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© new energy finance 2008 and UNEP 2008 | Copyright and Disclaimer notice applies throughout.

Contents Executive Summary ................................................................................. 1

List of Case Studies and Box Outs ........................................................... 6

Introduction .............................................................................................. 7

Objectives and Approach ......................................................................... 8

Methodology and Definitions .................................................................... 9

Part I: Private Venture Capital: Role & Financing Gaps .......................... 10

Part II: Public Venture Capital ................................................................ 23

Part III: How to Approach Public Venture Capital ................................... 33

Part IV: Portfolio Analysis ....................................................................... 44

Conclusions and Looking Forward ......................................................... 52

Appendices ............................................................................................ 54

About us ................................................................................................. 55

© new energy finance 2008 and UNEP 2008 | Copyright and Disclaimer notice applies throughout. 1

Executive Summary !

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Source: SEF Alliance Public Venture Capital Study, New Energy Finance

Figure 6: Decision Framework for Selecting Fund

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Source: SEF Alliance Public Venture Capital Study,

New Energy Finance


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1 Total new investment includes venture capital & private equity, asset finance, research & development, public markets, small scale projects, mergers & acquisitions, and management buy-outs. Source: New Energy Finance


Objectives and Approach !

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2 This would include such managed funds as CalPERS (The California Public Employees’ Retirement System) that manages

pension and health benefits for California public employees, retirees, and their families. While CalPERS is a limited investor in many clean energy funds, it was founded to manage retirement funds for commercial gain of its stakeholders, rather than created for purpose of financing clean energy innovation.


Methodology and Definitions !

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Technology

Development

Roll-out (Asset Finance)

Scale-UpTechnology

Research

Technology

Development

Roll-out (Asset Finance)

Scale-UpTechnology

Research

Government

Private Equity

Public (Equity) Markets

Venture Capital

Government

Credit (Debt) Markets

Carbon Finance


Part I: Private \,+%;', Capital: Role & Financing Gaps!!!

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AMER$747m pa, 59.1% EMEA

$379m pa, 30.0%

EMEA$480m pa, 16.2%

ASOC$395m pa, 13.4%

AMER$2,079m pa, 70.4%

Total:$6.0bn

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Figure 16: Global VC & PE Clean Energy Investment by Region &

Contribution of Stage, 2002 -2007: %

Note: Grossed-up values based on disclosed deals. The figure represents the

relative contribution by each stage as a percentage of the total venture capital

raised.

Source: New Energy Finance

Figure 17: VC & PE Clean Energy Investment by Selected Country

& Contribution of Stage, 2002 -2007: %

Note: Grossed-up values based on disclosed deals. The figure represents the

relative contribution by each stage as a percentage of the total venture capital

raised for selected countries.

Source: New Energy Finance


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United States$691.2m pa, 92.5%

$1,997.9 m pa, 96.1%United States

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Venture capital investment will play a criti-‐

cal role in the discovery and development

of clean energy technologies. This report

examines the current clean energy venture

the role of public sector-‐sponsored venture

-‐

mercialisation of clean technologies. It also

looks at the core commonalities and differ-‐

ences in the approaches, structures, and

metrics of success for existing public ven-‐

ture capital funds.

283-‐288 New Penderel House

High Holborn

London WC1V 7HP

+44 20 7092 8800

c/o BASE – a UNEP Collaborating Centre

Elisabethenstrasse 22

4052 Basel, Switzerland

+41 61 283 0918

www.sefalliance.org

0+12 - base€¦ ·...

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