Energy Efficiency Opportunities, Challenges, and Potential Solutions

Energy Efficiency: Opportunities, Challenges, and Potential Solutions By Aparna Sundaram A practicum submitted in partial fulfillment of the requirements for the degree of Master of Science (Natural Resources and Environment) at the University of Michigan April 2009 Faculty advisors: Professor Tom Gladwin, Chair Professor Gautam Kaul i Abstract Energy efficiency undertakings create cost savings and public benefits These cost savings provide owners/managers with opportunities to earn a return on their investments Benefits include lower electricity congestion, lower emissions, and potentially lower prices However, there are many cases in which viable projects are known but not pursued This research seeks to asses the role of capital markets in driving investment into non-residential building energy efficiency Research Questions:  What are the demand-side and supply-side measures that could save the most energy at the least cost?  What are the impediments to investment in these measures?  What are potential solutions, particularly in terms of financial instruments, products, and structures? Methodology:  Secondary research  In-depth interviews  Conferences / trade shows Findings: Investment in non-residential building energy efficiency is taking place but not to the extent possible When projects attract customer attention, access to capital is a significant issue, not least because of the difficulty in collateralizing EE equipment, and most ESCOs’ lack of credit ratings Utilities are looking to establish authoritative and lucrative positions, driven by new regulation Capital markets financiers can seize this opportunity to leverage utilities and government partners to devise financing structures that can reallocate risk and return and drive investment into non-residential building energy efficiency ii Acknowledgements This practicum could not have been written without Cliff Adams, Managing Director, Coady Diemar Partners (New York, NY), who, as my practicum sponsor, offered essential encouragement, support, and criticisms To Cliff and all the other professionals– including Andrew Brix, Kateri Callahan, Brian DiGiorgio, Tom Dreessen, Jeff Eckel, Joel Fetter, Yoshiko Hill, Nina Lockhart, Mike McNalley, Bill Miller, Tracy Narel, Matt Naud, Nick D’Andrea, Gerald Polk, John Ravis, Scott Sidell, Steven Schiller, Mike Taylor, Donald Thompson, David Thurm, and Jeff White – and the faculty the University of Michigan – including Tom Gladwin and Gautam Kaul – and finally, the Erb Institute staff, students, External Advisory Board, and alumnae – including Rick Bunch, Cyndy Cleveland, Dave Fribush, Peter Fusaro, Bryan Magnus, Rick Plewa, Emily Reyna, and Ryan Waddington – who were kind enough to share their time and expertise, I offer my sincerest thanks In addition, I would never have been able to write Apologies to those I accidentally left out April 20, 2009 iii Table of Contents INTRODUCTIONS Customers Suppliers 5 II CHALLENGES A MARKET BARRIERS Impediments to Customer Demand Renters I OPPORTUNITY A DEMAND Market Size: EE Products & Services Building Stock and Growth Potential Savings Average Project Size Customers Market-Based Drivers Costs Environmental Footprint Revenues Non-Market Drivers American Recovery and Reinvestment Act (ARRA) Other Legislation Commercial Energy Codes Utility Programs Other B SUPPLY Energy Services Defined Equipment Manufacturers & Marketers ESCOs Utility Demand-Side Management Utility Demand Response Supply-side Energy Services 28 Market Size for EE Services Market Size for Energy Performance Contracting Services Players Market-Based Drivers Non-Market Drivers Utility Regulations Major Market Locations SUMMARY OF KEY POINTS 11 11 11 12 12 16 16 16 17 17 18 18 18 19 20 20 20 21 21 21 23 28 28 28 29 31 32 33 33 34 36 Owner-Occupants Non-Occupant Owners Impediments to Service Provider Supply B FINANCING BARRIERS Commercial Customer Risks & Costs Government Customer Risks & Costs ESCO Risks & Costs Summary of Key Points III SOLUTIONS A Distributing Financing Risk Price Discovery Allocation of Risk B Off-balance Sheet Structures C Aggregation D Partnering Utilities Bill Collection Direct Financing Real Estate Investment Trust of Property Developer Summary of Key Points 37 37 37 38 38 38 39 39 40 41 42 43 44 44 44 44 46 47 47 47 48 48 49 50 CONCLUSION 51 APPENDIX A: Waxman-Markey Bill 53 APPENDIX B: Building Energy Efficiency A Equipment & Materials Overview B Documented Transactions: 2003-2008 APPENDIX C: Suppliers of Energy Services 56 56 64 71 Page of 88 