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24th March 2011Matheson Ormsby Prentice Solicitors - Breakfast Briefing Series
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¡ This document has been prepared by Novusmodus LLP (“NM”). NM is the investment adviser to ESB Novusmodus GP Limited, the general partner of ESB Novusmodus LP.
¡ This presentation is confidential to the addressee(s) and it may not be copied or passed on, in whole or in part, nor its contents discussed with any other person. This document is supplied for information purposes of the addressee(s) only. This document does not constitute and may not be construed as, an offer to sell or an invitation to purchase, investments of any description nor the provision of investment advice by any party and no reliance may be placed for any purposes whatsoever on the information contained in this document or its completeness. Neither NM nor any if its officers, partners, employees, agents or affiliates makes any express or implied representation, warranty or undertaking with respect to the information or opinions contained in this presentation and none of them accept any responsibility or liability as to its accuracy or completeness or as to the suitability of any particular investment for any particular investor or for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.
¡ This document is intended for distribution in the United Kingdom only to (i) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); (ii) person falling within Article 49(2) of the Order; or (iii) persons to whom it can otherwise lawfully be distributed.
¡ The distribution of this document in certain jurisdictions may be restricted and accordingly it is the responsibility of any person into whose possession this document comes to inform themselves about and observe such restrictions.
¡ NM, which is authorised and regulated by the UK Financial Services, is acting solely as adviser to ESB Novusmodus GP Limited and no one else in relation to this document and will not be responsible to anyone else other than ESB Novusmodus GP Limited for providing the protections afforded to clients of NM nor for providing advice in connection with this presentation or matters referred to herein.
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¡ Novusmodus is a VC/Development Capital investment firm in the renewable and cleantech sector
¡ The team is based in London, Dublin, and Munich§ a European focus, a global mandate
¡ We are the adviser to ESB Novusmodus Fund LP, a €200m fund established in August 2009 where ESB is the only investor§ ESB provides a unique perspective on the utility market, and direct access
to engineering and sector specialist expertise
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¡ The renewable and cleantech sector has a significant lack of financing between the VC and private equity stages
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¡ Unique relationship with ESB makes ESB Novusmodus a hybrid of institutional and corporate funds, with advantages of both
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¡ We consider investments in all things to do with clean, low-carbon generation, and the efficient delivery and usage of electricity and heat
¡ €3m - €20m equity investments
¡ Significant minority positions and board representation
¡ 5-6 year investment horizon
¡ Open to consider co-investments with other funds
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Renewable Power Generation
Renewable Power Generation
Biomass, geothermal, hydro, solar, waste heat recovery, wind
Biomass, AD, heat recovery, gasification, marine, pyrolysis, solar, wind
ESCO business model, lighting, building efficiency, process reducing energy consumption, energy storage, smart grid and meters
Electric vehicles and infrastructure, other transport, carbon markets, everything else
Low Carbon
Low Carbon
Energy EfficiencyEnergy Efficiency
Technology Solution Provider
Technology Solution Provider
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THE FUND DOESTHE FUND DOES
¡ Invest in project developers as well as technology
¡ Commercialise technologies after proof of concept
¡ Have broad return targets¡ Take a flexible approach in
how we structure our capital
THE FUND DOES NOTTHE FUND DOES NOT
¡ Invest in large infrastructure/utility projects
¡ Invest in One-off projects¡ Invest in Pre-IPO funding
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¡ Assessing investments in early-stage renewables requires a diverse set of skills to address the sector’s nuances
We have assembled a broad range of expertise to best grow and accompany investee companies up to successful exit
We have assembled a broad range of expertise to best grow and accompany investee companies up to successful exit
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¡ ESB is the sole investor in the ESB Novusmodus Fund § Leverage expertise within dedicated ESB teams in Wind, EV, Biomass, Wave, Smart
Grid, Smart Meter, ESCO and other core utility sectors
¡ We pass on the various benefits to investee companies in the form of expert skills and management support
Utility Expertise and EngineeringUtility Expertise and Engineering
International ReachInternational Reach
Cornerstone InvestorCornerstone Investor
• Carbon neutral by 2035• c.€20bn investment program• €6.5bn asset value• International presence in over 50 countries• 1,100 consulting engineers out of 7,000 staff
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11Have reviewed over 600 opportunities in the last 12 monthsHave reviewed over 600 opportunities in the last 12 months
Review by Country Review by Sector
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Significant proportion of funds committed to date are to Irish companiesInvestee companies support 300 jobs (90% in Ireland)
Significant proportion of funds committed to date are to Irish companiesInvestee companies support 300 jobs (90% in Ireland)
Review by Sector
¡ Lot of focus on buildings/ESCO
¡ Absence of generation / developer opportunities
¡ Many very small tech opportunities
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Collective ExperienceCollective Experience
Team has broad range of experience across several sectors including:Venture Capital•Cleantech focused VC at TVM Capital, Germany•Venture team at BP Alternative EnergyPrivate Equity/LBO•Director with Terra Firma•Investment manager with CandoverBanking, Legal and Transaction •Head of Energy and Power for Merrill Lynch•Investment Banking experience with Citigroup, Merrill Lynch, Bank of Nova Scotia•Accountancy/ Corporate Finance experience with PWC and KPMG•Leverage finance and infrastructure finance with CIBC, Merrill Lynch, Lehman Brothers•Corporate lawyer with Slaughter and MayRegulatory•Advise to British Government on energy sector including sale of British Energy to EDF and Non-Executive Director of Urenco•Worked with Irish energy regulatorUtility•Responsible for ESBI strategy•Managed ESBI GB business developmentIndustry•CFO of a biomass technology company•Supply chain and operational executive in FTSE100 companies•Project management and Engineering
RobertSchrimpff
German Partner*
NilsBennemann
Michael Aherne
Managing Partner
Richard Nourse
Managing Partner
BertrandGautierPartner
JohnMcKiernan
Partner
Michael Foley
Fredericde Stexhe
GenevièveMaltais-Boisvert
TomásMurray
PaulO’Donnell
AineShaffrey
CONTACT
Michael Aherne Dublin [email protected] +353 1 70 26886
Nils Bennemann London [email protected] +44 20 7832 9417
Frederic de Stexhe London [email protected] +44 20 7832 9416
Michael Foley Dublin [email protected] +353 1 702 7063
Bertrand Gautier London [email protected] +44 20 7832 9427
Geneviève Maltais-Boisvert London [email protected] +44 20 7832 9418
John McKiernan Dublin [email protected] +353 1 70 27316
Tomás Murray Dublin [email protected] +353 1 702 7186
Richard Nourse London [email protected] + 44 20 7832 9410
Paul O'Donnell London [email protected] +44 20 7832 9419
Robert Schrimpff Munich [email protected] +49 15 116 727495
Aine Shaffrey Dublin [email protected] +353 1 70 26737
Kathrin KribbenPartner
*Robert is the Managing Director (Geschäftsführer) of Bryan-Schrimpff UG, the German sub-adviser to Novusmodus.
SupplyNetworks InternationalPowergen + Wind
¡ 8,000 employees¡ Over €3bn turnover¡ €6.5bn asset value
ESB: Leveraging our LP and Partner
¡ c.€20bn investment program¡ Presence in over 50 countries¡ 1,100 consulting engineers
