March 2010: Table of contents

3

Editor’s note

3

Features

In-depth reviews, new perspectives and insights into cleantech and renewable energy

4 Listed clean energy companies face mixed

Listed clean energy companies face mixed
fortunes in 2010

Difficulties across financial markets meant that institutional investors have avoided listed clean technology companies; they could be missing out.

8  China clean energy IPO market fights to meet expectations

China clean energy IPO market fights to
meet expectations

With optimism abound at the start of 2010 for Chinese renewable energy IPOs, the reality of a global economy struggling to regain its feet has meant a slow recovery.

11 India faces testing time on road to new solar mission

India faces testing time on road to new
solar mission

With an ambitious target of 20GW of solar energy by 2022, India’s government must ensure a suitable framework is in place to encourage investors.

14 Marine energy looks to ride new wave of investment

Marine energy looks to ride new wave
of investment

The once-neglected marine energy sector could be enjoying a resurgence, thanks to an increase in
governmental support and the emergence of new technology developments and investment opportunities.

16

Industry Profiles

16 Applied Materials. Energy policy falling short in growth of US renewables

Applied Materials

Energy policy falling short in growth of
US renewables

The continued success of the US alternative energy sector needs to be bolstered by supportive regulation in the face of overseas competition.

18 London Stock Exchange. Asset managers target listed clean technology

London Stock Exchange

Asset managers target listed clean technology

The amount of investment into listed renewable energy and technology companies supports the notion that the sector has reached a critical mass.

20

Investor Profiles

20

Colin le Duc, Generation Asset Management

Clean energy investors face challenge to deploy capital

Institutional investors may struggle to source sufficient asset managers to handle the expected rise in allocation to clean energy and environmental technologies.

22 Tucker Twitmyer, Enertech Capital. Downturn signals ripe period for US venture capital firms

Tucker Twitmyer, Enertech Capital

Downturn signals ripe period for US venture
capital firms

The renewable energy industry is in desperate need of change, and offers a range of opportunities for venture capital investors, despite the downturn.

24 Kef Kasdin, Battelle Ventures. Technology transfer the proven route for next generation of energy deals

Kef Kasdin, Battelle Ventures

Technology transfer the proven route for next generation of energy deals

A unique deal flow targeting venture capital returns for clean technology spin-outs offers a compelling investment prospect.

26 Phillipe Roesch, Auda International. Drive for diversification steers investors to clean energy funds

Phillipe Roesch, Auda International

Drive for diversification steers investors to clean energy funds

The growth of green energy-focused private equity funds offers a compelling case for increased portfolio diversification.

28

Renewable Energy News

Essential news and intelligence on industry developments, investments and company activity. For the latest in solar, wind, bioenergy, geothermal, energy efficiency, hydro, fuel cells, waste, water and recycling.

See the full list of news or click on the section titles below to view news covered in each category.
28

Solar news »

HgCapital invests in solar and wind projects
Global EcoPower and T-Solar to expand operations in France
US silicon company 1366 Technologies raises $5.15m in venture capital
P Solar expands Jabil Circuit Mexico deal
SMG Indium completes $5.8m financing round
Amplio Group closes on 6MW Italian solar plants
ECD and Enfinity to devlop 10MW of solar installations
Entech Solar agrees to sell $5m preferred stock to Socius Capital
Climate Change Capital invests €10.3m in Metallkraft
Twelve Massachusetts solar installations awarded funding
Areva acquires US solar company Ausra
SunPower to acquire SunRay from private equity firm Denham Capital
ET Solar agrees 31MW module supply deal with Umwelt Somme
Solar Capital raises $95m through IPO
Constellation Energy to award $90m to solar projects
Manufacturer China Solar Power to build $180m plant in Suzhou Industrial Park
Samsung C&T to build Californian solar plants under PG&E deal
NVEnergy assents to purchase agreement for Nevada solar project
Jiangxi signs for $20m of GT Solar’s furnaces
Southern California to buy power from Recurrent Energy’s solar project
US government awards $1.37bn to BrightSource Energy
Hanwha commissions Spire’s solar cell line
Confluence Solar to construct $200m US solar silicon plant
Carmanah in venture with JEC to distribute solar LEDs in Asia
Broadlands to lead 10MW solar project
Semprius and Siemens to develop solar systems
SunEdison activates first phase of its 16MW solar farm in North Californa
Trina Solar and AE Photonics to deliver 40MW
Solar EnerTech to distribute Aussie Solar modules
Siliken to build Canadian solar manufacturing plant
OTB Solar enters agreement with solar company Roth & Rau
Peterborough to construct solar farms
P2I and Energy Launch team up on solar cell coating
Evolution Solar creates Bermuda subsidiary
Elecnor signs Fluor for solar plant project
eSolar to provide solar thermal plants internationally for Ferrostaal
Scheuten Solar unveils 4MW of solar projects in Italy
Natcore and Chinese Consortium in solar joint venture
38

