EY global cleantech public pure-play (PPP) company analysis. The PPP universe comprises the public companies in the Bloomberg New Energy Finance (BNEF) database classified as deriving 50% to 100% of their total value from clean energy as of April 2013. The financial results of companies that report in non-US currencies were converted to US dollars using theexchange rate that was obtained at the end of their respective fiscal years.

1. Cleantech industry performance
Global cleantech public pure-play (PPP) company
analysis
08 August 2013

2. Cleantech PPP universe grows despite a challenging
year
Profile of current population
IPO/M&A
US$6.6b, 18
US$170b market cap 424 companies
New pure-play
cleantech focus
US$11.3b, 50
US$149b revenues 512,504 employees
2013 list
additions
US$30.4b*, 68
Market cap by sector/number of companies
2013 PPP universe
2012 PPP universe
US$144b market cap
419 companies
2013 list
removals
US$4.1b, 63
US$170b market cap
424 companies
Net US$26b market cap gain
Net 5 new PPP companies
US$35b/50
US$31b/53
Energy efficiency Wind
48
Asia Pacific
Private/
Restructuring
US$0.0, 3
8
38
North America
EMEA
Central and
South America
Top 10 markets
US
70
China
No longer
pure-play
US$3.2b, 20
M&A
US$0.2b, 5
US$26b/32
RE generation
Market cap by region ($b)
76
Out of biz
US$0.8b, 35
US$29b/105
Solar
64
Germany
39
Canada
37
Australia
Reason for
addition/removal
market cap, number of
companies
26
UK
23
India
Taiwan
S. Korea
Hong Kong
Number of companies
20
15
15
14
*Includes US$12.4b of increase as a result of change in market cap of companies retained from last year; total may not match due to rounding.
The PPP universe comprises the public companies in the Bloomberg New Energy Finance (BNEF) database, classified as deriving 50% to 100% of their total value from clean energy as of
April 2013.
Page 2
Cleantech industry performance: global public pure-play analysis

3. Methodology
The PPP universe comprises the public companies in the Bloomberg New Energy Finance (BNEF) database
classified as deriving 50% to 100% of their total value from clean energy as of April 2013. Public investment funds
and acquisition vehicles are excluded. Companies participating in carbon markets activities are also excluded.
Company revenue and market cap data is drawn from their fiscal year 2012 annual reports and S&P Capital IQ.
Market cap figures were recorded as on 29 April 2013.
The financial results of companies that report in non-US currencies were converted to US dollars using the
exchange rate that was obtained (via oanda.com) at the end of their respective fiscal years.
Page 3
Cleantech industry performance: global public pure-play analysis

4. Global cleantech PPP company benchmark
Despite a challenging year, market capitalization increases by 18%
China and US consolidate their leadership
Global total
419
Global (2012)
424
Global (2013)
2012
$148
$144
$149
$170
2013
73
55
41
Canada
28
Australia
24
United Kingdom
17
India
12
Taiwan
9
South Korea
11
Hong Kong
# Companies
Market
$35.2
$42.1
China
42
Germany
70
$25.7
$27.2
US
$5.8
$17
$4.5
$6.1
64
39
37
Germany
Canada
$6.1
$15.2
$2.6
$2.7
$1.0
$1.4
26
Australia
$0.9
$1.3
$0.4
$1.1
23
United Kingdom
$0.4
$2.1
$4.6
$1.9
20
India
$3.6
$4.0
15
Taiwan
$2.0
$2.4
$6.2
$8.9
15
South Korea
14
Hong Kong
Revenues (US$b)
Market cap (US$b)
Cleantech industry performance: global public pure-play analysis
$36.8
$34.9
China
Note: solar and wind encompasses technology companies; renewable energy generation includes project developers.
Source: EY analysis
Page 4
$27.2
US
$4.6
$1.3
$3.0
$3.7
$2.4
$2.8
$6.2
$10.5
$48.1

