Tracxn Research - Energy Storage Landscape, August 2016

Energy Storage Report, August 2016

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Contents

Topic Page No.

Scope of Report 05

Entrepreneur Activity 07

Investment Trend 09

Who is Investing 17

Exit Outlook - IPO, Acquisitions 21

Sub Sector Analysis 24

Interesting Companies 45

Useful Links 50

Company List 52

Team 231


Illustrative Sectors We Track

ENTERPRISEINFRASTRUCTURE

ENTERPRISEAPPLICATIONS

MOBILEENERGY

TECH FINTECH EDUCATION HEALTHCARE

SECURITY

STORAGE

NETWORKING

MOBILITY

IT OPS

CLOUD INFRASTRUCTURE

API MANAGEMENT

BIGDATA INFRASTRUCTURE

SAAS

MOBILE-FIRST ENT. APPS

INTELLIGENT ENT. APPS

OPEN SOURCE

RETAIL TECH

MARKETING TECH

STEALTH MODE

VERTICAL SAAS

MOBILE COMMERCE

MOBILE PAYMENTS

MOBILE MARKETING

MOBILE DEV TOOLS

MOBILE HEALTH

MOBILE GAMING

MOBILE LEARNING

MOBILE COMMUNICATION

WIND ENERGY

SMART GRID

SOLAR ENERGY

ELECTRIC VEHICLES

ENERGY EFFICIENCY

BIOENERGY

ENERGY STORAGE

WASTE MANAGEMENT

INTERNET OF THINGS

3D PRINTING

BITCOIN

PAYMENTS

EDUCATION IT

SELF LEARNING

LIFE SCIENCES

DIGITAL HEALTH

4


Sector Overview

Scope of reportThis report covers companies which provide technology and solutions to develop new battery chemistry and manufacture batteries usingexisting proven technologies. This report also covers those companies which provide both grid locked as well as behind-the-meterEnergy Storage solutions and other battery management and charging solution providers such as chargers, battery banks and charginginfrastructures developers. Coverage has also been included for companies which are manufacturing innovative charging solutions suchas wireless charging solution providers and fuel cell and its component developers. This report however does not cover large establishedcell manufacturers and companies whose primary business line is not development of battery storage systems. Apart from them batteryresellers have been excluded, both in brick and mortar and online forms.

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

Business Model Description

Battery Companies who are into either commercial manufacturing of batteries or developing new battery chemistry

Energy Storage SystemsDevelopers of either power storage systems using different forms of batteries or terrestrial energy storagesystems using heat, pressure, kinetic energy etc. for Residential, C&I and Utility customers

Fuel CellCompanies developing and manufacturing fuel cells and its components as an energy generation and energystorage technology

Charging SolutionsCompanies providing charging solutions for end users in multiple forms, both battery and terrestrial based.Some companies facilitate access to charging, others provide charging.

Component DevelopersCompanies developing components such as electrodes, electrolytes and other materials for manufacturing ordeveloping energy storage products

Battery Management SolutionsCompanies devising both software and hardware solutions for better battery management to optimize batteryperformance


Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

Team

6


55

49

54

6664

54

3

0

14

28

42

56

70

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

7

YoY – Number of companies founded

Ambri Gogoro StoreDot Advanced Microgrid Solutions Roost Staq Energy GOQI wireless

24m Technologies uBeam UniEnergy Technologies Quantum Energy Storage Servato Ezelleron Cellon


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

8

8


YoY – Number of Rounds and Total Funding

Note: The funding includes debt rounds also.

