PitchBook-2023年一季度清洁能源报告（英）-2023-11页-WN6.pdf

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1、Clean Energy ReportVC trends and emerging opportunitiesEMERGING TECH RESEARCHQ12023REPORT PREVIEWThe full report is available through the PitchBook Platform.ContentsCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 2Institutional Research Group AnalysisQ1 2023 Clean Energy ReportPublishingReport designed by Ch

2、loe Ladwig and Jenna OMalley Published on June 7,2023DataAlyssa Williams Data AnalystVertical overview3Q1 2023 timeline5Clean energy landscape6Clean energy VC ecosystem market map7VC activity8Emerging opportunities16Solar module production17Fuels from waste19Select company highlights20Enpal21Amogy23

3、GeoPura25John MacDonagh Senior Analyst,Emerging Technology Q1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 5Q1 2023 timelineJan 1Feb 1Mar 1Mar 31Q1 VC deal count summary138total deals-6.8%QoQ growth-29.2%YoY growthQ1 VC deal value summary$2.8Btotal deal value-23.9%QoQ growth-40.3%Y

4、oY growthNewsFebruary 1The European Commission announces the Green Deal Industrial Plan,5 intended to improve support for various climate technologies,including clean energy.The plan is Europes response to the strong support of the Inflation Reduction Act.NewsFebruary 13The European Commission publi

5、shes rules that would allow some hydrogen that is produced using nuclear energy to count toward renewable energy targets.6NewsMarch 28Canada releases its latest budget,9 which includes support for clean energy investment,most significantly in the form of tax credits.VC dealJanuary 19Solar module man

6、ufacturer HuaSun Energy raises$291.1 million in Series B funding to expand the companys production of solar cells and modules and to continue research and development of solar technologies.NewsFebruary 22The US Department of the Interior proposes the first-ever offshore wind lease sale in the Gulf o

7、f Mexico,7 as part of ongoing efforts to expand offshore wind nationally.8NewsMarch 31Using funding from the Inflation Reduction Act,the US government announces a scheme to provide$1.0 billion in grants for farmers and small business owners to install renewable energy technologies.105:“The Green Dea

8、l Industrial Plan:Putting Europes Net-Zero Industry in the Lead,”European Commission,February 1,2023.6:“EU Opens Door to Green Nuclear-Derived Hydrogen,”Reuters,Kate Abnett,February 13,2023.7:“Interior Department Proposes First-Ever Offshore Wind Sale in Gulf of Mexico,”US Department of the Interior

9、,February 22,2023.8:“Fact Sheet:Biden-Harris Administration Announces Actions to Expand Offshore Wind Nationally and Harness More Reliable,Affordable Clean Energy,”The White House,February 22,2023.9:“A Made-In-Canada Plan:Affordable Energy,Good Jobs,and a Growing Clean Economy,”Government of Canada,

10、March 28,2023.10:“U.S.Government to Provide$1 Billion for Rural Renewable Energy,”Reuters,Leah Douglas,March 31,2023.CONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 1Q1 2023 Clean Energy Report Clean energy landscape3412Intermittent renewable energy sourcesDispatchable energy sourcesClean fuelsGrid infrastru

11、cture 2341Q1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 8VC activityIn Q1 2023,the quarterly deal value for clean energy fell to$2.8 billion,down from an average of$4.4 billion per quarter in 2022.Similarly,deal count fell to 138,down from the quarterly average of 173 in 2022 and

12、 representing the lowest deal count for the vertical since Q4 2020.On a quarter-over-quarter basis,the fall in both deal value and deal count is more modest:Q4 2022s deal activity included$3.7 billion across 148 deals.In Q1 2023,intermittent renewable energy sources was the largest segment in the cl

13、ean energy vertical with$1.3 billion in deal valuesignificantly higher than the grid infrastructure segment,which was the next largest at$674.0 million.The$1.3 billion VC investment in intermittent renewable energy sources represents 52%growth from the segments deal value in the previous quarter.Ove

14、rall,dispatchable energy sources and grid infrastructure decreased in deal value from Q4 2022,while clean fuels increased slightly from$456.4 million to$628.1 million.The largest categories of Q1 2023 were solar photovoltaic,battery storage,and hydrogen,though the latter two dropped in deal value re

15、lative to 2022 averages.Overall,many categories declined in total deal value,though the overall decline in deal value was somewhat mitigated by the very strong VC investment in solar photovoltaic companies.Many of the largest deals of the quarterincluding four of the five largestwere raised by solar