INTRODUCTION Energy use in buildings accounts for 35 percent of total primary energy consumption in the U.S., 42 percent of total energy costs, and 35 percent of all U.S carbon emissions (Kreith & West, 1997) The latest report by the Lawrence Berkeley National Laboratory (LBNL) corroborates Kreith and West’s decade-old statements on consumption and emissions and goes on to say that at a price of 2.7 ¢/kWh1, cumulative savings from the buildings sector alone can equal up to $170 billion in 2030 (Biermayer, Borgeson, Brown, & Koomey, 2008) The total capital required to achieve the $170 billion in savings would be $440 billion, invested between 2010 and 2030 The simple payback on the $440 billion would be 2-1/2 years The benefit-cost ratio (life-cycle savings relative to the cost of investment) of the investment would be 3.5 (Brown et al., 2008) The above top-level estimates not reflect the full complexity of energy efficiency (EE) undertakings: the $170 billion represents reduced operating costs for some (building owners and occupants), and lost revenue for others (commodity electricity suppliers) Furthermore, commodity electricity suppliers, the losers of revenue in this scenario, are guaranteed a rate of return by regulators; they can, therefore, incorporate trends of diminishing demand into budget projections and request rate increases If approved, rate increases would eliminate some, if not all, of the upside of an EE investment undertaken by building owners and occupants Thus the $170 billion, while attractive, will be no easy feat to achieve It will take a thorough understanding of the ecosystem for energy efficiency – or in other words, of the real estate and energy value chains, the policies that influence within them, and the interactions between them The remainder of this introduction outlines the EE ecosystem Customers Potential customers for energy efficiency products and services exist across the length of the real estate value chain, from project developers to rental unit occupants Figure illustrates these potential customers, EE technologies and services available at each point of the chain, and considerations as to revenues, expenses, regulation, and policy that can influence investment decisions in nonresidential building energy efficiency projects Factors to note are that decisions on new construction are rarely made by the resulting occupants In fact, decisions are frequently made by firms aiming to minimize construction risks and project costs, and maximize pre-development lease sales Moreover, during construction, architects, not building owners or property developers, oversee change-orders and purchase equipment that may affect the overall efficiency of the building system (Jones, Bjornstad, & Greer, 2002) NOTE: The values, 2.7 ¢/kWh, $170 billion, and $440 billion, are presented in 2007 dollar terms NOTE: Simple payback measures how long it takes for an investment to be recouped, irrespective of the time value of money NOTE Benefit-to-Cost Ratio (BCR) or Savings-to-Investment Ratio (SIR): Energy cost savings divided by investment or actual costs Usually, this is energy savings, net of maintenance and repair costs, divided by investment and replacement costs less salvage value SIR A1:A2 = ∑N(t=0) [ CSt (1+d)-t] / ∑N(t=0)[ It (1+d)-t ] where SIRA1:A2 = savings-to-investment ratio for alternative A1 relative to mutually exclusive alternative A2; CS t = cost savings (excluding those investment costs in the denominator) plus any positive benefits of alternative A1 as compared with mutually exclusive alternative A2; and I t = additional investment costs for alternative A1 relative to A2 The higher the ratio, the more dollar savings realized per dollar of investment (Kreith & West, 1997) Page of 88 For existing buildings, key points are that energy bills come from both electricity and energy suppliers, and from actors within the real estate value chain (e.g property managers) Secondly, building occupants may or may not own the properties they inhabit, and so, may or may not have incentive to invest in building-related equipment that has insignificant stand-alone value Page of 88 Figure Page of 88 Suppliers On the supply side of EE, product suppliers run the gamut of heating, ventilation, and air conditioning (HVAC), lighting and lighting fixtures, energy/power storage, back-up power, on-site heat and power (cogeneration) systems, on-site (distributed) generation technologies (such as micro-wind and solar PV), building automation and process-specific control systems, and more They are represented by their products in Figures and EE