VOL 6 • March, 2016 EnerTech Capital

EnerTech Industry Review

“Thought Leadership in Energy Technology”

We are pleased to bring you our sixth

edition of the EnerTech Industry Review.

We have continued to be busy over the

past quarter both with our existing

portfolio and new deals in EnerTech IV.

To date we have invested $51.6 million

in 11 companies out of ECP IV with total

committed capital including reserves of

$83.2 million.

Major investment highlights in

ECP IV since our last report include:

Follow-on investments totaling $2.3 million USD in three

companies (Encycle, GeoDigital and Terralux)

New investment of $5 million CAD ($3.6 million USD) in

Quebec-based Power Survey (power quality company

offering power factor correction and harmonic filtering

solution – see page 11 for more details)

We have continued to see strong deal flow from Canada and

the US and saw over 550 deals in 2015.

Our investment landscape in ECP IV continues to be broad in

the Energy Technology sector and includes innovative

technologies from “The Well Head to the Wall Socket” (see

graph on next page). We are seeing interesting opportunities

such as:

Behind the Meter technologies including device control

and energy storage

Building automation, lighting and energy efficiency

technologies

Digital Oilfield and Oil & Gas technologies focused on

reducing the cost of oil production

EnerTech Update

Wally Hunter

Managing Director

EnerTech Capital

2

EnerTech Wins the Financial Investor of the Year Award

We are truly honored to have received the Financial Investor

of the Year Award which was presented at the 2015 Global

Cleantech 100 conference in San Francisco (See page 7 ).

We are also very proud that seven of our portfolio companies

made the 2015 Global Cleantech 100 list including Blue Pillar,

Enbala Power Networks, Encycle, EnergySavvy, FilterBoxx

Water & Environmental, The NanoSteel Company, and Space-

Time Insight. A recent addition to the EnerTech portfolio,

Terralux, an LED Lighting company, was also featured in the

“Ones to Watch” category of the awards.

The Annual EnerTech Forum and Limited Partners Meeting

The Annual EnerTech Forum and Limited Partners Meeting

was held from December 1st-3rd 2015 in Key Biscayne, Florida.

We had over 175 in attendance and the meeting included all of

our major Limited Partners, Portfolio CEOs, Strategic

Advisory Board members and Strategic Partners.

The event included three Keynote speakers: Etienne Veilleux -

Founder & CEO of Distech Controls, Chris Hartshorn – Chief

Research Officer at Lux Research and Levi Tillemann – Author

of the The Great Race and Fellow at the New America

Foundation. These speakers provided attendees with great

insight into a number of key investment areas within our

investment landscape.

New Strategic Partners Announced:

In December we were pleased to announce that we entered

into strategic partnerships with Southern California Gas

Company (SoCalGas) and Sacramento Municipal Utility

District (SMUD). They are both significant Strategic Partners

in the gas and electric utility sectors. They will be extremely

helpful to many of our portfolio companies while enhancing

our ability to find emerging technology companies that overlap

with their respective focus areas.

EnerTech Team updates:

At our Annual EnerTech Forum and Limited Partners Meeting,

we were very pleased to announce the promotion of Dean

Sciorillo to Managing Director (click here for the press

release). Dean has been with the firm over 11 years and has

done an exceptional job for us over the years. We are proud

to advance him to the Managing Director level.

In addition, we recently announced the addition of Chris

Buckman as a VP in our Calgary offices (click here for the

press release). Chris comes to us with a deep background in

the Oil and Gas sector and will provide strong representation

in Alberta and the Western Canadian market.

ECP IV Opportunity Landscape: From the Well Head to the Wall Socket

In the current fund we continue to focus on revenue producing companies or companies that are embarking on growth rounds

of financing with proven technologies and customer base.

EnerTech Industry Review

EnerTech News

3

Company Overview:

SMUD is a community-owned, not-for-profit electric service

governed by a seven-member Board of Directors. Serving

approximately 600,000 customers and a total population of

about 1.4 million people, SMUD is the sixth-largest public

utility in the country. SMUD generates, transmits and

distributes electricity to a 900-square-mile territory that

includes California’s capital city, Sacramento, all of Sacramento

County and small adjoining portions of Placer and Yolo

counties.

Some of SMUD’s recent initiatives and accomplishments

include:

In 2013, SMUD completed a $308 million

SmartSacramento project to help SMUD provide

customers with more energy options and responsive

service.

