tracxn report: bioenergy startup landscape, june 2016

Bioenergy, June 2016

TracxnWorld’s Largest Startup Research Platform

Contents

Topic Page No.

Scope of Report 05

Entrepreneur Activity 08

Investment Trend 10

Who is Investing 18

Exit Outlook - IPO, Acquisitions 22

Sub Sector Analysis 25

Interesting Companies 40

Useful Links 45

Company List 47

Team 132

Illustrative Sectors We Track

ENTERPRISEINFRASTRUCTURE

MOBILE

TECH FINTECH EDUCATION HEALTHCARE

SECURITY

STORAGE

NETWORKING

MOBILITY

IT OPS

CLOUD INFRASTRUCTURE

API MANAGEMENT

BIGDATA INFRASTRUCTURE

ENERGY

WIND ENERGY

SMART GRID

BIOENERGY

ELECTRIC VEHICLES

NUCLEAR ENERGY

BIOENERGY

ENERGY STORAGE

FUEL CELLS

MOBILE COMMERCE

MOBILE PAYMENTS

MOBILE MARKETING

MOBILE DEV TOOLS

MOBILE HEALTH

MOBILE GAMING

MOBILE LEARNING

MOBILE COMMUNICATION

INTERNET OF THINGS

3D PRINTING

BITCOIN

PAYMENTS

EDUCATION IT

SELF LEARNING

LIFE SCIENCES

DIGITAL HEALTH

ENTERPRISEAPPLICATIONS

MOBILE-FIRST ENT. APPS

INTELLIGENT ENT. APPS

OPEN SOURCE

RETAIL TECH

MARKETING TECH

STEALTH MODE

VERTICAL SAAS

Sector Overview

Scope of report

This report covers companies that develop technologies, manufacture and supplies biofuels from various feedstocks, generate

energy from biomass, cultivate crops for applications in biofuels and bioenergy. It excludes consultancy and service companies,

large oil corporations with presence in bioenergy industry like Shell, BP, Exxon Mobil and also organization and labs which are

purely research oriented.

The scope of this report includes equity as well as debt funding received by the companies.

Business Model Description

ProductionProduction of biofuels like biodiesel, bioethanol, biobutanol, biogas and other bio products which can be usedfor generating energy.

Technology DeveloperCompanies which develop technologies and build only plants to commercialize their technology. Companiesdeveloping technology on their own and producing the end products are covered under production

FeedstockBiofuels feedstock generating companies for applications in biodiesel, bioethanol, biobutanol and biogas and other energy generation requirements

Energy Generation Companies generating energy like electricity, heat or both from biomass and other bio sources.

Recent Activity

Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

YoY – Number of companies founded

2010 2011 2012 2013 2014 2015

NexSteppe Beta Renewables Cellufuel Arvegenix Manta Biofuel Sustane Technologies

Ignis Biomass UAB Lignoterma Vana Vidyut Engineered Carbon Solutions Qeshm Microalgae Biorefinery Exeterra

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

YoY – Number of Rounds and Total Funding

2008 2009 2010 2011 2012 2013 2014 2015 2016

er of R

Funding Amount Number of Rounds

• The number of funding roundshas been relatively constant inthe past few years and totalfunding amount is slightly on arise.

• Average funding per round isdecreasing since 2012 and thenumber of late stageinvestments also decreased.

• Majority of rounds were grantsfrom government organizationsfor promoting renewable energytechnologies.

Note: The funding includes debt rounds also.

YoY – Number of Rounds by Stage

YoY – Funding by Stage

Average Ticket Size – Early Stage

Top investments in last one year

Funnel view of Sector

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Most Active Investors in Sector

13 1312 12

Khosla Ventures DoE USA Braemar Energy Flagship Ventures Dept. ofAgriculture

Malaysian LifeSciences Capital

I2BF GlobalVentures

Kleiner Perkins VantagePointCapital Partners

LanzaTech Sapphire Energy NexSteppe Joule Unlimited Sapphire Energy LanzaTech EdeniQ Renmatix Cobalt Tech Coskata

