.7x 65.4%

MAN €44.10 84.0% $7,757 $10,111 5.9x 5.6x NM NM 2.0x 45.8%

Isuzu Motors ¥1018.00 73.0% $7,200 $9,252 6.1x 5.6x 18.9x 12.7x 0.3x 31.9%

Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3%

Mean 79.5% 12.1x 8.6x 21.7x 12.8x 4.0x 43.2%

Median 86.6% 12.4x 7.8x 22.4x 12.7x 2.8x 36.4%

Tier 1 Suppliers

Denso ¥4,929 93.1% $36,628 $39,036 9.3x 6.7x 43.7x 17.0x 0.4x 29.2%

Continental €114.20 94.5% $27,322 $33,353 8.1x 5.3x NM 13.6x 1.5x 27.6%

Aptiv $118.70 97.4% $32,094 $32,406 21.0x 13.7x NM 29.3x 1.5x 13.7%

Bridgestone ¥3,644 82.4% $24,606 $28,465 8.6x 5.6x NM 13.3x 1.1x 35.1%

Michelin €104.45 92.6% $22,303 $28,248 7.1x 5.5x 24.0x 12.0x 1.8x 37.3%

Knorr-Bremse €107.28 98.5% $20,687 $22,109 17.2x 14.4x 36.0x 27.6x 1.0x 17.5%

Magna C$79.64 96.7% $18,400 $21,812 8.1x 5.6x 20.1x 9.9x 1.5x 26.3%

QuantumScape $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM

Valeo €32.52 91.2% $9,307 $15,228 9.6x 5.3x NM 20.7x 3.2x 50.8%

Faurecia €41.70 82.3% $6,829 $11,853 6.6x 4.5x NM 11.8x 2.7x 66.2%

Lear $142.95 95.1% $8,624 $10,498 9.4x 5.8x 28.7x 10.2x 1.4x 27.4%

Goodyear $10.42 62.8% $2,438 $8,932 15.5x 6.4x NM 17.4x 11.1x 84.3%

BorgWarner $38.85 86.0% $8,054 $8,625 6.3x 4.2x 16.3x 10.1x 0.5x 32.9%

Gentex $32.60 98.1% $7,916 $7,491 15.3x 11.6x 24.0x 16.7x NM 0.4%

Luminar Technologies $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6%

Dana $16.84 88.8% $2,445 $4,598 8.0x 5.2x 34.4x 8.1x 3.6x 66.8%

American Axle & Manufacturing Holdings $7.96 72.1% $902 $3,949 5.9x 4.6x NM 7.3x 4.5x 90.7%

Visteon $120.85 97.5% $3,384 $3,539 18.3x 12.1x NM 26.9x 0.5x 14.8%

Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM

Nexteer HK$8.23 94.6% $2,662 $2,659 7.7x 5.1x 24.8x 11.8x NM 13.5%

Velodyne $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4%

Aeva $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM

Gentherm $56.86 99.8% $1,874 $1,861 15.2x 11.5x 31.8x 22.2x NM 11.6%

Veoneer $19.93 94.1% $2,224 $1,632 NM NM NM NM NM 23.5%

Stoneridge $26.86 83.9% $731 $817 24.0x 11.2x NM 31.6x 2.9x 20.4%

Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2%

Mean 88.1% 11.6x 7.6x 28.4x 16.7x 2.5x 31.0%

Median 94.3% 9.3x 5.6x 26.7x 13.6x 1.5x 26.3%


Advanced Transportation (1/3)

1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates -Cash and Marketable Securities.

2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative

2020E EBITDA.


6. Dongfeng: excluding investments in unconsolidated subsidiaries.

7. Companies that were acquired by SPACs in July, August, September, October and November

2020. For transactions which have not yet closed, the share price reflects that of the acquiring

SPAC.

6

7

7

7

7

7

7

7


7

7

16



Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.5. (Debt + Preferred Stock)/EV.



EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Mobility-as-a-Service

Uber $49.66 96.9% $87,155 $89,623 NM NM NM NM NM 11.1%

Lyft $38.17 70.8% $12,006 $10,575 NM NM NM NM NM 9.7%

Mean 83.8% NM NM NM NM NM 10.4%

Median 83.8% NM NM NM NM NM 10.4%

Autonomous Driving Chip Makers

Nvidia $536.06 92.0% $337,718 $335,260 NM NM NM 47.0x NM 2.3%

Intel $48.35 70.6% $203,602 $218,714 6.3x 6.9x 9.9x 10.5x 0.5x 16.7%

Qualcomm $147.17 98.7% $168,951 $173,937 20.6x 15.7x 28.6x 20.4x 0.6x 9.4%

Texas Instrument $161.25 100.0% $149,801 $151,053 23.3x 21.3x 29.4x 28.1x 0.2x 4.5%