service providers include energy management, building equipment manufacturers and marketers, utility company demand-side management (DSM) and demand response (DR) divisions, and engineering and IT services companies These service providers indirectly connect investors along the real estate value chain with energy suppliers – including in the case of utility-run DSM and DR programs Retail energy suppliers (e.g natural gas firms) directly connect customers from the real estate value chain to actors along the energy value chain; they are pictured in Figure 2, but are not a focus of this report Energy service companies (ESCOs) offer both equipment-specific services –such as installing and maintaining energy efficient lights or boilers – and integrated services – such as auditing buildings, devising window-HVAC-lighting upgrade projects, installing and maintaining equipment, and financing projects In return, customers achieve energy savings Energy savings can be accomplished by installing devices that increase conversion efficiency (in transforming a primary resource to energy) or reduce the amount of energy required for a given task The first method can be referred to as “resource efficiency” and is relevant in the building energy efficiency context only in renewable energy and cogeneration projects The second is comprised of both product and behavior efficiency: in other words, a product may be less energy-intense or people can use it less frequently Either way, demandcurtailment can be achieved Reduction of energy demand affects energy suppliers both by dampening revenue potential and by delaying the need for infrastructure investments The latter point is reflected in utility budgets via integrated resource planning (IRP) IRP requires utilities to evaluate all possible options, including demand-curtailment, for providing reliable and low-cost service to customers In other words, utilities must justify investment in new or extended transmission and distribution (T&D) and/or power generation assets relative to similarly effective demand-side management programs Stated differently, demand-side management programs compete against capacity build-outs for regulatory approval and ratepayer-based funds DSM thus mitigates utilities’ needs to invest in infrastructure In fact, the International Energy Agency estimates that each additional $1 of EE investment on the demand-side saves more than $2 on the supply side (Boyle et al., 2006) Page of 88 Figure Page of 88 temperatures, less flammable, and equally prone to damage from prolonged exposure to water Spray polyurethanes: (white or yellow) are produced by mixing isocyanate and polyether in the presence of catalyst and blowing agent The material contains many tiny, closed cells, making it relatively waterproof Still, prolonged exposure to water is detrimental Like EPS, if conditions are relatively dry, polyurethanes can be used underground Mineral Wool Mineral wool is an inorganic and non-metallic material used for both thermal and acoustic insulation Mineral wool includes rock wool, which is an inorganic material made from volcanic basalt rock and limestone; slag wool, made from the industrial waste slag from iron ore blast furnaces; and fiberglass (or glass mineral wool), made from silica Mineral wool has low thermal conductivity, tolerance to high temperatures, such as from 550°C to 850°C, water repellence, and high soundabsorption It is also non-corrosive and inert Mineral wool can be cut and shaped and as such is sold in batt-, blanket-, board-, and sheet-form, with or without membranes As such, it is used in walls, roofs, and floors, and around water cylinders and pipes Other uses include air condition ducting, fire protection in partitioning and ceilings, and as insulation for industrial, domestic appliance, and transportation equipment, as well as in petrochemical installations and pipes The major drawback of mineral wool is that it can cause physical irritation, resulting in rashes and the like Cellulose Cellulose is made from old newspapers and cotton Natural fiber is obtained from renewable or non-depletable resources, and can be recycled However, this material is the least used of those listed above: improvements in the thermal performance of plastics has kept cellulose from gaining market share Vacuum insulation Thin panels with R-values as high as 50 / inch; like double-glazed glass, the panels lose their air-tightness over time Phenolic or phenol-formaldehyde Higher strength, less flammable foam whose open-celled structure gives it lower insulating capacity, high water absorption, and high