Solar Power Market. Venture Capital Opportunities in Solar Power May 2009, Harri Ollila

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1 Solar Power Market Venture Capital Opportunities in Solar Power May 2009, Harri Ollila

2 VNT Management Ltd - Founded in 2002, manages Power Fund I & II, total 80 M - Main investors Finnish institutions - Focus on renewable and distributed energy generation and energysaving - VNT can show rate-of-return well above the median because of focused investment strategy and experienced partners - VNT executives have core experience in the power conversion and control industry, essential added value to the target companies

3 Veijo Karppinen, Chairman Founder and partner of VNTM since 2002 Experience in the electrical engineering industry 28 years Work history Founder and CEO, Vacon ABB, R&D and business management positions vntm.com Jarmo Saaranen, President Partner of VNTM since 2003 Experience in the electrical engineering industry 25 years Work history ABB, R&D, sales, supply chain, production and business line management positions vntm.com Jussi Palmroth, Partner Partner of VNTM since 2005, joined VNTM 2003 Experience in the investment and legal business 10 years Work history United Bankers Securities, KPMG Tax and Legal Keravuori & Palm, Attorneys at law vntm.com Harri Ollila, Partner Partner of VNTM since 2007 Experience in electrical eng industry 22 years, ICT industry 5 years Work history Elcoteq, SVP European operations , SVP Corporate Relations ABB, sales, supply chain and business line management positions harri.ollila@ vntm.com Vesa Sadeharju, Partner Partner of VNTM since 2008 Experience in VC 12 years and in electrical engineering industry 14 years Work history 3i Group, Director and Partner, Global VC Team SFK Finance, cofounder and partner ABB, R&D and business line mgmt positions vesa.sadeharju@ vntm.com Torsten Wipiejewski, Partner Partner of VNTM since 2009 Experience in electronics and optoelectronics industry 12 years Work history Director and manager positions in production, R&D and corporate management in large companies and start-ups Germany, Ireland, USA and Hong- Kong torsten@vntm.com

4 Focus on Clean Technology - Special focus on renewable and distributed energy generation and energy saving technologies, especially in electrical and power electronics applications - High interest in innovations where energy is converted to electricity wind, solar, wave, bio and hydropower - High interest in energy-saving issues as power grid efficiency, electric vehicles, variable-speed generators, and industrial drive trains.

5 Case: The Switch Merger of three of VNT target companies in 2006: - Verteco, converters from generation to grid founded and financed by VNTM in Vaasa Rotatek, wind power generators and high speed motors originates from LUT, Lappeenranta 1996, VNTM financed - Youtility, inverters to fuel cells, solar founded by Semikron in Hudson 1999, VNTM financed The Switch is today known as a wind power company Revenue growth very strong

6 Mervento Oy ( former Enmac Wind Oy ) Multi-megawatt size directly driven wind turbine power plant provider for on- and off-shore conditions Investment made late 2008

7 Elcogen Oü Elcogen is a technology company developing Solid Oxide Fuel Cells (SOFC) Elcogen will produce single SOFCs and stacks based on proprietary technological solutions created through fundamental and applied research

8 Finnish Electric Vehicle Technologies Oy Intelligent Cell Control System for Lithium batteries for vehicles and other energy storage applications Located in Riihimäki and Varkaus in Finland

9 Nidecon Technologies Oy Power Quality Filters for Motor Drive Installations and Distributed Energy Generation Located in Vantaa, Finland

10 EpiCrystals Oy Founded 2004 in Tampere Wafer growing and processing of laser diodes (RGB) for next generation displays and beamers Won the European Venture Contest in December 2006 cut cut Epi-wafer = plain wafer + epi-layers Processed wafers Laser bars Laser chips

11 Cavitar Oy compact Heavy Duty Diode Lasers for processing and process visualization systems

12 Solar Power Technologies Photovoltaics technologies, (PV) 1. Crystalised silicon technology, (c-si,,87 % share) 2. Thin Film technologies, (13 % share) - a-si, CdTe, CIS, CIGS, GaAs - new materials 3. Concentrating photovoltaics, (CPV, challenger) 4. New concepts Concentrating solar power, (CSP) 1. Parabolic trough (97 % share) 2. Central receiver ( 3 % share) 3. Linear fresnel 4. Dish engine

13 Solar Power market for Venture Capitalist? Venture Capitalist needs - Market with strong growth and good profitability - Market which demands new technologies - Competent start-up companies - Changes in the market Solar Power market - Growing fast and profitable by feed-in tariffs - Start-ups especially in countries with feed-in-tarriff - Fast changes to achieve the grid parity Solar Power market changes - CSP grows as utility scale solar power develops - Energy storages are developing - Total cost is decreasing and PV efficiency is increasing - New product/production technologies are needed

14 Where to invest in Solar PV? 1. Efficient mass-production technology 2. Technologies to increase efficiency, surface treatmment? 3. New semiconductor which beats c-si and thin film Challenge for new panel manufacturer: Panel producers need very high investments System integrators have too thin IPR Where to invest in Solar CSP? 1. Linear fresnel, very promising challenger, CHP opportunities 2. Energy storages, needed for continuous use 3. Solar cooling Parabolic trough manufacturers not anymore start-ups Dish engine has too many unsolved issues

15 Contact Information Veijo Karppinen: , Jarmo Saaranen: , Jussi Palmroth: , +49(0) , Harri Ollila: , Vesa Sadeharju: , Torsten Wipiejewski: , VNT Management Ltd Yrittäjänkatu Vaasa, Finland VNT Management Ltd Teknobulevardi Vantaa, Finland VNT Management Ltd Dachauerstrasse Münich, Germany