Embed Size (px)
Citation preview
© 2013 PricewaterhouseCoopers LLP. All rights reserved. “PricewaterhouseCoopers” refers to PricewaterhouseCoopers LLP, a Delaware limited liability partnership, or, as the context requires, the PricewaterhouseCoopers global network or other member firms of the network, each of which is a separate and independent legal entity. This document is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. PM-14-0130
About PwC’s Cleantech Practice
PwC’s Cleantech Practice provides services and advice in assurance, tax, transactions, market entry, and business performance improvement to companies across the cleantech sector and the breadth of industries it impacts. Our broad network of industry sector specialists combines a detailed knowledge of government policy and regulation with strong private enterprise experience, providing us with an in-depth understanding of key industry issues around strategy, operations, regulations, risk, technology, and finance. As the service provider of choice for emerging and established cleantech companies as well as organizations and utilities, we can help you to develop, commercialize, deploy, and maintain go-to-market strategies for your products and services across the cleantech ecosystem.
Contacts
Tom SolazzoUS Cleantech Practice Leader (949) 437 5342 [email protected]
Brian Carey US Cleantech Advisory Leader (408) 817 7807 [email protected]
Keith ParsonsUS Cleantech Assurance Leader(720) 931 [email protected]
Matt HaskinsUS Cleantech Tax Leader (202) 414 1570 [email protected]
Debi GerstelUS Cleantech Practice Chief of Staff(408) 817 [email protected]
www.pwc.com/cleantech
www.pwcmoneytree.com
PwC Research&Analytics
Cleantech received $297 million in 40 venture deals in the third quarter of 2013. Funding dollars decreased 20 percent quarter-over-quarter, while deal volume decreased 7 percent over the same period.
October 2013
Cleantech MoneyTreeTM Report: Q3 2013
Based on the MoneyTreeTM Report from PricewaterhouseCoopers and the National Venture Capital Association based on data from Thomson Reuters
Cleantech PwC
CleantechCleantech fundingThe Cleantech sector, which crosses traditional MoneyTree industries and is composed of agriculture and bioproducts, energy efficiency, smart grid and energy storage, solar energy, transportation, water and waste management, wind and geothermal, and other renewables, saw a 20 percent decrease in funding from the previous quarter, to $297 million.
“Solar seems to be a bright spot in the cleantech industry,” said Tom Solazzo, Cleantech Practice Leader. “It is faring well in worldwide deployments and funding has been significantly higher this quarter compared to the past two this year.”
Figure 1: Cleantech funding trends by quarter 2010–2013
2010 2012 20132011
Bill
ions
of $
0.00.20.40.60.81.01.21.41.6
Q4Q3Q2Q1
Figure 2: Growth in Cleantech funding compared with total venture funding
-100%
-50%
0%
50%
100%
150%
200%
Cleantech Total venture capital
% C
hang
e (Y
/Y)
2013
Q3
2013
Q2
2013
Q1
2012
Q4
2012
Q3
2012
Q2
2012
Q1
2011
Q4
2011
Q3
2011
Q2
2011
Q1
2010
Q4
2010
Q3
2010
Q2
Cleantech deal volume
Compared to the third quarter of 2012, deal volume decreased by 39 percent in the third quarter to 40. Average deal size was $7.8 million, a decrease of 43 percent year-over-year.
Figure 3: Cleantech deal volume by quarter 2010–2013
2010 2011 2012 2013
Num
ber
of d
eals
0
20
40
60
80
100
120
Q4Q3Q2Q1
First-time funding compared with follow-on fundingCompared to the third quarter of 2012, first-time funding decreased 69 percent to $21 million. First-time deals in the Cleantech sector averaged $2.6 million during the third quarter, a decrease of 50 percent year-over-year, in 9 deals.
Year-over-year, follow-on funding decreased 65 percent to $276 million in the third quarter. Follow-on funding average deal size was $9.2 million, a 42 percent decrease from the same period in the previous year, in 31 deals.
Figure 4: Cleantech follow-on compared with initial investments 2010–2013
75%
80%
85%
90%
95%
100%
Follow-on investmentInitial investment
2013
Q2
2013
Q1
2012
Q4
2012
Q3
2012
Q2
2012
Q1
2011
Q4
2011
Q3
2011
Q2
2011
Q1
2010
Q4
2010
Q2
2010
Q3
2013
Q3
Cleantech funding by stage
Early-stage investment was $60 million during the quarter, a decrease of 70 percent compared to the third quarter of 2012.
Cleantech investment for late-stage opportunities decreased year-over-year by 64 percent to $237 million.
Early-stage average deal size, at $3.8 million, decreased 58 percent year-over-year in 17 deals, while late-stage average deal size, at $10.8 million, decreased 34 percent over the same period in 23 deals.
Figure 5: Cleantech funding by stage each quarter 2010–2013
Late Stage Early Stage
Bill
ions
of $
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.61.8
2013
Q2
2013
Q3
2013
Q1
2012
Q4
2012
Q3
2012
Q2
2012
Q1
2011
Q4
2011
Q3
2011
Q2
2011
Q1
2010
Q4
2010
Q3
2010
Q2
2013 Third quarter sequential growth factors (Q/Q growth)
% Change in deal Volume
% Change in avg deal size
% Change in investments
Early stage 21% -27% 16%
Late stage -21% -13% -26%
Cleantech funding by subsector
Cleantech subsectors receiving increased funding in the third quarter compared to the prior-year period were:
• Water & Waste Management, increased 229 percent to $64 million
• Solar Energy, increased 82 percent to $128 million
Cleantech subsectors receiving less funding in the third quarter compared to the prior-year period were:
• Transportation, decreased 98 percent to $4 million
• Other Cleantech, decreased 84 percent to $64 million
• Smart Grid and Energy Storage, decreased 23 percent to $30 million
Wind & Geothermal, and Energy Efficiency did not receive any funding this quarter.
Figure 6: Cleantech funding by subsector 2010–2013
0.00.20.40.60.81.01.21.41.61.8
Wind & Geothermal
Other Cleantech
Water & Waste Management
Transportation
Energy Efficiency
Smart Grid & Energy Storage
Solar Energy
Agriculture & Bioproducts
$ in
Bill
ions
2013
Q2
2013
Q3
2013
Q1
2012
Q4
2012
Q3
2012
Q2
2012
Q1
2011
Q4
2011
Q3
2011
Q2
2011
Q1
2010
Q2
2010
Q4
2010
Q3
Figure 7: Cleantech funding by subsector third quarter 2013
2%
Solar Energy
Transportation
Other Cleantech
Water & Waste Management
Smart Grid & Energy Storage
Agriculture & Bioproducts10%
43%
2%
22%
21%
Regional funding trends
Silicon Valley, LA/Orange County, New England, Upstate NY, and the Midwest received the most Cleantech venture capital funding in the third quarter. Silicon Valley received the most funding with $83 million.
Figure 8: Top five regions third quarter 2013
0 25 50 75 100
Silicon Valley
LA/Orange County
New England
Upstate NY
Midwest
Deal value ($ in millions)
19
28
54
83
40
Figure 9: Funding trends in top five regions 2010–2013
0%10%20%30%40%50%60%70%80%90%
100%
LA/Orange County
Silicon Valley
New England
Upstate NY
Midwest
2013
Q2
2013
Q3
2013
Q1
2012
Q4
2012
Q3
2012
Q2
2012
Q1
2011
Q4
2011
Q3
2011
Q2
2011
Q1
2010
Q4
2010
Q3
2010
Q2