Advanced Micro Devices $92.66 100.0% $112,582 $111,325 NM NM NM NM NM 0.5%

Analog $139.08 100.0% $51,783 $56,200 23.0x 20.1x 37.8x 24.1x 1.8x 9.7%

Infineon €29.52 99.7% $45,976 $52,215 21.3x 14.6x NM 28.5x 2.6x 19.5%

NXP $158.42 99.7% $44,273 $50,483 18.7x 14.8x 26.4x 19.7x 2.2x 19.0%

STMicro €32.82 98.8% $36,177 $35,583 16.7x 13.1x 36.4x 24.5x NM 8.1%

Renesas ¥928.00 97.4% $15,628 $20,707 10.2x 9.7x 30.7x 23.9x 2.5x 32.5%

ON Semi $28.75 100.0% $12,026 $14,783 14.7x 11.5x 37.8x 21.5x 2.7x 29.7%

Mean 96.1% 17.2x 14.2x 29.6x 24.8x 1.6x 13.8%

Median 99.7% 18.7x 14.6x 30.0x 24.0x 2.0x 9.7%

Intelligent Transport / ITS / Smart Tolling

Atlantia €15.28 66.3% $14,952 $73,222 14.2x 9.6x NM 16.0x 9.8x 83.8%

Roper Technologies $427.00 94.2% $45,219 $54,621 27.6x 23.6x 33.8x 29.1x 4.8x 17.8%

FLIR Systems $38.24 65.0% $5,036 $5,547 12.1x 12.1x 16.5x 16.1x 1.1x 15.0%

Autostrada €20.90 73.6% $3,309 $4,318 5.8x 4.2x 17.4x 11.0x 2.0x 72.4%

LS Corporation W63,200 97.7% $1,586 $4,222 6.7x 6.2x 14.7x 9.8x 4.2x 95.5%

Cubic Corporation $58.56 83.8% $1,835 $2,601 14.9x 14.2x NM 17.2x 4.3x 34.7%

Conduent $4.22 62.1% $883 $2,471 5.2x 5.5x 6.9x 8.3x 3.0x 84.3%

Vaisala €37.20 91.5% $1,611 $1,644 20.2x 19.6x 38.9x 34.8x 0.4x 4.9%

Kapsch TrafficCom €12.50 41.1% $194 $399 NM 15.9x NM NM NM 89.8%

INIT Innovation in Traffic Systems €31.10 82.7% $371 $396 12.0x 10.4x 24.9x 21.3x 0.8x 17.4%

Iteris $4.88 83.7% $205 $180 29.7x 17.3x 26.9x 27.5x NM 7.2%

Q-Free NOK4.86 70.9% $49 $75 8.2x 6.4x NM 34.7x 2.9x 47.1%

Image Sensing Systems $4.53 76.6% $24 $18 6.7x 6.6x NM NM NM 6.3%

Mean 76.1% 13.6x 11.7x 22.5x 20.5x 3.3x 44.3%

Median 76.6% 12.0x 10.4x 21.1x 17.2x 2.9x 34.7%

Telematics

Descartes Systems $59.29 95.0% $5,084 $5,016 NM 32.8x NM NM NM 0.3%

Inseego $9.93 67.4% $973 $1,104 NM 27.0x NM NM 7.7x 15.7%

TomTom €6.85 64.0% $1,400 $1,026 NM NM NM NM NM 4.7%

ORBCOMM $5.72 88.7% $446 $637 11.8x 9.9x NM NM 3.5x 41.7%

CalAmp $9.12 76.9% $312 $441 18.2x 10.9x NM 23.8x 5.3x 53.5%

Ituran $18.39 70.0% $383 $397 8.6x 5.3x 12.7x 11.2x 0.3x 18.9%

Quartix £3.86 87.5% $248 $236 22.4x 29.4x 29.5x 38.2x NM 0.5%

MiX Telematics R5.79 67.2% $209 $178 5.8x 6.3x 28.5x 27.3x NM 1.8%

Quarterhill C$2.66 94.3% $238 $138 4.3x 8.2x 21.3x 19.0x NM 4.0%

TeleNav $4.75 75.2% $227 $134 10.0x 6.4x 37.9x NM NM 5.6%

Mean 78.6% 11.6x 15.1x 26.0x 23.9x 4.2x 14.7%

Median 76.0% 10.0x 9.9x 28.5x 23.8x 4.4x 5.1%

Logistics

UPS $171.07 96.9% $149,173 $168,697 15.7x 14.0x 22.3x 20.1x 1.8x 17.0%

FedEx $286.58 98.3% $75,371 $106,446 13.3x 11.1x 25.5x 17.4x 3.9x 35.7%

Deutsche Post €40.50 96.5% $61,606 $78,705 7.8x 7.2x 17.6x 14.9x 1.7x 29.3%

AP Moeller Maersk DKK12735.00 100.0% $39,788 $49,733 5.9x 5.9x 14.4x 14.1x 1.3x 34.0%

Hapag Lloyd €65.20 34.9% $13,711 $19,491 6.6x 6.7x 15.4x 16.6x 2.1x 36.6%

XPO Logistics $106.68 100.0% $10,881 $17,932 13.3x 10.4x NM 28.6x 5.1x 49.9%

J.B. Hunt $135.28 94.7% $14,448 $15,432 12.6x 10.7x 29.1x 22.6x 0.8x 8.4%

C.H. Robinson $93.97 88.5% $12,886 $14,132 18.9x 15.9x 26.1x 22.4x 1.7x 10.6%

Knight-Swift Trucking $41.29 88.2% $7,062 $7,545 6.9x 6.1x 15.3x 12.5x 0.5x 10.7%