Amyris Algenol Enerkem Mascoma Community Fuels Cobalt Tech Solix Algredients EdeniQ Solazyme Rive Technology

Where are Top Investors investing

Top Investor by Stage of Entry

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Top IPOs in last three years

IPO Date Company OverviewFunding Amount

Mcap at IPOExch:Ticker

07/18/2014 ampplc.co.ukAggregated Micro Power

(London, 2010)Gasification CHP & Biomas Boiler systems LON: AMPH

03/02/2012 ceres.netCeres

(Thousand Oaks, 1996)

Feed stock manufacturer for cellulosic biofuels and bioenergy.Warburg Pincus, Oxford Bioscience Partners $75M NASDAQ:CERE

01/19/2012 regfuel.comRenewable Energy Grp

(Ames, 1996)Advanced Bio fuels producer and Developer of renewable chemicals. $197M NASDAQ: REGI

07/01/2011 kior.comKiOR, Inc.

(Pasadena, 2007)

Bio ethanol and Bio Diesel manufacturerKhosla Ventures, Gates Foundation, Alberta, Leader Ventures $249M NASDAQ:KIOR

05/27/2011 solazyme.comSolazyme

(Francisco, 2003)

Algal-derived Biodiesel producerLightspeed Venture Partners, Morgan Stanley, Chevron, Roda Group, VantagePoint Capital Partners, Bluecrest Capital Finance, DoE USA, HHVC, Braemar Energy, Zygote Ventures

$119M NASDAQ:SZYM

09/28/2010 amyris.comAmyris

(Emeryville, 2003)

Renewable products for consumer and industry segmentsKhosla Ventures, Kleiner Perkins, TPG Growth, DAG Ventures, Temasek, Hercules Technology Growth Capital, Westly Group, ATEL Capital Group, Brazilian Development Bank, Total

$427M NASDAQ:AMRS

04/02/2010 deinove.comDeinove

(Grabels, 2006)

Technology developer of ethanol from Deinococcus bacteriaTruffle, Kepler Cheuvreux $23M EPA:ALDEI

7/17/2009 viridisenergy.caViridis Energy

(Vancouver, 2009)

Manufactures wood pellet biomassRBC, Nova Scotia

OTCMKTS: VRDSF

Major Acquisitions in last one year

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

June 2016Tracxn BlueBox : Bioenergy

400+ companies in the sector, 205 funded, $452M invested in 2015-16

Practice Area - Energy | Analysts: @SaiKrishna

Top Business Models by Funding

$111M $23M0

Production Technology Developer Feedstock Energy Generation Retail

# Cos. 147 171 49 30 3 8 3 8 1 1

Avg. Age 2005 2005.7 2005.5 2008.5 2011.3 2007.8 2007.5 2005.5 2009 2010

Amyris

Fulcrum Bioenergy

Joule Unlimited

Lanzatech

EdeniQ

NextSteppe

Shalivahana Group

All Power Labs

Propel Fuels

Production – Business Model Description

Production – Entrepreneur Activity and Investment Trend

Production – Most Funded Companies

Technology Developer – Business Model Description

Technology Developer – Entrepreneur Activity and Investment Trend

Technology Developer – Most Funded Companies

Feedstock – Business Model Description

Feedstock – Entrepreneur Activity and Investment Trend

Feedstock – Most Funded Companies

Energy Generation – Business Model Description

Energy Generation – Entrepreneur Activity and Investment Trend

Energy Generation – Most Funded Companies

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Interesting Early Stage Companies

Company Overview Business ModelTotal

Funding

algenol.comAlgenol

(2006, Fort Myers)

Direct to ethanol technology provider by using algae biomass

DoE USA, BioFields

Technology Developer > Bioalcohol > Bioethanol

topellenergy.comTopell Energy

(2008, Hoofddorp)

Manufactures biomass by torrefaction

PPM Oost, Innogy Venture Capital, Yellow&Blue

Technology Developer > Biomass

allpowerlabs.comALL Power Labs(2008, Berkeley)

Energy generation equipment from biomass

California Energy Commission

Energy Generation > Technology Developer

arvegenix.comArvegenix

(2013, St. Louis)