5. Global cleantech PPP company benchmark by sector
Energy efficiency takes the lead in market cap
Solar retains leadership in revenues and in number of companies
2012
2013
107
Solar
$25.2
54
Solar
44
Energy efficiency products
$20.0
$27.7
38
Biofuels
$10.5
36
Energy storage
50
Energy efficiency products
$22.8
$4.0
$4.8
28
RE generation
20
Geothermal
15
Power/efficiency svs
$9.0
33
Biomass/waste
$23.6
$1.8
$5.0
$2.3
$2.0
$13.1
21
Geothermal
18
Power/efficiency svs
Revenues (US$b)
Market cap (US$b)
Cleantech industry performance: global public pure-play analysis
$26.0
$2.4
$3.9
$4.7
$6.8
32
RE generation
Note: solar and wind encompasses technology companies; renewable energy generation includes project developers.
Source: EY analysis
Page 5
$18.9
41
Biofuels
35
Energy storage
$42.5
$35.3
$30.8
Wind
$2.5
$4.5
36
Biomass/waste
$28.8
53
$31.0
$30.3
Wind
# Companies
Sector
105
$50.6
$11.1
$2.1
$5.3
$2.6
$3.3
$25.5
$34.6

6. 2012 cleantech PPP IPOs by market and segment
China saw the most IPOs, with the total amount raised close to US$900m
Biofuels accounted for most IPOs; solar raised more than one-third of the total IPO proceeds
By market
5
By segment
China
4
US
2
Poland
1
Thailand
1
Germany
1
United Kingdom
$208.1
$249.6
Solar
3
Biomass & waste
$462.8
$18.9
$103.4
2
RE generation
$345.7
$17.2
2
Small hydro
$10.6
$1.0
$13.1
1
Energy efficiency
$3.4
1
Canada
Page 6
Biofuels
3
$1.3
1
Italy
# Companies
Market/Sector
4
$912.7
1
Power/efficiency services
Amount raised US$m
Cleantech industry performance: global public pure-play analysis
$157.0
$10.6

7. Cleantech PPP regional analysis
The market cap of companies in all the regions has bounced back from the lows seen last year
The number of companies in cleantech has increased in Asia Pacific, mirroring the growth of renewable energy in this region
Asia Pacific
EMEA
300
$66.7
$80
$75.7
$85.2
250
200
$36.2
$60
$50.7
150
152
177
2012
2013
$47.5
100
127
147
135
117
114
108
2011
2012
2013
2011
2012
2013
$0
No. of companies
150
$33.3
$38.1
2011
$20
Central/South America
$101.2
$100
$40
North America
$6.0
5
$7.3
6
$8.4
4
2011
2012
No. of companies
Market Cap (US$b)
$120
2013
50
0
Market cap
Revenue growth was strongest in Central and South America and was marginally negative in EMEA and Asia Pacific
Employee headcount increased by 24% y-o-y in Asia Pacific while remaining virtually stagnant in other regions
EMEA
Revenues (US$b)
$40
$52.2
220
$56.1
236
$54.3
350
300
$49.4
156
2012
2013
200
$24.7
105
106
$0
2011
250
$49.3
292
$20
2011
2012
2013
Employee headcount
Page 7
Central/South America
$78.4
$80
$60
North America
$30.2
$31.1
150
$10.9
69
72
72
2011
2012
2013
Revenues
Cleantech industry performance: global public pure-play analysis
$12.5
$14.0
51
44
43
2011
2012
2013
100
50
0
Employees (‘000s)
Asia Pacific
$100

8. Cleantech PPP business segment analysis
Energy efficiency products registered the strongest growth both in terms of market cap and the number of companies
Solar, wind and renewable energy generation sectors saw stability after significant erosion in market cap in the last two years
Energy efficiency
products
$60
Solar
200
150
$42.4
$30.3
$34.6
$27.7
42
44
50
52
54
53
2011
2012
2013
2011
2012
2013
$25.2
$30.8
$20
$0
Biofuels
$68.8
$29.3
$30
$10
RE generation
$47.6
$50
$40
Wind
107
102
$28.8
$23.6
100
$25.5
105
$10.5
$10.5
$13.1
23
2011
2012
No. of companies
2013
28
32
33
38
41
2011
2012
2013
2011
2012
50
No. of companies
Market Cap (US$b)
$70
2013
0
Market cap
Revenue growth was the strongest in wind and biofuel sectors during the last year; solar sector revenues continued to decline
China saw 85% of solar headcount growth probably due to low level of production automation compared to developed markets
Energy efficiency
products
Wind
Solar
$30
$20
$10
$19.9
$31.0
$18.9
203
$16.6
$22.8
$26.0
66
82
85
82
74
2013
2011
2012
2013
2011
2012
2013
$11.1
25
30
52
50
51
2011
2012
2013
2011
2012
2013
Revenues
Cleantech industry performance: global public pure-play analysis
200
150
100
$9.0
96
2012
179
$10.5
23
161
Employee headcount
Page 8
250
$35.3
2011
$0
300
$42.5
$57.2
$35.1
$14.1
Biofuels
$50.6
$50
$40
RE generation
50
0
Employees (‘000s)
Revenues (US$b)
$60

