1、Energy ManagementSECTOR UPDATE I Q2 20231March 6,2023Select Energy Management M&A TransactionsAncala Partners Acquires Majority of Noventa Energy PartnersInfrastructure investor Ancala Partners has acquired a majority interest in global renewable energy firm Noventa Energy PartnersNoventa,which has

2、a pipeline of projects across Canada,the UK and the US,provides a full suite of services to decarbonize the heating and cooling of buildingsThe funding will help Noventa to pursue its international growth plans and ramp up the delivery of a pipeline of wastewater energy projectsApril 3,2023TPG Rise

3、Climate Invests$150M in PalmettoPalmetto,a leading technology-enabled clean energy platform,announced 3/6/2023 it has raised$150 million to continue spurring the adoption of clean energy and access to residential solar across the United StatesPalmetto manages the end-to-end residential solar process

4、 with a fully enabled operating platform that handles sales,design,engineering,permitting and fulfillment.The company is uniquely positioned to help its partners reduce soft costs,which oftentimes represent over 50%of each residential solar project,using automated workflows,predictive algorithms,and

5、 local intelligence dataMonterey Capital Acquisition Corporation to Combine with ConnectMMonterey Capital Acquisition Corporation(Nasdaq:MCAC),a blank check company,and ConnectM,a vertically integrated clean energy technology and solutions provider for buildings and all-electric OEMs,announced 1/3/2

6、023 the signing of a definitive merger agreementConnectM has a current base of 22,000+customers and 12 OEMs between its two platforms(Aurai and Yantra).Aurai is an integrated platform for electrification,decarbonization and energy efficiency and Yantra is an EV,micro-mobility,and fleet management pl

7、atformJanuary 3,2023January 23,2023Legence Acquires Three Western U.S.FirmsLegence,a Blackstone company,announced 1/3/2023 three key acquisitions in the Western United States to provide deep and localized expertise in decarbonizing the built environmentThe acquisitions include ShadpourConsulting Eng

8、ineers Inc.,a California-based MEP engineering firm focused on mission-critical customers,Trinity Process Solutions Inc.,a design-build mechanical contracting firm in Los Angeles that specializes in high-purity process piping,and KLOK Group,a full-service MEP engineering solutions provider in Colora

9、doPerception Capital Corp.II to Combine with Spectaire Inc.Spectaire Inc.,innovative emissions monitoring provider,to go public via business combination with Perception Capital Corp.IIThe proposed business combination is expected to allow Spectaire to better fulfill growing demand for monitoring and

10、 measurement technology needed to meet emissions reduction commitments.Customers are able to save money and generate carbon credits by relying on Spectaires accurate,real-time data,rather than online estimating tools,which can overstate emissions by up to 60%January 17,2023Monterey Capital Acquisiti

11、on Corporation20.0%50.0%100.0%150.0%200.0%250.0%300.0%350.0%400.0%Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23S&P 500S&P/TSX Renewable Energy and Clean TechnologyEIP Climate Tech IndexPublic Valuation Indices11.S&P CapIQYTD PerformanceEIP Climate Tech:4.4%S&P Renewable Energy and Clean Tech:(0.7%)S&P 500:7.

12、0%Surging global gas prices,rising U.S.interest rates,and supply chain woes continue to drive a correction in renewable energy and decarbonization public equitiesMassive capital inflows to and growing societal recognition of renewable energy generation and decarbonization resulting in rapid public e

13、quity appreciation 3Public Valuation Multiples by Sector1Stock Performance(1-and 3-Year)EBITDA Multiple Comparison LTM Q1 2022 vs.LTM Q1 2023EBITDA Multiple Comparison NTM Q1 2022 vs.NTM Q1 20231.S&P CapIQInternational EnergyServicesUtilities/IPPsProfessional ServicesEnergy Management&Building Techn

14、ologyFacility Services14.5x17.3x13.6x14.5x6.3x12.1x17.4x12.5x12.0 x7.3xProfessional ServicesEnergy Management&Building TechnologyUtilities/IPPsFacility ServicesInternational EnergyServicesQ1 2022Q1 202313.2x15.2x13.0 x8.6x4.8x11.1x14.8x12.2x8.7x4.8xProfessional ServicesEnergy Management&Building Tec

