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Name, Organisation Ich fliege am 17. hin, komme mittags am 18. an. WHEB Partners pioneers in European clean technology.

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Presentation on theme: "Name, Organisation Ich fliege am 17. hin, komme mittags am 18. an. WHEB Partners pioneers in European clean technology."— Presentation transcript:

1 Name, Organisation Ich fliege am 17. hin, komme mittags am 18. an. WHEB Partners pioneers in European clean technology

2 2 Introducing WHEB Partners 2 offices (London and Munich). 9 investment professionals and 2 part time venture partners (excluding WHEB Asset Managements 3 professionals and WHEB Infrastructure Partners 4 professionals). £129 million of assets under management across two funds: Fund 1 (2004 vintage): £24m; 8 investments and closed for new deals. LPs comprise family offices and institutions such as Macquarie. Fund 2 (2008 vintage): £105m; 7 investments. LPs include European Investment Fund, Hermes GPE, a US public sector pension fund of funds, a bank and a variety of American and European family offices. Most of Fund 2 will be invested in Europe but investments may be made elsewhere (e.g. US, Israel) with local VC partners in deals to which WHEB can add value in Europe. Location Team Size Fund Size Geographic Focus A pioneer among the cleantech VC firms in Europe

3 Why WHEB is different Team Experience 20 years of pioneering activity in the cleantech sector. Blue chip venture capital (post seed stage) and expansion capital experience. Industrial and entrepreneurial track records. Award winning technology commercialisation track record. Extensive Government policy advisory work (UK, Germany and EU). Network Large proprietary network of cleantech contacts. Extensive relevant industrial, financial, family office, government and NGO relationships. Affiliations with: RUSTON Wheb, specialist cleantech executive search firm. WHEB Asset Management, fund investing in publicly listed sustainable stocks. WHEB Infrastructure Partners, renewable energy infrastructure fund. Proactive Style Hands-on, value adding approach. Second Fund Very few European cleantech specialist VC firms have been in business long enough to be investing their 2 nd fund. 3

4 4 Partners James McNaught-Davis (London) MA from Cambridge and MBA from Wharton Business School Originally investment banking with Schroders & Merrill Lynch & then responsible for M&A at Misys plc, helping grow the business from £50m to £1bn in revenues 10 years VC at partner level with Warburg Pincus and Advent Joined WHEB Ventures as its managing partner in 2007 Speaks French and Italian Member of British Venture Capital Associations Energy, Environment & Technology Board Dr Rob Wylie (London) MA and PhD in chemistry from Cambridge, post doc at Geneva University 10 years in Shells agrochemical business 20 years cleantech experience with Rothschilds, KPMG and WHEB including 5 as VC investor Active participant in numerous Government and university advisory boards

5 5 Ben Goldsmith (London) 8 years clean technology investment experience Extensive and value-adding global network of contacts Co-founded WHEB Ventures with Rob and Kim in 2002 Founder of the Environmental Funders Network Kim Heyworth (London) Economist with an MA from Trinity College Dublin 20 years relevant cleantech experience in: KPMG Consulting - global chairman of Strategic Services and Environmental Practices WHEB co-founder in 1995 Experienced Government and industry board advisor including Waste Recycling Group Plc, one the UKs largest waste companies Partners

6 Jörg Sperling – Partner (Munich) Masters Degree in Electrical Engineering – University of Aachen, Germany. Research at AT&T Bell Laboratories (New Jersey USA) and at Israels Institute of Technology (Technion). 8 years VC experience; 6 years in Silicon Valley (Infineon Ventures and Ridgewood Capital), 2 years in Germany as cleantech focused venture partner at Target Partners, Munich. Previously VP of Sales at ZMD AG. Speaks German, English, Spanish and Hebrew Partners and venture partners Dr Mike Mattner – Venture Partner (Munich) PhD in Chemistry from Technische Universität München. Former CEO of TUM International GmbH, international commercialization of IP belonging to the Technische Universität München. Co-Founder and Managing Director of Get2M GmbH. Thilo von Selchow – Venture Partner (Dresden) CEO & President of ZMD AG since Chairman of Novaled AG –start-up company in the field of OLED (organic LED). Previously held executive positions in German Mittelstand companies. Investment Manager in the Matuschka Groups Private Equity fund 6