SmartSacramento featured more than 40 separate projects

in seven sectors:

Smart meters

Distribution automation

Smart pricing options

Demand response

Customer applications

Technology infrastructure

Cyber security

In 2010, SMUD received a $127.5 million smart grid

infrastructure grant from the US DOE.

Key Areas of Focus:

SMUD’s key focus areas include:

Customer Experience

Energy Efficiency and Energy Management

Distributed Generation and Micro Grids

Energy Storage

Smart Grid

Strategic Profile

EnerTech Industry Review

4

EnerTech Industry Review

Southern California Gas Company (SoCalGas) is the

nation's largest natural gas distribution utility, serving a

population of 20.9 million customers through 5.8 million

meters in more than 500 communities. The company’s service

territory encompasses approximately 20,000 square miles in

diverse terrain throughout Central and Southern California.

SoCalGas is a regulated subsidiary of Sempra Energy (NYSE:

SRE). Sempra Energy, based in San Diego, is a Fortune 500

energy services holding company.

SoCalGas’ RD&D Equity Investment program aims to

accelerate the development of key enabling technologies that

promote an energy secure and sustainable future, while

providing value to SoCalGas’ customers. The company’s focus

is on supporting development and deployment of technologies

that will help meet California’s goals for air quality, climate

change mitigation and that enhance the safe and reliable

operation of their distribution system. Key areas of focus

include low-emitting and energy-efficient gas combustion,

combined heat and power and distributed generation,

technologies supporting the use of natural gas for heavy-duty

transportation, solar thermal technology, renewable natural

gas and hydrogen, and advanced operations technologies.

SoCalGas is a strategic investor focused on technologies that

have reached the commercial prototype or initial market-entry

stage of development of any revenue size. Technologies must

provide benefit to SoCalGas ratepayers once deployed.

SoCalGas does not serve as funding lead and limits aggregate

investment to less than 5% equity stake for regulatory reasons.

In addition to equity investment, the company has a long

history of supporting development and introduction of new

and advanced technologies that benefit ratepayers through

operational and environmental advances. Along with years of

experience and insight into California market requirements,

SoCalGas offers through its state-of-the-art Engineering

Analysis Center, consulting, demonstration, testing, analysis

and other services in the fields of Applied Technologies, Air

Quality and Compressor Services, Chemical and

Environmental, and Material and Equipment.

SoCalGas’s Strategic Technology Priorities Include:

Renewable Energy Generation and Energy Distribution

Technologies

Biofuels: biogas, biomass, gas conditioning

Solar-thermal

DG/CHP

Waste heat recovery

Fuel-cells

Other low carbon fuels: hydrogen, etc.

Energy Storage Technologies

Thermal energy

Power-to-gas

Clean Alternative Transportation Technologies

Gas engines (gasoline, diesel, CNG, hydrogen)

Emphasis on heavy-duty transportation

NOx and Particulate Matter Emissions Reduction

Oxy-fuels combustion

Low NOx combustion

Carbon capture and sequestration

Catalytic converters

Pipeline Safety and Reliability

Pipeline integrity inspection

Advanced leak protection

Strategic

Profile

5

EnerTech Industry Review

by

Jarett Carson

Managing Director

EnerTech Capital

With oil & gas prices trading at levels last seen in the early 2000s and

much worse than during the global financial crisis, this down-cycle in

the O&G industry represents the fourth in the 20 year history of

EnerTech Capital. In this article, we seek to provide some context

to the current commodity price situation, highlight our view on the

medium term outlook, and express our thesis for investing in O&G

technologies in a “Lower for Longer” world.

Swimming in Supply

While consumers across the globe enjoy a windfall at the gas pump;

for producers, service companies, and investors, it seems there

actually can be “too much of a good thing”.

Figure 1 shows that U.S. oil production grew approximately 1MM+

bbl/d from 2012 through 2015. Many forces have been in play to

stimulate such dramatic growth: a technology revolution (horizontal

drilling, fracking, etc.) unlocking shale resources, industry price

signals for new supply based on consistently high commodity prices

from 2010 to the start of 2015 as well as external capital flows from

strong investor interest. Although we can see signs of production

growth starting to taper off in the latter part of 2015, probably the

most remarkable story has been the absolute growth in 2015, in the

face of a drilling rig count that declined ~60% over the course of the

year as shown in Figure 2. To put into perspective the magnitude of

the decline, the reduction in oil drilling rig count is 2.5x the entire

prior peak.