Schneider Trucking $20.90 75.3% $3,714 $3,207 5.5x 4.7x 17.4x 13.9x NM 9.6%

Werner $39.99 85.0% $2,777 $2,923 6.0x 5.3x 16.0x 13.3x 0.3x 6.4%

Mean 87.1% 10.2x 8.9x 19.9x 17.9x 1.9x 22.6%

Median 94.7% 7.8x 7.2x 17.5x 16.6x 1.7x 17.0%

17



EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Communications / Infrastructure

AT&T $28.75 73.0% $206,224 $397,997 7.2x 7.1x 9.1x 8.9x 3.2x 46.3%

Verizon $60.41 97.3% $250,218 $378,295 8.1x 7.8x 12.4x 12.1x 2.7x 36.3%

T-Mobile $132.94 100.0% $166,148 $262,164 10.8x 9.8x NM NM 3.9x 39.1%

Cisco Systems $43.02 86.2% $182,577 $166,758 10.0x 9.4x 15.1x 13.3x NM 9.4%

Hitachi ¥3,966 84.8% $36,782 $55,462 6.3x 5.8x 13.0x 9.8x 1.9x 43.4%

ChargePoint $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM

Toshiba ¥2,922 73.4% $12,710 $10,159 5.2x 4.3x 43.0x 9.8x 0.2x 54.2%

Nuvve $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM

Blink Charging $25.25 75.1% $792 $779 NM NM NM NM NM 0.2%

Mean 83.0% 7.9x 7.4x 18.5x 10.8x 2.4x 32.7%

Median 84.8% 7.7x 7.4x 13.0x 9.8x 2.7x 39.1%

Recent SPACs

QuantumScape $47.00 100.0% $21,037 $19,882 NM NM NM NM NM NM

Arrival $22.00 81.0% $13,393 $12,724 NM NM NM NM NM NM

ChargePoint $33.61 90.5% $11,623 $10,975 NM NM NM NM NM NM

Nikola Motors $20.41 25.6% $7,839 $8,544 NM NM NM NM NM 8.3%

Luminar Technologies $18.40 100.0% $6,267 $5,779 NM NM NM NM NM 0.6%

Fisker $19.38 89.7% $5,915 $4,875 NM NM NM NM NM NM

Lordstown $24.60 78.3% $4,223 $3,548 NM NM NM NM NM NM

Hyliion $20.08 36.0% $3,399 $2,880 NM NM NM NM NM NM

Canoo $13.00 100.0% $3,219 $2,612 NM NM NM NM NM NM

Velodyne $15.92 52.3% $2,746 $2,556 NM NM NM NM NM 0.4%

Romeo Systems $17.75 100.0% $2,445 $2,104 NM NM NM NM NM NM

Aeva $11.05 100.0% $2,354 $2,026 NM NM NM NM NM NM

Nuvve $14.89 66.9% $1,773 $1,703 NM NM NM NM NM NM

XL Fleet $14.04 96.2% $2,049 $1,699 NM NM NM NM NM NM

CarLotz $10.20 97.3% $1,171 $850 NM NM NM NM NM NM

Advent Technologies $13.00 100.0% $615 $634 NM NM NM NM NM 22.2%

Eos $11.30 93.0% $619 $417 NM NM NM NM NM NM

Shift Technologies $9.39 67.2% $697 $389 8.3x NM NM NM NM 8.0%

MetroMile $12.80 94.0% $601 $276 NM NM NM NM NM NM

Mean 82.5% NM NM NM NM NM 7.9%

Median 93.0% NM NM NM NM NM 8.0%



Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars.

1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest -Investments in Affiliates - Cash and Marketable Securities.

2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. 2020 and 2021 Price/Earnings Multiples exclude multiples over 50x.

4. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for

companies with negative 2020E EBITDA.


6. Companies that were acquired by SPACs in July, August, September, October and

November 2020. For transactions which have not yet closed, the share price reflects

that of the acquiring SPAC.