Pennycress feedstock producer

Cultivation Capital, BioGenerator, Prolog Ventures, Missouri Technology, Monsanto, Black Creek Group, Prelude Ventures, St Louis Arch Angels, The Yield Lab

Feedstock > Oil Seeds $2.5M

transbiodiesel.comTransBiodiesel

(2007, )

Catalysts for Biodiesel Fuels

Aquagrofund

Technology Developer > Catalyst

2G Energy(2012, Heek)

Cogeneration plants

Energy Generation > Technology Developer

CryoPur(2015, Paris)

Biogas up gradation systems

Technology Developer > Biogas

Vertimass(2013, Irvine) Technology developer of bioethanol which can be mixed with hydrocarbon fuels

Technology Developer > Bioalcohol > Bioethanol

Interesting Late Stage Companies

Top Funded Deadpooled Companies

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Useful Links

Slide Title Content Platform Link

List of All Companies in readable format Companies Link

Large Upcoming Sectors Entrepreneur Activity Link

Top investments in last one year Investment Trend Link

Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link

Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link

Production – Most Funded Companies Sub Sector Understand Link

Technology Developer – Most Funded companies Sub Sector Understand Link

Feedstock – Most Funded Companies Sub Sector Understand Link

Energy Generation – Most Funded Companies Sub Sector Understand Link

Top Funded Deadpooled Companies Companies Link

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Bioenergy – Company List

DETAILS CLOSE TO 425 COMPANIES

COVERS THE FOLLOWING SECTORS

PRODUCTION TECHNOLOGY DEVELOPER FEEDSTOCK ENERGY GENERATION

Production (1/30)

Company Details Funding Investors

Diacarbon Energy [Burnaby, 2009]: Diacarbon Energy produces renewable fuels from biomass providing wastesolutions for pulp and paper, forest, and agriculture industries. The company offers biofuel products that includebiocoal, which is a form of charcoal that is produced by pyrolysis at lower temperatures; biochar, a black charcoalsubstance produced from plant matter for agricultural use; and wood pellets. Its products are supplied to cementcompanies and other utilities in canada.

$3.86MEDC, Sustainable Development

Technology Canada

Horizontal

Sapphire Energy [San Diego, 2007]: Sapphire a venture capitalist back firm produces a renewable source of crude oilfrom algae biomass and operates algae-to-energy facility.This algae biomass is a sustainable, renewable, and scalablesource of high value Omega-3 oils, high value aquaculture and animal feed ingredients and renewable fuels. Sapphirealso developed a technology platform that uses non-potable water, such as seawater, and non-arable land to growalgae that captures CO2 in open ponds and provides renewable solutions that makes the planet more sustainable. Billgates led cascade investment invested in series b funding for Sapphire energy.

$290MVenrock, DoE USA, Wellcome, ARCH

Venture, Monsanto, Arrowpoint Partners, Dept. of Agriculture

Horizontal

KiOR, Inc. [Pasadena, 2007]: KiOR founded by Khosla Ventures is a renewable fuels company developing acommercial process to produce cellulosic gasoline and diesel from abundant, lignocellulosic biomass. Unlike otherrenewable fuels derived from soft starches, cellulosic fuel is derived from lignocellulose found in wood, grasses andthe non-edible portions of plants. With a two-step technology platform they converts non-food lignocellulose intocellulosic gasoline and diesel that can be transported using the existing fuels distribution system for use in vehicles onthe road today.

$249MKhosla Ventures, Gates Foundation,

Alberta, Leader Ventures

Horizontal

Sundrop Fuels [Longmont, 2008]: Sundrop fuels company using a proprietary high-temperature Bioreforming systemto transform cellulosic biomass into clean, affordable, renewable gasoline, jet and diesel fuels. It uses a high-temperature solar gasification process that turns natural gas combined with any plant material into liquidtransportation biofuels. Sundrop Fuels is backed by its strategic partner, Chesapeake Energy Corp., and by two of theworld’s premier venture groups, Oak Investment Partners and Kleiner Perkins Caufield &; Byers.