An important question is why, in the face of such headwinds did

production growth continue. While there are many factors at play a

key one we feel is the dramatic acceleration in drilling efficiency

shown in Figure 3.

As representative examples of a broader trend, drilling productivity

increased approximately 60% in the Permian and 44% in the Bakken

regions, respectively. To be fair this acceleration is only partly a

technology issue and is more characteristic of the natural near term

industry reaction to declining commodity prices. We now see the

absolute best (and most motivated) drilling crews, working on the

highest efficiency rigs, drilling the sweetest of the sweet spots in

almost every company’s asset base. But to quote a phrase

attributed to a Persian fable, “this too shall pass”, as there is a finite

limit to productivity growth from this type of industry behavior.

O&G Technology Investing in a “Lower for Longer” World

Figure 1: US Oil Production, Source: 2016 OECD/IEA

Figure 2: Source: Baker Hughes and EIA

Figure 3: US Drilling Productivity, Source: EIA 2016

6

EnerTech Industry Review

Lower for Longer

As shown in Figure 4, based on the EIA estimates, the view seems to

be for supply and demand to come back more into line late in 2016,

which could slip into 2017, if demand growth wanes a bit further.

We will then be faced with an inventory overhang, which the IEA

recently suggested has added as much as 1 billion barrels just in

2015. In a supply constrained environment, as we’ve seen over the

last number of years, the tendency is for price and volatility spikes

upward, but with a supply/demand imbalance and growing inventory

overhang the bias in this market is to the downside with the

potential for even deeper, short-term phases.

If global demand is able to begin working down inventories in 2017,

we see the lower for longer scenario playing out and a return to

higher, mid-cycle pricing.

O&G Technology Investing in a Down Cycle

Prior to 2015, our view had been the venture investment industry

was focused primarily on technologies to pull forward production or

expand the size of a reservoir/asset base to capture lofty investment

returns given high commodity prices. These technologies however

usually came with a significant level of underlying commodity price

exposure as they were typically quite expensive to deploy. We have

historically been more focused on identifying technologies to reduce

drilling and completion cost or increase operational efficiency and

effectiveness. The industry is now squarely focused on these themes

as it is a race to the bottom to reduce capital and lease operating

expenditures.

Our sub-segment priorities continue to be primarily focused on

unconventional resources, enhanced oil recovery, and infrastructure

areas. The technology adoption cycle and production cost profile

for ultra-deepwater continue to make it the least attractive sub-

segment with conventional onshore and offshore falling in between

the previously mentioned areas, on a priority basis.

Digital Oilfield – Riding the Wave

Arguably the term digital oilfield has been around for a number of

years, but the surge of innovation across a range of broader

technology trends such as big data, industrial internet of things (IIoT),

advanced sensors and artificial intelligence has enabled the

opportunity for a wave of new, applied solutions that are more

technically feasible and cost effective. While the phrase, “never let a

good crisis go to waste” is most often employed in political circles, it

could easily be applied to the current state of the O&G industry. We

feel through deliberate forethought, further accelerated by real and

increasing concern over the current commodity price outlook,

operators will be more anxious to identify and deploy new cost

effective solutions. With the likely intersection of the

aforementioned trends, we believe unique opportunities to invest in

secular growth stories inside of this down-cycle will be more than

likely found in technology companies focused on the digital oilfield of

the present and the future.

Figure 4: EIA - World Liquid Fuels Production and Consumption Balance

Source: Redline Communications

7

EnerTech Industry Review

EnerTech Wins Financial Investor of the Year Award!

Several EnerTech Capital Portfolio Companies Made the 2015 Global Cleantech 100

List and Ones to Watch List:

(One to Watch Category)

8

EnerTech Industry Review

Q4 2015 and Q1 2016 EnerTech Portfolio Company News If you are viewing a digital version, please click on the news item for more information.

Jan 26, 2016 Blue Pillar Recognized by Global Cleantech

100

Jan 21, 2016 Blue Pillar Receives 2015 IoT Evolution

Smart Machines Innovation Award

Dec 1, 2015 Blue Pillar’s Aurora® Named Top Product of

the Year

Jan 26, 2016 Encycle Wins a Global Cleantech 100

Award

Jan 7, 2016 Ayla Networks & Encycle Enable New IoT

Thermostat from UTEC

Nov 12, 2015 Encycle Corporation Launches Strategic

Alliance with Major Japanese Licensee

Nov 6, 2015 Encycle Corporation Names Robert M.