$0.4B

$1.1B $1.0B

$1.2B

$0.6B

$1.2B

$2.3B

$1.0B

$1.2B

48

77

68

9084

111

133 130

69

0

28

56

84

112

140

0.0

0.5

1.0

1.5

2.0

2.5

2008 2009 2010 2011 2012 2013 2014 2015 2016

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Bill

ion

s)

Funding Amount Number of Rounds


YoY – Number of Rounds by Stage


YoY – Funding by Stage


Average Ticket Size – Early Stage


Top investments in last one year


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

Team

16

16


Most Active Investors in Sector

33

16

11 11 1110

98 8 8

0

7

14

21

28

35

DOE KPCB DFJ Intel Capital Khosla Ventures Braemar Energy RockPort Capital I2BF Global Polaris Partners UK Government

Tota

l Nu

mb

er o

f C

om

pan

ies

Fluidic Energy Bloom Energy BrightVolt Lilliputian Systems Ambri ChargePoint SustainX Primus PowerInfinite Power

SolutionsOxis Energy

Green Charge Aquion Imergy Power Systems Lucid Sakti3 BrightVolt Qnovo Acal Energy SustainX ITMPower


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

Team

20

20


Top IPOs in last three years

IPO Date Company OverviewFunding Amount

Jun-2016 alelion.comAlelion Energy Systems

(Moelndal, 2006)

Lithium Ion battery manufacturerFouriertransform, Pegroco Invest -

Jun-2015 energizer.comEnergizer

(St. Louis, 1896)Portable battery manufacturer -

Jul-2014 intelligent-energy.com

Intelligent Energy(Loughborough, 2001)

Develops PEMfuel cellStanford University, Turquoise $167M

Mar-2014 energous.comEnergous

(San Jose, 2012)Wireless charging technology $5.5M

Dec-2013 aleees.comAleees

(Taoyuan City, 2005)

Lithium battery cathode materials and electric busesGSR Ventures, GRC SinoGreen Fund -

Oct-2013 hydrophi.comHydroPhi

(Atlanta, 2008)

Uses hydrogen to fuel vehiclesCTW Venture Partners $3.6M

Nov-2012 redtenergy.com

REDT Energy(London, 2009)

Manufacturing Vanadium Redox Flow BatteriesEnterprise Ireland, AIB Seed Capital Fund, Khazanah Nasional $6M

Jun-2012 aristapower.com

Arista Power(Rochester, 2001)

Energy Storage and Renewable energy solution provider -


Major Acquisitions


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

23

23


August 2016Tracxn BlueBox: Energy Storage790 companies in the sector, 279 funded in last 5 years, $1.9B invested in 2015/16


Top Business Models by Funding

$3.3B $3.2B

$2.1B

$850M

$371M

$148M

0

700

1400

2100

2800

3500

Battery Energy Storage Systems Fuel Cell Charging Solutions Component Developer Battery Management Solutions

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

# Cos. 223 151 108 192 43 56

Avg. Age 2000 2006 2002 2011 1999 2007

Boston Power Alevo Bloom Energy Gogoro Nexeon Lucid

A123 Systems Invenergy Intelligent Energy ChargePoint Younicos Greensmith Energy


Battery – Business Model Description


Battery – Entrepreneur Activity and Investment Trend


Battery – Most Funded Companies


Energy Storage Systems – Business Model Description


Energy Storage Systems – Entrepreneur Activity and Investment Trend


Energy Storage Systems – Most Funded Companies


Fuel Cell – Business Model Description


Fuel Cell – Entrepreneur Activity and Investment Trend


Fuel Cell – Most Funded Companies


Charging Solutions – Business Model Description


Charging Solutions – Entrepreneur Activity and Investment Trend


Charging Solutions – Most Funded Companies


Component Developer – Business Model Description


Component Developer – Entrepreneur Activity and Investment Trend


Component Developer – Most Funded Companies


Battery Management Solutions – Business Model Description


Battery Management Solutions – Entrepreneur Activity and Investment Trend


Battery Management Solutions – Most Funded Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

44

44


Interesting Unfunded and Early Stage Companies

Company Overview Business ModelTotal

Funding

Tanktwo(2012, Vantaa)

Battery technology for electric vehiclesBattery > Developer > Lithium based

-

geli.netGeli

(2011, San Francisco)

