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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

(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

energy-saving

- 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 1993-2002 ABB, R&D and business management positions 1974-1993 +358 40 8371210 veijo.karppinen@ 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 1984-2003 +358 40 8371559 jarmo.saaranen@ 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 1998-2001

Keravuori & Palm, Attorneys at law 1996-1998 +358 40 8371560 jussi.palmroth@ 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 2002-2004, SVP Corporate Relations 2004-2007

ABB, sales, supply chain and business line management positions 1983-2002 +358 50 4102067 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 2000-2007 SFK Finance, co-founder and partner 1996-2000

ABB, R&D and business line mgmt positions 1982-1996 +358 40 5073370 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.

+49 89 5455 8312 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 2003

- 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

(7)

Elcogen Oü

• Elcogen is a technology company developing Solid Oxide Fuel Cells (SOFC)

• Elcogen will produce single SOFCs and stacks based on proprietary

(8)

Finnish Electric Vehicle Technologies Oy

• Intelligent Cell Control System for Lithium batteries for

vehicles and other energy storage applications

(9)

Nidecon Technologies Oy

• Power Quality Filters for Motor Drive Installations and

Distributed Energy Generation

(10)

Epi-wafer = plain wafer + epi-layers Processed wafers Laser bars

cut cut

Laser chips

EpiCrystals Oy

• Founded 2004 in Tampere

• Wafer growing and processing of laser diodes (RGB) for next

generation displays and beamers

(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

(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: +35840-8371210,

veijo.karppinen@vntm.com

• Jarmo Saaranen: +35840-8371559,

jarmo.saaranen@vntm.com

• Jussi Palmroth: +35840-8371560, +49(0)1728213283,

jussi.palmroth@vntm.com

• Harri Ollila: +35850-4102067,

harri.ollila@vntm.com

• Vesa Sadeharju: +35840-5073370,

vesa.sadeharju@vntm.com

• Torsten Wipiejewski: +49162-4159152,

torsten@vntm.com

VNT Management Ltd

Yrittäjänkatu 15

65380 Vaasa, Finland

VNT Management Ltd

Teknobulevardi 3-5

01530 Vantaa, Finland

VNT Management Ltd

Dachauerstrasse 37

80335 Münich, Germany

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