Chiste as President and CEO

ECP IV

9

EnerTech Industry Review

Feb 8, 2016 GeoDigital launches 3D virtual decision-

making platform for transmission and

distribution utilities

Dec 9, 2015 Bonneville Power Administration Adopts

GeoDigital Technology to Protect Grid

Against Vegetation Growth

Nov 16, 2015 Geodigital Names Auto Industry Veteran to

Lead 3D Mapping and Self-Driving Vehicles

Business Unit

March 1, 2016 N-Dimension Adds Mihir Kapadia to

Management Team to Lead Engineering and

Operations

Feb 23, 2016 N-Dimension Provides Critical Information

To Harrison REA Helping Keep Cyber

Threats at Bay

Jan 12, 2016 N-Dimension Appoints Gabe Nill as CFO as

Company Prepares for Growth

Nov 2, 2015 N-Dimension Helps Improve Cybersecurity

Posture at Boone Electric Cooperative

Oct 22, 2015 N-Dimension Helps Ontario Secure Smart

Grid Apps

Oct 19, 2015 N-Dimension Proves Cybersecurity

Technology at Burlington Hydro with Funding

from Ontario Smart Grid Project

Jan 26, 2016 TERRALUX featured in EnergyWatch

Dec 16, 2015 New LED Light Engine Series for OEM and

Retrofit Wall Sconces

Nov 22, 2015 TERRALUX featured in Commercial

Construction & Renovation - Terralux

Partners with ENERGY STAR

Nov 3, 2015 Terralux Named Company of the Year by

Colorado Cleantech Industries Association

Jan 25, 2016 Space-Time Insight Named To The 2015

Global Cleantech 100 For Third Consecutive

Year

Jan 8, 2016 Intelligent Utility: Space-Time Insight, SMUD

And NEC Enter Into Agreement On Smart

Energy Solutions

Nov 24, 2015 Space-Time Insight Executive To Share

Perspectives On Big Data And Governance At

CPUC Thought Leaders Session

Oct 26, 2015 Next Generation Approach To Outage

Management Can Save Millions

Oct 20, 2015 Space-Time Insight Delivers Real-Time

Streaming Analytics For The Internet Of

Things

Jan 18, 2016 Power Survey Investor Meeting With

Employees (FAQ) Q&A

Jan 15, 2016 EnerTech Capital And Investissement Québec

Invest In Power Quality Company Power

Survey

10

EnerTech Industry Review

ECP III

Feb 29, 2016 FilterBoxx Announces Pharmaceutical

Wastewater Recycle Project Award

Nov 16, 2015 FilterBoxx Announces Supply of Water

Treatment/Recycle Plants to Client in

Quebec

ECP II

Feb 25, 2016 Product Design And Development Catches

Up With NanoSteel’s Parsons

Jan 25, 2016 NanoSteel Named to 2015 Cleantech 100

List for 3rd Consecutive Year

Dec 22, 2015 Design World Recognizes NanoSteel’s New

Binder Jet Powders for 3D Printing

Dec 11, 2015 Automotive Megatrends Interviews Paratore

Nov 24, 2015 Dave Paratore on the Automotive Metals

Race in Design Fax

Nov 19, 2015 NanoSteel Featured at Fabtech

Nov 02, 2015 Metal Additive Manufacturing Features

NanoSteel's Powder for 3D Printing

Feb 9, 2016 Enbala Unveils Symphony by Enbala, the First

All-inclusive Platform for DER Optimization

and Control

Feb 9, 2016 Enbala Welcomes Dr. Cheryl Martin,

Former Head of ARPA-E, to its Board of

Directors

Jan 25, 2016 ENBALA Joins Top Green Innovators by

Earning a Place on the Global Cleantech 100

List

NanoSteel Featured at Fabtech 2015 - Click on the image

above for the video link

Symphony by Enbala - Leveraging distributed energy

resources to keep the grid in balance - Click on the above

image to access the video link

11

EnerTech Industry Review

Summary: Power Survey (PS) is an

established leader in the field of power

quality in North America. The company

is recognized for its power factor,

f i l ter ing technologies, and unique

customized solutions.