6

6

6

18


Renewables




EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Renewables

Integrated PV and PV Manufacturing

Hanwha W25,800 80.1% $1,622 $25,935 9.7x 9.2x 4.5x 4.2x 5.0x 69.6%

Enphase $136.57 97.2% $18,472 $18,187 NM NM NM NM NM 2.1%

SolarEdge $277.98 89.7% $14,773 $14,207 NM NM NM NM NM 4.3%

Sungrow Y48.06 93.8% $10,640 $10,910 32.4x 21.2x 37.0x 26.7x 0.8x 10.4%

TBEA Solar Y8.53 89.3% $4,813 $9,683 10.6x 9.4x 13.4x 11.6x 4.3x 72.2%

First Solar $93.43 98.7% $9,974 $8,799 14.7x 12.5x 24.3x 25.4x NM 5.2%

JinkoSolar $69.04 78.9% $3,067 $5,181 11.8x 10.8x 23.0x 18.9x 3.5x 68.5%

Canadian Solar $42.76 96.8% $2,555 $4,107 11.8x 10.7x 23.9x 25.8x 3.8x 69.7%

GCL Y3.98 62.2% $3,062 $3,393 NM 24.3x NM NM 8.4x 20.7%

SMA €48.26 97.0% $2,003 $1,786 23.4x 17.6x NM NM NM 2.4%

Mersen €24.40 69.4% $617 $987 7.3x 6.7x 22.1x 11.3x 2.6x 46.4%

Daqo New Energy $43.02 88.9% $659 $909 3.9x 2.4x 22.0x 12.6x 1.0x 36.7%

ReneSola $7.93 100.0% $381 $520 NM 32.9x NM NM 6.9x 20.9%

Maxeon $24.42 39.4% $605 $453 NM NM NM NM NM 40.3%

Foxconn Technology NT$52.60 76.0% $2,616 $414 1.4x 1.3x 10.0x 9.2x NM 184.3%

Manz €33.80 97.4% $313 $340 13.8x 7.3x NM 21.4x 2.5x 33.0%

Mean 84.7% 12.8x 12.8x 20.0x 16.7x 3.9x 42.9%

Median 89.5% 11.8x 10.7x 22.1x 15.7x 3.6x 34.8%

Solar Development

Sunrun $64.08 80.1% $8,622 $11,948 NM NM NM NM NM 24.1%

BayWa €30.75 100.0% $1,297 $7,014 14.0x 13.9x 28.7x 23.6x 11.1x 82.1%

Sunnova $40.51 90.0% $3,556 $5,620 NM NM NM NM 28.9x 34.1%

SunPower $22.16 94.9% $4,399 $4,662 NM NM NM 47.7x 19.4x 20.2%

Mean 91.3% 14.0x 13.9x 28.7x 35.7x 19.8x 40.1%

Median 92.5% 14.0x 13.9x 28.7x 35.7x 19.4x 29.1%

Wind Development

Energiekontor €44.90 99.1% $770 $1,024 13.2x 11.3x 33.8x 26.3x 3.3x 32.7%

PNE Wind €7.67 97.1% $700 $940 33.4x 21.3x NM NM 8.9x 38.2%

ABO Wind €37.80 100.0% $383 $451 12.0x 9.4x 25.4x 17.6x 1.8x 23.1%

Arise KR40.30 76.3% $161 $224 19.7x 7.1x NM 9.0x 5.5x 39.9%

Mean 93.1% 19.6x 12.3x 29.6x 17.6x 4.9x 33.5%

Median 98.1% 16.4x 10.3x 29.6x 17.6x 4.4x 35.4%

IPPs

Enel €8.37 97.7% $101,765 $184,823 8.6x 8.3x 16.7x 15.5x 3.2x 40.6%

Iberdrola €11.45 99.8% $83,181 $138,506 11.3x 10.4x 20.2x 19.1x 3.8x 36.3%

ENGIE €12.37 74.3% $35,707 $68,514 6.4x 5.6x 17.7x 11.9x 3.4x 77.9%

AES $20.44 95.6% $13,593 $34,825 9.8x 9.1x 14.8x 13.1x 5.4x 63.8%

EDP Renovaveis €17.76 99.7% $18,532 $23,448 11.7x 12.0x 29.8x 34.2x 1.9x 18.4%

Northland Power C$44.51 96.1% $6,925 $12,916 14.1x 13.5x 21.9x 23.6x 5.9x 48.0%

NRG $32.75 80.6% $8,024 $12,528 6.2x 6.4x 8.6x 7.2x 2.4x 49.2%

Neoen €50.70 100.0% $5,739 $8,169 24.5x 19.6x NM NM 7.3x 38.4%

Innergex C$25.70 97.1% $3,042 $6,337 14.8x 12.9x NM NM 8.2x 59.3%

ERG €20.20 87.0% $3,597 $5,430 9.3x 8.6x 29.0x 25.3x 3.1x 49.1%

Scatec Solar NOK278.20 100.0% $4,325 $5,423 21.6x 15.6x NM NM 4.4x 28.6%

Boralex C$41.04 95.6% $3,124 $5,200 13.1x 12.1x NM NM 5.6x 46.4%

Falck Renewables €5.44 88.0% $1,887 $2,829 12.2x 11.1x 46.8x 36.3x 3.7x 37.3%

Voltalia €19.58 84.0% $1,645 $2,245 18.3x 11.6x NM NM 4.5x 33.4%

Solarpack €21.20 100.0% $843 $1,237 14.2x 14.2x 39.3x 37.2x 4.3x 38.1%

Atlantic Power C$2.70 80.6% $186 $806 4.4x 4.2x 7.4x 9.1x 2.9x 92.4%

Alerion Clean Power €8.08 94.4% $487 $635 8.2x 6.6x NM NM 2.1x 54.0%

Etrion C$0.33 77.6% $88 $123 8.2x 8.2x NM NM 2.3x 32.8%

Mean 91.6% 12.0x 10.6x 22.9x 21.1x 4.1x 46.9%

Median 95.6% 11.5x 10.7x 20.2x 19.1x 3.7x 43.5%

19


Yield Vehicles

Source: FactSet, SEC filings and third-party providers. Values in U.S. Dollars. Share prices shown in local currencies.1. Enterprise Value = Equity Value + Debt + Preferred Equity + Minority Interest - Investments in Affiliates - Cash and Marketable Securities.2. 2020 and 2021 EBITDA Multiples exclude multiples over 35x.3. Net Debt/2020 EBITDA Multiples exclude multiples over 100x and multiples for companies with negative 2020E EBITDA.4. (Debt + Preferred Stock)/EV.

