Tracxn Research: Solar Energy Startup Landscape, September 2016

1. Solar Energy Report – September 2016 Tracxn World’s Largest Startup Research Platform 2

2. Solar Energy Report – September 20163 Contents Topic Page No. Scope of Report 04 Entrepreneur Activity 06 Investment Trend 08 Who is Investing 16 Exit Outlook - IPO, Acquisitions 20 Sub Sector Analysis 23 Interesting Companies 41 Useful Links 45 Company List 47 Team 236

3. Solar Energy Report – September 20164 Sector Overview Scope of report This report covers companies that manufactures or supplies products across the entire Solar Industry value chain and offers services related to the generation of solar power. It excludes solar consultancy companies and companies which offer solar services like site survey, energy audit etc. and also excludes organization and labs which are purely research oriented. This report is focused on those companies which are involved right since the beginning of the value chain, who manufacture solar wafers and ingots, right till them who manufacture solar modules. Post this it covers those companies which provide solar solutions using these panels or thermal solutions and also them who provide them on lease or any other innovative financing model. We have additionally included those companies which manufacture solar based heating, charging and lighting solutions. The scope of this report includes equity as well as debt funding received by the companies. Business Model Description Hardware Developer Companies manufacturing or developing hardware which help in either generating power or other Balance of System components Independent Power Producer Companies which own power plants and generate power to be sold to either a Utility or a Commercial, Industrial or Residential customer Project Developers Companies involved in providing Solar Plant Installation and Operation & Maintenance services, or both. Services are provided for Utility scale as well as distributed power plants Solar-as-a-service Offers solar services like installation, financing and customer acquisition Solar Products Companies developing various products which use solar energy to provide lighting, heating/cooling or charging solutions to the end user Project Financing Offers financing needed for solar projects Software Solutions Companies developing online/offline applications and software which assists in monitoring, analytic and project development purpose

4. Solar Energy Report – September 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 5

5. Solar Energy Report – September 2016 102 82 76 88 277 183 19 0 60 120 180 240 300 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies 6 YoY – Number of companies founded Sunnova ReNew Power Ventures Soleq Nippon Renewable Energy TerraForm Power NexWafe Edisun KDC Solar Mosaic World Panel CaptureSolar Energy Brite Energy REhnu Evergen

7. Solar Energy Report – September 20168 YoY – Number of Rounds and Total Funding Note: The funding includes debt rounds also. $3.7B $2.2B $4.5B $3.3B $2.0B $3.3B $4.6B $6.3B $5.0B 122 96 119 147 126 148 176 218 139 0 50 100 150 200 250 0.0 1.4 2.8 4.2 5.6 7.0 2008 2009 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inBillions) Funding Amount Number of Rounds

8. Solar Energy Report – September 20169 YoY – Number of Rounds by Stage

9. Solar Energy Report – September 201610 YoY – Funding by Stage

10. Solar Energy Report – September 201611 Average Ticket Size – Early Stage

11. Solar Energy Report – September 201612 Top investments in last one year

12. Solar Energy Report – September 201613 Top investments in last one year

13. Solar Energy Report – September 201614 Funnel view of Sector

15. Solar Energy Report – September 201616 Most Active Investors in Sector 39 29 23 19 17 16 16 14 14 13 0 9 18 27 36 45 DOE NEA DFJ KPCB NGEN Partners IFC RockPort Capital Applied Materials Khosla Ventures DBL Partners TotalNumberofRounds SunPower Suniva SolarCity MiaSolÃ© SolFocus Canadian Solar Solyndra SunEdison Stion SolarCity Solyndra SolFocus BrightSource Energy BeamReach Solar Solaria NSL Renewable Power Enphase Energy Enphase Energy Infinia BrightSource Energy

16. Solar Energy Report – September 201617 Where are Top Investors investing

17. Solar Energy Report – September 201618 Top Investor by Stage of Entry

19. Solar Energy Report – September 201620 Top IPOs in last three years IPO Date Company Overview Funding Amount Aug-2015 sunrun.com Sunrun (San Francisco, 2007) Solar services for residents Accel Partners, Sequoia Capital, Foundation Capital, Millennium Technology Value Partners, U.S. Bank, Investec, Idinvest Partners, Pacific Gas and Electric $296.98M Jul-2015 nanoflexpower.com NanoFlex Power (Scottsdale, 1994) Develops solar organic solar PV $3.42M Mar-2015 solaredge.com SolarEdge (Hod HaSharon, 2006) Solar Photovoltaic Power Electronics Lightspeed Venture Partners, Vertex Ventures Israel, Opus Capital, Norwest Venture Partners, Genesis Partners, GE, Walden International, Orr Partners, Jerusalem Global Ventures, GE Energy Financial Services, Vertex Ventures $96.8M Nov-2014 skysolarholdings.com Sky Solar Holdings (Hong Kong, 2009) Independent Power Producer Sino-Century China Private Equity Partners, LLC Jul-2014 terraform.com TerraForm Power (Beltsville, 2014) Owns and operates clean energy assets $415M Oct-2013 abengoa.com Abengoa (Seville, 1941) Horizontally integrated company in energy and water and waste management segment. Sep-2013 patternenergy.com Pattern Energy Group (San Francisco, 2013) Pattern is an independent power company listed on the NASDAQ (PEGI) and TSX (PEG) that owns & operates wind & solar power projects around the world. Dec-2012 solarcity.com SolarCity (San Mateo, 2006) Solar Panel Installation and Financing Google, Capital One, Bank of America, Deutsche Bank, Mayfield, Credit Suisse, Draper Fisher Jurvetson, Citigroup, Silicon Valley Bank, DFJ Growth, Silver Lake, Generation Investment Management, KeyBank, TrueBridge Capital Partners $1.26B