water vapor permeability The material degrades over time and releases some formaldehyde Lightweight Wood Fiber Board Perlite Natural fiber Insulations treated with low toxicity fire and insect retardants Structural insulating panels (SIPs) also known as stressed-skin walls Cork Page 72 of 88 B Documented Transactions: 2003-2008 Building Energy Efficiency Equipment Deals: 2003-2008 Date Name 6/29/05 iWatt Inc 9/1/03 Valere Power 6/8/05 Crossbow Technology Inc 9/26/05 Sensicast Systems Inc 10/27/03 DryKor Holdings Inc 10/30/06 Orion Energy Systems 11/20/06 Intematix Corporation 4/25/07 Rubicon Technology 8/9/07 Solatube International Inc 10/1/07 Ciralight 1/25/08 LumenZ 2/13/08 Lumenergi 2/20/08 Albeo Technologies 5/3/04 Starfire Systems Inc 7/18/06 Glacier Bay Inc 5/1/07 GigaCrete Inc 11/15/07 Serious Materials 6/25/08 Aspen Aerogels Inc 7/17/07 SAGE Electrochromics Inc Demand-Side Energy Efficiency Deals: Segment BAS BAS BAS BAS HVAC Lighting Lighting Lighting Lighting Lighting Lighting Lighting Lighting Wall Wall Wall Wall Wall Windows Technology Inductors / Converters Management Sensors Sensors Air Conditioning & De-Humidifying Phosphors for LED, CFL, and CCFL LED Daylighting Daylighting LED Ballasts LED Coating Vacuum Insulation EPS Drywall Nanotechnology Electrochromic 2003-2008 Amount ($MM) Investment Type Stage Series C 31.000 VC Series C 6.000 VC 22.000 VC Series C Series B 16.000 VC Series C 8.000 VC Series C 5.000 VC Series C 16.500 VC Asset / Capacity investment 16.000 PE Debt / Leasing VC 1.700 VC Seed / Angel Seed / Angel 3.000 VC Series A 3.000 VC Series A 1.500 VC Series A 0.800 VC Series A 8.000 VC Series A 5.000 VC Pre-IPO round 52.000 VC 102.000 VC Pre-IPO round 16.000 VC 313.500 Source: New Energy Finance, retrieved July 2008 Page 73 of 88 Primary sector Organisation Efficiency: Demand Side Itron Inc Efficiency: Demand Side MicroPlanet Technology Corp (formerly HF Capital Corp) Efficiency: Demand Side Stockmarkets Country name NASDAQ Global Select Market (ITRI) TSX Venture Exchange (MP) United States Odyne Corporation OTC Bulletin Board (ODYC) United States Efficiency: Demand Side SatCon Technology Corp NASDAQ Global Market (formerly NASDAQ-NM) (SATC) United States Efficiency: Demand Side Orion Energy Systems NASDAQ Global Market (formerly NASDAQ-NM) (OESX) Efficiency: Demand Side United States Date announced/ completed Abstract Post money value ($) New equity raised ($) 6-May-08 Itron, US-based smart grid technology provider, plans to raise over USD 300m in a secondary offering on the NASDAQ Global Select Market 22-Apr-08 MicroPlanet Technology Corp, US-based maker of energy efficient electrical products, plans to raise CAD 8m (USD 7.8m) in a private placement Total offering size ($) Deal status Transaction type 300 m Announced/filed Secondary 7.8 m Announced/filed OTC Secondary/PIPE 27-Mar-08 Odyne, US-based developer of plug-in electric hybrid vehicles, has raised USD 7m in gross proceeds through a PIPE 1-Jan-08 SatCon, a Boston-based electrical power conversion and control devices developer, received USD 25m from institutional investors through a private placement 7m 7m Completed OTC Secondary/PIPE 25 m 25 m Completed Private Investment in Public Equity (PIPE) United States 20-Dec-07 Orion Energy Systems, US-based designer and 330 m manufacturer of energy efficient lighting systems and controls, has completed its USD 100m IPO on the Nasdaq stock market 74 m 100 m Completed IPO Catalytic Solutions AIM (London) Inc (CSI) (CTS) United States 9.5 m 9.5 m Completed Secondary Efficiency: Demand Side Comverge Inc NASDAQ Global Market (formerly NASDAQ-NM) (COMV) United States 20-Dec-07 Catalytic Solutions, US-based technology developer and manufacturer, raised USD 9.5m to fund the acquisition of Engine Control Systems 14-Dec-07 Comverge, the US-based demand response provider, 594 m raised USD 24.3m in net proceeds after closing its previously postponed secondary offering on the NASDAQ Global Market 44.1 m 150.8 m Completed Secondary Efficiency: Demand Side Rubicon Technology NASDAQ Global Market (formerly NASDAQ-NM) (RBCN) United States 15-Nov-07 Rubicon Technology, a maker of sapphire substrates for LEDs and integrated circuits, has floated on the NASDAQ The Initial offering of 6.7m shares at $14 per share will raise $93.8m for the company 93.8 m 93.8 m Completed IPO Efficiency: Demand Side ZAP OTC Bulletin Board (ZAAP) United States 5m 5m Completed OTC Secondary/PIPE Efficiency: Demand Side Odyne Corporation OTC Bulletin Board (ODYC) United States 12-Nov-07 ZAP, the US-based advanced transportation technologies company, has