9. US cleantech PPP snapshot
Number of companies and market capitalization (US$b)
Solar
Market Cap (US$b)
$20
$10
$4.8
$6.1
11
10
17
15
11
$7.8
$3.2
14
2011 2012 2013
8
$4.2
10
$6.3
$3.3
8
Revenues for the biofuels segment have
grown 98% since 2011, in proportion to
the 100% increase (7 to 14) in the
number of companies in this segment.
14
8
20
$5.4
$1.2
$0.4 10
8
0
2011 2012 2013
9
14
2011 2012 2013
Market cap
Energy efficiency
products
Solar
$10
$7.8
$8
$6
$6.8
$6.8
25
25
Biofuels
$8.1
Energy
storage
40
$7.0
30
$5.4
$3.7
$4
$2
$6.8
Clean transport
$3.6
20
$2.4
15
14
17
14
$0.7
3
$0
2011 2012 2013
2011 2012 2013
$0.8 $0.9
5
3
2011 2012 2013
Employee headcount
2
2
14
3
2011 2012 2013
$0.6
$0.5 10
4
4
2011 2012 2013
Revenues
Pure-play cleantech IPOs
Company
Segment
Stock
exchange
Pricing date
Total deal
value
(US$m)
Market cap
(US$m)
(IPO date)
Market cap
(US$m)
(29 April 2013)
Ceres Inc.
Biofuels
NASDAQ GM
22 Feb 2012
74.8
270.0
59.5
Renewable Energy
Group Inc.
Biofuels
NASDAQ GS
18 Jan 2012
72.0
140.7
304.4
Enphase Energy Inc.
Solar
NASDAQ GS
29 Mar 2012
61.9
288.4
298.9
Methes Energies
International Ltd.
Page 9
$2.1
$2.9
Employee headcount and revenues (US$b)
Revenues (US$b)
While gains in energy efficiency, solar
and clean transport sectors helped drive
an overall 35% y-o-y market cap growth,
energy storage continues to lose ground
with market cap falling a further 62%
y-o-y (92% since 2011).
7
2011 2012 2013
No. of companies
IPOs accounted for 50% (4/8) additions
to the US pure-play cleantech
companies.
40
30
2011 2012 2013
Key points
Energy
storage
$9.8
$5
$0
Biofuels
$19.0
$14.0
$15
Clean transport
No. of companies
Energy efficiency
products
Market cap:
US$36.8b
Revenue:
US$27.2b
No. of companies: 70
Headcount:
58,866
Net income/(loss): (US$2.2b)
Debt:
US$9.1b
Biofuels
NASDAQ GS
25 Nov 2012
2.8
28.8
25.9
Cleantech industry performance: global public pure-play analysis
Change in market cap (%)
78
116
4
10
0
Employees (‘000s)
Country profile