Market Enterprise Dividend CAFD Net Debt/


EV/EBITDA 2

Yield Yield 2020E Debt/

Company 11/30/20 High ($mm) ($mm) 2020E 2021E 2019A 2020E EBITDA 3

EV 4

Yield Vehicles

North American Yield Vehicles

Brookfield Renewable Partners C$82.54 100.0% $19,831 $49,278 31.2x 26.1x 3.8% 3.2% 10.6x 38.5%

NextEra Energy Partners $63.47 93.2% $11,072 $17,797 13.8x 12.8x 3.7% 5.4% 2.9x 22.6%

Clearway Energy $29.27 95.2% $5,874 $11,676 10.5x 10.4x 4.3% 5.3% 5.8x 59.8%

Atlantica Sustainable Infrastructure $34.39 97.7% $3,494 $8,888 10.9x 9.8x 4.9% 6.4% 6.5x 70.8%

Hannon Armstrong $54.66 98.9% $4,161 $4,714 NM NM 2.5% NA 16.0x 46.1%

TransAlta Renewables C$17.94 98.8% $3,682 $3,109 8.8x 8.6x 5.2% 6.6% 1.7x 20.3%

Mean 97.3% 15.0x 13.5x 4.1% 5.4% 7.3x 43.0%

Median 98.3% 10.9x 10.4x 4.0% 5.4% 6.1x 42.3%

European Yield Vehicles

Encavis €17.94 97.1% $2,972 $5,031 19.0x 16.2x 2.0% NA 7.8x 46.5%

Greencoat UK Wind £1.30 85.3% $2,643 $3,442 29.8x 22.8x 5.4% NA 6.9x 24.3%

Renewables Infrastructure Group £1.26 90.5% $2,401 $2,369 8.2x 6.1x 5.3% NA NM NM

NextEnergy Solar Fund £1.07 84.4% $1,091 $1,340 NM NM 6.6% NA NM 19.7%

John Laing Environmental £1.15 92.4% $839 $837 NM NM 5.9% NA NM NM

Bluefield Solar Income £1.30 89.3% $643 $642 17.0x 17.0x 6.3% NA NM NM

Octopus Renewables £1.08 93.1% $505 $505 NM NM 1.1% NA NM NM

Mean 90.3% 18.5x 15.5x 4.7% NA 7.4x 30.2%

Median 90.5% 18.0x 16.6x 5.4% NA 7.4x 24.3%

MLPs

Enviva $44.64 98.2% $1,775 $2,533 14.8x 11.1x NA NA 5.6x 37.9%

Mean 98.2% 14.8x 11.1x NA NA 5.6x 37.9%

Median 98.2% 14.8x 11.1x NA NA 5.6x 37.9%

20


Environmental Services and Technologies




EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Environmental Services and Technologies

Solid Waste

Waste Management $119.13 94.4% $50,583 $59,837 13.8x 12.2x 29.8x 26.2x 2.2x 17.4%

Republic Services $96.72 94.3% $30,925 $39,554 13.3x 12.6x 28.5x 26.1x 2.9x 22.8%

Waste Connections C$135.01 94.5% $27,453 $31,476 19.2x 17.4x 40.2x 35.1x 2.5x 15.5%

SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7%

Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5%

GFL Environmental $27.13 100.0% $8,856 $13,120 16.0x 11.8x NM NM 5.2x 43.2%

Casella $60.18 98.3% $2,926 $3,520 20.7x 18.9x NM NM 3.5x 17.5%

Biffa £2.25 73.3% $860 $1,309 7.1x 6.4x 30.5x 19.8x 2.5x 46.2%

Séché Environnement €37.80 80.8% $353 $891 5.8x 5.2x 24.8x 14.4x 3.5x 88.6%

Mean 89.1% 12.3x 10.9x 29.8x 23.2x 3.4x 46.1%

Median 94.4% 13.3x 11.8x 29.2x 26.0x 3.5x 43.2%

Specialty Waste

Darling Ingredients $48.28 98.3% $8,063 $8,936 11.0x 10.5x 26.0x 24.3x 1.9x 18.1%