16、 photovoltaic technology developers,with the largest being China-headquartered HuaSun Energys$291.1 million Series B,followed by Germany-headquartered Enpals$228.4 million Series D funding.Clean energy VC deal activitySource:PitchBook Geography:Global *As of March 31,2023$2.1$3.3$4.0$5.2$16.6$17.7$2

17、.83524144345176916921382017201820192020202120222023*Deal value($B)Deal countClean energy VC exit activity Source:PitchBook Geography:Global *As of March 31,2023$0.1$1.4$1.0$3.6$9.4$7.8$0.9461418474682017201820192020202120222023*Exit value($B)Exit countQ1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR

18、REDISTRIBUTION.PG 12VC ACTIVITYCompany nameClose date(2023)CategoryStageDeal size($M)Post-money valuation($M)Lead investor(s)Valuation step-up(post to pre)HuaSun EnergyJanuary 19Solar-photovoltaicSeries B$291.1$1,455.5CNBM InvestmentN/AYuze SemiconductorJanuary 7Solar-photovoltaicSeries B$172.6$1,43

19、8.3China National Green Development FundN/AAmogyMarch 22HydrogenSeries B$139.0$589.0SK Innovation1.1xWeview Energy Storage TechnologyJanuary 18Battery storageSeries A$87.2N/ADa Heng Qin Group,Green Pine Capital PartnersN/AGuangzhou Baobi New EnergyFebruary 21Solar-photovoltaicSeries A$73.5N/AN/AN/AH

20、uaSun EnergyMarch 17Solar-photovoltaicSeries B1$57.9N/AN/AN/AGeoPuraFebruary 2HydrogenSeries A$47.3$120.7Barclays,GM Ventures3.7xLithium de FranceMarch 14GeothermalSeries B$46.8$510.9N/A28.7xSublime SystemsJanuary 17HydrogenSeries A$40.0$90.0Lowercarbon Capital3.2xSolarcycleMarch 14Solar-photovoltai

21、cSeries A$30.0$87.0Fifth Wall,HG Ventures2.8xSource:PitchBook Geography:Global *As of March 31,2023Key clean energy early-stage VC deals*Q1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 13VC ACTIVITYCompany nameClose date(2023)CategoryStageDeal size($M)Post-money valuation($M)Lead i

22、nvestor(s)Valuation step-up(post to pre)EnpalJanuary 9Solar-photovoltaicSeries D$228.4$2,549.9TPGN/AZhengTaiXinNengJanuary 6Solar-photovoltaicSeries B$215.6$1,006.2CloudView CapitalN/APeak PowerFebruary 2Analytics and grid managementLate-stage VC$200.0N/AN/AN/ANexus CircularJanuary 3Waste to energy/

23、fuelLate-stage VC$150.0N/ACox EnterprisesN/AKeda New Energy TechnologyJanuary 19Battery storageSeries B$109.2N/AN/AN/ATangFeng EnergyJanuary 19HydrogenSeries C$43.7N/ADaohe Long Term Investment,Dongfeng Asset Management,Golden Partners CapitalN/ASunRoofJanuary 19Solar-photovoltaicLate-stage VC$30.5N

24、/AAlantra Partners,Legal&General Capital,Nordic Alpha Partners,World FundN/ANeoomFebruary 20Battery storageSeries B$27.0N/ASummiteerN/AAquaHydrexJanuary 25HydrogenSeries B$25.1$125.1N/AN/AIndraMarch 8Battery storageSeries B$24.3$88.2Gulf Oil International3.2xSource:PitchBook Geography:Global *As of

25、March 31,2023Key clean energy late-stage VC deals*Q1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.PG 21SELECT COMPANY HIGHLIGHTS:ENPALOverviewEnpal is a German-headquartered company focused on residential solar installations.Enpal largely addresses the German market for residential so

26、lar energy and differs from many solar providers in that the bulk of its business is leasing solar hardware rather than selling installations.This rental model allows customers to avoid the substantial initial costs associated with purchasing a solar system and instead theoretically pay them off ove

27、r the lifetime of the systempotentially increasing the customer base.Enpals rental agreements normally require 20 years of fixed monthly payments,after which the system can be purchased for 1,but for those who wish to purchase outright,there is also an option to buy rather than rent.The company curr

28、ently serves approximately 45,000 customers,with 345,000 MWh produced.Enpals technology involves solar panels as well as supporting hardware and software.Energy storage systems are a standard inclusion and come in the form of lithium-ion battery systems,which improve energy independence by allowing