20. Solar Energy Report – September 201621 Major Acquisitions in last one year

22. Solar Energy Report – September 201623 September 2016Tracxn BlueBox: Solar Energy 1450+ companies in the sector, 393 funded in last 5 years, $11.2B invested in 2015/2016 (YTD)

23. Solar Energy Report – September 201624 Top Business Models by Funding $12.7B $5.5B $3.7B $1.5B $445M $124M $92M 0.0 2.8 5.6 8.4 11.2 14.0 Hardware Developer Independent Power Producer Solar-as-a-service Project Developers Solar Products Project Financing Software Solutions TotalFundingAmount(inBillions) # Cos. 456 186 126 355 178 30 76 Avg. Age 2004.5 2008 2011.7 2010 2010 2012.7 2011 SunPower ReNew Power Ventures SolarCity Solairedirect Konarka Technologies Clean Power Finance Fat Spaniel King Solarman Solyndra NRG Energy Sunnova Brite Energy FTL Solar SolarBao Powerhive That's Solar

24. Solar Energy Report – September 201625 Hardware Developer – Business Model Description

25. Solar Energy Report – September 201626 Hardware Developer – Entrepreneur Activity and Investment Trend

26. Solar Energy Report – September 201627 Hardware Developer – Most Funded Companies

27. Solar Energy Report – September 201628 Independent Power Producer – Business Model Description

28. Solar Energy Report – September 201629 Independent Power Producer – Entrepreneur Activity and Investment Trend

29. Solar Energy Report – September 201630 Independent Power Producer – Most Funded Companies

30. Solar Energy Report – September 201631 Solar-as-a-service – Business Model Description

31. Solar Energy Report – September 201632 Solar-as-a-service – Entrepreneur Activity and Investment Trend

32. Solar Energy Report – September 201633 Solar-as-a-service – Most Funded Companies

33. Solar Energy Report – September 201634 Project Developers – Business Model Description

34. Solar Energy Report – September 201635 Project Developers – Entrepreneur Activity and Investment Trend

35. Solar Energy Report – September 201636 Project Developers – Most Funded Companies

36. Solar Energy Report – September 201637 Solar Products – Business Model Description

37. Solar Energy Report – September 201638 Solar Products – Entrepreneur Activity and Investment Trend

38. Solar Energy Report – September 201639 Solar Products – Most Funded Companies

40. Solar Energy Report – September 201641 Interesting Early Stage Companies Company Overview Business Model Total Funding zoltenergy.co Zolt Energy (2014, Secunderabad) Evaluates the site and installs solar panels Project Developers > EPC > Distributed Powerhive (2011, Berkeley) Asset Intelligence for microgrids Caterpillar, Prelude Ventures, Tao Capital Partners, piinvest.com Software Solutions > Energy Management > Integrated $20M Bigbelly Solar (2003, Newton) Smart waste monitoring Solar Products > Others $4.3M Evergen (2016, Sydney) Solar based home energy management system AMP Capital, CSIRO Software Solutions > Energy Management > Monitoring $3.7M Fenix International (2009, San Francisco) Makes plug-and-play smart batteries GSMA, Team AlphaMundi, ENGIE, GVEP International, Juvo Capital, Orange Fab, Orange, Schneider Electric, Inc. Hardware Developer > Balance of Systems > Power Electronics $12.6M Curated list of companies by the sector analyst are defined as Interesting

41. Solar Energy Report – September 201642 Interesting Late Stage Companies

42. Solar Energy Report – September 201643 Top Funded Deadpooled Companies

44. Solar Energy Report – September 201645 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Top investments in last one year Investment Trend Link Top IPOs in last three years Exit Outlook - IPO Link Major Acquisitions in last one year Exit Outlook - Acquisitions Link Hardware Developer – Most Funded Companies Sub Sector Understand Link Independent Power Producer – Most Funded companies Sub Sector Understand Link Project Developers – Most Funded Companies Sub Sector Understand Link Solar-as-a-service – Most Funded Companies Sub Sector Understand Link Solar Products – Most Funded companies Sub Sector Understand Link Project Financing – Most Funded companies Sub Sector Understand Link Software Solutions – Most Funded companies Sub Sector Understand Link Top Funded Deadpooled Companies Companies Link