7 Cleantech market opportunity Cleantech is an investment theme that cuts across multiple industrial sectors: Energy Generation Renewable energy generation (e.g. bio-fuels, solar, wave/tidal, wind) Cleaner coal Carbon capture & storage Renewable energy generation (e.g. bio-fuels, solar, wave/tidal, wind) Cleaner coal Carbon capture & storage Energy Efficiency & Storage Energy Efficiency & Storage Energy efficiency and storage E-mobility Smart grids and smart meters Energy efficiency and storage E-mobility Smart grids and smart meters Clean Industrial Processes Clean Industrial Processes Innovative Materials Sustainable Industrial efficiency Chemical-free agriculture Innovative Materials Sustainable Industrial efficiency Chemical-free agriculture Waste Collection Recycling Treatment Collection Recycling Treatment Water Filtration Flow technologies Treatment Usage efficiency Filtration Flow technologies Treatment Usage efficiency 7

8 WHEBs current investments Energy Generation Energy Efficiency & Storage Energy Efficiency & Storage Clean Industrial Processes Clean Industrial Processes Waste Water Although one third of WHEBs deal flow is in renewable energy generation, risk-adjusted returns have looked better in less fashionable categories like energy efficiency, industrial and agricultural efficiency, materials, waste and water: 8

9 Location Originally Australia but now US. Company Activity Irrigation control using a range of sensors, telemetry and software systems providing up to 50% savings in water usage. Key Attractions Company experience, 80,000 sensors sold since Clear market leader in Australian high precision agriculture market. Market potential and cost advantages of AquaSpy system. Quality Management team and fellow investors. Track Record & Plans Developed award winning product improvements enabling low cost mass production. Developed large scale distribution partners (Netafim, Rubicon). Revenues depressed since investment due to Australian drought but now doubling due to US emphasis and recurring revenue contracts with seed companies. WHEB Role Leading role in finding US COO & developing exit strategy. Leading role in recruiting new US based CEO for Leading role in finding US based investors 9

10 Location Southampton, UK. Company Activity Developer of turbo-generation technology for large diesel engines using the 35% of energy lost through exhaust to generate electrical power which can be fed back to the engine or used to drive auxiliary systems. Key Attractions Large potential market, in both heavy duty automotive and stationary power, driven by increasingly challenging targets for fuel efficiency and emissions reductions. Payback between 1-2 years. Strong IP and excellent management team. Track Record & Plans Delivering a major order to supply 200 units to Schnell, a German stationary power manufacturer. Combined with a Framework Agreement to supply over 2,000 units, this relationship will be worth £37 million for Bowman during the next 5 years. Working on development projects with several large truck manufacturers including International Truck (Navistar). WHEB Role Led successive rounds of investment and introduced several new investors into the 2010 Investment round. 10

11 Location Winchester, UK. Company Activity Cost effective and environmentally benign alternatives to pesticides for insect control in agriculture, stored products and food processing. Key Attractions Market potential and strength of market drivers. Very familiar area to WHEB Partner. Quality technology, core IPR and team. Track Record & Plans Completed field demonstration and registration trials in over 25 countries, and launched first products in South Africa and New Zealand in 2006, US in 2007 and Europe in 2008/2009. Established major corporate distribution partners worldwide. Product Registration approvals achieved ahead of schedule for Rice in India and Top Fruit in Europe Q New public health opportunity launched WHEB Role Recruited new CEO, Chairman and NED to look after R&D and manufacturing. Led several rounds since Dec 2004 totalling over £7.6m including recent over-subscribed £2m round bringing in MTI Leading exit strategy development 11

12 Location EVAP Environmentals Limited, based in York, UK. Company Activity Proprietary compostable bioplastic film technology made from a majority of renewable resources. Key Attractions Unique way of co-extruding poly lactic acid (food use certified) and poly vinyl alcohol (gas barrier) to create a clear, tough, machineable, sealable bioplastic film for packaging fresh produce. The only compostable bioplastic film with a gas barrier yet a uniquely high vapour transpiration rate which significantly helps extend shelf life in fast-spoiling produce. Track Record & Plans All relevant certification achieved, manufacturing partner selected, scale-up of manufacturing process underway. Commercial trials underway with Aldi and W.Morrison with product already being sold in selected stores. WHEB Role Recently led A round as the sole VC investor. Introductions to key target customers and channel partners. Working with management to position the company optimally for exit. 12

