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The Venture Capital Perspective John McKiernan, Partner, Greencoat Capital

SUPPORTING ROLL-OUT OF INNOVATIVE SOLUTIONS. The Venture Capital Perspective John McKiernan, Partner, Greencoat Capital. SET-Plan Conference 2013 Royal Hospital Kilmainham , Dublin. Wednesday, May 8 th , 2013. Adviser to ESB Novusmodus Cleantech Fund. Scotland 2012.

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The Venture Capital Perspective John McKiernan, Partner, Greencoat Capital

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  1. SUPPORTING ROLL-OUT OF INNOVATIVE SOLUTIONS The Venture Capital PerspectiveJohn McKiernan, Partner, Greencoat Capital SET-Plan Conference 2013Royal Hospital Kilmainham, Dublin • Wednesday, May 8th, 2013

  2. Adviser to ESB Novusmodus Cleantech Fund Scotland 2012 Dublin 2013 Renewable Generation Energy Efficiency Energy Management “…the old growth model will be self-defeating. Trying to pursue resource-intensive growth will bring growth to a stop. It is simply not an option.” Investing in innovative companies with new energy solutions for the low carbon economy …“This is why we put forward proposals to support the innovation that is required for the transition to more sustainable growth. Together with my colleague MáireGeogheghan-Quinn, we put forward proposals for Horizon 2020, the EU’s new programme for research and innovation, to dedicate around 60 % of its resources to sustainability, environment and climate change.”

  3. Cleantech Funding 5 Point Overview 1 The Funding Challenge 2 Current Status 2 Current Status 3 • Market Trends 3 • Market Trends 4 • Funding Options 4 • Funding Options 5 • Why Cleantech investors might choose Ireland? 5 • Why Cleantech investors might choose Ireland?

  4. Funding Gap

  5. Cleantech Funding 5 Point Overview 1 The Funding Challenge 2 Current Status 3 • Market Trends 4 • Funding Options 5 • Why Cleantech investors might choose Ireland?

  6. Current Funding Status A lot slower to exit/ IPO market weak Reserve funds locked up Difficult to raise new funds Uncertainty in regulation Only highest quality making it Utilities reviewing own funding Strategic investments suffering

  7. Cleantech Funding 5 Point Overview 1 The Funding Challenge 2 Current Status 3 • Market Trends 4 • Funding Options 5 • Why Cleantech investors might choose Ireland?

  8. Strong Renewable Energy Growth Global renewable energy sector has seen a 5X growth over the past decade to $269bn, despite the global economic slowdown Over 40% of new generation capacity investment worldwide in 2012 was renewable Annual renewable investment greater than fossil in Europe Significant renewable energy investment continues

  9. USA Private Equity/VC Cleantech Experience Cleantech has emerged as one of the Top 3 Sectors along with Software and Biotech $3.3 billon invested in US Cleantech in 2012 Overall VC investment down 9%on 2011; Cleantech down 28% $1 in every $8 invested in Cleantechin 2012 Venture Capital investment in US Cleantech Cleantech share of total venture capital investment - Source NVCA / PWC

  10. Saving energy is more cost efficient than generating it Cost per tonne of CO2 abated is key Consider move away from grant based focus Supplier obligations are big UK push driver *Does not count for renewable target Source: McKinsey/SEAI Ireland 2030 GHG abatement cost curve – reference scenario July 2009 10

  11. Industry Trends • CHALLENGES • GOOD • Low carbon price • Low natural gas price • Political, Regulatory & Support Uncertainty • Credit Crunch • Recession led demand reduction • Reduced investment in 2012 • Utility divestment programmes • Weak exit record • Increasing funding challenge • Renewable penetration increasing • Solar PV costs halved • China embracing renewables • Large Corporates entering the market • New legislation • IT and telecoms players converging on Big Data opportunity in Smart Grid • Electrification of heat & transport commencing • ESCO’s funding energy efficiency

  12. Cleantech Funding 5 Point Overview 1 The Funding Challenge 2 Current Status 3 • Market Trends 4 • Funding Options 5 • Why Cleantech investors might choose Ireland?

  13. Funding Options

  14. Cleantech Funding 5 Point Overview 1 The Funding Challenge 2 Current Status 3 • Market Trends 4 • Funding Options 5 • Why Cleantech investors might choose Ireland?

  15. S WHY IRELAND? Top tier onshore wind resource Top tier offshore wind resource Top tier wave energy resource Leading tidal technology exemplar Ideal storage and export Single market, TSO and DSO EV infrastructure leadership Clear Government targets Agency Support – SEAI, EI, EPA & IDA Irish global cleantech industries Emerging Irish cleantech companies Seed and VC Funding Tier 1 FDI – IBM, United Technologies Asset development expertise Asset Management - Green IFSC R&D Centres – ERC, Tyndall, UL, DIT Cleantech clusters - The Green Way NDRC – Sand Box IT & Telecoms expertise Smart grid leadership recognised by IEA

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