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Conduit Ventures: Observations on Investing in Fuel Cells Daniel Carter 26 th February 2004. Financing the Hydrogen Revolution, London. Overview. Conduit Ventures: Overview Our Portfolio Companies, and Why We Invested in Them Observations on Valuation and Fuel Cell Commercialisation

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Conduit Ventures:Observations on Investing in Fuel Cells

Daniel Carter

26th February 2004

Financing the Hydrogen Revolution, London


Overview

  • Conduit Ventures: Overview

  • Our Portfolio Companies, and Why We Invested in Them

  • Observations on Valuation and Fuel Cell Commercialisation

  • Conclusions


Conduit Ventures

  • Europe’s first specialist venture fund focused on fuel cell and related hydrogen technologies

  • Only focussed fund w/investment in North America AND Europe

  • Initial cornerstone investors in the Partnership:

  • Focused on achieving financial returns for the Partnership

  • Broad deal flow stemming from network and market positioning. >125 opportunities identified: 3 investments so far

A Unique Venture Fund


Our Portfolio Companies and Why We Invested in Them

Company and Location

Boston

Vancouver

Cambridge

Value Proposition

Industrial efficiency-driven applications: forklifts, airport tugs, etc.

Small-scale fuel cell power systems developer based on patent-pending technology

Micro fuel cell stack developer based on patent-pending “flow-through” technology

InvestmentRationale

Strength of management, customer relationships, technology

Low cost stack manu-facturing techniques adopted from high-tech filtration cassette production

Potential to shrink the size of portable fuel cells whilst making them more robust and reduce cost


Valuation Environment

Market timing is critical

Bubble

Revaluation

ConduitInvestments

Low Point

Recovery?

Source: TD Securities, 2004


Valuation Environment

Increased public market activity indicates momentum…

DateCompanyAmountTransaction

14/11: Plug Power (PLUG) $59 million Follow-on

14/11: Medis $13 million Follow-on

3/2: Hydrogenics (HYGS) $60 million Follow-on

3/2: CalPERS /CalSTRS $1.5 billion To invest in Clean Tech

10/2: Xantrex $53 million Files for IPO

12/2: Stuart Energy (HHO) $16 million Follow-on

17/2: FuelCell Energy (FCEL) $100 million Files shelf equity/debt

18/2: Millenium Cell (MCEL) $6 million Private placement


Valuation Environment

Timing is critical

  • Valuation stabilising as realistic market introduction approaches

  • Sea-change expected with product launch

Automotive

VALUATION

Residential CHP

Valuation - Unit Sales

Remote Stationary

Backup & Standby

Micro fuel cells

Conduit investment

2000

2003

2006

>2010

Time


Summary: What is Conduit Doing?

  • Supporting our portfolio companies for value creation and product introduction

  • Taking advantage of market opportunity and seeking the rightopportunities

  • Working with the sector to promote awareness

  • Catalysing investment by providing industry expertise to generalist investors, enabling investment in the right companies


Thank you for your interest

  • Daniel Carter

  • Principal

  • [email protected]

  • +44 (0)20 7242 9595


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