PS will serve as a platform for organic

growth and acquisitions, building on the

basis of a solid cash flow-generating

business with a strong brand, well -

established sales network, and loyal

customer base. The company’s product

offering will be expanded to include a

broader range of solutions/services

around customer premise equipment at

t he ‘ g r i d edge ’ ( i . e . d i s t r i bu t ed

generation, storage, variable speed

drives, etc.) with minimal disruption (and

potential enhancement) to electric grid

operations.

Value Proposition: Power Survey’s

products allow large industrial energy

consumers to significantly lower their

energy bills, and avoid the degradation of

valuable equipment. The company’s

capacitor banks correct electrical current

before it re-enters the grid to avoid out-

of-phase current penalties charged by

utilities, and provide significant energy

efficiency gains. Harmonic filters avoid

‘dirty power’ distortions that can disrupt

operat ions and possib ly the grid .

Payback for the end customer is typically

less than two years.

Poor power quality also results in losses

during transmission and distribution,

which sometimes violate the energy

efficiency norms stipulated by federal and

state regulations. This puts pressure on

utilities to ensure improved power

quality of customer operations, resulting

in higher demand for harmonic filters.

Market: Power quality is increasingly

becoming a major issue for large

industrial power users and others at the

grid edge; such as wind and solar power

producers. Utilities in many geographic

jur isd ict ions levy h igh rate -based

surcharges for industrial power users

that create power factors issues. The

global power factor correction market

has been estimated in billions of dollars

and major areas of growth are expected

in power T&D, industrial power factor

correction, and motor run applications.

The increase in non-linear loads in

industrial and commercial establishments,

variable frequency drives (VFD) and

uninterruptible power supply (UPS)

systems are major sources of harmonics

entering the electrical system. These

represent a growing market driver for

harmonic filtering. Transparency Market

Research estimates that the harmonic

filter market will grow to $1 billion by

2020.

EnerTech Investment: EnerTech

Capital and Investissement Québec

invested $10 million CAD in December

2015. EnerTech’s portion was $5 million

CAD ($3.6 million USD).

“Our investment in Power Survey aligns

perfectly with our investment strategy,

particularly within the province of

Québec. This transaction leverages our

long history in the Power Technology

Space and the deep expertise that exists

in the Power space within the province.

We are p leased to be jo ined by

Investissement Québec, who is a great

partner for this transaction,” said Wally

Hunter, Managing Director, EnerTech

Capital.

EnerTech’s Newest Investment - Power Survey

Co-Presidents Luc Morency

Sylvain Lanoue

Initial Investment

Date

December 2015

Cash Invested $3.6 million USD

EnerTech

Director

Scott Ungerer

Power Survey Project Portfolio - Tennessee Valley Authority : 18 MVAR @ 13.8kV Harmonic Filter

http://powersurvey.com/

12

EnerTech Industry Review

The EnerTech Forum and Limited Partners Meeting was held in Miami in December 2015. The complete event agenda is

below, followed by photos from the event. EnerTech’s next Limited Partners Meeting will again be held in Miami in December,

2016.

2015 EnerTech Forum and Limited Partners Meeting

Keynote Speakers

Chris Hartshorn - Lux Research Levi Tillemann - Author

13

EnerTech Industry Review

2015 EnerTech Forum and Limited Partners Meeting

Wally Hunter (EnerTech Capital), Bobby Hobbs (Hobbs & Towne), Joe Mowery

(Stephens Inc.)

Sharon Allan (SGIP), Craig King (NBF)

Brenda Slauko (BDC), MJ Maloof (Saudi Aramco Energy Ventures), Michelle

Scarborough (Kensington Capital)

Gary Lake (Gencom), Anne-Marie Bourgeois (EnerTech Capital), David Milenthal

(The Milenthal Group), Nancy Laird (Board Director, FilterBoxx)

Robyn Weber (Hub International), Maximo Blandon (Stephens Inc.), Eileen Green

(Hub International)

Dave Paratore (NanoSteel), James Goldinger (Fairhaven Capital), Gary Vollen

(Deukalion Advisors), Matt Klinger (Bridge Bank), Scott Ungerer (EnerTech Capital),

Tom Willie (Blue Pillar)

14

EnerTech Industry Review

2015 EnerTech Forum and Limited Partners Meeting

Wally Hunter (EnerTech Capital). Dean Sciorillo (EnerTech Capital) Wally Hunter (EnerTech Capital), Gian Vergnetti (EnerTech Capital)