Wind news »

295MW of capacity to be sent to German Wind Farm
EDP acquires 85% of Italian Wind Farm from Cover for €12m
Gallop obtains juwi wind farm
AMSC receives $70m order from Shenyang for wind turbines
Trinity Indistries completes tender for Quixote Corp
Vestas receives 99MW wind turbine order for US facility
Viryd receives $5m to update wind turbine technology
Hatch acquires US wind assessment
Helix Wind receives second tranche of bridge financing
Funding on the cards for Huayi Electric's China power projects
REpower to supply wind turbines for Langres Sud wind farm
SeaRoc secures offshore wind farm
KEMA wins contract for offshore FEED wind farm
Enova awards £23m to Sway development
ARC to raise £5m for UK onshore wind farm developer
Element Power buys 1.4GW of wind assets
Co-op Bank invests £11.8m in Good Energy wind facility
GEF invests in UPC Renewables for wind projects in China
RWE Innogy to invest in Italian wind farm
UK invests £8m in wind energy projects
London Array moves to next stage of development
Global wind power capacity grew 31%, says GWEC report
Zachary Ridge wind array operational
Wind power the first choice in EU for installation
Gamesa establishes Indian turbine division
Consortium to pay for construction of Laredo Ridge Wind
RES Canada completes Québec turbine project
Tech institute to build turbine test facility
Lake Country and National Wind secure land for US community wind project
SouthPoint Wind plans wind complex
Allegiance Capital facilitates wind farm development agreement
46

Bioenergy news »

Shell and Cosan to form joint bioethanol venture in Brazil
Algenol awarded $10m grant to develop bioethanol in Florida
BP and Verenium extend bioethanol collaboration
Frog Capital backs European biogas producer agri.capital
All Fuels agrees to Valero’s $100m offer to sell Wisconsin bioethanol facility
Allylix secures $6m in venture capital for yeast process
Brazilian ethanol producer ETH acquires Brenco
Craton invests in US-based Propel Fuels
Bionersis completes acquisition of biogas consortium
Mowood sells landfill gas to energy firm Timberline Energy
Stratus Group awards $5.4m to Amyris
ZeaChem’s biorefinery process achieves industrial level results
Collaboration on US biopellet facility
NGO welcomes palm oil as biofuel label
Dayton Power and Light Company test biomass fuel
British Gas to inject green gas into national supplies
RWE appoints biomass contractors
ABO supports Obama’s biofuel strategy
Velocys and Petrobras to collaborate on gas-to-liquid venture
Arcadis signs up with BA for jet fuel plant
GreenShift, Alternativa target Ukraine biorefinery
Dong Energy to develop biomass plant
52

Energy efficiency news »

Greenko obtains £72m through share placement
Ciris closes financing round to develop coal-to-methane technology
Evergreen raises £7m through direct offering
Headwaters and Axom form direct coal alliance
Better Place obtains $350m in Series B round led by HSBC
Protonex awarded $1.85m to develop energy storage systems
US DOE closes $1.4bn Nissan loan for electric cars
Cymbat secures $31m in private financing
Greentech gains £1m in additional funding
Waste energy company Sterecycle raises £10m, appoints new CEO
Waste Management joins Harvest Power investment round
Lucid Design procures $1.5m in Series A funding
Electric vehicle company Coulomb secures $14m in venture capital
Dow Venture Capital invests $1.5m in Clean Filtration Technologies
Amadeus leads $5.5m AMEE financing
Luntz Acquisition to purchase GEM
Siemens to boost green investment in India
FirstEnergy and Allegheny Energy in $8.5bn merger
PureSpectrum enters $5m stock agreement
EBRD loans $150m for gas stabilisation
MTI leads investment round for pest control product
Aero Farm raises $500,000 from Quercus Trust and 21 Ventures
CellEra raises further $2m for fuel cell
Nexamp raises $6.5m in Series A funding
Cuculus closes €2.6m financing round
Mercury Cable and Jordana Electric to market smart conductors in Mexico
Norwegian energy recovery facility ahead of schedule
Siemens, CEPEL to deploy energy management systems in Brazil
Exelon to fund coal demonstration plant
Honda improves solar hydrogen technology
Volvo forms R&D partnership with Pennsylvania State University
Alstom welcomes Obama’s carbon capture task force
Greenlots rolls out charging infrastructure for electric vehicles
AV Concept and Boston Power to expand in Asia
Tesla Motors announces IPO
Launch of Asia’s first nano-emulsion plant in Singapore
Eco City Vehicles launches Mercedes electric taxi prototype in London
Energy retrofitting – a triple bottom line proposition, says SBI Energy
Ceramic’s generators head to Germany
Hydrogenics Corp to consolidate shares
62