15、hnologyUtilities/IPPsFacility ServicesInternational EnergyServicesNTM Q1 2022NTM Q1 20234.5%(0.3%)(21.2%)(6.2%)(0.4%)66.6%81.1%(0.0%)24.6%19.1%3-Year Performance1-Year Performance4What Were ReadingWorld Hurtling Toward Critical Global Warming Benchmark,but IPCC Report Highlights Clean Energy Potenti

16、alUtility Dive/Read hereThe world is likely to breach a critical global warming benchmark temperatures rising 1.5 degrees Celsius above preindustrial levels sometime after 2030,according to a report released by the United Nations Intergovernmental Panel on Climate Change(IPCC).For the electric secto

17、r,the IPCC report identifies demand-side management technologies as a key to eliminating greenhouse gas emissions.Widespread electrification of energy end uses will drive global electricity demand 60%higher,relative to a 2050 baseline.But demand-side management could cut the baseline by up to 73%acc

18、ording to the report.Toward a More Orderly US Energy Transition:Six Key Action AreasMcKinsey/Read hereThe US drive to decarbonize is at an inflection point.Critical actions could accelerate the transition while enhancing energy affordability and supporting inclusive economic growth.McKinsey has iden

19、tified six action areas that we believe are critical to enabling a more orderly net-zero transition.Such a transition includes near-term emissions reductions that would rapidly put the United States on a 1.5pathway while remaining cognizant of affordability,reliability,resiliency,and security.Why No

20、 One Saw the Success of Demand Response ComingForbes/Read hereGuessing the future is a tricky business.When one looks back at the futurologists of the 1950s,and their predictions of cartransportation,one cant help being struck by how far from reality some of them were.Delve into some predictions mad

21、e by grid experts as recently as 2020 for the year 2050 and you will find some equally off-base predictions.Fast forward three years to the present day,and we see what is a quiet revolution happening under our noses.Its too early to get the data from various energy companies,but initial information

22、suggests that demand response has been a runaway success.The Utility Dive Outlook on 2023Utility Dive/Read hereThe Inflation Reduction Act and its multitude of tax credits and other incentives is expected to provide a major boost to the clean energy sector.Increasingly ambitious government and corpo

23、rate decarbonization goals are also helping to drive renewable and energy storage deployments.The stories in Utility Dives 2023 outlook series provide a high-level view of some of the critical issues and trends expected to drive the power sector in the year ahead.Climate Funding Gets Squeezed by Vol

24、atile MarketsWall Street Journal/Read hereThe interest-rate increases and market volatility that hit risky investments last year have finally caught up with green startups.The sector,which includes everything from renewable energy to speculative climate technology,had steadily drawn in cash through

25、last year during a record-breaking streak of fundraising.In the first quarter,funding for these companies has fallen almost as much as total venture-equity funding.Clean-energy startups have privately raised about$8 billion in equity in the first quarter,a drop of nearly 40%from a year earlier and t

26、he lowest figure since 2020,PitchBook data show.5Select Recent M&A TransactionsDate ClosedAcquirerTargetBusiness Description4/3/23Ancala PartnersNoventa Energy PartnersCanada-based provider of services to decarbonize the heating and cooling of buildings3/6/23TPG RisePalmettoUS-based clean energy sof

27、tware and technology platform2/17/23Antin Infrastructure PartnersPearlXUS-based owner and operator of fully integrated smart grid infrastructure systems2/6/23Ara PartnersWattstorUK-based provider of automated carbon reduction and electricity cost-saving technology systems2/1/23The Riverside CompanyE

28、nAppSysUK-based data and analytics provider to the European energy market1/25/23TalanGemservUK-based provider of professional services to the energy market with expertise in the energy and digital transitions1/23/23LegenceShadpour Consulting EngineersTrinity Process SolutionsKLOK GroupLegence acquir

29、ed Shadpour Consulting Engineers,a San Diego-based MEP engineering firm;Trinity Process Solutions,a Los Angeles-based design-build mechanical contracting firm;and KLOK Group,a Golden,Colorado-based full-service MEP engineering solutions provider.1/17/23Perception CapitalSpectaireUS-based provider of

30、 solutions for customers to monitor,track and meet emissions targets1/3/23Monterey Capital Acquisition CorporationConnectMUS-based vertically integrated clean energy technology and solutions provider for buildings6Public Market Observations11.S&P CapIQ Multiples SummaryMarketStock PriceEnterpriseEnt