46. Solar Energy Report – September 201647 Solar Energy – Company List Hardware Developer Independent Power Producer Project Developers Project Financing Retail Software Solutions Solar Products Solar-as-a-service 694 FUNDED COMPANIES AND 753 UNFUNDED COMPANIES COVERS THE FOLLOWING SECTORS

47. Solar Energy Report – September 201648 Hardware Developer (1/59) Company Overview Business Model Total Funding GT Advanced Technologies (1994, Merrimack) Manufactures equipment for solar, LED, and consumer electronics. Angeleno Group, MerchantBanc Growth Partners Balance of Systems > Other Equipments $83.6M NEXTracker (2013, Fremont) Manufacturer PV trackers Sigma Partners, Double Bottom Line Investors, SJF Ventures, Overture Advisors, Tennenbaum Capital Partners, Presidio Partners, DBL Partners Balance of Systems > Other Equipments $42.62M Mainstream Energy (2005, San Luis Obispo) Solar Investment Group REC Solar Balance of Systems > Other Equipments $40M GT Solar (1994, Merrimack) Solar Panel Production Oaktree Capital Balance of Systems > Other Equipments $40M Exosun (2007, Martillac) Manufactures solar trackers Omnes Capital, Grand Sud Ouest Capital Balance of Systems > Other Equipments $13M Confluence Solar (2006, Hazelwood) Offers single crystal subtrates for solar Convexa, Scatec, Oceanshore Ventures Balance of Systems > Other Equipments $12.7M Sunlink (2004, San Rafael) Offers solar mounting system Silicon Valley Bank, Angeleno Group, Clean Pacific Ventures, Summit Capital, Columbia Pacific Advisors, Streamlined Ventures, Murano Group Balance of Systems > Other Equipments $12.47M Zep Solar (2009, San Rafael) Offers integrated PV mounting systems Costella Kirsch, Aquillian Investments, Ecosystem Integrity Balance of Systems > Other Equipments $10.6M Go to BM List >> Independent Power Producer

48. Solar Energy Report – September 201649 Hardware Developer (2/59) Company Overview Business Model Total Funding BT Imaging (2007, Surry Hills) Inspection Tools for PV manufacturing Applied Materials, Allen and Buckeridge, Uniseed, Partners for Growth Balance of Systems > Other Equipments $6.66M Pegasus Solar (2012, Richardson) Rail-less solar mounting structures Okapi Venture Capital Balance of Systems > Other Equipments $2.66M Eternal Sun (2011, Delft) Solar module testing equipment supplier Vermec Balance of Systems > Other Equipments $2.49M PlasmaSi (2009, Fremont) Solar equipment manufacturing Balance of Systems > Other Equipments $1.6M Midisolaire (2008, Beauzelle) Makes PV installation equipments XAnge Balance of Systems > Other Equipments $1.5M PanelClaw (2007, North Andover) Makes mounting systems for flat roof and ground mount applications. Balance of Systems > Other Equipments $1.33M PV Evolution Labs (2009, Berkeley) Solar panel testing platform Abundance Partners Balance of Systems > Other Equipments $1.2M Ecolibrium Solar (2010, Athens) Makes solar mounting structures Queen City Angels, East Central Ohio Tech Angel Funds, Rev1 Ventures Balance of Systems > Other Equipments $1M Go to BM List >> Independent Power Producer

49. Solar Energy Report – September 201650 Hardware Developer (3/59) Company Overview Business Model Total Funding Nines Photovoltaic (2010, Dublin) Equipment manufacturer for PV industry. Enterprise Ireland, Kernel Capital, Kernel Capital Balance of Systems > Other Equipments $373k Hadrian (2010, Northumberland) Solar PV trackers and wind turbines Northstar Ventures Balance of Systems > Other Equipments $145k TGI Solar Group (2006, Freehold Borough) Equipment for manufacturing solar thin films Primesolar Balance of Systems > Other Equipments Kipp & Zonen (1830, Delft) Solar radiation monitoring system Balance of Systems > Other Equipments Clenergy (2007, Clayton North) Manufacturer of solar mounting structure FUHO Capital Management Balance of Systems > Other Equipments Sulas Industries (2011, Silverthorne) Develops sun trackers which are powered by the sun Balance of Systems > Other Equipments Tera Semicon (2002, Suwon-si) Offers manufacturing equipment for solar cells and semiconductor KTB Ventures, Samsung Venture Investment Balance of Systems > Other Equipments Midsummer (2004, Stockholm) Offers manufacturing machinery and manufactures CIGS Balance of Systems > Other Equipments Go to BM List >> Independent Power Producer

50. Solar Energy Report – September 201651 Hardware Developer (4/59) Go to BM List >> Independent Power Producer

106. Solar Energy Report – September 2016107 Independent Power Producer (1/24) Hardware Developer << Go to BM List >> Project Developers

130. Solar Energy Report – September 2016131 Project Developers (1/45) Independent Power Producer << Go to BM List >> Project Financing

175. Solar Energy Report – September 2016176 Project Financing (1/4) Project Developers << Go to BM List >> Retail

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