Water news »

Ocean Power deploys Hawaiian PowerBuoys and gains funding
Hydro Group secures £500k marine contract
Seagen’s prototype tidal turbine exceeds 1,000 hours of operation
Six marine technologies awarded £22m ny UK's Carbon Trust
GeoPure HydroTechnologies secures Series A funding
HBC Systems and Bear Creek’s water reclamation process
Hydro-Québec acquires NB Power for $1.8bn
64

Geothermal news »

Denham injects extra $108m into Vulcan
Raser Tech closes up to $19m financing with Fletcher
Ormat acquires HSS II from Energy Investors Fund
Turnaround for HS Orka as profits mount
Southern European Exploration granted Serbian exploration licences
Japan loans Kenya $375m for geothermal power plant
PLN awards contract to Sumitomo
Contact Energy proposes 250MW geothermal plant
66

Fund news »

Siemens invests $50m in second Deutsche Bank, Masdar fund
BTS to launch $150m India renewable fund
Foresight launches planned exit venture
First closing of Hermes innovation fund
UK venture capital trust model ideal for US: Beringea head
Chrysalix’s cleantech fund exceeds $100m with Credit Suisse investment
Intel Capital and China Investment Corp announces tech investment agreement
ADB set to raise $100m for renewable energy investments • Northzone Ventures closes €90m fund
68

Policy news »

NYPA advances state-wide solar energy initiative • South Korea invests $24bn into development of national smart grid • Obama proposes $28.4bn budget for energy programmes • UK announces energy feed-in tariffs in 2010 • Ofgem urges adoption of new energy policies • UK Energy and Climate Secretary calls for interventionist energy policy • UK feed-in tariffs will benefit grid, say Ceramic Fuel Cells • Norway to link to North Sea offshore electricity grid
70

Listed company news »

GT Solar reports mixed results for previous year • Solverdi affirms net profit in fourth quarter • Revenues down in 2008 for Rentech • Results show Transcat’s profits boosted by wind energy industry • Wind turbine company AMSC sees revenue grow • Trina Solar’s 2009 fiscal results exceed expecations • Suzlon reports Q3 revenue of $1.21bn • Evergreen Solar ships 31.9MW in 4Q • Power One’s sales on the rise • Tampa Electric reports income growth • Solar EnerTech enjoys revenue increase in 2010 • Deutsche Bank and NASDAQ OMX launch Clean Tech Index • Magma Energy reports losses after second quarter growth and expansion Conergy aims for profit in 2010 • First Solar reports profits, but warns on uncertainties in 2010 • Module maker Solon reports €195m operating loss as projects stall • Q-Cells reports cash in bank, but warns of tough forecast • Canadian Solar reduces margins estimate, for 2009 • Ceramic’s half-year profits up on back of strong sales • Statkraft’s profit drops on lower Nordic power prices • Green Plains’ year-on-year revenues rise

76

People news »

The latest appointments, promotions and new initiatives for leading clean energy industry investors, executives and entrepreneurs

• Constellation Energy promotes Smith to head of solar sales • Zilka joins Hudson’s advisory board • Future appoints Stewart to market fund • GEI hires director of project finance • Donoso re-elected president of AAE • Acro Energy Technologies names Kreamer as president • New CEO for solar manufacturer Solon • Jamieson joins Oxford as non-executive director • Joule appoints head of business development • Marco DeMiroz appointed as Soliant’s Energy’s COO and CFO • Alcombright heads Solon’s US division • Rogers, CFO of NV Energy departs • Mark MacCracken named as USGBC board’s chair-elect for 2010 • Van Eijkern steps down from SAM and Robeco • Water industry veteran Stover joins Oasys to head commercial engineering • Capricorn adds to cleantech investment team • ITT Water appoints Swierk as Ozone board member • VESNA appoints Slattery as new general counsel • Brown to serve on SynGest's technical advisory committee • Solyndra names Gaffney as senior VP • European Forum for Renewable Energy Resources elects presidents • SoloPower appoints CEO • Future Capital names HR director • Reshuffle on the cards for Magma management • CleanTech Biofuels: new board member

82

Deal Radar

Insight into the growth strategies and financing plans from a selection of the alternative energy industry’s most promising companies

90

Deal Tracker

A global round-up of all the renewable energy and clean technology deals publically announced in the last month including investments, acquisitions and major contracts