31、erprise Value/RevenueEnterprise Value/EBITDACompanyCapitalizationCurrentValue20222023E20222023EEnergy Management&Building TechnologyAmeresco,Inc.2,556,898$49.22$3,706,540$2.0 x2.5x19.6x17.4xCarrier Global Corporation38,199,031 45.7541,452,458 2.0 x1.9x14.4x11.7xEaton Corporation plc68,281,163 171.34

32、71,876,305 3.5x3.2x18.1x15.4xHoneywell International Inc.127,694,965 191.12137,621,808 3.9x3.7x16.6x14.7xItron,Inc.2,517,671 55.452,725,386 1.5x1.4x32.2x27.1xJohnson Controls International plc41,381,594 60.2249,018,569 1.9x1.8x15.5x11.9xSchneider Electric S.E.92,886,722 166.9792,342,333 2.5x2.4x13.2

33、x11.6xTrane Technologies plc42,145,169 183.9843,156,650 2.7x2.5x16.2x14.5xWilldan Group,Inc.209,108 15.62306,819 0.7x0.6x29.4x9.0 xMedian41,381,594$60.22$43,156,650$2.0 x2.4x16.6x14.5xFacility ServicesABM Industries Incorporated2,970,803$44.94$4,295,795$0.5x0.5x10.0 x8.1xFirstService Corporation6,26

34、9,671 140.759,730,333 2.6x2.3x29.2x24.5xISS A/S3,760,866 20.3638,203,549 3.4x3.3x83.6x48.6xSodexo S.A.14,284,142 97.8518,410,916 NA0.7xNA9.3xMedian5,015,268$71.39$14,070,625$2.6x1.5x29.2x16.9xInternational Energy ServicesElectricit de France S.A.50,168,872$12.91$60,699,342$0.4x0.6xNM3.5xEnel SpA62,1

35、13,352 6.11151,226,565 1.0 x1.2x9.1x6.8xEngie SA38,331,245 15.8361,292,089 0.6x0.7x6.7x4.5xE.ON SE32,615,569 12.4961,751,596 0.5x0.6x21.1x7.4xVeolia Environnement SA21,665,351 30.8640,452,145 0.9x0.9x7.5x5.7xMedian38,331,245$12.91$61,292,089$0.6x0.7x8.3x5.7xProfessional ServicesBureau Veritas SA13,0

36、14,244$28.76$13,363,955$2.2x2.1x11.2x10.1xCBRE Group,Inc.22,023,489 72.8124,215,258 0.8x0.8x11.6x9.2xICF International,Inc.2,054,918 109.702,808,809 1.6x1.4x16.8x13.2xJones Lang LaSalle Incorporated6,925,605 145.499,340,639 0.4x0.4x7.1x7.9xLeidos Holdings,Inc.12,630,015 92.0617,712,559 1.2x1.2x12.1x

37、11.4xMedian12,630,015$92.06$13,363,955$1.2x1.2x11.6x10.1xUtilities/IPPSConsolidated Edison,Inc.33,967,157$95.67$58,312,485$3.7x3.9x11.6x11.8xDuke Energy Corporation74,344,433 96.47156,476,869 5.5x5.7x12.6x12.3xEdison International27,009,674 70.5963,709,661 3.7x3.7x11.6x9.7xNational Grid plc49,884,28

38、2 13.5787,597,129 NA3.6xNA10.2xNextEra Energy,Inc.155,962,444 77.08232,438,674 11.1x9.5x27.2x17.1xNRG Energy,Inc.7,964,534 34.2915,864,407 0.5x0.9x5.1x5.5xMedian41,925,719$73.84$75,653,395$3.7x3.8x11.6x11.0 xTotal Median24,516,582$60.22$41,452,458$1.9x1.8x13.8x11.4x7ENERGY MANAGEMENTSector Coverage

39、AreasESCOsUtility Program ManagementBuilding OptimizationEnergy Management SystemsLED and Smart Lighting SystemsEnergy StorageElectric SubmetersDemand Response/Smart GridBilling and Workforce ManagementDistribution AutomationMicrogrids/Asset ManagementEV Charging Drew SpitzerCo-Head of EP&IEnergy,Po

40、wer,&I(804)915-0174Luke SempleManaging DirectorEnergy,Power,&I(804)915-0158Erik SzyndlarManaging DirectorT(415)217-3418Neha ShahDirectorEnergy,Power,&I(804)887-6036Contact Us2017Priyanka NaithaniManaging DirectorT(617)654-21158Energy,Power&InfrastructureTransportation&LogisticsBusiness ServicesIndus

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