Stericycle $70.44 94.6% $6,445 $8,789 17.8x 17.1x 30.5x 27.8x 4.7x 27.3%

Clean Harbors $72.37 81.9% $4,034 $5,207 9.6x 9.6x 34.4x 35.3x 2.2x 32.8%

Covanta Holding $12.40 78.3% $1,662 $4,211 10.0x 9.6x NM NM 6.1x 62.0%

Harsco $16.95 72.1% $1,339 $2,659 11.3x 9.2x 36.1x 22.2x 5.4x 50.9%

US Ecology $33.89 58.5% $1,062 $1,861 10.9x 9.7x NM 34.9x 4.7x 48.4%

Renewi £0.34 74.7% $357 $1,156 5.4x 5.0x NM 9.9x 3.7x 84.0%

Heritage-Crystal Clean $19.27 59.4% $452 $512 13.7x 9.6x 42.8x 28.3x 1.6x 22.0%

Mean 77.2% 11.2x 10.0x 33.9x 26.1x 3.8x 43.2%

Median 76.5% 10.9x 9.6x 34.4x 27.8x 4.2x 40.6%

Environmental Assessment

Donaldson Company $53.24 91.5% $6,799 $7,258 16.8x 15.7x 26.5x 24.7x 1.1x 9.7%

Montrose Environmental $27.39 78.9% $8,941 $9,232 NM NM NM NM 2.7x 3.6%

CECO Environmental $7.40 83.1% $262 $305 10.3x 9.7x 14.8x 14.5x 1.4x 29.1%

Advanced Emissions Solutions $5.65 45.2% $102 $98 NM NM NM NM NM 34.1%

Mean 74.7% 13.6x 12.7x 20.7x 19.6x 1.7x 19.1%

Median 81.0% 13.6x 12.7x 20.7x 19.6x 1.4x 19.4%

21


Water




EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

Water

Efficiency / Process

Pentair $51.82 95.7% $8,659 $9,464 17.0x 15.5x 21.2x 19.4x 1.5x 9.4%

Rexnord $37.51 95.6% $4,595 $5,538 12.8x 12.2x 22.2x 20.1x 2.2x 22.9%

Flowserve $34.08 67.2% $4,461 $5,448 11.7x 12.1x 19.4x 20.9x 2.0x 34.5%

Evoqua $26.09 92.0% $3,149 $3,922 14.4x 15.7x 30.1x 38.4x 2.8x 24.6%

Kemira €12.05 83.3% $2,210 $3,158 6.3x 6.5x 13.1x 14.1x 1.9x 36.8%

Badger Meter $82.44 100.0% $2,409 $2,322 25.8x 23.8x 48.9x 45.2x NM 0.3%

Thermon Group $14.14 51.7% $473 $608 12.4x 11.2x 32.2x 20.6x 2.8x 31.1%

Wabag ₹199.05 87.6% $147 NA NM NM 15.9x 10.5x NM NA

Mean 84.2% 14.3x 13.9x 25.4x 23.6x 2.2x 22.8%

Median 89.8% 12.8x 12.2x 21.7x 20.4x 2.1x 24.6%

Infrastructure, Monitoring and Compliance

Ecolab $222.15 96.5% $64,068 $70,418 28.8x 24.4x NM 42.1x 2.6x 10.4%

Xylem $95.97 98.4% $17,367 $18,927 24.9x 20.6x 49.6x 36.6x 2.0x 16.7%

Watts Water $117.15 97.9% $3,971 $4,031 17.2x 16.9x 31.5x 30.9x 0.3x 6.1%

Mueller Water Products $11.87 93.9% $1,884 $2,150 11.2x 10.4x 24.8x 20.6x 1.4x 22.1%

Aegion $17.15 72.6% $528 $753 8.5x 7.5x 18.7x 13.7x 2.5x 39.1%

Select Energy Services $4.23 44.2% $364 $179 15.7x 5.8x NM NM NM NM

Mean 83.9% 17.7x 14.3x 31.2x 28.8x 1.7x 18.9%

Median 95.2% 16.4x 13.6x 28.2x 30.9x 2.0x 16.7%

Heating and Cooling

Lennox $287.83 93.9% $11,110 $12,263 21.9x 19.5x 30.3x 26.9x 2.1x 9.9%

A.O. Smith $56.31 97.2% $9,149 $8,800 17.4x 15.4x 28.4x 23.8x NM 1.8%

AAON $65.13 96.9% $3,462 $3,389 27.3x 28.2x 45.7x NM NM 0.2%

SPX $51.23 96.2% $2,351 $2,744 12.8x 12.0x 18.2x 16.5x 1.8x 16.9%

Comfort Systems USA $50.39 86.9% $1,852 $2,102 8.4x 9.8x 13.5x 16.6x 1.0x 15.2%

Mean 94.2% 17.6x 17.0x 27.2x 20.9x 1.6x 8.8%

Median 96.2% 17.4x 15.4x 28.4x 20.2x 1.8x 9.9%

Distribution

American Water Works Company $153.38 92.6% $27,915 $38,076 19.8x 18.4x 39.3x 36.1x 5.3x 28.3%

SUEZ €16.14 99.3% $12,107 $27,871 8.6x 7.6x NM 26.0x 4.6x 75.7%

Veolia €19.26 66.6% $12,776 $27,002 6.3x 5.5x 25.2x 15.0x 3.5x 87.5%

Essential Utilities $45.28 83.7% $11,554 $17,007 19.9x 17.7x 28.8x 27.1x 6.4x 32.1%

Severn Trent £23.89 88.6% $7,629 $16,198 13.8x 13.3x 24.7x 19.9x 7.3x 53.1%

SJW $65.60 87.8% $1,883 $3,368 16.0x 14.3x 32.3x 27.4x 7.0x 44.7%

American States Water $73.82 78.7% $2,731 $3,268 19.5x 18.6x 32.8x 31.1x 3.2x 16.7%

Middlesex Water Company $68.49 93.2% $1,204 $1,485 26.9x 26.0x 32.3x 30.9x 5.0x 19.3%