Develops energy stoarge operating software

Wilson Sonsini Goodrich & Rosati, Southern Cross Venture Partners, Invested Development, Shell Global, Jane Capital Partners, CLI Ventures, Momenta, California Energy Commission

Battery Management Solutions

$13M

chargifi.comChargifi

(2013, London)

Proximity advertising through wireless charging station

Intel Capital, Techstars, R/GA

Charging Solutions > Wireless Charging

$2.7M

Gogoro(2011, Taipei)

Electric scooter developer and battery swapping infrastructure provider

Panasonic, National Development Fund

Charging Solutions > Battery Swapping

$180M

Evatran(2009, Wytheville)

Wireless Charging for Electric Vehicles

Department of Energy (US), Zhejiang Vie Science&Technology, New Richmond Ventures, Virginia Tobacco Region Revitalization Commission

Charging Solutions > Wireless Charging

$16M

Acal Energy(2004, Runcorn)

Hydrogen fuel cell technology for transport

Sumitomo Corp, The Carbon Trust, Rising Stars Growth Fund, Northstar equity investors, Porton Group, Synergis Technologies, I2BF Global Ventures, North West Fund, Park Walk Advisors, Northstar Ventures, Atrium Capital, 350 Investment Partners

Fuel Cell > Developers > PEM

$15.4M

Curated list of companies by the sector analyst are defined as Interesting


Interesting Late Stage Companies


Interesting Late Stage Companies


Top Funded Deadpooled Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

49

49


Useful Links

Slide Title Content Platform Link

List of All Companies in readable format Companies Link

Top investments in last one year Investment Trend Link

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

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

Battery – Most Funded Companies Sub Sector Understand Link

Energy Storage System – Most Funded companies Sub Sector Understand Link

Fuel Cell– Most Funded Companies Sub Sector Understand Link

Component Developers– Most Funded Companies Sub Sector Understand Link

Charging Solutions – Most Funded companies Sub Sector Understand Link

Battery Management System – Most Funded companies Sub Sector Understand Link

Top Funded Deadpooled Companies Companies Link

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Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

51

51


Energy Storage – Company List

DETAILS CLOSE TO 800 COMPANIES

COVERS THE FOLLOWING SECTORS

BATTERYENERGY

STORAGE SYSTEMFUEL CELLS

COMPONENT DEVELOPERS

CHARGING SOLUTIONS

BATTERY MANAGEMENT SOLUTIONS

RETAIL


Battery (1/50)

Battery Energy Storage Systems Fuel Cell Component Developer Charging Solutions Battery Management Solutions Retail

Company Details Funding Investors

Manufacturer

Exide Industries [Kolkata, 1947]: Exide Industries manufactures storage batteries from 2.5 Ah to 20,400 Ahcapacity. The Company has seven factories and 4000 dealers who are strategically located across the country. Ithas a 72% of market share in OEM Batteries. The company has done acquisition of ESPEX Batteries Limited, UK.Now the company is more focused on high margin replacement market than that of OEM sales to increase itsprofit. Company claims to be the only brand that offers a battery for every type of vehicle on Indian roads. It hasacquired 51% stake of CAIL (formerly Leadage Alloys India Ltd) in June 2008. The company manufacturesmajorly Lead acid type of batteries for automotive and industrial applications. Apart from this, they are also intoproduction of nickel cadmium batteries for various uses. The company provides its batteries for defenceapplication such as submarine batteries and various exports as well.

$220M Nalanda Capital

Manufacturer

Microvast [Stafford, 2006]: Microvast provides fast-charging battery system products for applications ofEV/PHEV/HEV, grid energy storage, and other applications like marines. Microvast product line also includes cell,module, and pack, apart from which they have developed their in-house Battery Management System (BMS)which is claimed to enhance the performance and safety of the system. The company claims that the batterysystems can be recharged in less than 10/15 minutes. The company has over 250 patent applications due totheir innovation in, and over 100 core patents for all battery cell components.