Etienne Veilleux - Distech Controls Bud Vos - Enbala Power Networks

Dean Musser - Tangent Energy Solutions Tom Ayers - N-Dimension Solutions

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EnerTech Industry Review

2015 EnerTech Forum and Limited Partners Meeting

Tom Willie

Blue Pillar

Robert Chiste

Encycle

Steve Hane

Terralux

Rob Schilling

Space-Time Insight Aaron Goldfeder

EnergySavvy

Larry Novachis

FilterBoxx

Tyler Armstrong

HPC Energy Services

Dave Paratore

The NanoSteel Company

Chris Warrington

GeoDigital International

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EnerTech Industry Review

2015 EnerTech Forum and Limited Partners Meeting

Wally Hunter (EnerTech Capital), Michelle Scarborough (Kensington

Capital), Heath Sampson (AES), Mike Harris (Fasken Martineau)

Victor Scutaru (BDC), Julien Guimond (Teralys Capital), Scott Ungerer (EnerTech

Capital), Pat Ramm (Waste Management), Chris Warrington (GeoDigital), Tony

Gioia (Aird & Berlis)

.

17

EnerTech Industry Review

Venture Capital Update – Q4 2015 – VC Investments in Canada

A total of $574 million was deployed in 125 financing deals by Canadian VCs in Q4 2015 according to final data released

by Thomson Reuters bringing the total amount invested in 2015 to $2.3 billion into 536 deals.

Select deals from Q4 2015 are outlined below.

Source: Thomson Reuters

Venture Capital Investment in Canadian Companies

Company Name Description Major Investors Investment

Amount (CAD)

Manufacturer of small unmanned aerial sys-

tems (sUAS) and mission control software Summit Partners $60 million

An established leader in the field of

power quality in North America. The

company is recognized for its power

factor, filtering technologies, and

unique customized solutions

EnerTech Capital,

Investissement

Québec

$10 million

A developer of smart manufacturing soft-

ware and sensor technology

W Investments, Fonds

de solidarite FTQ $2 million

Select Canadian VC Investments from Q4 2015

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EnerTech Industry Review

Venture Capital Update – Q242015 – VC Investments in the US

The venture capital ecosystem deployed $58.8 billion into 4380 deals across the United States in 2015, marking the second

highest full year total in the last 20 years.

For the fourth quarter of 2015, venture capitalists invested $11.3 billion into 962 deals, down 32 percent in dollars and 16

percent in deals compared with the third quarter when $16.6 billion was invested in 1,149 deals. The fourth quarter also

marks the eighth consecutive quarter of more than $10 billion of venture capital invested in a single quarter, but also

represents the smallest amount invested since the third quarter of 2014.

Select deals from Q4 2015 are listed on the next page.

Source: PwC and the NVCA based on data provided by Thomson Reuters

Total US Equity Investments into Venture-backed Companies

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EnerTech Industry Review

Select US VC Investments from Q4 2015

Venture Capital Update – Q4 2015 – VC Investments in the US

Company Name Description Major Investors

Investment

Amount

(USD)