13 Location Eindhoven, Netherlands. Company Activity A spin-out from Philips – designs, assembles and sells micro filtration products providing unsurpassed cost savings and reductions in energy use. Key Attractions Significant market potential in variety of market applications. Strong and active co-investment syndicate. Quality technology, core IPR and team. Track Record & Plans Signed a 1 million development agreement with Tetra Pak for milk filtration and shelf life extention. This will evolve into a full commercial agreement. Converting existing cooperation agreement into commercial contract with Bayer to address the chemical processing market via installation of fluXXion equipment in a commercial acetone stripping plant. Winner of World Economic Forum Technology Pioneer Award WHEB Role Playing a lead role in restructuring the board, reducing Philips culture, and recruiting new CEO. Invited into the syndicate to bring market focus. 13

14 Location Based in Austin, Texas, USA. Company Activity Distributed Temperature Sensing (DTS) instruments to improve the performance and management of critical assets in Oil & Gas, Power, Pipeline and other industries. Key Attractions Blue chip client base (Halliburton, Baker Hughes, Sedatec, Tyco). Market-leading technology and top quality management team. Selected by Shell to develop worlds first commercial DTS system for subsea applications. If successful this could open a significant new global market opportunity. Track Record & Plans Revenues grew from $1m in 2006 to $3.9m sales in Focusing sales activity in geographic areas with strongest market traction – North America, Middle East and South America. Upside potential from the smart grid application of the technology, along the power transmission and distribution network, in the light of US Stimulus Package funding. WHEB Role Supporting European side of the business. Customer and market introductions. 14

15 Location Based in Stockport, UK. Company Activity Proprietary disinfection and sanitisation technology using ozone and hydroxyl radicals. Key Attractions Unique technology using a "fog" of ozone and hydroxyl radicals to sanitise whole rooms, followed by a quenching (and/or catalysing) process allowing rapid room re-entry. Kills pathogens including those such as Listeria, E. coli and MRSA. Selling sanitation products into the food processing sector and targeting healthcare applications through NHS hospital trials. Strong advantages over competing technologies; faster cleaning time, no expensive toxic chemicals and can be operated by janitorial personnel. Track Record & Plans Trials at the UK Health and Safety Executive laboratories are proceeding successfully with 99.99% kill rates being achieved. New products launched in Food Sector Division now profitable. Contracts obtained in range of NHS hospitals. WHEB Role Led several funding rounds since 2007 alongside North West Equity Fund. Leading exit strategy development. 15

16 Location Limerick, Ireland. Company Activity Turnkey IT system whose modular functionality transforms the efficiency of waste haulers and enables municipalities to introduce pay-by-weight regimes to reduce waste sent to landfill and increase recycling. Key Attractions Attractive business model combining up-front revenues for hardware with annually recurring revenues for software. Strong market traction and potential for rapid revenue growth with blue-chip waste operators rolling the technology out across their vehicle fleets. Track Record & Plans Revenue of 6 million in Market leader in Ireland and continuing expansion in the UK and Scandinavia. Major 10m contract to deploy across SITA UKs commercial fleet. Entering US market via a three-way joint venture with Labrie Environmental Group, a waste collection vehicle manufacturer and Cascade Cart Solutions, a refuse bin manufacturer. WHEB Role Led the investment syndicate for 5.75m round. Made introductions to new customers and a new Chairman of the Board who guides AMCSs strategy. 16

17 Location Geismar, Germany. Company Activity Supplies highly durable and lightweight patented plastic components for automotive applications (used by Daimler, VW, others), and lightweight/collapsible transport boxes for global logistics companies Products made from high-grade recycled materials derived from companys own plastic waste recycling facilities Key Attractions Patented products are a lighter, cheaper and more durable alternative to materials they replace and are 100% recyclable Products are versatile, with many potential applications that can add to the growth of the company Company has strong track record with large OEMs mainly in Germany and high potential for successful international expansion Track Record & Plans EBITDA of 8m in 2008, company managed to remain profitable despite downturn in automotive sector Production capacity currently being expanded to deliver large volume orders and expand value chain WHEB Role Converted debt of company into equity, priming it for growth Introduced company to several blue chip OEMs Aiding in internationalization strategy, professionalizing management 17

18 Location Newbury, UK. Company Activity Software & data services platform to provide smart grid energy efficiency solutions to the home. Automated energy optimisation software to reduce household energy use (both electrical and thermal) by up 18% and optimise use of local microgeneration supply (from solar thermal and PV) with local demand. Key Attractions Selected as one of the six hottest products to watch at the Consumer Electronics Show Multiple business-to-business routes to market. Strong core management team led by a driven serial entrepreneur, Colin Calder. He and several key members of his management team previously built Paragon Software from 1996 and subsequently sold it to for £310 million ($500 million) in February Track Record & Plans In trials with 4 of the 6 major UK energy companies. Strong qualified prospect pipeline with virtual utilities, home energy efficiency providers, microgeneration companies, security companies and social housing providers. WHEB Role Led Series A round in July 2009, co-investing with the founding CEO. 18