$155MChessapeake, Oak Investment

Partners

Horizontal

Ensyn [Wilmington, 1984]: Ensyn Corporation manufactures and sells renewable liquid fuels from wood andagricultural residues. It offers cellulosic biofuels, including renewable fuel oil (RFO) for industrial heating fuelapplications; generation of electricity from solid biomass; engine solution for biomass-based power generation; andrefinery co-processing, which includes conversion of non-food cellulosic feedstocks to transportation fuels.

$46.18M Chevron, Avrio Ventures Ltd, Fibria

Production Technology Developer Feedstock Energy Generation

Production (2/30)

Company Details Funding Investors

Horizontal

Algae Int'l Group [ , 2008]: Algae International group developed a process called “InSym” that combines methane,CO2, fuel cells, nitrates, phosphates, sunlight and a specialized process to remove biomass and create HRD and HRJfuel. The company changed its name to North American Cannabis Holdings.

$5M AGS Capital

Horizontal

Zymetis [College Park, 2006]: Zymetis is a biotechnology company, that develops products for the renewablechemicals and advanced fuels industries. Their products are developed from novel enzymes to produce transportationfuels by achieving lower costs and improve yields and efficiencies. Their products include bioethanol and biodiesel. Itwas named to the 2009 GoingGreen East 50 Top Company List.

$857KUniversity of Maryland,

MarylandBioCenter

Horizontal

Manta Biofuel [Baltimore, 2014]: Manta Biofuel, a startup biotechnology company, produces renewable crude oilfrom algae. It is operating on three step procedure : Grow, Harvest and convert. Manta biofuels grow algae and afterharvesting them, the collected biomass is converted to crude oil by being subjected to high temperature and pressure,in a process called hydrothermal liquefaction (HTL). The oil produced is largely equivalent to petroleum and can beused as a drop in replacement at the refinery level. Chesapeake Bay Seed Capital Fund invested $150,000 in MantaBiofuel

Horizontal

Hawai‘i BioEnergy [Honolulu, 2006]: Hawai`i BioEnergy LLC (HBE) is a consortium established by three of Hawaii'slargest landowners - Kamehameha Schools, Grove Farm Company Inc, and Maui Land &; Pineapple Inc, along withventure capital partnerships including Vinod Khosla, Ulupono Initiative and Finistere Ventures. They have establishedthis company to produce biofuels locally from Hawaii to reduce the dependence of foreign imports. The company hasalready tied up with several companies and associations to supply their bioethanol and jet fuel.

Finistere

Horizontal

Thar Energy [Pittsburg, 2009]: Thar Energy is into technology development of concentrated solar where superciticalfluid is used for collecting solar energy and which is then moved to power recovery devices, such as turbines, solarenergy storage and waste heat recovery. Besides this the company has interests in biofuels, hydrothermal,geothermal Thar Energy is backed by Ben Franklin Technology Partners. Thar is producing biodiesel from soyabeansand ethanol from algae by fermentation.

Innovation Works, DoE USA

Production (3/30)

Production (4/30)

Production (5/30)

Production (6/30)

Production (7/30)

Production (8/30)

Production (9/30)

Production (10/30)

Production (11/30)

Production (12/30)

Production (13/30)

Production (14/30)

Production (15/30)

Production (16/30)

Production (17/30)

Production (18/30)

Production (19/30)

Production (20/30)

Production (21/30)

Production (22/30)

Production (23/30)

Production (24/30)

Production (25/30)

Production (26/30)

Production (27/30)

Production (28/30)

Production (29/30)

Production (30/30)

Technology Developer (1/36)

Feedstock (1/11)

Feedstock (2/11)

Feedstock (3/11)

Feedstock (4/11)

Feedstock (5/11)

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Feedstock (7/11)

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Feedstock (10/11)

Feedstock (11/11)

Energy Generation (1/6)

Scope of Report

Investment Trend

Who is Investing

Sub Sector Analysis

Useful Links

Company List

Abhyudai Gupta

Lead Analyst, Energy

Sai Krishna

Senior Analyst, Energy

tracxn report: bioenergy startup landscape, june 2016

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