Torrefaction Demonstration Plants - Wood Pellet Association of
Yellow&Blue Investment Management B.V. · • Topell has become a market leader on torrefaction...
Transcript of Yellow&Blue Investment Management B.V. · • Topell has become a market leader on torrefaction...
Yellow&Blue Investment Management B.V.
EU Environmental Technology Verification3rd Stakeholder Forum
28 September 2017
Founded by Nuon
Yellow&Blue Investment Management B.V. 1Strictly confidential – No further copying or distribution
• Manager independent venture capital firm founded in 2008 based in the Netherlands
• €40 million cornerstone investment by Nuon (part of Vattenfall group)
• Development stage companies with a post-prototype technology in clean energy
• Invested in 8 European companies after reviewing approx. 1200 investment leads
• Portfolio in areas of smart grid and energy efficiency
Introduction
Systems for substation automation in the medium-voltage grid
Smart grid
Application platform for utility smart metering and home control
Smart grid
Energy efficiency
ORC systems that produce electricity from low value heat
Smart grid
Demand response as a service
SOLD in February 2014 to EnerNOC Inc. (NASDAQ: ENOC)
Energy storage
Wind
Monitoring and yield enhancement of wind farms
Biomass
Platform torrefaction technology to upgrade biomass into biocoal
Electric and hybrid systems SOLD in October 2014 to
management
Overview
Portfolio
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Technologies of portfolio companies (selection)
• Locamation provides automation throughout the grid:
• ROMO is able to measure wind at the front of a turbine which significantly improve energy output:
• Cuculus‘ scalable solution connects the smart metering value chain and avoids a vendor lock-in at customers:
• Topell has become a market leader on torrefaction technology which converts biomass into a feedstock for easy gasification and co-firing:
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Investment process – from opportunity to portfolio company
Origination
New request
Active
Project
Portfolio
Exit
>500 opportunities
100 - 200 initial analysis
5 - 10 due diligence
IC approval for Due Diligence
50 -100 in-depth evaluation
IC approval for Investment
Average deal flow per year
2 - 4 investments
Origination through proprietary network and proactive scouting
Result: Database entry
Initial screening based on investment scope and management judgment
Result: Factsheet
Financial, technical, commercial and legal due diligence. Assistance external experts
Result: Investment Proposal
Meeting with management, in-depth analysis and indicative offer
Result: Project Proposal
Agreed on terms and deal closedActive venture management
Result: Investment Memorandum
Process description
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Technical aspects form one part of Due Diligence investigations and term sheet negotiations
Legal
Financial
Technical
Commercial
Management
Term Sheet Items• Type of share• Valuation and milestones• Dividend rights • Liquidation preference• Redemption • Conversion rights • Anti-dilution (or price protection) • Pre-emption rights on new share issues • Right of first refusal, drag and tag along rights • Representations and warranties • Voting rights • Board of Directors/Board Observer• Information rights• Exit• Registration rights• Confidentiality, IP Management• Non-compete Agreements • Employee share option plan • Transaction and monitoring fees• Confidentiality and exclusivity• Enforceability• Conditions precedent
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Main Technical DD items for investors
1. Verification of technical claim • Regarding Product performance
2. Robustness and quality of Product• Verification of claims on operating hours, maintenance costs, lifespan
3. Difficulty to copy• Patent protection• How unique is it
4. Technological Risk Matrix• Identify (severe) technological risks of the product in terms of technical feasibility
(including safety) 5. Production Process
• Production ramp-up and manufacturing bottlenecks overview to support optimization of scale-up, with respect to outsourcing or in-house development
6. User base experience• Use case and interviews with current users to verify user benefits
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To what extent do current EU ETV SoV’s (Energy field) compare with the six investors’ Due Diligence items?
1 2 3 4 5 6a 10 5 0 0 0 0b 10 0 0 0 0 0c 8 0 0 0 0 0d 10 2 0 0 0 0
DD itemTe
chno
logy
SoV: Statement of VerificationKey: 0 - low and 10 - fully
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What is the potential coverage of DD items by the EU ETV Programme?
1. Verification of technical claim - already included• Regarding Product performance
2. Robustness and quality of Product - 100% possible• Verification of claims on operating hours, maintenance costs, lifespan
3. Difficulty to copy – 100% possible• Patent protection• How unique is it
4. Technological Risk Matrix – 50 – 100% possible• Identify (severe) technological risks of the product in terms of technical feasibility
(including safety) Production Process5. Production Process – 100% possible
• Production ramp-up and manufacturing bottlenecks overview to support optimization of scale-up, with respect to outsourcing or in-house development
6. User base experience – 30-50%• Interviews with current users
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Albert Fischer – Managing Director Twitter @albertfischer
Yellow&Blue Clean Investment ManagementThe Netherlands
Contact details