29、excess solar energy generated to be used outside of peak times.The companys systems can also include EV charging infrastructure for those who wish to integrate their vehicle into their solar energy production,and the ongoing performance and functioning of the system can be monitored through a dedica

30、ted app.Founded 20172,400 employeesTotal raised:$687.9 over four dealsLast financing valuation:$228.4M in Series D fundingPost-money valuation:$2.6BFirst institutional round:Undisclosed amount of seed fundingOf all VC-backed solar-focused companies,Enpal is at the top by total VC raised,following it

31、s$228.4 million Series D funding in January 2023.The Series D funding will be used to continue their existing growth plan while also expanding into new markets.In May 2023,the company announced a partnership with Bosch to expand its product offerings to include heat pumps.16 Enpal made a profit for

32、the first time in 2022,with revenue of more than 400 million.17Leadership CEO:Mario Kohle CFO:Jochen Cassel Chief Sales Officer:Stephan Rink Chief Supply Chain Officer:Henning Rath Chief Investment Officer:Viktor Wingert Chief Marketing Officer:Frank Khler Chief Digital Officer:Christine Prauschke C

33、hief Product Officer:Benjamin Merle16:“Enpal Steigt mit Bosch-Partnerschaft in Wrmepumpenmarkt ein,”Enpal,May 11,2023.17:“German Renewables Firm Enpal Hits$2.4 Bln Valuation with New Funding Round,”Reuters,Riham Alkousaa,January 9,2023.Q1 2023 Clean Energy ReportCONFIDENTIAL.NOT FOR REDISTRIBUTION.P

34、G 22SELECT COMPANY HIGHLIGHTS:ENPALCompeting technologiesResidential solar energy is one of the few ways for individuals to access renewable energy,as most other renewable energy technologies face installation or construction challenges at residential scales or are simply too large to be viable.This

35、 limits the competing technologies for rooftop solar panels,so companies in the space tend to compete on economics of installations as well as business modelsincluding buying versus leasing and add-on capabilities such as battery storage,virtual power plant participation,and EV charging integration.

36、Enpal initially focused on leasing rather than selling solar infrastructure,and this is still the core financing option for its product.Leasing provides another option compared with companies that offer only purchasing options,Series COctober 17,2021Deal value:$209.9MPost-money valuation:N/ALead inv

37、estor:HV CapitalSeries DJanuary 9,2023Deal value:$228.4MPost-money valuation:$2.6BLead investor:TPGSeedAugust 20,2019Deal value:N/APost-money valuation:N/ALead investor:N/ASeries ANovember 3,2020Deal value:$24.5MPost-money valuation:$405.5MLead investor:N/AFinancing historythough the substantial upf

38、ront costs for these are often mitigated through financing,either through a partner of the solar provider or in some cases through the provider itself.From the perspective of home energy efficiency,solar thermal installations can be used to reduce energy consumptionparticularly for water heatingthou

39、gh this competes with solar photovoltaics only tangentially,as home solar thermal does not generate electricity that can be used,stored,or sent back to the power grid.Additionally,energy efficiency improvements such as ground-and air-source heat pumps can be used to reduce energy consumption,but the

40、se are not mutually exclusive with solar photovoltaics and are frequently installed alongside each other.About PitchBook Emerging Tech ResearchIndependent,objective,and timely market intelAs the private markets continue to grow in complexity and competition,its essential for investors to understand

41、the industries,sectors and companies driving the asset class.Our Emerging Tech Research provides detailed analysis of nascent tech sectors so you can better navigate the changing markets you operate inand pursue new opportunities with confidence.2023 by PitchBook Data,Inc.All rights reserved.No part

42、 of this publication may be reproduced in any form or by any meansgraphic,electronic,or mechanical,including photocopying,recording,taping,and information storage and retrieval systemswithout the express written permission of PitchBook Data,Inc.Contents are based on information from sources believed

43、 to be reliable,but accuracy and completeness cannot be guaranteed.Nothing herein should be construed as any past,current or future recommendation to buy or sell any security or an offer to sell,or a solicitation of an offer to buy any security.This material does not purport to contain all of the in

44、formation that a prospective investor may wish to consider and is not to be relied upon as such or used in substitution for the exercise of independent judgment.Additional researchEric Bellomo Gaming E-CommerceBrendan Burke Internet of Things Information Security Artificial Intelligence&Machine Lear

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