York Water Company $45.04 88.9% $587 $693 21.0x 20.3x 35.3x 35.3x 3.2x 16.9%

Artesian Resources $36.97 92.2% $347 $515 13.8x 13.3x 20.8x 20.0x 4.5x 32.7%

Global Water Resources $12.88 92.1% $291 $388 21.3x 21.1x NM NM 5.3x 29.6%

Consolidated Water $10.96 58.8% $166 $139 8.4x 8.7x 30.0x 19.7x NM 1.3%

Mean 85.2% 16.3x 15.4x 30.2x 26.2x 5.0x 36.5%

Median 88.8% 17.7x 16.0x 31.2x 27.1x 5.0x 30.9%

22


AgTech, Industrial Biotechnology and

Building Materials




EV/EBITDA 2

P/E 3

2020E Debt/


EV 5

AgTech

Large Crop / Life Science

Bayer €48.27 61.7% $56,725 $102,189 7.4x 7.5x 7.6x 7.7x 3.3x 50.9%

BASF €61.33 89.1% $67,382 $70,642 8.5x 7.2x 23.1x 17.4x 2.3x 36.5%

DuPont $63.44 95.8% $46,590 $66,984 13.6x 13.0x 19.9x 18.3x 4.2x 37.1%

Archer-Daniels-Midland $49.77 96.0% $27,971 $31,602 9.3x 8.5x 14.4x 13.8x 2.4x 29.3%

Bunge $58.89 94.0% $8,748 $16,135 8.5x 9.4x 8.9x 10.8x 3.5x 49.9%

Mosaic $21.96 94.7% $8,325 $11,860 8.0x 6.7x NM 18.9x 2.7x 42.0%

Mean 88.5% 9.2x 8.7x 14.8x 14.5x 3.1x 40.9%

Median 94.4% 8.5x 8.0x 14.4x 15.6x 3.0x 39.5%

Irrigation / Equipment

Jain ₹19.25 94.1% $134 NA NM NM NM NM NM NA

Deere $261.62 99.9% $82,960 $121,065 17.0x 19.9x 27.9x 19.9x 5.4x 38.0%

Kubota ¥2,071 93.4% $24,048 $31,608 14.3x 11.8x 20.1x 16.6x 3.2x 28.9%

CNH Industrial $10.88 96.4% $14,845 $31,389 24.2x 13.5x NM 18.1x 13.5x 78.6%

Mahindra & Mahindra ₹720.05 98.7% $11,170 $16,567 15.8x 17.7x 25.2x 28.0x 5.5x 57.4%

Toro Company $90.71 98.6% $9,846 $10,400 19.9x 17.1x 30.7x 25.7x 1.1x 9.4%

AGCO $92.51 95.8% $6,975 $7,795 9.0x 8.3x 18.0x 15.5x 1.4x 21.8%

Valmont $162.98 97.8% $3,490 $3,948 11.9x 10.6x 20.9x 18.6x 1.3x 22.1%

Lindsay $115.82 97.3% $1,260 $1,266 17.9x 18.1x 34.0x 34.6x 0.1x 11.6%

Raven Industries $25.22 70.5% $912 $882 20.1x 15.1x 36.8x 29.9x NM 1.2%

Mean 94.2% 16.7x 14.7x 26.7x 23.0x 3.9x 29.9%

Median 96.8% 17.0x 15.1x 26.5x 19.9x 2.3x 22.1%

Industrial Biotechnology

Neste €56.18 97.0% $51,601 $51,934 23.2x 20.6x 36.5x 32.3x 0.2x 2.9%

Cosan R$77.54 85.8% $5,545 $5,942 5.7x 4.9x 29.6x 14.5x 1.7x 51.7%

Renewable Energy Group $58.08 91.3% $2,534 $2,345 11.9x 8.2x 18.8x 11.0x NM 4.1%

Green Plains $14.78 86.2% $512 $960 22.3x 6.8x NM NM 9.4x 61.1%

Amyris $2.92 54.6% $664 $826 NM NM NM NM NM 24.3%

MGP Ingredients $43.61 82.6% $738 $776 11.6x 10.6x 18.6x 16.9x 0.6x 7.4%

Pacific Ethanol $6.13 56.6% $378 $525 6.5x 3.7x 16.6x 4.9x 1.8x 35.3%

REX American Resources $78.50 84.0% $491 $339 NM 7.1x NM 12.8x NM 4.4%

FutureFuel $11.99 83.8% $525 $281 5.1x 7.2x NM NM NM 0.2%

Mean 80.2% 12.3x 8.6x 24.0x 15.4x 2.7x 21.3%

Median 84.0% 11.6x 7.1x 18.8x 13.6x 1.7x 7.4%

Building Materials

Multi-Industry

CRH $39.25 92.4% $31,015 $38,879 8.7x 8.3x 17.6x 15.7x 1.8x 46.4%

Saint-Gobain €39.82 98.1% $25,638 $37,126 7.2x 6.3x 17.7x 12.1x 2.3x 54.2%

Masco $53.67 89.7% $14,008 $15,806 11.0x 10.9x 17.5x 16.6x 1.1x 18.6%

Owens Corning $72.87 96.3% $7,979 $10,597 8.4x 7.5x 16.2x 13.1x 2.0x 30.5%

Beacon Roofing Supply $36.39 95.5% $2,533 $5,506 11.9x 10.5x NM 12.5x 5.6x 65.3%

Armstrong World Industries $77.06 69.3% $3,699 $4,237 13.0x 12.2x 21.3x 19.4x 1.8x 17.0%