$30M IFC, Ashmore

Manufacturer

Fujian Nanping Nanfu Battery [Nanjing, 1988]: NanFu Battery is a primary Mercury and Cadmium free alkalinemanganese battery and Carbon-Zinc battery manufacturer in China. The company owns brands such as Nanfu,Excell and Eco Energy. The company claims that in terms of capacity and sales volume they are the leadingmanufacturer in China, the third in Asia, and the fifth in the world for 10 years in a row. It has the capacity ofproducing more than 1.2 billion alkaline batteries annually. Its Excell brand of products has been registered inmore than 50 countries and areas, such as US, Japan, Middle East, Hong Kong and other countries of E.U.

Undisclosed CDH Investments

Manufacturer

Pathion [Los Gatos, 2012]: Pathion is a vertically integrated technology company which designs, develops,builds and sells safe energetic materials, cells, batteries and energy solutions to commercial, industrial andgovernment agencies. The company has received recognition for its fire-resistant lithium, and is a sub-recipientof an ARPA-E grant to further develop this material. The company was founded initially to bring to market solidstate electrolyte materials. Their business extends from licensing and selling electrolytes and electrode materialsand processes, to battery development, manufacturing and commercialization.

Undisclosed Department of Energy (US)

http://www.exideindustries.com/

http://www.microvast.com/

http://www.nanfu.com/

http://www.pathion.com/


Battery (2/50)


Manufacturer

Nilar [Taby, 2000]: Nilar manufactures bipolar NiMH batteries for use in Marine, Telecom BTS units, Grid ScaleEnergy Storage as well as other consumer end applications. The NiMH bipolar design enables Nilar to producemodular batteries that improve the volumetric power density and reduce the overall complexity found inbattery pack construction. Their patented product optimizes space and reduces part count, which has resultedin a decrease in battery weight compared to cylindrical and prismatic NiMH batteries.

Undisclosed Fjord Advisors

Manufacturer

Inventus Power [Chicago, 1967]: Inventus designs and manufactures battery packs, chargers, docking stations,power supplies, and embedded wireless modules to major original equipment manufacturers (OEMs) andcontract manufacturers for the commercial, industrial, medical and military & government markets. Theymanufacture technology agnostic battery packs, both single- and multi-cell for the commercial, industrial,medical, and military & government markets.

Undisclosed KRG Capital Partners

Manufacturer

Exide Technologies [Milton, 1888]: Exide Technologies is a global provider of stored electrical energy solution,batteries and associated equipment and services for transportation and industrial markets. With 127 years ofindustry experience and operating in more than 80 countries, Exide offers energy storage solutions to almost allmajor power consumption industry such as transportation, industrial as well as commercial and network storageback-up. Company had entered administration in 2015 (Chapter 11 Bankruptcy) and has been since beendelisted from the OTC trading platform. In its current form it is a privately held corporation.

UndisclosedUnited States Department of

Defense

Manufacturer

EverExceed Corporation [Shenzhen, 1985]: EverExceed Corporation is a worldwide leading manufacturer oflead acid battery, Ni-Cd battery, Ni-Fe battery, lithium battery, solar modules, small solar home system, solarwater pumping system, solar charger controller, solar inverter, UPS power products, DC power system,industrial charger, telecom rectifier, switch power, AVR, LED light etc. The company has R&D centers and threemanufacturing bases across the world.

Manufacturer

Yardney Technical Products [East Greenwich, 1944]: Yardney designs and manufactures high performancebattery systems. It is a division of EaglePicher, a Vectra Company, which is a technology driven corporation thatfocuses on specialty battery technology for research and product development in high performance nichemarkets. Current chemistry includes Lithium-ion, Silver-Zinc and Metal-Air. Yardney provided batteries for theMars Rover projects of NASA, such as "Curiosity", "Opportunity" and "Spirit".


http://www.nilar.com/

http://www.inventuspower.com/

http://www.exide.com/

http://www.everexceed.com/

http://www.yardney.com/


Battery (3/50)


Manufacturer

Amicell [Ashdod, 1989]: Standard and custom-made battery packs in a wide range of technical formats. Thecompany assembles and markets – under the brand name “Amicell” – standard and custom-made battery packsin a wide range of technical formats such as Li-Ion / Polymer, Ni-MH, Ni-Cd, etc, as well as various chargingsystems.