A developer of data protection and

cybersecurity products

GE Pension Trust, FairHaven,

Brookline Venture, LLR,

MassMutual, Siemens Venture Capi-

tal, Special Situations Funds

$66 million

Developer of a peer-to-peer car sharing

platform that connects car owners

willing to rent their cars that are not in

use, with drivers who need short-term

vehicle access

Kleiner Perkins Caufield & Byers

(KPCB) $47 million

A developer of big-data analytics

software

Allegis, Andreessen Horowitz,

Battery Ventures, Citi Ventures,

Cisco, Sutter Hill, Tenaya, HSBC,

Harmony Partners

$30 million

A developer of collaborative efficient

building design software

Temasek, Surbana Jurong, Far East

Ventures, DFJ, South Park

Ventures, Borealis Ventures, Obvi-

ous Ventures

$29 million

Developer of methane conversion tech-

nology for creating fuels and chemicals

from natural gas

NatPet, Alujain Corporation $25 million

Developer of quantum dot technology

that will deliver increased color and

brightness and require less power than

current LED technologies

Tsing Capital, BASF Venture

Capital $22 million

Designer and manufacturer of versatile

UAV quadcopters

Bessemer,, Draper Nexus, General

Catalyst, Lux Capital, Motorola

Solutions Venture, UPS SEF

$22 million

Developer of systems that maximize the

value of organic materials through the

production of renewable energy and

soils, mulches and natural fertilizers

True North Venture Partners,

Industry Ventures, Generation

Investment Management

$20 million

Developer of a proprietary power con-

version technology

Arsenal Venture Partners,

Northwater Capital Management $19 million

A leading provider of grid-scale energy

storage software and integration

solutions

E.ON Ventures, American Electric

Power $18 million

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EnerTech Industry Review

The EnerTech Team

A Seasoned, Diversified, and Experienced Group

Wally Hunter

Managing Director

Lyndsy MacArthur

Executive Assistant Angelica Mengana

Analyst

Scott Ungerer

Managing Director

Bill Kingsley

Managing Director

Dean Sciorillo

Managing Director

Colleen Pale

Director of Finance

and Administration

Donna Smith

Executive Assistant Gian Vergnetti

Associate

Jarett Carson

Managing Director Dr. Dominic Geraghty

Executive in Residence

Hoon Chung,

Executive in Residence

Philadelphia

Toronto

San

Francisco Boston

Robert M. Chiste

Executive in Residence

Orange County Houston

Montreal

Anne-Marie Bourgeois

Vice President

Investments

West Palm

Beach

Calgary

Chris Buckman

Vice President

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EnerTech Industry Review

The EnerTech Strategic Advisory Board

Our Network is an Extended Family of Deal Sourcing, Due Diligence and Exits

The EnerTech Strategic Advisory Board is made up of a diverse and experienced group of visionaries, industry

leaders and experts in various disciplines. They bring unparalleled expertise and a wide network in the areas of

energy services and policy, information technology, Oil & Gas, and clean energy innovation. We are proud and

grateful to have them as members of our Advisory Board.

Independent Board Members

Dr. Bill Madia

SLAC National

Accelerator

Laboratory,

Stanford University

Dr. Jim de Wilde

President, JdW Strategic Ventures

Michael Harris

Former Premier of

Ontario

Sharon Allan

President & CEO,

SGIP

Mike Babcock

Coach of the

Toronto Maple

Leafs

J. Scott Magrane

Managing Director,

Coady Diemar

Partners

David Milenthal

CEO, The Milenthal

Group

Governor George

Pataki

Former Governor

of New York

Vicky Sharpe

Founding President

of SDTC

Rob Soni

Independent Board

Member

Gordon Pridham

Principal,

Edgewater Capital

and Newalta Board

Member

Etienne

Veilleux

Founder, Distech

Controls

22

EnerTech Industry Review

Rebecca Kauffman

President and COO, Southern Ute

Alternative Energy

Eric Legault

Managing Partner, Teralys Capital

John Morris

Sr. Vice President of Field

Operations Waste Management

Nils Voermann - Global

Managing Director -

Technologies, Hatch

Marty Toomajian

President of Energy, Health &

Environment, Battelle

Victor Scutaru

Director, Fund Investments, BDC

Venture Capital

Scott Pinizzotto

Senior Director, ENGIE New

Ventures

Rebecca Giffen

Director of Investments, Alberta

Enterprise Corporation

Basil El-Borno

VP Innovation & Process

Development, Newalta

Corporation

Alex Beliaev

Investment Manager, EDC

LP and Strategic Partner Board Members

23

EnerTech Industry Review

The EnerTech Ecosystem

Strategic Partners

Limited Partners

24

EnerTech Industry Review

March 14-15, 2016 – Calgary, AB

Canadian Energy Research Institute (CERI) 2016 Oil &

Gas Symposium

April 6-8, 2016 – Santa Barbara, CA

The Wall Street Journal ECO:nomics 2016

April 14-16, 2016 – Houston, TX

Rice Business Plan Competition

May 24-26, 2016 – Toronto, ON

CVCA Annual Conference

May 26, 2016 – Toronto, ON

EnerTech Capital Advisory Board Meeting

(For EnerTech portfolio company CEOs and Strategic

Advisory board members)

June 7-9, 2016 – Calgary, AB

Global Petroleum Show

June 21-23, 2016 – San Jose, CA

Grid Edge World Forum

Upcoming

Industry Events

www.EnerTechCapital.com

Philadelphia ● Toronto ● Montreal ● San Francisco ● Calgary

For questions or comments, please contact:

Wally Hunter

Managing Director, EnerTech Capital

whunter@enertechcapital.com

tel #416-363-8563

Contact: Lyndsy MacArthur: 416-515-2759 or

lmacarthur@enertechcapital.com