19 Location Headquartered in Lidköping, Sweden with a second plant in Âs, Czech Republic. Company Activity Polyethylene terephthalate (PET) packaging specialist. Petainer has long term contracts with blue chip customers to supply PET bottles and valuable technical expertise in the design and manufacture of multi-use PET bottles, the use of recycled PET material and light-weighting bottles. Petainer has recently developed large PET containers for distribution and dispensing of beer in an environmentally friendly manner. Key Attractions Established, profitable business with long term contracts with blue chip customers (e.g. Coca Cola, Carlsberg and Heineken). Opportunity to accelerate growth through the launching of new products, notably 20 litre + beer kegs and water coolers. Low acquisition price, equivalent to 2x 2009 EBITDA and 1.6x 2010 EBITDA, for this 60 million turnover, green packaging leader in the German- speaking world (DACH) and the Nordic region. Track Record & Plans Company has strong cash generative track record and now expects to grow revenues and margins more quickly through the introduction of new large container products. £6m EBITDA forecast for 2010 and turnover of £56m. WHEB Role Co-led the consortium for this £17 million buyout. Negotiated mezzanine funding from KBC and working capital facilities from Swedish and Czech banks as well as the purchase from Rexam PLC. Integrated buy-in team with existing management; recruiting chairman. 19

20 Location Headquartered in Starnberg at Starnberg lake near Munich, Germany Company Activity Torqeedo develops and distributes high-end electric outboard motors with less than 10hp (horsepower), using torque motors, high efficiency LIMA battery cells, advanced electronics, superior drive train technology, and state of the art propellers, resulting in a product that is consistently rated as a top buy in its markets. Due to the small size of motor and electronics, Torqeedo can offer an integrated drive system with extremely low weight, low volume, high power, and high efficiency. Key Attractions Inexpensive play in the mega-trend of electric mobility Management has shown rapid execution and capitalization on a market opportunity, growing the sales of their high end product by 25% in 2009 when sales in the marine market shrank by 40% in the same year Break even can be reached with current technologies, international markets and regulation will fuel growth, and advances in battery technology provide for a potentially large upside A large number of potential trade buyers exists, and the market is currently overlooked by other cleantech investors. Track Record & Plans Company has revenue growing track record and now expects to grow revenues and margins through the introduction of new products. WHEB Role Led the investment syndicate. Introduced new chairman to Torqeedo. 20

21 Location Nuremberg, Germany. Company Activity Supplies a suite of low power solutions for display technologies which minimize reflections and enhance display brightness/ contrast (thus lowering energy needs), improve robustness, and provide longer product life cycles Key Attractions Company provides solutions to some of the most pressing problems of the large display market (sunlight-readability, energy consumption, toughness) Sales pipeline is very strong, with over 60 advanced negotiations and several contracts with a potential for >10m in sales each Technology proven with large OEMs Track Record & Plans Management has built company from inception in 2005 to 7.6m in just 3 years Customers include Dell, HP, Siemens, General Dynamics, GE Automated plants to be built in Asia to satisfy large demand WHEB Role Led the investment. Pro-active participation in developing the relationship with Asian partners and in recruiting the executive team 21

22 Location Manchester, UK. Company Activity Unique, patented approach to rubber reprocessing - cross polymer bonds in vulcanised rubber are broken using only mechanical forces (no chemicals, heat or pressure required). Key Attractions Properties of reprocessed rubber are materially the same as virgin rubber enabling closed loop scrap recycling resulting in a significant cost and energy saving. Potential for a build-own-operate (BOO) model with no inventory risk (toll process for customers) as feedstock is free. Focus on low-volume, high value post-industrial scrap polymers. Track Record & Plans Companys first demonstration plant in Berlin has been processing rubber offcuts for customers since August Company has identified a site for its first North American demonstration plant in Ontario, Canada. WHEB Role Led the investment syndicate. Pro-active participation in developing the relationship with the Chinese manufacturers and managing the risk associated with doing business in China. 22

23 Contact Jörg Sperling Maximilianstr München Tel Mobil

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