Manufacturer

BMZ [Karlstein, 1994]: BMZ manufactures various battery systems for generic as well as customised use. Thecompany is into manufacturing of Lithium Ion, High Current Lithium Ion Manganese, Lithium Iron Phosphate,and Lithium Polymer. However, Nickel Cadmium and High Current Nickel Metal Hydride batteries. Apart frommanufacturing batteries the company also manufactures energy storage systems for stationary storage ofrenewable energy.

Manufacturer

EaglePicher [Joplin, 1942]: EaglePicher manufactures cells, batteries and complete power systems for multipleapplications such as defense, aerospace, medical, commercial and oil & gas industries. The companymanufactures different chemistry of batteries such as Lead-Acid, Lithium based, Sodium based, Silver-Zinc,thermal etc.

Manufacturer

House of Batteries [Fountain Valley, 1965]: House of Batteries is a custom battery pack manufacturer,specializing in complex medical, military, and industrial applications. They offer custom battery design foralkaline, NiMH, NiCd, primary lithium, and lithium-ion or lithium-polymer batteries. The company works withboth primary and secondary chemistries. Apart from batteries they are also into reselling of Maxwell ultra-capacitors and battery chargers.

Manufacturer

Narada Power Source [Hangzhou, 1994]: Narada primarily focuses its business model on development,manufacturing, sales and service of communication backup, motive power and renewable energy storagebatteries and accessories as also their system integration. The products being manufactured are Lead Acidbatteries of the VRLA type, Lithium-ion cells and batteries and related components and subsystems. Theseproducts are used in telecom, electric power, railway and other infrastructure industry. The company hascenters across major countries such as Argentina, Malaysia, Philippines, Singapore, UK and the USA so toprovide fast planning support and efficient and deliveries of battery products to over 150 countries of the world.


http://www.amicell.co.il/

http://www.bmz-gmbh.de/

http://www.eaglepicher.com/

http://www.houseofbatteries.com/

http://www.naradapower.com/


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Energy Storage Systems (1/35)









































































































Fuel Cell (1/24)



Fuel Cell (2/24)



Fuel Cell (3/24)



Fuel Cell (4/24)



Fuel Cell (5/24)



Fuel Cell (6/24)



Fuel Cell (7/24)



Fuel Cell (8/24)



Fuel Cell (9/24)



Fuel Cell (10/24)



Fuel Cell (11/24)



Fuel Cell (12/24)



Fuel Cell (13/24)



Fuel Cell (14/24)



Fuel Cell (15/24)



Fuel Cell (16/24)



Fuel Cell (17/24)



Fuel Cell (18/24)



Fuel Cell (19/24)



Fuel Cell (20/24)



Fuel Cell (21/24)



Fuel Cell (22/24)



Fuel Cell (23/24)



Fuel Cell (24/24)



Component Developer (1/9)



























Charging Solutions (1/43)

































































































































Battery Management Solutions (1/13)







































Retail (1/3)



Retail (2/3)



Retail (3/3)



Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

230

230


Team

Abhyudai Gupta

Lead Analyst, Energy

Pratik Kundu

Senior Analyst, Energy

https://in.linkedin.com/in/pratikkundu

https://in.linkedin.com/in/pratikkundu

https://twitter.com/whoispratik

https://twitter.com/whoispratik

https://in.linkedin.com/in/abhyudai-gupta-66451814

https://in.linkedin.com/in/abhyudai-gupta-66451814

https://twitter.com/abhyudaigupta

https://twitter.com/abhyudaigupta

Data & Analytics

Tracxn Research - Energy Storage Landscape, August 2016