About PwC’s Cleantech Practice PwC’s Cleantech Practice provides services and advice in assurance, tax, transactions, market entry, and business performance improvement to companies across the cleantech sector and the breadth of industries it impacts. Our broad network of industry sector specialists combines a detailed knowledge of government policy and regulation with strong private enterprise experience, providing us with an in-depth understanding of key industry issues around strategy, operations, regulations, risk, technology, and finance. As the service provider of choice for emerging and established cleantech companies as well as organizations and utilities, we can help you to develop, commercialize, deploy, and maintain go-to-market strategies for your products and services across the cleantech ecosystem. Cleantech MoneyTree Report: Q3 2014 Based on the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters TM Contacts Brian Carey US Cleantech Advisory Leader (408) 817 7807 [email protected] Keith Parsons US Cleantech Assurance Leader (720) 931 7784 [email protected] Matt Haskins US Cleantech Tax Leader (202) 414 1570 [email protected] Debi Gerstel US Cleantech Practice Chief of Staff (408) 817 7430 [email protected] www.pwc.com/cleantech www.pwcmoneytree.com PwC Research&Analytics © 2014 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. LA-15-0023 TM Cleantech received $366 million in 32 venture deals in the third quarter of 2014. Funding dollars increased 25 percent year-overyear, while deal volume decreased 27 percent over the same period. October 2014 Figure 3: Cleantech deal volume by quarter 2011-2014 40 20 2014 Figure 4: Cleantech follow-on compared with initial investments 2011-2014 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 Late stage -21% -31% -44% Cleantech funding by subsector Silicon Valley Cleantech subsectors receiving increased funding in the third quarter compared to the prior-year period were: The Midwest South Central LA/Orange County Texas 0 50 100 150 200 Deal value ($ in Millions) 0.4 Silicon Valley Texas 0.2 LA/Orange County Midwest 2014 Q3 2014 Q2 2014 Q3 2014 Q2 New England 2014 Q1 0.0 2014 Q1 2013 Q4 2013 Q3 2013 Q2 0.6 2013 Q1 2011 Q3 0.8 2013 Q4 Cleantech investment for late-stage opportunities increased year-over-year by 38% percent to $320 million. 1.0 2013 Q3 Early-stage investment was $46 million during the quarter, a decrease of 25 percent compared to the third quarter of 2013. 2012 Q4 1.2 Cleantech funding by stage 2012 Q3 Figure 6: Cleantech funding by subsector 2011-2014 2012 Q2 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2012 Q1 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 • Water & Waste Management, decreased 74 percent to $20 million • Transportation, decreased 100 percent to $0 million Follow-on investment Early-stage average deal size, at $9.2 million, increased 141 percent year-over-year in 5 deals, while late-stage average deal size, at $11.9 million, increased 23 percent over the same period in 27 deals. Cleantech -18% 2011 Q4 Initial investment 2013 Q1 2012 Q4 2014 Q3 2013 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2 2013 Q1 Compared to the third quarter of 2013, deal volume decreased by 27 percent in the third quarter to 32. Average deal size was $11.4 million, an increase of 57% percent year-over-year. 31% • Solar Energy, increased 51 percent to $172 million • Agriculture & Bioproducts, increased 22 percent to $32 million • Smart Grid & Energy Storage, increased 52 percent to $46 million • Other Cleantech, increased 140 percent to $97 million Total Venture Capital Cleantech deal volume -50% 2013 Q2 Cleantech 2012 Q4 2012 Q3 2012 Q2 2012 Q1 2011 Q4 2011 Q3 -100% 2012 Q3 -50% Early stage Silicon Valley, the Midwest, South Central, LA/Orange County, and Texas received the most Cleantech venture capital funding in the third quarter. Silicon Valley received the most funding with $179 million. Cleantech subsectors receiving less funding in the third quarter compared to the prior-year period were: 2012 Q2 0% 2012 Q1 50% 2011 Q4 % Change (Y/Y) 100% 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% 2011 Q3 Figure 2: Growth in Cleantech funding compared with total venture funding % Change in investments 2013 Q1 2013 % Change in avg deal size 2012 Q4 2012 Q4 % Change in deal volume 2012 Q3 2011 Q3 47% Regional funding trends Early Stage Third quarter sequential growth factors (Q/Q growth) 2012 Q2 Q2 2013 Q2 Late Stage 2012 Q1 Q1 2013 Q1 2014 2012 Q4 2013 2012 Q3 2012 Q4 2012 Q2 2011 Q3 2011 Q4 0.0 Other Cleantech 2012 Q1 Q2 Year-over-year, follow-on funding increased 18 percent to $321 million in the third quarter. Follow-on funding average deal size was $11.9 million, a 44 percent increase from the same period in the previous year, in 27 deals. 0.5 Water & Waste Management 5% 0.4 2011 Q3 Q1 Billions of $ 1.0 Solar Energy 0.6 0.0 0 increased 122 percent to $46 million. First-time deals in the Cleantech sector averaged $9.1 million during the third quarter, an increase of 211 percent year-over-year, in 5 deals. 1.5 Smart Grid and Energy Storage 13% 0.8 0.2 First-time funding compared with follow-on funding Figure 1: Cleantech funding trends by quarter 2011-2014 Agriculture & Bioproducts 9% 26% 1.0 60 “More venture capital has been invested in the Cleantech industry in the first nine months of this year compared to all of last year”, said Brian Carey, US Cleantech Advisory Leader. “In particular, investment in solar is resurfacing, with strong momentum the past two quarters.” Billions of $ 1.2 80 Billions of $ Number of deals transportation, water and waste management, wind and geothermal, and other renewables, saw a 25 percent increase in funding from the third quarter of 2013 to $366 million. Figure 7: Cleantech funding by subsector third quarter 2014 1.4 100 The Cleantech sector, which crosses traditional MoneyTree industries and is composed of agriculture and bioproducts, 2011 Q4 Cleantech funding Figure 5: Cleantech funding by stage each quarter 2011-2014 2011 Q3 Cleantech Agriculture & Bioproducts Transportation Energy Efficiency Water & Waste Management Solar SmartEnergy Grid & Energy Storage Other&Cleantech Wind Geothermal Solar Energy Other Cleantech PwC
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