Simpson Manufacturing $91.90 88.9% $4,014 $3,818 13.0x 12.9x 21.6x 21.4x NM 3.1%

Griffon $20.85 84.9% $1,012 $2,009 8.4x 8.0x 16.4x 13.1x 4.1x 60.5%

Gibraltar $65.46 89.5% $2,158 $2,002 13.1x 11.0x 21.7x 18.8x NM 1.2%

Mean 89.4% 10.5x 9.7x 18.8x 15.9x 2.7x 33.0%

Median 89.7% 11.0x 10.5x 17.6x 15.7x 2.0x 30.5%

Sustainable Products / Materials

Kingspan €73.15 88.7% $15,969 $16,761 22.6x 21.7x 35.5x 32.8x 1.0x 7.5%

Trex $74.82 93.6% $8,689 $8,707 34.2x 28.5x 48.6x 41.8x 0.1x 0.4%

Cabot Corporation $41.41 85.7% $2,340 $3,492 8.9x 6.8x NM 12.0x 2.7x 34.9%

Quanex $20.60 94.0% $674 $836 8.4x 7.9x 19.9x 16.7x 1.6x 24.3%

Aspen Aerogels $14.12 94.6% $377 $375 NM NM NM NM NM 2.3%

DIRTT Environmental Solutions C$2.16 48.3% $141 $126 NM NM NM NM NM 28.3%

Mean 84.2% 18.5x 16.2x 34.7x 25.8x 1.4x 16.3%

Median 91.2% 15.8x 14.8x 35.5x 24.8x 1.3x 15.9%

23

San FranciscoNew York

Zürich

Highly Experienced Senior Leadership Supported by a Global Team of Professionals

Laurent

Dallet

Managing

Director

Zürich

laurent.dallet@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Distributed energy

production

Energy efficiency and

services

Jeff

McDermott

Managing

Director,

Group Head

New York

jeff.mcdermott@nomura

greentech.com

30+ years of

experience

>150 completed

transactions

Founder and head

of advisory business

Large industrials and

energy companies

Broad coverage of

senior leaders

Derek

Bentley

Managing

Director

New York

derek.bentley@nomura

greentech.com

20+ years of

experience

>35 completed

transactions

Renewable energy

assets

Energy storage

Distributed

generation

Water

PJ

Deschenes

Managing

Director

New York

pj.deschenes@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Renewable energy

assets

Power infrastructure

services

Renewable energy

value chain

Environmental

services

Michael

Horwitz

Managing

Director

San Francisco

michael.horwitz@nomura

greentech.com

20+ years of

experience

>40 completed

transactions

Energy efficiency

Energy software and

services

Energy storage

Renewable energy

Smart grid

Blockchain

Olav

Junttila

Managing

Director

Chicago

olav.junttila@nomura

greentech.com

20+ years of

experience

>30 completed

transactions

Energy software

and services

Energy efficiency

Renewable energy

Utilities

John

McClure

Managing

Director

San Francisco

john.mcclure@nomura

greentech.com

25+ years of

experience

>20 completed

transactions

Advanced

transportation

Edge computing

Semi-conductors

Industrial sensors

Capital

Raising

Equity private placements

Debt private placements

Project finance advisory

Co-managed public

offerings

Mergers &

Acquisitions

Corporate sales

Acquisitions

Minority investments

Joint ventures

Fairness opinions

Strategic

Advisory

Strategic consulting

IPO preparation

Financial restructuring

Specialized opinions

Independent capital

markets advice

>25 assignments

Asset

Transactions

Acquisitions

Divestitures

Passive equity

Development capital

formation

$33bn $4bnDevelopment

70GWOperating

27GW

Note: As of November 30th, 2020.

Diego

Pignatelli

Managing

Director

Zürich

diego.pignatelli@nomura

greentech.com

30+ years of

experience

>60 completed

transactions

European coverage

Industrials and energy

companies

Utilities

Duncan

Williams

Managing

Director

San Francisco

duncan.williams@nomura

greentech.com

25+ years of experience

>40 completed

transactions

Sustainable Food &

AgTech

Advanced

transportation

Industrial IoT &

software

Environmental services

Water

Damien

Sauer

Managing

Director

Zürich

damien.sauer@nomura

greentech.com

20+ years of

experience

>50 completed

transactions

Energy efficiency


Renewable energy

value chain

Smart grid

Frank

Nicklaus

Managing

Director

New York

frank.nicklaus@nomura

greentech.com

15+ years of

experience

>25 completed

transactions

Renewable energy

assets


services

Renewable energy

value chain

Steve

MegyeryAlex

Stein

Managing

Director

Zürich

alex.stein@nomura

greentech.com

10+ years of

experience

>20 completed

transactions

Energy transition

Industry 4.0

Environmental

technology and

services

Global Experts in Sustainable

Technology and Infrastructure

Nomura Greentech Offices

Nomura Greentech Transactions

Chicago

Managing

Director

New York

steve.megyery@nomura

greentech.com

15+ years of

experience

>30 completed

transactions

Head of Private

Placements

Cleantech


24

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