raised USD 5m through the sale of new shares to Al-Yousuf Group, the Dubai based vehicle distributer 29-Oct-07 Odyne, the US-based hybrid electric vehicle systems developer, has received USD 3.2m in a private placementin the form of 10% senior secured convertible notes and warrants from investor David Gelbaum 3.2 m 3.2 m Completed OTC Secondary/PIPE Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) OTC Bulletin Board (LMEG) United States 5m 5m Completed OTC Convertible Efficiency: Demand Side Vectrix Corporation AIM (London) (VRX) United States 73.6 m 73.6 m Completed IPO Efficiency: Demand Side Universal Display NASDAQ Global Corp Market (formerly NASDAQ-NM) (PANL) 40.6 m 40.6 m Completed Secondary United States 6-Jun-07 Lime Energy raises a total of $5m issuing convertible notes 24-May-07 Vectrix, an electric scooter company with major product 265 m MAXI Scooter, raised USD 66.2m through an IPO on AIM, to ramp up sales and marketing of its MAXI Scooter, further develop its dealer network, accelerate R&D and finance future products tooling 22-May-07 Universal Display Corporation raises USD 40.6m with a secondary offering Universal Display develops and licenses OLED technology Page 74 of 88 Primary sector Efficiency: Demand Side Organisation Stockmarkets Country name Date announced/ completed Abstract Post money value ($) New equity raised ($) Total offering size ($) Deal status Transaction type Linear Technology NASDAQ Global Corp Select Market (LLTC) Comverge Inc NASDAQ Global Market (formerly NASDAQ-NM) (COMV) United States 24-Apr-07 US integrated circuit manufacturer completed proposed private placement of USD 1.7bn of convertible note 1700 m 1700 m Completed Convertible United States 18-Apr-07 Comverge completed on 18 April 2007 its USD 124m IPO 332.5 m on NASDAQ and started trading under the ticker 'COMV' 110 m 124 m Completed IPO Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) OTC Bulletin Board (LMEG) United States 30-Mar-07 Lime Energy raises $3m in share offering 3m 3m Completed OTC Secondary/PIPE Efficiency: Demand Side Itron Inc NASDAQ Global Select Market (ITRI) United States 1-Mar-07 NEX constituent and US energy management software provider Itron sold 4.1m common shares to ten institutional investors and raised USD 235m 235 m 235 m Completed Private Investment in Public Equity (PIPE) Efficiency: Demand Side Baldor Electric Company New York Stock United States Exchange (NYSE) (BEZ) 850 m 850 m Completed Convertible Efficiency: Demand Side Nexxus Lighting, Inc NASDAQ-CM (formerly SCM) (NEXS) 31-Jan-07 Baldor Electric Company, which markets, designs, and manufactures industrial electric motors, drives and generators, closed the USD 350m common stock offering and USD 550m 8.625% senior unsecured notes issue due 15 Feb 2017 7-Dec-06 Super Vision International Inc raised $9.0m in a private placement of stock Super Vision International was renamed Nexxus Lighting Inc in 2007 8.4 m 9m Completed Private Investment in Public Equity (PIPE) Efficiency: Demand Side Catalytic Solutions AIM (London) Inc (CSI) (CTS) United States 2m 2m Completed Private Investment in Public Equity (PIPE) Efficiency: Demand Side Catalytic Solutions AIM (London) Inc (CSI) (CTS) United States 30.2 m 30.2 m Completed IPO Efficiency: Demand Side Power Integrations NASDAQ Global Inc Market (formerly NASDAQ-NM) (POWI) United States 22-Nov-06 12,870,000 shares were offered at GBP 1.23 (USD 2.33) 150 m raising proceeds of GBP 15.8m (USD 30.2m) that will be used in relation to the acquisition of Applied Utility Systems 30-Oct-06 Pinksheets-listed US circuits supplier, Power Integrations, resumes trading on the NASDAQ on 30 October under the ticker symbol POWI Completed Share registration Efficiency: Demand Side Odyne Corporation OTC Bulletin Board (ODYC) United States 3.1 m 3.1 m Completed OTC Reverse IPO Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) OTC Bulletin Board (ELCY) United States 29.4 m Postponed/cancell OTC ed Secondary/PIPE Efficiency: Demand Side Itron Inc NASDAQ Global Select Market (ITRI) United States 345 m Completed Convertible Efficiency: Demand Side Power Integrations NASDAQ Global Inc Market (formerly NASDAQ-NM) (POWI) United States 18-Oct-06 Hybrid engine maker Odyne Corporation went public in a reverse merger with Roseland, N.J.