10. China cleantech PPP snapshot
Number of companies and market capitalization (US$b)
Market Cap (US$b)
$25
$20
$21.3
$24.9
$12.1
$10
$5
13
12
2012
2013
19
12
2011
New RE generation companies in China
propelled growth in the segment— with
market cap growth of 773% and revenue
growth of 415%.
40
24
$12.0
$8.8
27
7
$0
2011
2012
2013
2011
20
$7.8
$7.3
9
10
$0.0
$0.3
2012
2013
2011
1
2012
$2.9
10
3
2013
0
Market cap
Employee headcount and revenues (US$b)
Wind
Solar
$20
Revenues (US$b)
Market cap has bounced back from the
low of last year, with RE generation,
power and efficiency management
services and wind more than making up
for the marginal declines in solar and
energy efficiency products.
RE generation
30
No. of companies
With 16% growth in the total number of
companies, China is closing the gap with
the US.
$15
$16.3
$12.4
$9.5
$19.6
Energy efficiency
products
200
$16.7
150
$10
$5
23
15
2011
$0
RE generation
$9.8
2012
71
39
2013
2011
116
2012
$2.2
$0.9
2013
100
$4.5
137
8
2011
Employee headcount
24
2012
$0.2
2
18
2013
2011
2012
$1.9
10
50
0
2013
Revenues
Pure-play cleantech IPOs
Company
Segment
Stock
exchange
Huadian Fuxin Energy Corp.
RE
generation
Solar
Energy
efficiency
Solar
HKSE
Total deal Market cap Market cap
value
(US$m)
(US$m)
(US$m)
(IPO date)
(29 April 2013)
28 Jun 2012 345.1
1,672.2
1,993.1
SHSE
SZSE
21 May 2012 339.9
1 Jun 2012
157.0
1267.9
625.0
941.4
363.4
SZSE
11 May 2012 61.0
289.0
177.5
HKSE
6 Jul 2012
46.9
85.0
Jiangsu Sunrain Solar Energy Co Ltd.
HC SemiTek Corp.
Shenzhen Jiawei Photovoltaic
Lighting Co. Ltd.
Haitian Hydropower International Ltd. Small hydro
Page 10
Energy efficiency
products
$20.7
$20.2
$15
Key points
Employee headcount saw a growth of
29% y-o-y growth, with wind and RE
generation sectors being the main
sources of growth.
Solar
No. of companies
Wind
Market cap:
US$48.1b
Revenue:
US$34.9b
No. of companies: 64
Headcount:
214,704
Net income/(loss): (US$2.9b)
Debt:
US$53.2b
Pricing date
9.7
Cleantech industry performance: global public pure-play analysis
Change in market cap (%)
19
26
42
39
81
Employees (‘000s)
Country profile

11. Germany cleantech PPP snapshot
Number of companies and market capitalization (US$b)
Market Cap (US$b)
$10
Energy efficiency
products
$2
$0
30
$3.0
$1.8
$2.3
$0.3
2
1
2012
20
3
2013
2011
22
2012
20
$1.1
$1.4
16
5
2011
2013
No. of companies
The number of German companies in the
PPP universe continues to fall, with the
solar sector accounting for 27% (6/22)
of eliminations.
Overall market cap growth of 5% belies
the fact that one new entrant this year
accounted for 24.4% of total market
cap. Excluding this company, Germany
registered a 20.4% market cap decline.
The slump in solar is further evidenced
by the 25% decline since 2011 (10.5% yo-y) in the overall revenues. The solar
segment, which makes up for more than
50% of the overall revenues, fell 23%
this year.
$1.3
$1.3
6
2013
$0.6
$0.9
4
3
5
2011
2012
10
2013
5
2012
$2.2
0
Market cap
Employee headcount and revenues (US$b)
Revenues (US$b)
Key points
Wind
40
$6
$4
Biofuels
$8.5
$8
2011
Page 11
Solar
No. of companies
Market cap:
US$6.1b
Revenue:
US$15.2b
No. of companies: 39
Headcount:
29,848
Net income/(loss): (US$2.2b)
Debt:
US$5.2b
$14
$12
$10
$8
$6
$4
$2
$0
Energy efficiency
products
Solar
Biofuels
Wind
40
$13.0
$10.6
30
$8.1
$3.7
$2.4
10
2011
$0.7
3
2012
$1.0
17
20
$3.0 $1.3
$1.4
18
1
2
2
5
2011
2012
2013
2011
4
2013
20
$3.5
2011
2012
2013
Employee headcount
$1.6
3
3
2012
10
2013
0
Revenues
Pure-play cleantech IPOs
Company
Segment
Stock
exchange
Pricing date
KTG Energie AG
Biomass and
waste
Deutsche
B rse —
Official
Market
29 Jun 2012
Total deal
value
(US$m)
17.2
Cleantech industry performance: global public pure-play analysis
Market cap
(US$m)
(IPO date)
91.3
Market cap
(US$m)
(29 April 2013)
88.8
Change in market cap (%)
3
Employees (‘000s)
Country profile

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About EY
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How EY’s Global Cleantech Center can help your business
From start-ups to large corporations and national governments,
organizations worldwide are embracing cleantech as a means of
growth, efficiency, sustainability and competitive advantage. As
cleantech enables a variety of sectors, old and new, to transform and
participate in a more resource-efficient and low-carbon economy, we
see innovation in technology, business models, financing mechanisms,
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Cleantech Center offers you a worldwide team of professionals in
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insights you need to realize the benefits of cleantech.
© 2013 EYGM Limited.
All Rights Reserved.
EYG no. FW0024
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