-based shell company Technology Integration Group 4-Aug-06 Electric City decided to delay a proposed rights offering to holders of the Company's common stock to raise USD 29.4m after Labor Day in order to ensure stockholders returning from summer holidays have the opportunity to carefully evaluate the offering 4-Aug-06 Itron raised approximately USD 345m for acquisition or investment in business products or technologies that are complementary to its own, and general corporate purposes as well 2-Aug-06 Power Integrations was delisted from NASDAQ because the company did not meet a deadline to become current in its regulatory filings Completed Delisting Efficiency: Demand Side United States 6-Dec-06 Catalytic Solutions raised USD 2.0m from undisclosed accredited investors 345 m Page 75 of 88 Primary sector Organisation Stockmarkets Country name Date announced/ completed Abstract Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) OTC Bulletin Board (ELCY) United States 5-Jul-06 Electric City raised gross proceeds of USD 17,875,000 through the sale of shares of common stock in a private placement to fund the acquisition of Parke P.A.N.D.A Efficiency: Demand Side Microfield Group Inc OTC Bulletin Board (MICG) United States Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) OTC Bulletin Board (ELCY) United States 3-Jul-06 Microfield Group raised USD 15m through a private placement for general working capital and further developement of the EnergyConnect business acquired by Microfield in Oct 2005 12-Jun-06 Electric City announced its intention to list on the OTCBB after delisted from AMEX Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) American Stock United States Exchange (AMEX) (ELC) 9-Jun-06 Electric City has announced its intention to delist from AMEX after being advised it was no longer in compliance with listing standards Efficiency: Demand Side International Rectifier Corporation New York Stock United States Exchange (NYSE) 8-Jun-06 International Rectifier Corporation (NYSE:IRF) announced that, due to adverse market conditions, the company has decided to withdraw its previously announced private offering of 750m aggregate principal amount of convertible subordinated notes due 2013 Efficiency: Demand Side Power Efficiency Corporation (PEFF) OTC Bulletin Board (PEFF) Efficiency: Demand Side PowerSecure American Stock United States (formerly Metretek Exchange (AMEX) Technologies Inc) (MEK) Efficiency: Demand Side MicroPlanet Technology Corp (formerly HF Capital Corp) TSX Venture Exchange (MP) Efficiency: Demand Side Lime Energy (formerly Electric City Corporation) American Stock United States Exchange (AMEX) (ELC) Efficiency: Demand Side eMagin Corporation OTC Bulletin Board (EMAN) United States Efficiency: Demand Side Advanced Analogic Technologies Inc NASDAQ Global Market (formerly NASDAQ-NM) (AATI) United States 4-Aug-05 AnalogicTech completed the initial public offering of 10,600,000 shares of common stock at USD 10.00 per share Efficiency: Demand Side Itron Inc NASDAQ Global Market (formerly NASDAQ-NM) (ITRI) United States 19-May-05 Itron Inc placed 1,720,000 of its common shares to raise USD 62.4m Efficiency: Demand Side MicroPlanet Technology Corp (formerly HF Capital Corp) TSX Venture Exchange (MP) United States United States United States Post money value ($) New equity raised ($) Total offering size ($) Deal status Transaction type 17.9 m 17.9 m Completed OTC Secondary/PIPE 15 m 15 m Completed OTC Secondary/PIPE Completed OTC Share registration Completed Delisting 750 m Postponed/cancell Convertible ed 1.5 m 1.5 m Completed OTC Convertible 28.2 m 33.6 m Completed Secondary 3m 8.7 m Completed OTC Secondary/PIPE 30-Nov-05 Electric City has entered into a definitive loan agreement with Laurus Master Fund for funding of a four year, USD 5.0m convertible term loan 5m 5m Completed Convertible 20-Oct-05 eMagin Corporation, a maker of visual data equipment for near-eye virtual imaging systems using OLED displays raises USD 9.14m with by issuing stock 9.1 m 9.1 m Completed OTC Secondary/PIPE 409.6 m 90 m 106 m Completed IPO 849 m 62.4 m 62.4 m Completed Secondary 5.4 m 5.4 m Completed OTC Reverse IPO 31-May-06 Power Efficiency, a developer and manufacturer of advanced energy savings technologies for electric motors, increased the USD 1m convertible debt financing to USD 1.5m 10-Apr-06 Metretek Technologies has completed USD 28.2m 219.8 m placement of common shares 3-Mar-06 MicroPlanet Technology Corp raised CAD 3.35m (USD 2.95m) though its original target was to raise CAD 10m (USD 8.7m) announced in Jan 2006 6-May-05 Microplanet Technologies, has completed a reverse-listing on the Toronto Venture Exchange by merging with HF Capital The transaction has raised USD 5.4m from undisclosed investors The new company is named Microplanet Technologies Corporation 15 m Page 76 of 88 Primary sector Efficiency: Demand Side Organisation Lime Energy (formerly Electric City Corporation) Stockmarkets Country name Date announced/ completed American Stock United States Exchange (AMEX) (ELC) Abstract Post money value ($) 4-May-05 Electric City (ELC), a US-based developer, manufacturer and integrator of energy savings technologies, announced the closure of a series of transactions in which it raised gross proceeds of USD 5.6m New equity raised ($) 5.6 m Total offering size ($) 5.6 m Deal status Completed Transaction type Private Investment in Public Equity (PIPE) Source: New Energy Finance, retrieved July 2008 Smart-Buildings Deals: Organisation Country 2003-2008 Primary sector Saddlehorn United States Efficiency: EnergySmart Buildings GigaCrete Inc United States Efficiency: EnergySmart Buildings DryKor Holdings Inc United States Efficiency: EnergySmart Buildings SAGE United States Electrochromics Inc Efficiency: EnergySmart Buildings Date announced/ completed Lead investors 21-Feb-07 Low Carbon Investors Ltd May-07 Craton Equity Partners 27-Oct-03 Challenge Fund Etgar, RockPort Capital Partners, VentureInc 17-Jul-07 Walden Good Energies Other investors Abstract Total invested ($) Funding type Post money valuation ($) Low Carbon Accelerator has invested USD 3.0m in Saddlehorn, equal to a 43% holding in its raised investment capital VC - Series A / First m round Energy-smart buildings materials developer GigaCrete has raised USD 5m in series A funding from Craton Equity Partners VC - Series A / First round DryKor raised USD 8.0m in it's third round of funding for development and research in the US VC - Series C / Third round Applied Ventures Glass manufacturer Sage Electrochromics Inc has raised LLC, NV Bekaert SA (USD 16m) in series B funding Good Energies, Applied Ventures LLC and N.V Bekaert took part in the funding 16 VC - Series B / Second round Source: New Energy Finance, retrieved July 2008 Page 77 of 88 Appendix C: Suppliers of Energy Services Demand-Side Energy Services Companies Page 78 of 88 Company Name Growth Annual Energy Management Rate (% ) Revenue ($MM) Services Revenue ($MM) Energy Efficiency Revenue ($MM) Demand Response Revenue ($MM) Services (Supply-side) Revenue ($MM) Public / Private EMCOR Group Inc 18.5% $6,785.20 $3,773.20 $3,773.20 $0.00 $0.00 Public Facilities Solutions Group 18.5% $306.40 $306.40 $306.40 $0.00 $0.00 Private NovaTech Energy Services Group, Inc 18.5% $12.00 $12.00 $12.00 $0.00 $0.00 Private GreenTech Energy Services 18.5% $8.20 $8.20 $8.20 $0.00 $0.00 Private California Retrofit, Inc 18.5% $4.50 $4.50 $4.50 $0.00 $0.00 Private Energy Conservation and Supply, Inc 18.5% $2.30 $4.50 $4.50 $0.00 $0.00 Private Essential Energy Service, Inc 18.5% $4.50 $4.50 $0.00 $0.00 Private Earthwell Energy Management, Inc 18.5% $3.50 $3.50 $3.50 $0.00 $0.00 Private National Energy Services, Inc 18.5% $2.80 $2.80 $2.80 $0.00 $0.00 Private Southern Energy Technologies 18.5% $0.10 $2.40 $2.40 $0.00 $0.00 Private Energy & Environment LLC 18.5% $2.00 $2.00 $2.00 $0.00 $0.00 Private Financial Energy Management, Inc 18.5% $2.00 $2.00 $2.00 $0.00 $0.00 Private Imbue Technology Solutions, Inc 18.5% $0.50 $1.20 $1.20 $0.00 $0.00 Private ESCO Energy Services Company 18.5% $1.10 $1.10 $1.10 $0.00 $0.00 Private DDC Systems Service Company 18.5% $1.00 $1.00 $0.00 $0.00 Private Enerlight Inc 18.5% $1.00 $1.00 $0.00 $0.00 Private Lighting Efficiency Specialists, Inc 18.5% $1.00 $1.00 $0.00 $0.00 Private Building Energy Solutions & Technology 18.5% $0.90 $0.90 $0.90 $0.00 $0.00 Private Energy and Power Solutions 18.5% $0.10 $0.90 $0.90 $0.00 $0.00 Private ibcontrols, inc 18.5% $1.80 $0.60 $0.60 $0.00 $0.00 Private Aelux 18.5% $0.70 $0.50 $0.50 $0.00 $0.00 Private Eastern Energy Solutions, LLC 18.5% $0.30 $0.30 $0.30 $0.00 $0.00 Private International Energy Conservation 18.5% $0.20 $0.20 $0.00 $0.00 Private Lighting Solutions Associates, LLC 18.3% $0.20 $0.20 $0.00 $0.00 Private Legacy Energy Management Solutions 18.4% $1.00 $0.99 $0.01 $0.00 Private LIME Energy 16.0% $57.20 $19.50 $18.14 $0.00 $1.37 Public I.C Thomasson Associates, Inc 18.3% $20.00 $20.00 $18.40 $0.00 $1.60 Private DMJ M Harris 18.0% $53.50 $12.00 $9.60 $0.00 $2.40 Public $0.50 Page 79 of 88 Demand-Side Energy Services Companies (continued) Company Name Growth Annual Energy Management Rate (%) Revenue ($MM) Services Revenue ($MM) Energy Efficiency Revenue ($MM) Demand Response Revenue ($MM) Services (Supply-side) Revenue ($MM) Public / Private Performance Consulting Group, LLC 18.0% $3.10 $5.00 $4.00 $0.00 $1.00 Private Quest Energy Group 18.0% $0.10 $0.20 $0.16 $0.00 $0.04 Private Optimira Energy Solutions 17.9% $55.80 $41.85 $0.00 $13.95 Private Pritchett Controls, Inc 17.9% $3.40 $2.55 $0.00 $0.85 Private Temsco 17.9% $1.00 $0.75 $0.00 $0.25 Private Burns & McDonnell 17.8% $127.80 $56.00 $39.20 $0.00 $16.80 Private Comverge Inc 16.1% $77.20 $27.20 $18.71 $5.71 $2.77 Public SmartWatt Energy, Inc 17.7% $1.20 $4.20 $2.80 $0.00 $1.40 Private Demand Management Institute, Inc 17.3% $0.10 $1.00 $0.67 $0.05 Ameresco 17.5% 31.40 $378.50 $227.10 $0.00 $0.28 Private $151.40 Private $4.20 Ozark Energy Services, Inc 17.5% $0.40 $0.30 $0.18 $0.00 $0.12 Private Energy Systems Group 17.4% $100.00 $122.80 $67.54 $0.00 $55.26 Private APS Energy Services 17.3% $15.70 Facilities Performance Services 17.3% Atlantic Energy Solutions 17.1% Noresco $15.70 $7.85 $0.00 $7.85 Public $14.40 $7.20 $0.00 $7.20 Private $0.10 $1.90 $0.86 $0.00 17.0% $21.50 $150.00 $60.00 $0.00 Energy Advantage 16.2% $0.50 $5.10 $2.04 $0.51 $2.55 Private Princeton Energy Systems 17.0% $1.20 $1.20 $0.48 $0.00 $0.72 Private EMO Energy Solutions 17.0% $0.90 $0.90 $0.36 $0.00 $0.54 Private Frontier Associates, LLC 16.8% $6.00 $2.70 $0.90 $0.00 PRES Services 16.8% $0.90 $0.90 $0.30 $0.00 $1.80 Private $0.60 Private EnergySolve 15.9% $5.00 $5.50 $1.38 $0.55 $3.58 Private Sieben Energy Associates 16.6% $1.10 $1.10 $0.28 $0.00 $0.83 Private Nexant, Inc 16.5% $14.90 $13.80 $2.76 $0.00 $11.04 Private Prenova 15.6% $8.70 $8.70 $1.31 $0.87 EnerVision 16.3% $0.10 $0.50 $0.05 $0.00 $6.53 Private $0.45 Private $1.05 Private $90.00 Public Celtic Energy 16.2% $0.50 $0.04 $0.00 U.S Energy Management, Inc 16.0% $9.90 $0.00 $0.00 $0.46 Private $9.90 Private Summit Energy 16.0% $5.60 $0.00 $0.00 $5.60 Private Page 80 of 88 Demand-Side Energy Services Companies (continued) Company Name Growth Annual Energy Management Rate (%) Revenue ($MM) Services Revenue ($MM) Energy Efficiency Revenue ($MM) Demand Response Revenue ($MM) Services (Supply-side) Revenue ($MM) Public / Private Onsite Energy Corporation 15.0% $2.90 $0.00 $0.36 $2.54 Private Mach Energy 16.0% $1.50 $0.00 $0.00 Entelrgy LLC 16.0% $1.00 $0.00 $0.00 $1.50 Private $1.00 Private Energy Related Services Corp 16.0% $0.50 $0.00 $0.00 Abraxas Energy Consulting LLC 16.0% $0.40 $0.00 $0.00 $0.50 Private $0.40 Private MCEnergy, Inc 16.0% $0.30 $0.00 $0.00 $0.30 Private Skye Energy 16.0% $0.10 $0.00 $0.00 $0.10 Private Source: Frost and Sullivan, 2008; Dun & Bradstreet, 2009 Equipment Manufacturers with Marketing Services Company Name Growth Annual Energy Management Rate (%) Revenue ($MM) Services Revenue ($MM) Energy Efficiency Revenue ($MM) Demand Response Revenue ($MM) Services (Supply-side) Revenue ($MM) Public / Private Comfort Systems USA Energy Services 18.4% $1,328.50 $898.70 $862.75 $0.00 Honeywell International, Inc 17.9% $36,556.00 $2,994.70 $2,246.03 $0.00 $35.95 Public $748.68 Public J ohnson Controls 18.5% $38,062.00 $2,363.90 $2,363.90 $0.00 $0.00 Public Siemens Building Technologies 17.9% $546.80 $1,008.40 $756.30 $0.00 TAC America 17.4% $89.20 $1,362.00 $749.10 $0.00 $252.10 Public $612.90 Private Source: Frost and Sullivan, 2008; Dun & Bradstreet, 2009 Page 81 of 88 Utility Companies Company Name Growth Annual Energy Management Rate (%) Revenue ($MM) Services Revenue ($MM) Advantage IQ 16.0% Alliant 16.6% $3,681.70 BlueStar Energy Services 16.5% $171.10 Chevron Energy Solutions 17.7% $22.10 Consolidated Edison, Inc 16.5% $13,583.00 $1,383.00 Constellation Energy Group, Inc 16.0% $19,818.30 Direct Energy 16.5% $40.20 Integrys Energy Services 16.5% $60.30 $24.70 Pacific Gas & Electric Company Utility Services 16.1% $14,628.00 $264.70 PEPCO Energy Services 16.0% $1,900.00 $2,309.20 Energy Efficiency Revenue ($MM) Demand Response Revenue ($MM) Services (Supply-side) Revenue ($MM) Public / Private $47.30 $0.00 $0.00 $263.00 $65.75 $0.00 $47.30 Private $197.25 Public $171.50 $34.30 $0.00 $137.20 Private $260.00 $174.20 $0.00 $276.60 $0.00 $85.80 Private $1,106.40 Public $211.90 $31.79 $10.60 $1,645.00 $329.00 $0.00 $4.94 $0.00 $19.76 Public $52.94 $13.24 $184.74 $69.28 $198.53 Public $2,055.19 Public $169.52 Public $1,316.00 Private Source: Frost and Sullivan, 2008; Dun & Bradstreet, 2009 Pure-play Demand Response Company Name Enernoc Growth Annual Energy Management Rate (% ) Revenue ($MM) Services Revenue ($MM) 8.5% $60.80 Energy Efficiency Revenue ($MM) $0.00 Demand Response Revenue ($MM) $58.98 Services (Supply-side) Revenue ($MM) Public / Private $1.82 Source: Frost and Sullivan, 2008; Dun & Bradstreet, 2009 Page 82 of 88 References NO AUTHOR Symmetric Distribution (2007) A glossary of statistical terms 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